-----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, IJ5423Xpv9Df4p5tDTcpNjNBqfqHTZ9s2XYFVVO0k3TzirQNbOmwjdv6MgKMQqQY VA6Cp99NuiKzRC/zI98O3w== 0000018808-02-000001.txt : 20020414 0000018808-02-000001.hdr.sgml : 20020414 ACCESSION NUMBER: 0000018808-02-000001 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20011231 FILED AS OF DATE: 20020227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTRAL VERMONT PUBLIC SERVICE CORP CENTRAL INDEX KEY: 0000018808 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 030111290 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00065 FILM NUMBER: 02559967 BUSINESS ADDRESS: STREET 1: 77 GROVE ST CITY: RUTLAND STATE: VT ZIP: 05701 BUSINESS PHONE: 8027732711 U-3A-2 1 fnlu3a2.htm FORM U-3A-2 FISCAL YEAR ENDED 12/31/01 CENTRAL VERMONT PUBLIC SERVICE CORPORATION

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, 2001

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:

  1. Name, State of organization, location and nature of business of claimant and every subsidiary thereof, other than any exempt wholesale generator ("EWG") or foreign utility company in which claimant directly or indirectly holds an interest.

    2. 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 CVPS is the generation and purchase of electric energy and its transmission, distribution and sale for light, power, heat and other purposes to over 143,000 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 wholly-owned 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 buys and sells surplus or required power at market clearing prices as the default market through the New England Power Pool/Independent System Operator ("ISO").

    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 the business and properties of CVPS on December 31, 1949, 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 over 10,000 customers in Claremont and 12 other towns and villages in New Hampshire.

     

    - 1 -

         For financial reporting purposes, CVEC's financial data is included with CVPS on the Consolidated Financial Statements.

    VERMONT ELECTRIC POWER COMPANY, INC.

         Vermont Electric Power Company, Inc. ("VELCO"), a subsidiary of which CVPS 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. Therefore, VELCO's financial statements have not been consolidated. The Four-Party Agreement continued in full force and effect until midnight June 30, 1985, and was extended thereafter as follows until June 30, 1986, with an automatic renewal from year to year unless, at least ninety (90) days prior to any succeeding anniversary, any party were to notify the other parties in writing that it desired to terminate the agreement as of such anniversary. By Amendment to the 1985 Four-Party Agreement dated February 1, 1987, the Agreement continued until May 1, 1987 and thereafter for additional two-year terms, unless at least ninety (90) days prior to any two-year anniversary, any party were to 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.

         On December 27, 1985, the Company, VELCO and the two other major distribution companies entered into the 1985 Option Agreement (as amended) for the purpose of modifying the terms of an option to purchase certain facilities owned by VELCO, but located in the individual company's service territory, which were originally outlined in the Four-Party Agreement. The option was extended from time to time and expired on December 31, 2001. However, the parties are in the process of completing an amendment that will extend the Agreement from December 31, 2001.

         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 power purchases for Vermont Yankee Nuclear Power Corporation 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.

    - 2 -

    VERMONT YANKEE NUCLEAR POWER CORPORATION

         Vermont Yankee Nuclear Power Corporation ("VY"), an affiliate of CVPS, of which CVPS owns 31.3% of its outstanding common stock, $100 Par Value, incorporated under the laws of the State of Vermont, has its principal office in Brattleboro, Vermont.

         VY 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 VY'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 RESOURCES CORPORATION

         Catamount Resources Corporation ("CRC"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont.

         CRC, a wholly-owned subsidiary of CVPS, was formed for the purpose of holding CVPS' subsidiaries that invest in unregulated business opportunities.

         For financial reporting purposes, CRC's financial data is included with CVPS on the Consolidated Financial Statements.

    EVERSANT CORPORATION

         Eversant Corporation ("Eversant") changed its name from SmartEnergy Services, Inc., effective October 23, 2001. Eversant is incorporated under the laws of the State of Vermont and has its principal office in Rutland, Vermont.

     

     

     

     

     

    - 3 -

         Eversant, a wholly-owned subsidiary of CRC, was formed for the purpose of engaging in the sale or rental of energy efficient products and other related goods and services. Eversant has two wholly-owned subsidiaries: SmartEnergy Water Heating Services, Inc. and AgEnergy, Inc. The Home Service Store, Inc. is an affiliate of Eversant, of which Eversant owns a 13.4% equity ownership interest, on a fully diluted basis.

         For financial reporting purposes, Eversant's financial data is included with CRC on the Consolidating Financial Statements.

    SMARTENERGY WATER HEATING SERVICES, INC.

         SmartEnergy Water Heating Services, Inc. ("SEWHS"), incorporated under the laws of the State of Vermont, has its principal office in Rutland, Vermont.

         SEWHS, a wholly-owned subsidiary of Eversant, was formed for the purposes of operating a rental water heater business.

         For financial reporting purposes, SEWHS' financial data is included with CRC on the Consolidating Financial Statements.

    AGENERGY, INC.

         AgEnergy, Inc. ("AgEnergy") changed its name from SmartEnergy Control Systems, Inc., effective August 9, 2001. AgEnergy is incorporated under the laws of the State of Vermont and has its principal office in Rutland, Vermont.

         AgEnergy, a wholly-owned subsidiary of Eversant, was formed for the purpose of developing and distributing energy efficiency products with dairy industry applications.

         For financial reporting purposes, AgEnergy's financial data is included with CRC on the Consolidating Financial Statements.

    THE HOME SERVICE STORE, INC.

         The Home Service Store, Inc. ("HSS"), is incorporated under the laws of the State of Delaware and has its principal office in Alpharetta, Georgia.

         HSS, an affiliate of Eversant which owns a 13.4% equity ownership interest on a fully diluted basis, was formed for the purpose of marketing and engaging in national home maintenance and repair.

    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 CRC, was formed primarily for the purpose of investing in energy supply projects. CEC has fourteen wholly-owned subsidiaries: Catamount Rumford Corporation, Equinox Vermont Corporation, Appomattox Vermont Corporation, Catamount Glenns Ferry Corporation, Catamount Rupert Corporation, Summersville Hydro Corporation, Gauley River Management Corporation, Catamount Campbell Hill Corporation, Catamount Thetford Corporation, Catamount Heartlands Corporation, Catamount Heartlands Limited, Catamount Operations, Inc., Catamount Energy (Gilbraltar) Limited, and Catamount Development GmbH.

         For financial reporting purposes, CEC's financial data is included with CRC on the Consolidating Financial Statements.

    - 4 -

    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 CRC 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 33.1126% 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 CRC 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 CRC 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.

     

     

     

    - 5 -

         Appomattox Cogeneration, Inc. owns a 1% 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 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 CRC 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. owns a 1% general partnership interest in Glenns Ferry Cogeneration Partners, Limited, which developed and owns a 10 MW gas-fired cogeneration facility in Glenns Ferry, Idaho.

    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 CRC 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. owns a 1% general partnership interest in Rupert Cogeneration Partners, Limited, which developed and owns a 10 MW gas-fired cogeneration facility in Rupert, Idaho.

     

     

    - 6 -

    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, is a 99% limited 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.

         For financial reporting purposes, Summersville Hydro Corporation's financial data is included with CRC on the Consolidating Financial Statements.

    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, is the General Partner of 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.

         For financial reporting purposes, Gauley River Management Corporation's financial data is included with CRC on the Consolidating Financial Statements.

    CATAMOUNT INVESTMENT COMPANY, L.L.C.

         Catamount Investment Company, L.L.C. of which CEC owns 33.333%, was formed under the laws of the State of Delaware, and has its principal office in Wilmington, Delaware.

         Catamount Investment Company, L.L.C., was formed for the purpose of investing in independent power projects. Effective December 31, 2001, Catamount Investment Company, L.L.C. was dissolved.

    CATAMOUNT CAMPBELL HILL CORPORATION

         Catamount Campbell Hill Corporation, incorporated under the laws of the State of Wyoming, has its principal office in Rutland, Vermont.

         Catamount Campbell Hill Corporation, a wholly-owned subsidiary of CEC, is a 50% owner in Campbell Hill Wind Partners, LLC, a limited liability company that was formed for the purpose of investing in an independent power project in Wyoming.

         For financial reporting purposes, Catamount Campbell Hill Corporation's financial data is included with CRC on the Consolidating Financial Statements.

    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, owns 44.7% of the common stock of Fibrothetford Ltd., a private company limited by shares which owns and operates a 38.5 MW poultry litter fired power station in Thetford, England.

     

    - 7 -

         For financial reporting purposes, Catamount Thetford Corporation's financial data is included with CRC on the Consolidating Financial Statements.

    CATAMOUNT HEARTLANDS CORPORATION

         Catamount Heartlands Corporation ("CHC"), incorporated under the laws of the State of Delaware, has its principal office in Wilmington, Delaware.

         CHC, a wholly-owned subsidiary of CEC, was formed primarily for investing in energy supply projects. CHC has three wholly-owned subsidiaries: Catamount Heartlands Limited, Catamount Energy (Gilbraltar) Limited, and Catamount Development GmbH.

         CHC, a wholly-owned subsidiary of CEC, owns 100% of the Common Stock of Catamount Heartlands Limited which owns a 50% interest in Heartlands Power Limited, a limited liability company that develops, owns and operates a 98 MW natural gas-fired power station in Fort Dunlop, England.

         CHC owns 100% of the Common Stock of Catamount Energy (Gilbraltar) Limited which owns 33 1/3% of CIC Luxembourg SàRL, a limited liability company formed for the purpose of investing in wind energy projects in Germany.

         CHC owns 100% of the Common Stock of Catamount Development GmbH, which owns 100% of Catamount Verwaltungs GmbH, a limited liability company in the process of being formed for the purpose of investing in wind energy projects in Germany.

         For financial reporting purposes, CHC's financial data is included with CRC 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 Catamount Heartlands Corporation, owns 50% of the Common Stock of Heartlands Power Limited, a private company limited by shares, formed to develop, own, and operate a 98 MW gas-fired power station in Fort Dunlop, England

         For financial reporting purposes, Catamount Heartlands Limited's financial data is included with CRC 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.

         For financial reporting purposes, Catamount Operations, Inc.'s financial data is included with CRC on the Consolidated Financial Statements.

     

     

    - 8 -

  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.

    3. CENTRAL VERMONT PUBLIC SERVICE CORPORATION

         CVPS' 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 616 miles of overhead transmission lines, about 7,519 miles of overhead distribution lines and about 305 miles of underground distribution lines, which are located in Vermont except for about 22 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% - 162.6 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.

     

    - 9 -

         The electric systems of CVEC include about two miles of transmission lines, about 439 miles of overhead distribution lines and about 13 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:

 

 

 

 

 

 

 

 

 

 

 

 

- 10 -

  1. Number of KWH of electric energy sold (at retail or wholesale), and Mcf of natural or manufactured gas distributed at retail.
    2.

     

    State

    Electric (KWH)

    		  

    Revenues

    Gas (Mcf)

    VY


    VT


    4,171,120,000


    (1)


    $178,840,019


    None

    CVPS


    VT
    NH


    2,694,872,962
       170,546,065
    2,865,419,027




    (2)


    $274,086,419
       13,044,646
    $287,131,065


    None
    None

    CVEC


    NH


       163,039,801

    		  


    $  20,407,333


    None

    VELCO


    VT


       258,467,521

    		  


    $  10,363,456


    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.

  2. 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.

    3. None

  3. 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.
    4.

     

    State

    Electric (KWH) (1)

    		  

    Expenses

    Gas (Mcf)

    VY

    		  

    None

    (1)

    None

    None

    CVPS


    NH


    170,546,065


    (2)


    $13,044,646


    None

    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.

     

     

     

     

     

     

     

     

     

     

    - 11 -

  4. 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)

  

Expenses

Gas (Mcf)

VY

  

None

  

None

None

CVPS


CT
GA
IL
MA
MD
MN
NE
NH
NY
PA
TX
WI


    3,200,000
  62,600,000
    7,600,000
    1,600,000
    9,200,000
       400,000
    1,200,000
  51,195,978
        17,569
      400,000
    6,050,000
    8,800,000
152,263,547



$     176,400
    2,926,200
       298,300
       187,500
       385,800
         21,100
         50,400
    2,178,412
           2,111
         20,200
       342,919
       380,600
$  6,969,942


None
None
None
None
None
None
None
None
None
None
None
None

CVEC


VT


130,554,600

  


$  2,976,432


None

VELCO

  

None

  

None

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.

  1. 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:
  1. 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.

    2.       Glenns Ferry Cogeneration Partners, Ltd. located in Glenns Ferry, Idaho; its registered office is 71 Allen Street, Suite 101, 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, Suite 101, Rutland, Vermont. The facility is a 10 MW gas-fired cogeneration facility placed in operation on November 21, 1996.

          Gauley River Power Partners, L.P. located in Somersville, West Virginia; its registered office is 71 Allen Street, Suite 101, Rutland, Vermont. The facility is an 80 MW hydroelectric facility placed in operation on July 30, 2001.

     

     

    - 12 -

          Fibrothetford Limited, located 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.

          Heartlands Power Limited, located in Fort Dunlop, Birmingham, England; its registered office is Allington House, 150 Victoria Street, London, England SWIE 5LB. The facility is a simple cycle gas fired power station with an expected capacity of 98 MW.

          CIC Luxembourg SàRL, formed under the laws of Luxembourg, a private company limited by shares, has its registered office at 54, Boulevard Napoleon 1 CR, Luxembourg.

          CIC Luxembourg SàRL was formed for the purpose of investing in wind energy projects and owns 100% of CIC Verwaltungs GmbH, a general partner in two wind energy farms in Germany, and 100% of CIC Beteiligungs GmbH, a limited partner in two wind energy projects in Germany.

  2. Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held.

    3.       Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly-owned subsidiary of Catamount Resources 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 Indeck Capital Incorporated 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 Resources Corporation; Catamount Rupert Corporation 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 Indeck Capital Incorporated owns 50%. Catamount Rupert Corporation 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.

          Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly owned subsidiary of Catamount Resources Corporation; Summersville Hydro Corporation ("SHC") is a wholly owned subsidiary of CEC; Gauley River Power Partners Limited (GRPP) is 99% owned by SHC and 1% owned by Gauley River Management Corp. GRPP was formed under the laws of the State of Vermont. GRPP is a hydroelectric power generation facility.

          Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly-owned subsidiary of Catamount Resources Corporation; Catamount Thetford Corporation ("CTC") is a wholly-owned subsidiary of CEC. CTC is a 44.7% shareholder of Fibrothetford Limited ("Thetford"), Foster Wheeler Energy Limited is a 5% shareholder; and Fibrowatt Limited is 51% shareholder. FibroThetford 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. FibroThetford is an electric power station fueled predominantly by poultry litter.

     

     

    - 13 -

          Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly-owned subsidiary of Catamount Resources Corporation; Catamount Heartlands Corporation ("CHC") is a wholly-owned subsidiary of CEC. CHC is a 100 percent shareholder of Catamount Heartlands Limited ("CHL"), which is a 50 percent shareholder of Heartlands Power Limited ("Heartlands") and Rolls Royce Power Ventures Limited is a 50 percent shareholder. Heartlands 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. Heartlands is a gas-fired electric power station.

          Central Vermont Public Service Corporation ("the Company") is the holding company system; Catamount Energy Corporation ("CEC") is a wholly-owned subsidiary of Catamount Resources Corporation; Catamount Heartlands Corporation ("CHC") is a wholly-owned subsidiary of CEC. Catamount Heartlands (Gibraltar) Limited is a wholly owned subsidiary of CHC, Catamount Heartlands (Gibraltar) Limited is a 33.333% shareholder of CIC Luxembourg SàRL, and Rock Energy Limited and Chessman SàRL each own 33.333%. CIC Luxembourg SàRL is a 100% shareholder of CIC Verwaltungs GmbH, general partner; and CIC Beteiligungs GmbH, limited partner, of DK Burgerwindpark Eckolstädt ("Eckolstädt") GmbH & Co. KG. and DK Windpark Kavelstorf ("Kavelstorf") GmbH & Co. Kg.

  3. 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.
    4.
     

    Indirect Capital
    Invested (1)

    Guarantee
    of Security

    Debt or Financial
    Obligation

    CATAMOUNT RESOURCES
    CORPORATION


    None


    $5,000,000


    None

    CATAMOUNT ENERGY
    CORPORATION


    None


    None


    $13,017,000

    CATAMOUNT GLENNS
    FERRY CORPORATION


    None


    None


    None

    GLENNS FERRY
    MANAGEMENT CORPORATION


    None


    None


    None

    CATAMOUNT RUPERT
    CORPORATION


    None


    None


    None

    RUPERT MANAGEMENT
    CORPORATION


    None


    None


    None

    SUMMERSVILLE HYDRO
    CORPORATION


    $7,425,000


    None


    None

    CATAMOUNT THETFORD
    CORPORATION


    $2,528,718


    None


    None

    CATAMOUNT HEARTLANDS
    CORPORATION


    $3,360,124


    None


    None

    - 14 -

    CATAMOUNT HEARTLANDS
    LIMITED


    $3,016,515


    None


    None

    CATAMOUNT ENERGY
    (GILBRATAR) LIMITED


    $   585,296


    None


    None

    (1) Investment account plus loan balance including accrued interest.
  4. Capitalization and earnings of the EWG or foreign utility company during the reporting period.
    5.

     

    Capitalization

    Earnings

    GLENNS FERRY COGENERATION
    PARTNERS LTD.


    $11,600,504

     
    $     31,812

    RUPERT COGENERATION
    PARTNERS LTD.


    $10,576,986

     
    $(   435,143)

    GAULEY RIVER POWER
    PARTNERS LTD.


    $56,802,561


    $(2,364,319)

    FIBROTHETFORD LTD.

    $93,297,194

    $(5,341,864)

    HEARTLANDS POWER
    LIMITED


    $63,321,380

     
    $ 2,153,907

    CIC LUXEMBOURG SÀRL

    $  5,852,964

    $    150,758

  5. 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).

    Administrative management services provided to Glenns Ferry Cogeneration, fees and reimbursed expenses - $94,064.

    Administrative management services provided to Rupert Cogeneration, fees and reimbursed expenses - $94,064.

    Administrative O&M services provided to Gauley River Power Partners, fees and reimbursed expenses - $32,639.

    Administrative management services provided to CIC Luxembourg SàRL, fees and reimbursed expenses - $111,709.

    Administrative and construction services provided to DK Burgerwindpark Eckolstädt GmbH & Co., fees and reimbursed expenses - $52,675.

    Administrative and construction services provided to DK Windpark Kavelstorf GmbH & Co., fees and reimbursed expenses - $38,574.

 

 

 

 

 

 

 

 

 

 

- 15 -

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 2001.

    Exhibit B is the Financial Data Schedule.

    Exhibit C is the Organizational chart showing the relationship of each 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 27th day of February, 2002.

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Claimant)
 

By:     /s/ Robert H. Young                             
 

Robert H. Young, Acting Chief Financial Officer and Treasurer
(Principal Financial Officer)

 

CORPORATE SEAL

 

Attest:

/c/ Mary C. Marzec                           
Assistant Corporate Secretary

  

Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed:

Mary C. Marzec                                                      Assistant Corporate Secretary                        
(Name)                                                                    (Title)

                                        Central Vermont Public Service Corporation                                         
                                               77 Grove Street, Rutland, VT 05701                                             
(Address)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 16 -
           

1 of 2

Exhibit A

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Statement of Income and Retained Earnings
Year Ended December 31, 2001
(Dollars in thousands)
 



CVPS-CONS



VELCO
56.8%
Owned



VETCO
(Note C)



VY
31.3%
Owned

Consol-
idating
Entries


TOTAL
CONS

Operating Revenues

$          302,476 

$    19,785 

$       4,862

$    178,840 

$   (70,909)

$    435,054 
             

Operating Expenses:
 Operation:
   Purchased Power
   Production and transmission
   Other Operation
 Maintenance
 Depreciation
 Decommissioning expense
 Other taxes, principally property taxes
 Taxes on income (Note B)



 147,662 
  24,489 
  43,420 
  18,264 
  17,041 

  12,739 
              11,472 




   1,668 
   3,950 
   3,422 
   4,490 

   2,921 
          (254)




      9
     296
     369
   2,474

     764
            307




  17,527 
  79,699 
  32,180 
  14,751 
  11,764 
   8,709 
          2,227 



(56,100)
(14,575)
   (234)




                  



 91,562 
  29,118 
 127,131 
  54,235 
  38,756 
  11,764 
  25,133 
  13,752 
             

      Total operating expenses

            275,087 

      16,197 

         4,219

      166,857 

     (70,909)

      391,451 
             

Operating Income

  27,389 

   3,588 

   643

  11,983 

      0

  43,603 
             

Other income and deductions:
 Equity in earnings of companies not
  consolidated
 Allow. for equity funds during constr.
 Other income, net
 Other taxes
 Benefit (provision) for income taxes



   2,669 
      59 
   (16,349)
  (265)
                2,964 



     380 

     421 

                  





     203

                  




       (63)
   7,830 
  (2,839)
                    



 (2,876)



                  



     173 
      (4)
 (7,895)
  (3,104)
          2,964 
             

Total operating and other income
Net interest expense

  16,467 
              13,878 

   4,389 
        3,337 

   846
            466

  16,911 
        10,792 

 (2,876)
                  

  35,737 
        28,473 

Net income (loss) before extraordinary items

2,589 

1,052 

380

6,119 

(2,876)

7,264 

Extraordinary item, net of tax

                   182 

               0 

                0

                 0 

               0 

             182 

Net income (loss) before minority interest

2,407 

1,052 

380

   6,119 

 (2,876)

  7,082 

Minority interest in net income

                          

                  

                  

                    

       (4,675)

         (4,675)

Net income after minority interest

2,407 

1,052 

380

6,119 

 (7,551)

2,407 
             

Retained earnings, January 1

              78,423 

          449 

            139

          1,223 

       (1,811)

        78,423 
             
 

              80,830 

        1,501 

            519

          7,342 

       (9,362)

        80,830 

Adjustment to Retained Earnings

     219 

           

           

           

           

219 

Cash dividends declared:
 Preferred Stock
 Common Stock


   1,696 
              10,183 


     500 
           480 



            500



          6,264 


   (500)
       (7,244)


   1,696 
        10,183 

      Total Dividends

              11,879 

           980 

            500

          6,264 

       (7,744)

        11,879 

Retained earnings, December 31

$            69,170 

$         521 

$            19

$        1,078 

$     (1,618)

$      69,170 

 

 

 

 

 

 

- 17 -
           

2 of 2



CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Statement of Income and Retained Earnings
Year Ended December 31, 2001
(Dollars in thousands)
 





CVPS





CVEC
(Note A)





CV REALTY
(Note A)





CRC
(Note A)

Reclassi-
fying &
Consol-
idating
Entries





CVPS-CONS
             

Operating Revenues

$  293,042 

$      20,738 

$                     7 

$        2,901 

$   (14,212)

$        302,476 
             

Operating Expenses:
 Operation and maintenance:
   Purchased Power
   Production and transmission
   Other Operation
 Maintenance
 Depreciation
 Other taxes
 Taxes on income (Note B)



 143,396 
  24,477 
  41,226 
  17,692 
  16,560 
  12,179 
      11,044 



  15,201 
      12 
   2,422 
     572 
     481 
     559 
             427 







       3 

                       6 





   8,633 

     320 
     203 
             326 



 (10,935)

  (8,861)

    (323)
    (202)
          (331)



 147,662 
  24,489 
  43,420 
  18,264 
  17,041 
  12,739 
            11,472 
             

      Total operating expenses

    266,574 

        19,674 

                       9 

          9,482 

     (20,652)

          275,087 
             

Operating Income (loss)

  26,468 

1,064 

      (2)

  (6,581)

   6,440 

  27,389 
             

Other income and deductions:
 Equity in earnings of companies not
  consolidated
 Allow. For equity funds during constr.
 Other income (expenses), net
 Other taxes
 Benefit (provision) for income taxes



   (7,595)
      59 
    (7,445)
     (48)
        3,297 





      3 

                (2)





      10 

                          



   6,079 

     (8,697)

                    



  4,185 

  (220)
    (217)
          (331)



   2,669 
      59 
   (16,349)
    (265)
              2,964 
             

Total operating and other income (loss)
Net interest expense

  14,736 
      12,329 

   1,065 
             376 

      8 
                          

    (9,199)
          1,579 

  9,857 
          (406)

  16,467 
            13,878 

Net income (loss) before extraordinary item

2,407 

   689 

                       8 

  (10,778)

  10,263 

  2,589 

Extraordinary item, net of tax

               0 

             182 

                       0 

                 0 

               0 

                 182 

Net income (loss)

2,407 

507 

8 

(10,778)

10,263 

2,407 

Retained earnings, January 1

      78,423 

          1,472 

                   236 

          8,771 

     (10,479)

            78,423 
 

      80,830 

          1,979 

                   244 

         (2,007)

          (216)

            80,830 

Adjustment to Retained Earnings

     219 

    

260 

(260)

     219 

Cash dividends declared:
 Preferred Stock
 Common Stock


   1,696 
      10,183 



                    



                          



                    



                  


   1,696 
            10,183 

      Total Dividends

      11,879 

                 0 

                       0 

                  0

               0 

            11,879 
             

Retained earnings, December 31

$    69,170 

$        1,979 

$                 244 

$       (1,747)

$        (476)

$          69,170 

 

 

 

 

 

 

 

 

- 18 -
           

1 of 4



CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Balance Sheet
Year Ended December 31, 2001
(Dollars in thousands)
 



CVPS-CONS



VELCO
56.8%
Owned



VETCO
(Note C)



VY
31.3%
Owned

Consol-
idating
Entries


TOTAL
CONS

Assets

            
             

Utility plant, at original cost
 Less accumulated depreciation 

$         490,137
           198,087

$   128,306
       65,435

$      47,983 
        37,309 

$    430,019 
      308,302 


                  

$      1,096,445
           609,133
 

 292,050

  62,871

  10,674 

 121,717 

  

   487,312

 Construction work in progress

             15,727

                  

                    

          5,034 

                  

             20,761
 

 307,777

  62,871

  10,674 

 126,751 

  

   508,073

Nuclear fuel
 Less accumulated amortization

   8,699
               7,847


                  


                    

 455,886 
      438,733 


                  

   464,585
           446,580
             

     Net utility plant

           308,629

       62,871

        10,674 

      143,904 

                  

           526,078
             

Investments in affiliates,
 at equity (Note D)
  Nuclear generating companies
  Other affiliated companies



  19,452
               4,371




         1,419




                    




                    



$   (16,818)
       (5,790)



     2,634
                        

     Total

             23,823

         1,419

                    

                    

     (22,608)

               2,634
             

Nonutility investments

             49,543

                  

                    

                    

                  

             49,543
             

Nonutility property, less accumulated
 depreciation of $4,514 consolidated


               2,401


                  


                    


                    


                  


               2,401
             

Current assets:
 Cash & Cash Equivalents
 Accounts receivable, less allowance
  for uncollectible accts.
  $2,071 consolidated
 Accounts receivable - affiliates
 Unbilled revenue
 Materials and supplies, at average cost
 Prepayments
 Other current assets


  45,498


  20,995
     956
  16,404
   4,167
   3,676
               5,408


     406


   10,317
   6,772
     79
   3,202
     201
            673


      72 



      2 

      61 
       5 
                (2)


     4 


  10,725 
   5,144 

  16,421 
   3,050 
                    






 (12,542)



                  


    45,980


    42,037
     332
    16,483
    23,851
     6,932
               6,079
             

     Total current assets

             97,104

       21,650

             138 

         35,344

     (12,542)

           141,694
             

Regulatory assets and other
 deferred charges


             40,174


         3,430


          1,242 


       510,544


                  


           555,390
             

     Total Assets

$         521,674

$     89,370

$       12,054

$     689,792

$  (35,150)

$      1,277,740

 

 

 

 

 

 

 

- 19 -
           

2 of 4



CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Balance Sheet
Year Ended December 31, 2001
(Dollars in thousands)
 



CVPS-CONS



VELCO
56.8%
Owned



VETCO
(Note C)



VY
31.3%
Owned

Consol-
idating
Entries


TOTAL
CONS

Capitalization and Liabilities

            
             

Capitalization:
Common stock (Note E)
Other paid-in capital
Capital stock expense
Accum. other comprehensive income
Deferred compensation plans
Treasury stock, at cost (Note E)
Retained earnings


$            70,715 
  49,439 
  (1,805)
    (623)
    (1,097)
  (2,285)
              69,170 


$       6,000 




           522 


$              1
   1,399




              19


$    40,002 
  14,226 



  (1,130)
        1,078 


$     (46,003)
  (5,722)



     1,130 
         (1,619)


$          70,715 
    59,342 
    (1,805)
      (623)
      (1,097)
    (2,285)
            69,170 
             

     Total common stock equity

            183,514 

        6,522 

         1,419

      54,176 

       (52,214)

          193,417 
             

Cumulative preferred and preference
 stock (Note F)
Return of Capital


  23,054 
                          


  10,000 
       (8,600)



                  



                  


 (10,000)
           8,600


    23,054 
                        
             

     Total preferred stock

              23,054 

        1,400 

                  

                  

         (1,400)

            23,054 
             

First Mortgage bonds
Second Mortgage bonds
Notes payable
Capital lease obligations

  46,000 
  75,000 
  38,771 
              12,897 

  51,760 

   2,107 
                  



   2,800
                  

  54,173 

  
                  




                    

   151,933 
    75,000 
    43,678 
            12,897 
             

     Total long-term debt

            172,668 

      53,867 

         2,800

       54,173

                    

          283,508 
             

Minority interest

                          

                  

                  

                  

        31,006 

            31,006 
             

     Total capitalization

           379,236 

      61,789 

         4,219

    108,349 

       (22,608)

          530,985 
             

Current liabilities:
 Notes payable - banks
 Notes payable - associated
 Long-term debt - current portion
 Accounts payable
 Accounts payable - affiliates
 Accrued interest
 Accrued income taxes
 Other current liabilities



        
   8,225 
   4,796 
  12,092 
   3,129 
   74 
              21,886 


2,350 

   1,897 
  16,469
    614 
     499 
      (19)
     215 


125
   1,800
   840
      110
     46
      12
     95
                  


27,540 

5,418 
   1,995 
      91 
   1,419 
   1,629 
      25,990 






 (12,542)


                    


30,015 
    1,800 
    16,380 
    23,370 
     301 
     5,059 
     1,779 
            48,091 
             

     Total current liabilities

              50,202 

  22,025 

         3,028

      64,082 

       (12,542)

          126,795 
             

Accumulated deferred income taxes
Deferred investment tax credits
Nuclear decommissioning costs
Regulatory liabilities &
 other deferred credits

  38,828 
   5,658 
  12,826 

              34,924 





   5,556 

   3,251
   861


            695

       
   2,869 
 349,903 

    164,589 





         

    42,079 
    9,388 
   362,729 

          205,764 
 

              92,236 

   5,556 

         4,807

    517,361 

                    

          619,960 

Total Capitalization and Liabilities

$          521,674 

$89,370 

$     12,054

$689,792 

$     (35,150)

$     1,277,740 

- 20 -
           

3 of 4



CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Balance Sheet
Year Ended December 31, 2001
(Dollars in thousands)
 



CVPS



CVEC
(Note A)



CV REALTY
(Note A)



CRC
(Note A)

Consol-
idating
Entries



CVPS-CONS

Assets

            
             

Utility plant, at original cost
 Less accumulated depreciation 

$     475,822
       192,391

$     14,315
         5,696


                        


                    


                  

$         490,137
           198,087
 

 283,431

   8,619

      

 292,050

 Construction work in progress

         15,295

            432

                        

                    

                  

             15,727
 

 298,726

   9,051

      

 307,777

Nuclear fuel
 Less accumulated amortization

   8,699
           7,847


                  


                        


                    


                  

   8,699
               7,847
             

     Net utility plant

       299,578

         9,051

                        

                    

                  

           308,629
             

Investments in affiliates,
 at equity (Note D)
  Nuclear generating companies
  Other affiliated companies



  19,452
         41,175




                  




                        




                    




  $ (36,804)



  19,452
               4,371

     Total

         60,627

                0

                      0

                  0

    (36,804)

             23,823
             

Nonutility investments

       

         

         

$49,543 

         

  49,543
             

Nonutility property, less accumulated
 depreciation of $209 parent company
 $4,514 consolidated



              448



                  



$                  27



          1,926 



                  



               2,401
             

Current assets:
 Cash & Cash Equivalents
 Accounts receivable, less allowance for
  uncollectible accts. $1,088 parent
  company and $2,071 consolidated
 Accounts receivable - affiliates
 Unbilled revenue
 Materials and supplies, at average cost
 Prepayments
 Other current assets


  35,351


  18,564
   3,999
  16,218
   4,162
   3,551
           5,370


      327


   2,047
      21
   186

      104
              34


     248



       



                        


   9,572 


     384 
   391 

       5 
      21 
                (2)






  (3,455)



               6 


  45,498


  20,995
   956
  16,404
   4,167
   3,676
               5,408
             

     Total current assets

         87,215

         2,719

                  248

        10,371 

       (3,449)

             97,104
             

Regulatory assets and other
 deferred charges


         38,756


            421


                        


          1,003 


              (6)


             40,174
             

     Total Assets

$     486,624

$     12,191

$                275

$      62,843 

$   (40,259)

$         521,674

 

 

 

 

 

 

 

 

- 21 -
           

4 of 4



CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Consolidated Balance Sheet
Year Ended December 31, 2001
(Dollars in thousands)
 



CVPS



CVEC
(Note A)



CV REALTY
(Note A)



CRC
(Note A)

Consol-
idating
Entries



CVPS-CONS

Capitalization and Liabilities

            
             

Capitalization:
Common stock (Note E)
Other paid-in capital
Capital stock expense
Accum. other comprehensive income
Deferred compensation plans
Retained earnings
Treasury stock, (Note E)


$    70,715 
  49,439 
  (1,805)
    (274)
    (1,097)
  69,170 
       (2,285)


$          700
   1,250



   1,979
                  


$                  30




     244
                        



$      30,598 

(349)

   (1,747)
                    


$        (730)
 (31,848)



 (476)
                  


$           70,715
  49,439
  (1,805)
    (623)
    (1,097)
  69,170 
             (2,285)
             

     Total common stock equity

    183,863 

         3,929

                  274

        28,502 

     (33,054)

          183,514 
             

Cumulative preferred and preference
 stock (Note F)


      23,054 


                  


                        


                    


                  


            23,054 
             

First Mortgage bonds
Second Mortgage bonds
Notes payable
Capital lease obligations

  46,000 
  75,000 
  16,300 
      12,897 



   3,750
                  




                        



   22,471 
                    



  (3,750)
                  

  46,000 
  75,000 
  38,771 
            12,897 
             

     Total long-term debt

    150,197 

         3,750

                        

        22,471 

       (3,750)

          172,668 
             

     Total capitalization

    357,114 

         7,679

                  274

        50,973 

     (36,804)

          379,236 
             

Current liabilities:
 Notes payable - banks
 Long-term debt - current portion
 Accounts payable
 Accounts payable - affiliates
 Accrued interest
 Accrued income taxes
 Other current liabilities



   8,000 
   2,994 
  12,497 
   2,866 
   (18)
      20,060 




     401
   2,214


            999





       1


                        



     225 
     1,401 
     835 
     263 
      92 
             827 





  (3,455)


                  



   8,225 
   4,796 
  12,092 
   3,129 
   74 
            21,886 
             

     Total current liabilities

      46,399 

         3,614

                      1

          3,643 

       (3,455)

            50,202 
             

Accumulated deferred income taxes
Deferred investment tax credits
Nuclear decommissioning costs
Deferred credits

  31,632 
   5,615 
  12,826 
      33,038 

     853
      43

                2




                        

   6,343 


          1,884 




                  

  38,828 
   5,658 
  12,826 
            34,924 
 

      83,111 

            898

                        

          8,227 

                  

            92,236 

Total Capitalization and Liabilities

$  486,624 

$     12,191

$                275

$       62,843

$   (40,259)

$        521,674 

 

 

 

 

 

 

 

- 22 -

Exhibit A

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Notes to Consolidating Financial Statements
For the Year Ended December 31, 2001

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 Resources Corporation (CRC) 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 percent owned, Vermont Electric Transmission Company, Inc. (VETCO), a wholly-owned subsidiary of VELCO and Vermont Yankee Nuclear Power Corporation (VY) 31.3 percent 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 been recorded, in the amount of $4.0 million to reflect management's best estimate of loss credit carry forwards that will ultimately be utilized. All other deferred income assets are expected to be realized.

      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.

      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.

 

 

 

- 23 -

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
AND ITS SUBSIDIARIES

Notes to Consolidating Financial Statements
(continued)

Note C - VETCO:

      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.

      Although, VELCO owns 100 percent of VETCO's outstanding Common Stock, 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 24 -

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,
     2001     

Nuclear generating companies
     VY
     Maine Yankee Atomic Power Company
     Connecticut Yankee Atomic Power Company
     Yankee Atomic Electric Company

Other affiliated companies:
     CVEC
     C.V. Realty, Inc.

     CRC
     VELCO:
         Common stock
         Preferred stock

             Total investments - CVPS

     VELCO investment in VETCO

             Total investments

Consolidating eliminations

             Total consolidated


$16,818 
1,257 
1,349 
28 


7,679 
274 

28,851 

3,694 
        678 

60,628 

     1,419 

62,047 

59,413 

  $  2,634 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 25 -

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,
     2001     

CVPS:
           Common stock, $6 par value, authorized 19,000,000 shares;
                   Issued 11,785,848 shares; outstanding 11,610,683 shares;
                   Treasury stock, at cost 175,165 shares
CVEC:
           Common stock, $50 par value, authorized 20,000 shares;
                   outstanding 14,000 shares
C.V Realty, Inc.:
           Common stock, $100 par value, authorized 500 shares;
                   outstanding 300 shares

CRC:
           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
VETCO:
           Common stock, $100 par value, authorized and outstanding
                   10 shares
VY:
           Common stock, $100 par value, authorized 400,100 shares;
                   outstanding 400,014 shares
                   Treasury stock, at cost 7,533 shares

                             Total common stock equity

Consolidating eliminations

                             Total consolidated



$ 70,715 
(2,285)


700 


30 



   -   



6,000 


1 


40,002 
      (1,130)

114,033 

45,603 

   $ 68,430 

 

 

 

 

 

 

 

 

 

 

 

- 26 -

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,
     2001     

CVPS:
           Preferred stock, $100 par value, authorized 500,000 shares
                   Outstanding:
                    4.15% series,  37,856 shares
                    4.65% series,  10,000 shares
                    4.75% series,  17,682 shares
                    5.375% series,  15,000 shares
                    8.30% series,  160,000 shares
           Preferred stock, $25 par value, authorized 1,000,000 shares:
                   outstanding - none
           Preferred 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
           Return of capital

VY:
           Preferred stock, $100 par value, authorized 300,000 shares:
                   outstanding - none

                             Total cumulative preferred and
                               preference stock

Consolidating eliminations

                             Total consolidated




$  3,786 
1,000 
1,768 
1,500 
16,000 

   -   

   -   



10,000 
(8,600)



   -   
                  

25,454 

       (1,400)

    $ 24,054 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 27 -

Exhibit B

FINANCIAL DATA SCHEDULE

Item No.

Caption Heading

Amount

1

Total Assets

$1,277,740

2

Total Operating Revenues

$   435,054

3

Net Income

$      2,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 28 -

Exhibit C

CENTRAL VERMONT PUBLIC SERVICE CORPORATION
(Name of Holding Company)

100%
CATAMOUNT RESOURCES CORPORATION

100%
CATAMOUNT ENERGY CORPORATION

100%
CATAMOUNT
GLENNS
FERRY
CORP.

50%
GLENNS
FERRY
MGMNT.,
INC.

100%
CATAMOUNT
RUPERT
CORP.

. 50%
RUPERT
MGMNT.,
CORP

100%
SUMMERSVILLE
HYDRO
CORP.

100%
GAULEY
RIVER
MGMNT.,
CORP.

33.3%
CATAMOUNT
INVESTMENT
CO., LLC

. 100%
CATAMOUNT
CAMPBELL
HILL CORP

. 100%
CATAMOUNT
THETFORD
CORP

100%
CATAMOUNT
HEARTLANDS
CORP.

100%
CATAMOUNT
HEARTLANDS
CORP.

100%
CATAMOUNT
HEARTLANDS
CORP.

49.5%
GLENNS
FERRY
COGEN.
PARTNERS,
LIMITED

1%
GLENNS
FERRY
COGEN.
PARTNERS,
LIMITED

49.5%
RUPERT
COGEN.
PARTNERS,
LIMITED

1%
RUPERT
COGEN.
PARTNERS,
LIMITED

99%
GAULEY
RIVER
POWER
PARTNERS,
LP

1%
GAULEY
RIVER
POWER
PARTNERS,
LP

  

50%
CAMPBELL
HILL WIND
PARTNERS,
LLC

44.7%
FIBRO-
THETFORD
LIMITED

100%
CATAMOUNT
ENERGY
(GILBRALTAR)
LIMITED

100%
CATAMOUNT
HEARTLANDS
LIMITED

100%
CATAMOUNT
DEVELOPMENT
GMBH
                 

33.3%
CIC LUXEMBOURG
SÀRL

50%
HEARTLANDS
POWER
LIMITED

  
                 

100%
CIC VERWALTUNGS
GMBH

100%
CIC
BETEILIGUNDS
GMBH

  
                   
               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

- 29 -

 -----END PRIVACY-ENHANCED MESSAGE-----