-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Ct0ibmFkYebST8IwDQhFNoRnIel0EdJCpEWi2YAvTpQHSoC7lS/mbmv5vHRFIQe7 Za2GcDj6wviARYBVz9SrfQ== 0000043704-94-000003.txt : 19940225 0000043704-94-000003.hdr.sgml : 19940225 ACCESSION NUMBER: 0000043704-94-000003 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940224 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN MOUNTAIN POWER CORP CENTRAL INDEX KEY: 0000043704 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 030127430 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 35 SEC FILE NUMBER: 069-00197 FILM NUMBER: 94512371 BUSINESS ADDRESS: STREET 1: 25 GREEN MOUNTAIN DR STREET 2: P.O.BOX 850 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05402-0850 BUSINESS PHONE: 8028645731 U-3A-2 1 FORM U-3A-2 FOR YEAR ENDING 12/31/93 File No. 69-197 Form U-3A-2 SECURITIES AND EXCHANGE COMMISSION Washington, D. C. Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935. GREEN MOUNTAIN POWER CORPORATION 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. This annual statement is being filed in connection with the ownership by Green Mountain Power Corporation (the "Company") of (1) 17.9% of the outstanding common stock of Vermont Yankee Nuclear Power Corporation ("Vermont Yankee") (see File No.70-4435) and (2) 29.5% of the outstanding common stock (Class B) and 30.0% of the outstanding preferred stock (Class C) of Vermont Electric Power Company, Inc. ("VELCO") (see Application under Section 10 of the Public Utility Holding Company Act of 1935 by the Company on Form U-1, File No. 70- 4840, Administrative Proceeding No. 3-2330, and Order of the Securities and Exchange Commission, dated March 11, 1970, in connection therewith, and Holding Company Act Release No. 16632). In addition, the Company has an indirect ownership interest in Vermont Electric Transmission Company, Inc. ("VETCO"), a wholly-owned subsidiary of VELCO. The Company owns 100% of the outstanding common stock of Mountain Energy, Inc., Green Mountain Propane Gas Company, Vermont Energy Resources, Inc., GMP Real Estate Corporation and Lease-Elec, Inc. None of these companies are, at the present time, a "public utility company" as defined in the Act. In support of the Company's claim for exemption, the following information is submitted. 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. GREEN MOUNTAIN POWER CORPORATION The Company was incorporated under the laws of the State of Vermont on April 7, 1893, and has its principal executive office at 25 Green Mountain Drive, South Burlington, 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 approximately 79,000 customers as of December 31, 1993, in five service areas with an estimated population of 195,000. The principal territory furnished with electricity comprises an area of roughly twenty-five miles in width extending ninety miles across north central Vermont between Lake Champlain on the west and the Connecticut River on the east. Included in this territory are the cities of Montpelier, Barre, South Burlington, Vergennes and Winooski and the Village of Essex Junction, as well as a number of smaller towns and communities. The Company also distributes electricity in four noncontiguous areas located in southern and southeastern Vermont that are interconnected with the Company's principal service area through the transmission lines of VELCO and others. Included in these areas are the communities of Vernon (where the Vermont Yankee plant is located), Bellows Falls, White River Junction, Wilder, Wilmington and Dover. The Company supplies at wholesale a portion of the power requirements of several municipalities and cooperatives in the State of Vermont and one cooperative in the State of New Hampshire. In December 1986, the Company entered into an agreement to supply at wholesale the total power requirements of The Bozrah Light and Power Company ("Bozrah") headquartered in Gilman, Connecticut. Deliveries of power under that Agreement began in March 1987. The December 1986 Agreement was terminated effective May 1993 with the approval by the Federal Energy Regulatory Commission of a three-party agreement between the Company, Connecticut Light and Power and Bozrah. In May and July of 1989, the Company entered into agreements with the Hardwick Electric Department (Vermont) and the Northfield Electric Department (Vermont), respectively, to supply at wholesale substantial power requirements of each. Deliveries of power under the Hardwick agreement began in October 1989 and expired May 1993. Deliveries of power under the Northfield agreement began in November 1989. The Company interchanges economy and emergency power and energy with the New England Power Pool ("NEPOOL"). The Company is the sole stockholder of Mountain Energy, Inc., Green Mountain Propane Gas Company, GMP Real Estate Corporation and Lease- Elec, Inc., all incorporated under the laws of the State of Vermont. The business of Mountain Energy, Inc. ("Mountain Energy") is to participate in non-utility electric generation projects. In 1989, Mountain Energy indirectly acquired a 7.1% limited partnership interest in a new 71.9 MW wind generating facility that is operating northeast of San Francisco. In 1992, Mountain Energy indirectly acquired a 50% limited partnership interest in a 1.6 MW natural gas-fired cogeneration facility that is operating near Chicago. In 1993, Mountain Energy indirectly acquired: (1) a 1% general partnership interest and 49% limited partnership interest in a limited partnership that owns certain rights to a 1.4 MW hydroelectric facility that is operating near Bakersfield, California; (2) a 36% limited partnership interest in a demand side management project installed in Honolulu, Hawaii; and (3) a 25.7% limited partnership interest in a 50 MW wind generating facility that is operating northeast of San Francisco. The business of Green Mountain Propane Gas Company ("GMPGC") is to distribute propane gas to approximately 14,500 customers. GMPGC is operated as an independent subsidiary of the Company. The business of GMP Real Estate has consisted of the construction, operation and lease to the Company of certain assets, principally, the headquarters building for the Company in South Burlington, Vermont, as well as two service centers in Bellows Falls and Wilmington, Vermont. GMP Real Estate, however, has transferred the bulk of the properties and the improvements thereon to a third party which, in turn, has leased them to the Company. The business of Lease-Elec consists of the rental and sale of electric thermal storage heat equipment. It is presently dormant and does not have any material assets and its business, in the aggregate, is not significant to the Company. Mountain Energy, GMP Real Estate and Lease- Elec are not public utilities and are not qualified to do business in any state other than the State of Vermont. A Mountain Energy subsidiary that owns a general partnership interest in the hydroelectric facility described above is qualified to do business in California. GMPGC is not a public utility and is qualified to do business in the State of Vermont and the State of New Hampshire. VERMONT YANKEE NUCLEAR POWER CORPORATION Vermont Yankee was incorporated in Vermont on August 4, 1966, and has its principal office at Ferry Road, RD #5, Brattleboro, Vermont. The business of Vermont Yankee is the ownership and operation of a nuclear power plant at Vernon, Vermont, and the sale of electricity at the plant to those New England utilities, including the Company, who are its sponsoring stockholders. VERMONT ELECTRIC POWER COMPANY, INC. VELCO was incorporated under the laws of the State of Vermont on December 28, 1956, and has its principal office at Pinnacle Ridge Road, Rutland, Vermont. VELCO provides transmission services 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 electric distribution utilities. VELCO has agreements for single-unit power purchases which it resells at its cost to various electric distribution utilities in the State of Vermont. VELCO is a participant with all of the major electric utilities in New England in the NEPOOL, acting for itself and as agent for twenty-two other electric utilities in Vermont, including the Company, 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. VETCO, a wholly-owned subsidiary of VELCO, was incorporated under the laws of the State of Vermont on May 13, 1982, and has its principal office at Pinnacle Ridge Road, Rutland, Vermont. VETCO has entered into a Phase I Vermont Transmission Line Support Agreement with the New England utilities listed in Attachment A thereto dated as of December 1, 1981, and associated agreements relating to the Vermont portion of a transmission line interconnecting the electric systems in New England with the electric system of Hydro-Quebec. Phase I of the interconnection consists of a +-450 KV HVDC transmission line from the Des Cantons Substation on the Hydro-Quebec system near Sherbrooke, Canada, to a converter terminal having a capacity of 690 MW at the Comerford Generating Station in New Hampshire on the Connecticut River. The transmission line and terminal were declared to be in commercial operation on October 1, 1986. Hydro-Quebec built the Canadian portion of Phase I. VETCO constructed and operates the portion from the Canadian border through Vermont to the New Hampshire border. The terminal facility is owned by a subsidiary of the New England Electric System ("NEES"). Phase II of the interconnection expanded the Phase I capability to 2,000 MW through the extension of the +-450 KV HVDC transmission line from the Comerford terminal in New Hampshire to a terminal facility located at the Sandy Pond Substation in Massachusetts. Agreements relative to this second phase have been executed by Hydro- Quebec, NEPOOL and various New England utilities, including the Company. VERMONT ENERGY RESOURCES, INC. Vermont Energy Resources was incorporated under the laws of the State of Vermont on July 30, 1974, and has its principal office at 25 Green Mountain Drive, South Burlington, Vermont. Vermont Energy Resources entered into an Agreement for Joint Ownership, Construction and Operation of the J. C. McNeil Generating Station, dated October 5, 1982, (the "Joint Ownership Agreement") with the City of Burlington Electric Department ("BED"), C. V. Realty, Inc. and Vermont Public Power Supply Authority. The Joint Ownership Agreement relates to the J. C. McNeil generating station, a 53-MW (nominal rating) wood-fired electric generating station in Burlington, Vermont and associated facilities (the "Station"). The Station began commercial operation in June 1984. On January 10, 1984, Vermont Energy Resources transferred its entire interest in the Station to the Company as permitted by provisions of the Joint Ownership Agreement. MOUNTAIN ENERGY, INC. Mountain Energy, Inc., was incorporated under the laws of the State of Vermont on December 11, 1989, and has its principal office at 25 Green Mountain Drive, South Burlington, Vermont. Mountain Energy indirectly owns interests in four electric generating assets, an electric energy efficiency project and no transmission assets. In 1989, Mountain Energy made its first investment by indirectly acquiring a 7.1% limited partnership interest in a new 71.9 MW wind generating facility being constructed northeast of San Francisco, California. The first 20 MW of the facility became operational in 1989, and the remaining 51.9 MW became operational in 1990. In 1992, Mountain Energy indirectly acquired a 50% limited partnership interest in a 1.6 MW natural gas-fired cogeneration facility operating near Chicago, Illinois. In 1993, Mountain Energy indirectly acquired: (1) a 1% general partnership interest and 49% limited partnership interest in a limited partnership that owns certain rights to a 1.4 MW hydroelectric facility that is operating near Bakersfield, California; (2) a 36% limited partnership interest in a demand side management project installed in Honolulu, Hawaii; and (3) a 25.7% limited partnership interest in a 50 MW wind generating facility that is operating northeast of San Francisco. All of these generating facilities are qualifying facilities, as defined by the Public Utility Regulatory Policies Act. 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, is detailed below. GREEN MOUNTAIN POWER CORPORATION The Company's properties are operated as a single system serving five areas in Vermont which are interconnected by transmission lines of VELCO. The Company owns and operates eight hydroelectric generating stations with a total nameplate rating of 35.2 MW and an estimated effective capability of 35.7 MW, two gas turbine generating stations with an aggregate nameplate rating of 65.6 MW and an aggregate effective capability of 71.5 MW and two diesel generating stations with an aggregate effective capability of 8.4 MW. The Company had, at December 31, 1993, approximately 1.5 miles of 115 KV transmission lines, 9.4 miles of 69 KV transmission lines, 5.4 miles of 44 KV transmission lines, and 265.1 miles of 34.5 KV transmission lines. Its distribution system included about 2,336 miles of overhead lines of 2.4 to 34.5 KV and 392 miles of underground cable of 2.4 to 34.5 KV. At such date, the Company owned approximately 156,775 Kva of substation transformer capacity in transmission substations and 433,150 Kva of substation transformer capacity in distribution substations and 1,207,299 Kva of transformers for stepdown from distribution to customer use. All of the foregoing properties of the Company are located in the State of Vermont. The Company's system is interconnected at locations within the State of Vermont with the lines of out-of-state utilities in New Hampshire and Massachusetts at thirteen points along the eastern and southern borders of the State. The transmission lines of the Company are interconnected at four points in northeastern Vermont with the transmission lines of utilities in the State of New Hampshire. The Company is a participant, with other New England utilities, in three major electric generating stations pursuant to joint ownership agreements. Under each such Agreement, the lead participant has undertaken to construct and operate the plant for all participants. The Company is not the lead participant in these plants. The plants and locations and the amount of the Company's participation, are as follows: A. Wyman #4, Yarmouth, Maine -- 1.1% (7.1 MW) -- lead participant is Central Maine Power Company; B. Stony Brook #1, Ludlow, Massachusetts -- 8.8% (30.2 MW) - - lead participant is Massachusetts Municipal Wholesale Electric Company; C. Joseph C. McNeil Generating Station, Burlington, Vermont -- 11% (5.8 MW) -- lead participant is Burlington Electric Department. The Company has acquired title to its percentage interests in the Wyman, Stony Brook and McNeil projects. Wyman became operational in 1979; Stony Brook in December 1981; and McNeil in June 1984. VERMONT YANKEE NUCLEAR POWER CORPORATION Vermont Yankee constructed a nuclear-powered electric generating plant with a nameplate capability of 540 MW. The plant is located on the Connecticut River in Vernon, Vermont. VERMONT ELECTRIC POWER COMPANY, INC. VELCO has no generating facilities, but has approximately 483 pole 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, near 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 line jointly owned by several Vermont utilities. All of its transmission facilities are in Vermont, except for approximately 4.3 pole miles of transmission lines in New Hampshire. VERMONT ELECTRIC TRANSMISSION COMPANY, INC. VETCO does not own any generating or distribution facilities. It is not contemplated that VETCO will acquire any generating facilities. VETCO owns and operates the 52-mile Vermont portion of the transmission interconnection with Hydro-Quebec. VERMONT ENERGY RESOURCES, INC. Vermont Energy Resources does not have any generating, transmission or distribution facilities in place. Its only material asset was its 11% ownership interest (5.8 MW) in the 53 MW J. C. McNeil Generating Station in Burlington, Vermont. This asset was transferred to the Company on January 10, 1984. MOUNTAIN ENERGY, INC. Mountain Energy, Inc. does not have any generating, transmission or distribution facilities in place. It has five material assets: its indirect ownership of (1) a 7.1% limited partnership interest in a 71.9 MW qualifying facility that uses wind turbines in California; (2) a 50% limited partnership interest in a 1.6 MW qualifying facility that uses natural gas in Illinois; (3) a 1% general partnership and 49% limited partnership interest in a limited partnership that owns certain rights to a 1.4 MW qualifying facility that uses hydropower in California; (4) a 36% limited partnership interest in an energy efficiency project in Hawaii; and (5) a 25.7% limited partnership interest in a 50 MW qualifying facility that uses wind turbines in California. 3. Information for the last calendar year with respect to claimant and each of its subsidiary public utility companies is as follows: A. Number of kWh of electric energy sold (at retail or wholesale), and MCF of natural or manufactured gas distributed at retail: GREEN MOUNTAIN POWER CORPORATION Year 1993 Electric 2,005,253,000* Gas: None *Does not include Vermont Department of Public Service residential sales of 15,425,400 kWh VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1993 Electric: 3,371,149,000 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1993 Electric: 884,463,420 Gas: None B. Number of kWh of electric energy and MCF of natural or manufactured gas distributed at retail outside the State in which each such company is organized. GREEN MOUNTAIN POWER CORPORATION Year 1993 Electric: None Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1993 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1993 Electric: None Gas: 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: GREEN MOUNTAIN POWER CORPORATION Year 1993 Electric: 275,791,500 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1993 Electric: 1,517,467,050 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1993 Electric: None Gas: None 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: GREEN MOUNTAIN POWER CORPORATION Year 1993 Electric: 1,263,162,000 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1993 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1993 Electric: 639,989,390 Gas: None VERMONT ELECTRIC TRANSMISSION COMPANY, INC. and VERMONT ENERGY RESOURCES, INC. VETCO owns and operates a 52-mile transmission line as part of the Phase I project. VETCO does not buy or sell electric energy. VER transferred the J. C. McNeil generation station to the Company before the station became operational in 1984. Therefore, these companies have not made any sales or purchases of electric energy in 1993. 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an 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. None B. Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. None 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. None D. Capitalization and earnings of the EWG or foreign utility company during the reporting period. None 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). None EXHIBIT A 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 are attached hereto. EXHIBIT B Financial Data Schedule 1. Total Assets $291,854,552.00 2. Total Operating Revenues $147,253,359.00 3. Net Income $ 10,631,377.00 EXHIBIT C An organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system. Not applicable File No. 69-197 SIGNATURE PAGE The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 24th day of February, 1994. GREEN MOUNTAIN POWER CORPORATION (name of claimant) (Corporate Seal) By: /s/E. M. Norse E. M. Norse, Vice President, Chief Financial Officer and Treasurer [SEAL] Attest: /s/D. S. Laffan D. S. Laffan Corporate Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: /s/G. J. Purcell G. J. Purcell Controller Green Mountain Power Corporation 25 Green Mountain Drive P. O. Box 850 South Burlington, VT 05402-0850 EX-1 2 EXHIBIT A TO FORM U-3A-2 FOR YEAR ENDING DECEMBER 31, 1993 EXHIBIT A VERMONT YANKEE NUCLEAR POWER CORPORATION STATEMENT OF OPERATIONS AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 Operating revenues $180,144,800 Operating expenses Fuel 19,526,541 Other operation expense 74,012,715 Maintenance expense 31,405,098 Depreciation and amortization expense 13,706,898 Decommissioning expense 11,315,127 Taxes on income 3,776,845 Property and other taxes 9,960,792 --------------- Total operating expenses 163,704,016 --------------- Net operating income 16,440,784 --------------- Other income and deductions Decommissioning fund income 5,653,291 Decommissioning expense (5,653,291) Other income 1,602,129 Allowance for equity funds used during construction 92,361 Other income deductions (284,149) Taxes on other income (623,475) --------------- Total other income and deductions 786,866 --------------- Income before interest charges 17,227,650 --------------- Interest charges First mortgage bonds long-term debt, net 6,530,205 Other long-term debt 564,075 Interest on spent fuel disposal fee obligation 2,449,722 Other interest expense 187,033 Allowance for borrowed funds used during construction (296,638) --------------- Total interest charges 9,434,397 --------------- Net income 7,793,253 Retained earnings at beginning of period 1,178,240 Dividends declared-common stock $100 par value 7,904,784 --------------- Retained earnings at end of period $1,066,709 =============== Net income 7,793,253 Weighted average number of common shares outstanding 392,481 Earnings per share of common stock 19.86 Dividends per share of common stock 20.14 VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1993 ASSETS UTILITY PLANT Electric plant, at cost $374,736,190 Less accumulated depreciation 198,388,570 --------------- 176,347,620 Construction work in progress 596,626 --------------- Net electric plant 176,944,246 --------------- Nuclear fuel at cost Assemblies in reactor 69,063,266 Spent fuel 287,699,413 --------------- 356,762,679 Less accumulated amortization 324,258,392 --------------- Net nuclear fuel 32,504,287 --------------- Net utility plant 209,448,533 --------------- CURRENT ASSETS Cash and temporary investments 2,349,251 Accounts receivable 16,433,337 Income taxes receivable 322,627 Materials and supplies, net of amortizaton 17,081,399 Prepaid expenses 3,949,373 --------------- Total current and accrued assets 40,135,987 --------------- DEFERRED CHARGES Deferred decommissioning costs 34,378,878 Accumulated deferred income tax 18,230,663 Deferred DOE enrichment site decontamination and decommissioning fee 18,627,474 Net unamortized loss on reacquired debt 2,942,273 Unamortized debt expense 720,047 Other deferred debits 2,216,124 --------------- Total deferred charges 77,115,459 --------------- INVESTMENTS AND LONG-TERM FUNDS Decommissioning fund 98,879,745 Spent fuel disposal fee defeasance fund 43,483,537 Other 706,651 --------------- 143,069,933 --------------- Total assets $469,769,912 =============== VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1993 CAPITALIZATION AND LIABILITIES Capitalization Common stock investment $54,164,478 Long-term debt 79,636,133 --------------- Total capitalization 133,800,611 --------------- Spent fuel disposal fee 39,284,624 Accrued interest on spent fuel disposal fee 41,403,533 Current and accrued liabilities Accounts payable 19,304,868 Accrued interest 634,769 Accrued taxes 1,205,586 Other postemployment benefits 1,745,701 Other current and accrued liabilities 9,129,523 --------------- Total current and accrued liabilities 32,020,447 --------------- Deferred credits and reserves Accrued decommissioning costs 134,614,116 Accumulated deferred income taxes 56,477,675 Net regulatory tax liability 8,351,281 Accumulated deferred investment tax credit 7,012,692 Accrued DOE enrichment site decontamination and decommissioning fee 15,966,406 Other deferred credits 838,527 --------------- Total deferred credits and reserves 223,260,697 --------------- Total capitalization and liabilities $469,769,912 =============== VERMONT ELECTRIC POWER COMPANY, INC. STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 Operating revenues Transmission service $17,670,826 Rent of transmission facilities to others 220,632 Sales to other utilities 32,337,422 --------------- Total operating revenues 50,228,880 --------------- Operating expenses Purchased power 32,337,422 Transmission expenses Operation 1,520,973 Maintenance 1,513,183 Charges for transmission facilities of others 107,668 --------------- Total transmission expenses 3,141,824 Administrative and general expenses 4,036,434 Depreciation and amortization 3,753,154 Taxes other than income taxes 1,989,442 Income taxes 547,222 --------------- Total operating expenses 45,805,498 --------------- Operating income 4,423,382 Other income Interest 209,137 Amortization of investment tax credit 66,672 Equity in subsidiary earnings 828,255 --------------- Total other income 1,104,064 --------------- Operating and other income 5,527,446 --------------- Interest and other deductions Interest on bonds 3,249,230 Interest on capital leases 53,803 Other interest expense 415,417 Allowance for borrowed funds used during construction (45,334) Amortization of debt expense 35,786 Amortization of loss on reacquired debt 443,566 Other deductions 50 --------------- Total interest and other deductions 4,152,518 Net income - common 546,672 Net income - preferred 828,256 --------------- Net income 1,374,928 Retained earnings at beginning of period-common 125,828 Retained earnings at beginning of period-preferred 106,961 --------------- 1,607,717 Deduct dividends declared-common 540,000 Deduct dividends declared-preferred 875,000 --------------- Retained earnings at end of period-common 132,500 Retained earnings at end of period-preferred 60,217 --------------- Retained earnings at end of period $192,717 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1993 ASSETS Utility plant, at original cost $90,407,082 Less accumulated depreciation and amortization 42,523,316 --------------- Net utility plant 47,883,766 Investment in subsidiary at equity 5,260,216 Current assets Cash 245,862 Bond sinking fund deposits 563,333 Bond interest deposits 283,987 Accounts receivable 10,647,139 Notes receivable from subsidiary 700,000 Materials and supplies at average cost 1,328,079 Cash surrender value of life insurance 734,966 Other 677,358 --------------- Total current assets 15,180,724 Unamortized debt expense 324,426 Miscellaneous 1,549,608 --------------- Total assets $70,198,740 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1993 CAPITALIZATION AND LIABILITIES Capitalization Stockholders' investment Common stock, $100 par value per share: Class B $6,000,000 Retained earnings 132,500 --------------- Total common stock investment 6,132,500 --------------- Preferred stock, $100 par value per share Class C 10,000,000 Return of capital (4,800,000) Retained earnings 60,217 --------------- Total preferred stock investment 5,260,217 --------------- Total stockholders' investment 11,392,717 --------------- First mortgage bonds: Series H, 12.875% due 2000 8,278,000 Series I, 8.75% due 2000 5,485,000 Series J, 5.71% due 2003 27,500,000 --------------- 41,263,000 Less bonds to be retired within one year 3,584,000 --------------- 37,679,000 --------------- Other secured debt: BancBoston Chattel lease #1 9,607 BancBoston Chattel lease #2 26,999 BancBoston Chattel lease #3 116,500 BancBoston Chattel lease #4 31,414 BancBoston Chattel lease #5 57,174 BancBoston Chattel lease #6 94,340 BancBoston Chattel lease #7 143,002 BancBoston Chattel lease #8 62,993 --------------- 542,029 Less secured debt to be retired within one year 278,488 --------------- 263,541 --------------- Total capitalization 49,335,258 --------------- Capital lease obligations-noncurrent 21,741 Current liabilities Current maturities of long-term obligation 3,917,865 Accounts payable 8,894,136 Accrued interest on bonds 283,987 Accrued taxes 54,856 Other 29,616 --------------- Total current liabilities 13,180,460 --------------- Deferred income taxes 1,510,559 Regulatory liability 2,706,447 Unamortized investment tax credits 931,346 Deferred compensation 2,024,819 Pensions and benefits 488,110 --------------- Total capitalization and liabilities $70,198,740 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 Operating revenues Phase I support charges $6,504,504 Rental income 4,710 --------------- Total operating revenues 6,509,214 Operating expenses Transmission expenses Operation 22,791 Maintenance 132,135 --------------- Total transmission expenses 154,926 Administrative and general expenses 180,096 Depreciation and amortization 2,541,821 Taxes other than income taxes 519,053 Income taxes 534,364 --------------- Total operating expenses 3,930,260 --------------- Operating income 2,578,954 Other income Interest 301 Amortization of investment tax credits 89,916 --------------- Total other income 90,217 --------------- Total operating and other income 2,669,171 --------------- Interest and other deductions: Interest on long-term secured notes 1,718,873 Interest on debt to associated companies 1,766 Other interest expense 74,735 Amortization of debt expense 45,541 --------------- Total interest and other deductions 1,840,915 Net income 828,256 Retained earnings at beginning of period 106,961 --------------- 935,217 Deduct dividends declared 875,000 --------------- Retained earnings at end of period $60,217 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1993 ASSETS Utility plant, at original cost $47,763,473 Less accumulated depreciation and amortization 17,791,784 --------------- Net utility plant 29,971,689 Current assets Cash 61,518 Accounts receivable-associated companies 6,771 Materials and supplies at average costs 123,596 Prepayments 483,425 Other 432 --------------- Total current assets 675,742 Unamortized debt expense 215,704 --------------- Total assets $30,863,135 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1993 CAPITALIZATION AND LIABILITIES Capitalization: Stockholders' equity: Common stock, $100 par value per share $1,000 Miscellaneous paid-in-capital 5,199,000 Retained earnings 60,217 --------------- Total common stock equity 5,260,217 --------------- Long-term secured notes, 8.48% due 2006 19,120,000 Less notes to be retired within one year 2,240,000 --------------- 16,880,000 --------------- Total capitalization 22,140,217 Current liabilities Notes to be retired within one year 2,240,000 Notes payable 2,250,000 Accounts payable - associated companies 30,878 Accounts payable - nonassociated companies 26,077 Accrued interest on notes 63,645 Accrued taxes 26,584 --------------- Total current liabilities 4,637,184 Regulatory liability 308,794 Deferred income taxes 2,669,351 Deferred investment tax credits 1,107,589 --------------- Total capitalization and liabilities $30,863,135 =============== GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1993
GMPC VER Total Eliminations Consolidated Operating Revenues $147,253,359 $0 $147,253,359 $0 $147,253,359 ------------------------------------------------------------------------- Operating Expenses Power Supply 0 VY Nuclear Power Corporation 29,784,579 29,784,579 29,784,579 Company-owned generation 3,150,107 3,150,107 3,150,107 Purchases from others 46,065,536 46,065,536 46,065,536 Other operating 17,353,206 17,353,206 17,353,206 Transmission 10,775,102 10,775,102 10,775,102 Maintenance 4,351,797 4,351,797 4,351,797 Depreciation & amortizaton 8,572,266 8,572,266 8,572,266 Taxes other than income 6,125,778 6,125,778 6,125,778 Income taxes 6,249,230 6,249,230 6,249,230 ------------------------------------------------------------------------- Total operating expenses 132,427,601 0 132,427,601 0 132,427,601 ------------------------------------------------------------------------- Operating income 14,825,758 0 14,825,758 0 14,825,758 ------------------------------------------------------------------------- Other Income Equity in earnings of affiliates and non-utility opera 1,923,263 1,923,263 417,709 2,340,972 Allowance for equity funds used during construction 272,612 272,612 272,612 Other income and deductions, net 437,879 437,879 (417,709) 20,170 ------------------------------------------------------------------------- Total other income 2,633,754 0 2,633,754 0 2,633,754 ------------------------------------------------------------------------- Income before interest charges 17,459,512 0 17,459,512 0 17,459,512 ------------------------------------------------------------------------- Interest Charges Long-term debt 6,538,602 6,538,602 6,538,602 Other 646,497 646,497 646,497 Allowance for borrowed funds used during construction (356,964) (356,964) (356,964) ------------------------------------------------------------------------- Total interest charges 6,828,135 0 6,828,135 0 6,828,135 ------------------------------------------------------------------------- Net Income 10,631,377 0 10,631,377 0 10,631,377 Dividends on preferred stock 811,181 811,181 811,181 ------------------------------------------------------------------------- Net Income Applicable to Common Stock $9,820,196 $0 $9,820,196 $0 $9,820,196 =========================================================================
GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993
GMPC VER Total Eliminations Consolidated Balance - January 1,1993 $24,803,235 ($1,897) $24,801,338 $0 $24,801,338 Net income 10,631,377 0 10,631,377 10,631,377 ------------------------------------------------------------------------- Total 35,434,612 (1,897) 35,432,715 0 35,432,715 Charges: Dividends on Capital Stock Preferred - 4.75% Class B,$4.75 per share 19,594 19,594 19,594 -7% Class C,$7 per share 38,850 38,850 38,850 -9 3/8% Class D,Series 1,$9.375 per share 146,250 146,250 146,250 -8 5/8% Class D,Series 3,$8.625 per share 603,750 603,750 603,750 Common 9,395,709 9,395,709 9,395,709 Other 0 0 0 ------------------------------------------------------------------------- Total 10,204,153 0 10,204,153 0 10,204,153 ------------------------------------------------------------------------- Balance - December 31, 1993 $25,230,459 ($1,897) $25,228,562 $0 $25,228,562 =========================================================================
GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1993
GMPC VER Total Eliminations Consolidated ASSETS ELECTRIC UTILITY Utility Plant Utility plant, at original cost $214,977,046 $541 $214,977,587 $0 $214,977,587 Less accumulated depreciation 64,225,801 64,225,801 64,225,801 ------------------------------------------------------------------------- Net utility plant 150,751,245 541 150,751,786 0 150,751,786 Property under capital lease 11,028,825 11,028,825 11,028,825 Construction work in progress 9,630,658 9,630,658 9,630,658 ------------------------------------------------------------------------- Total utility plant, net 171,410,728 541 171,411,269 0 171,411,269 ------------------------------------------------------------------------- Other Investments Associated companies, at equity Vermont Electric Power Company 3,387,862 3,387,862 3,387,862 VY Nuclear Power Corporation 9,744,721 9,744,721 9,744,721 Other 26,235,834 26,235,834 (18,961,564) 7,274,270 Other investments 2,121,300 2,121,300 2,121,300 ------------------------------------------------------------------------- Total other investments 41,489,717 0 41,489,717 (18,961,564) 22,528,153 ------------------------------------------------------------------------- Current Assets Cash 50,007 50,007 50,007 Special deposits 210 210 210 Accounts receivable,customers&others, 0 less allowance for doubtful accounts 14,813,560 57 14,813,617 14,813,617 Accrued utility revenues 6,138,069 6,138,069 6,138,069 Fuel,materials & and supplies at average cost 2,840,930 2,840,930 2,840,930 Prepayments 1,984,452 1,984,452 1,984,452 Other 1,116,331 1,116,331 1,116,331 ------------------------------------------------------------------------- Total current assets 26,943,559 57 26,943,616 0 26,943,616 ------------------------------------------------------------------------- Deferred Charges and Other 42,344,899 42,344,899 42,344,899 NON UTILITY Cash and Cash Equivalents 177,335 177,335 177,335 Other Current Assets 3,479,380 3,479,380 3,479,380 Property and Equipment 11,330,787 11,330,787 11,330,787 Intangible Assets 3,483,848 3,483,848 3,483,848 Other Assets 9,485,499 9,485,499 669,168 10,154,667 ------------------------------------------------------------------------- 27,956,849 0 27,956,849 669,168 28,626,017 ------------------------------------------------------------------------- TOTAL ASSETS $310,145,752 $598 $310,146,350 ($18,292,396) $291,853,954 =========================================================================
GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1993
GMPC VER Total Eliminations Consolidated CAPITALIZATION AND LIABILITIES ELECTRIC UTILITY Capitalization Common Stock Par value $15,119,635 $500 $15,120,135 $0 $15,120,135 Additional paid-in capital 57,178,630 57,178,630 57,178,630 Retained earnings 25,230,459 (1,897) 25,228,562 25,228,562 Reacquired capital stock (378,461) (378,461) (378,461) ------------------------------------------------------------------------- Total common stock equity 97,150,263 (1,397) 97,148,866 0 97,148,866 ------------------------------------------------------------------------- Redeemable cumulative preferred stock 9,385,000 9,385,000 9,385,000 Long-term debt, less current maturities 79,800,000 79,800,000 79,800,000 ------------------------------------------------------------------------- Total capitalization 186,335,263 (1,397) 186,333,866 0 186,333,866 ------------------------------------------------------------------------- Capital lease obligation 11,028,825 11,028,825 11,028,825 ------------------------------------------------------------------------- Current Liabilities Current maturities of long-term debt 1,800,000 1,800,000 1,800,000 Short-term debt 19,015,816 19,015,816 19,015,816 Accounts payable, trade 8,371,257 1,995 8,373,252 8,373,252 Accounts payable to associated companies 1,809,206 1,809,206 2,493,506 4,302,712 Dividends declared 199,031 199,031 199,031 Customer deposits 1,196,914 1,196,914 1,196,914 Taxes accrued 397,309 397,309 397,309 Interest accrued 2,069,722 2,069,722 2,069,722 Other 1,524,901 1,524,901 1,524,901 ------------------------------------------------------------------------- Total current liabilities 36,384,156 1,995 36,386,151 2,493,506 38,879,657 ------------------------------------------------------------------------- Deferred Credits Accumulated deferred income taxes 20,683,274 20,683,274 20,683,274 Unamortized investment tax credits 5,672,293 5,672,293 5,672,293 Other 22,085,092 22,085,092 22,085,092 ------------------------------------------------------------------------- Total deferred credits 48,440,659 0 48,440,659 0 48,440,659 ------------------------------------------------------------------------- NON UTILITY Current liabilities 2,011,740 2,011,740 (1,346,288) 665,452 Other liabilities 7,882,437 7,882,437 (1,376,942) 6,505,495 Stockholders' equity 18,062,672 18,062,672 (18,062,672) 0 ------------------------------------------------------------------------- 27,956,849 0 27,956,849 (20,785,902) 7,170,947 ------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $310,145,752 $598 $310,146,350 ($18,292,396) $291,853,954 =========================================================================
GREEN MOUNTAIN PROPANE GAS COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1993 CONFIDENTIAL TREATMENT REVENUE Propane $ Other petroleum products 1,314,971 Contract work 977,099 Rental space and water heating 319,826 --------------- Total revenue --------------- COST OF SALES Propane product Contract materials 522,342 Subcontractors - Contract work 115,564 Petroleum distillates 1,062,405 Labor capitalized (130,573) Sales discounts and allowances 135,973 --------------- Total cost of sales --------------- Gross profit 4,786,101 --------------- OPERATING EXPENSES Salaries and wages Employee insurance benefits Other employee benefits Retirement expenses Payroll taxes Uniforms Bad debt expenses Advertising Sales promotion Bank charges Consulting fees Donations Postage and freight Insurance Legal and accounting Dues and subscriptions Office expense Recruiting Rents Repairs and maintenence Supplies Taxes Penalties Telephone Training Travel and car allowance Utilities Vehicle maintenance Vehicle expense - fuel Meetings and registration fees Downsizing --------------- Total operating expenses --------------- Earnings before depreciation and amortization --------------- Depreciation Amortization --------------- Total depreciation and amortization --------------- Earnings before other (income) expense --------------- Other (income) expense Interest income Interest expense Other (income) expense Loss (gain) on disposal of asset --------------- Total other (income) expense --------------- Income before parent charges Parent company charges Parent allocation --------------- Total parent charges/allocation --------------- Income before income taxes Income taxes --------------- Net income (loss) =============== GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1993 CONFIDENTIAL TREATMENT ASSETS Current Assets Cash ($2,035) Accounts receivable 1,652,829 Employee advances 689 Computer advances 22,248 Inventory 1,721,232 Prepaid expenses 71,344 --------------- Total current assets 3,466,307 --------------- Property and equipment Accumulated depreciation --------------- Total Property and equipment --------------- Intangible Assets Goodwill Customer list White River Junction Customer list Newport Non compete covenant Non compete agreement WRJ Loan origination fee Organization costs Development costs --------------- --------------- Accumulated amortization --------------- Total intangible assets --------------- Other assets Financed sales 129,231 Deferred acquisition costs 46,834 Waterbury bulk expansion 88,296 Computer system development 182,716 --------------- Total other assets 447,077 --------------- Total assets $ =============== GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1993 CONFIDENTIAL TREATMENT LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ Due to GMP 629,531 Pre-sold contracts 106,281 Budgets/meter accounts 44,941 Budgets/meter accounts 229 Payroll taxes payable 2,695 Taxes other payable 86,011 Sales tax payable 24,447 Credit line Bank of Boston 400,000 Accrued income taxes (606,500) Accrued expenses 42,576 --------------- Total current liabilities --------------- Total unearned interest Note payable Bank of Boston Deferred taxes 1,029,860 --------------- Total liabilities --------------- Stockholders' equity Common stock Additional paid in capital Retained earnings Net income (loss) --------------- Total stockholders' equity --------------- Total liabilities and stockholders' equity $ =============== GREEN MOUNTAIN PROPANE GAS COMPANY STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 CONFIDENTIAL TREATMENT Balance January 1, 1993 Net loss --------------- Balance December 31, 1993 =============== LEASE-ELEC, INC. INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 Operating revenues Rentals - electric storage heaters $0 --------------- Operating expenses Accounting services 0 General and administrative salaries 0 Payroll taxes 0 Telephone expenses 0 Maintenance of rental properties 0 Depreciation of rental properties 0 Office supplies expense 0 Property tax expense 0 Late fee - property tax 0 Insurance expense 0 --------------- Total operating expenses 0 --------------- Net operating income 0 --------------- Other income Gain on sale of rental property 0 Miscellaneous income - late charges 0 Loss on sale of rental property 0 Miscellaneous income - automobile 0 --------------- Total other income 0 --------------- Net income before taxes 0 Vermont state income tax expense 0 Provision for current income taxes 0 Provision for deferred income taxes 0 --------------- Total provision for income taxes 0 --------------- Net income 0 Retained earnings at beginning of period (143,245) --------------- Retained earnings at end of period ($143,245) =============== LEASE-ELEC, INC. BALANCE SHEET DECEMBER 31, 1993 ASSETS Current assets Accounts receivable - GMPC - tax benefits $137,371 --------------- Total current assets 137,371 --------------- Total assets $137,371 =============== LEASE-ELEC, INC. BALANCE SHEET DECEMBER 31, 1993 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities Accumulated deferred income taxes $30,116 --------------- Total liabilities 30,116 --------------- Stockholders' equity Common stock 250,500 Retained earnings (143,245) --------------- Total stockholders' equity 107,255 --------------- Total liabilities and stockholders' equity $137,371 =============== GMP REAL ESTATE CORPORATION INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1993 Revenues Revenue - lease $91,101 Revenue - Interest 1,676 --------------- Total revenues 92,777 --------------- Expenses Interest 150,061 Income taxes - federal (5,444) Income taxes - state (607) Property tax 2,537 Depreciation 22,691 Salaries and wages 1,114 Miscellaneous 55 --------------- Total expenses 170,407 --------------- Net loss (77,630) Retained earnings at beginning of period (12,713) --------------- Retained earnings at end of period ($90,343) =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1993 ASSETS Cash $37,166 Rent receivable 4,742 Land - headquarters 117,896 Land - Wilmington 32,178 Land - Bellows Falls 46,290 Land - 35 Green Mountain Drive 101,412 Building - 35 Green Mountain Drive 798,038 Building - Biron estate Montpelier 43,327 Land - Biron estate Montpelier 138,451 Organization costs 403 Income tax benefits receivable 92,353 --------------- Total assets $1,412,256 =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1993 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $83,095 Accrued interest payable 38,111 Dererred income taxes 3,951 Notes payable #2 1,196,442 Notes payable #4 180,500 Common stock (5 shares, no par) 500 Retained earnings (90,343) --------------- Total liabilities and shareholders' equity $1,412,256 =============== MOUNTAIN ENERGY, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1993 Revenues Equity in earnings of subsidiaries $488,516 Miscellaneous income 61,630 Interest income 2,840 Interest income due from GMP (9,787) --------------- Total revenues 543,199 --------------- Labor expenses Employee compensation 216,614 Payroll taxes 13,803 Contract labor and expenses 57,424 Professional fees - due from GMP (21,527) --------------- Total labor expenses 266,314 --------------- Benefits expenses Employer 401(k) expense 5,117 Employer group life expense 545 Employer group medical expense 17,447 Group disability insurance expense 934 Retirement expense 5,832 Workers comp insurance expense 870 --------------- Total benefits expenses 30,745 --------------- Other operating expenses Telephone 1,753 Repairs and maintenance 20 Office supplies 2,783 Furniture and office equipment expense 2,804 Postage and freight 617 Legal and professional fees 9,617 Dues and subscriptions 2,684 Education and seminars 1,510 Auto expense 4,494 Travel and lodging 18,375 Meals 1,384 Bank charges 48 Licenses and fees (101) Corporate franchise fees 100 Miscellaneous 605 Depreciation furn/office equipment 4,902 Depreciation leasehold improvements 467 Amortization organizational costs 12,348 --------------- Total other operating expenses 64,410 --------------- GMP allocations GMP payroll 9,548 GMP overhead charges 78,077 --------------- Total GMP allocated charges 87,625 --------------- Total operating expense 449,094 --------------- Income before taxes 94,105 --------------- State income tax expense 8,622 Federal income tax expense 29,347 Income tax ITC amortization (45,416) --------------- Net income $101,552 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET DECEMBER 31, 1993 ASSETS Current assets Cash $142,204 Prepaid state taxes 5,841 Accounts receivable 455 Parent payable (595,551) --------------- Total current assets (447,051) --------------- Fixed assets Partnership interests 9,224,000 Equity in earnings of subsidiaries 532,979 Partnership cash distributions (1,032,239) Net furniture and office equipment 49,711 Net leasehold improvements 6,521 Net organizational costs 13,424 Deferred development costs EOP 84,058 --------------- Total fixed assets 8,878,454 --------------- Total assets $8,431,403 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET DECEMBER 31, 1993 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable 1,784 EE dependent care payable (53) EE health care payable 9 Federal payroll taxes withheld payable 2,819 Employee FICA taxes withheld payable 561 Employer FICA taxes withheld payable 561 VT payroll taxes withheld payable 2,518 --------------- Total current liabilities 8,199 --------------- Long-term liabilities Deferred ITC 292,628 Deferred federal taxes 1,022,271 Deferred state taxes (13,981) --------------- Total long-term liabilities 1,300,918 --------------- Shareholders' equity Common stock 7,447,697 Retained earnings (426,963) Net income 101,552 --------------- Total shareholders' equity 7,122,286 --------------- Total liabilities and shareholders' equity $8,431,403 =============== -----END PRIVACY-ENHANCED MESSAGE-----