-----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, UFK1qmSRzl48W/f6LDra+JGtq0zXVunZNlKzmW/yPNdIn+g9SJkmxejd4+wsPOEU DaJcKPMHyUs7kuuZ22G1SA== 0000043704-96-000002.txt : 19960301 0000043704-96-000002.hdr.sgml : 19960301 ACCESSION NUMBER: 0000043704-96-000002 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960229 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREEN MOUNTAIN POWER CORP CENTRAL INDEX KEY: 0000043704 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 030127430 STATE OF INCORPORATION: VT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00197 FILM NUMBER: 96528142 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 MAIL ADDRESS: STREET 1: 25 GREEN MOUNTAIN DR STREET 2: P O BOX 850 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05402-0850 U-3A-2 1 FORM U-3A-2 FOR THE YEAR ENDED DECEMBER 31, 1995 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 81,500 customers as of December 31, 1995, in five service areas with an estimated population of 198,000. 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, and 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. 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 invest in non-utility electric generation projects and other electric energy-related ventures, including energy efficiency businesses. The business of Green Mountain Propane Gas Company (GMPG) is to distribute propane gas to approximately 10,000 customers. GMPG 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. Two other Mountain Energy subsidiaries have financial interests in demand side management projects and are qualified to do business in Hawaii and New Jersey, respectively. GMPG 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 and operates the Canadian portion of Phase I. VETCO constructed and operates the portion of Phase I 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. Vermont Energy Resources has no other business and conducts no operations at this time. 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 35 Green Mountain Drive, South Burlington, Vermont. Mountain Energy indirectly owns interests in four electric generating assets, various electric energy efficiency projects 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 powered 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 99% limited partnership interest in a limited partnership that owns the right to 50% of the revenues from a 1.4 MW hydroelectric facility that is operating near Bakersfield, California; and (2) a 25.7% limited partnership interest in a 50 MW wind powered 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. Mountain Energy also has financial interests in various demand side management projects in Hawaii, Maine, New York, Massachusetts and New Jersey. 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 36.4 MW and an estimated claimed capability of 35.7 MW, two gas turbine generating stations with an aggregate nameplate rating of 63.0 MW and an aggregate claimed capability of 72.8 MW and two diesel generating stations with a total nameplate rating of 8.0 MW and an aggregate claimed capability of 8.6 MW. The Company had, at December 31, 1995, 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 265.4 miles of 34.5 KV transmission lines. Its distribution system included about 2,374 miles of overhead lines of 2.4 to 34.5 KV and 418 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 435,550 Kva of substation transformer capacity in distribution substations and 1,154,161 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 indirect interests in four material assets used for the generation of electricity: 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 99% limited partnership interest in a limited partnership that owns the right to 50% of the revenues from a 1.4 MW qualifying facility that uses hydropower in California; and (4) 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 1995 Electric 2,343,771,600 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1995 Electric: 3,858,504,000 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1995 Electric: 928,169,300 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 1995 Electric: None Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1995 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1995 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 1995 Electric: 569,991,700 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1995 Electric: 1,736,326,800 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1995 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 1995 Electric: 1,556,278,000 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1995 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1995 Electric: 648,435,030 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 1995. 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 $313,282,372.00 2. Total Operating Revenues $161,544,285.00 3. Net Income $ 11,503,278.00 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 28th day of February, 1996. GREEN MOUNTAIN POWER CORPORATION (name of claimant) (Corporate Seal) By: /s/C. L. Dutton C. L. Dutton, Vice President, Chief Financial Officer and Treasurer 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 THE YEAR ENDED DECEMBER 31, 1995 EXHIBIT A VERMONT YANKEE NUCLEAR POWER CORPORATION STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 Operating revenues $180,437,438 Operating expenses Nuclear fuel expense 19,770,962 Other operation expense 75,586,856 Maintenance expense 30,373,376 Depreciation and amortization expense 14,445,396 Decommissioning expense 12,669,880 Taxes on income 2,359,616 Property and other taxes 10,225,473 --------------- Total operating expenses 165,431,559 --------------- Operating income 15,005,879 --------------- Other income and deductions Net earnings on decommissioning trust 8,226,010 Decommissioning expense (8,226,010) Other income 4,296,621 Allowance for equity funds used during construction 1,495 Other, net (151,248) Taxes on other income (1,728,837) --------------- Total other income and deductions 2,418,031 --------------- Income before interest expense 17,423,910 --------------- Interest expense First mortgage bonds long-term debt 5,189,372 Other long-term debt 249,193 Interest on spent fuel disposal fee obligation 4,958,107 Other interest expense 243,595 Allowance for borrowed funds used during construction (5,961) --------------- Total interest expense 10,634,306 --------------- Net income 6,789,604 Retained earnings at beginning of period 1,375,557 Dividends declared-common stock $100 par value 7,319,771 --------------- Retained earnings at end of period $845,390 =============== Net income 6,789,604 Weighted average number of common shares outstanding 392,481 Earnings per share of common stock 17.30 Dividends per share of common stock 18.65 VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1995 ASSETS UTILITY PLANT Electric plant, at cost $376,761,685 Less accumulated depreciation 225,257,156 --------------- 151,504,529 Construction work in progress 868,680 --------------- Net electric plant 152,373,209 --------------- Nuclear fuel at cost: Assemblies in reactor 65,116,172 Spent fuel 311,639,733 --------------- 376,755,905 Less accumulated depreciation of nuclear fuel 356,712,957 --------------- Net nuclear fuel 20,042,948 --------------- Net utility plant 172,416,157 --------------- CURRENT ASSETS Cash and cash equivalents 14,001,735 Accounts receivable from sponsors 14,823,994 Other accounts receivable 1,553,672 Materials and supplies, net of amortizaton 16,767,765 Prepaid expenses 5,119,535 --------------- Total current and accrued assets 52,266,701 --------------- DEFERRED CHARGES Deferred decommissioning costs 39,422,539 Accumulated deferred income taxes 22,658,997 Deferred DOE enrichment site decontamination and decommissioning fee 13,331,712 Deferred low-level radioactive waste facility cost 26,538,634 Net unamortized loss on reacquired debt 2,515,664 Other deferred charges 1,667,603 --------------- Total deferred charges 106,135,149 --------------- INVESTMENTS AND LONG-TERM FUNDS Decommissioning fund 134,594,964 Spent fuel disposal fee defeasance trust 65,879,900 --------------- Total investments and long-term funds 200,474,864 --------------- $531,292,871 =============== VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1995 CAPITALIZATION AND LIABILITIES CAPITALIZATION COMMON STOCK, $100 par value per share Authorized 400,100 shares, issued 400,014 shares of which 7,533 are held in Treasury 40,001,400 Additional paid-in capital 14,226,318 Treasury stock (7,533 shares at cost) (1,129,950) Retained earnings 845,390 --------------- Total common stock equity 53,943,158 --------------- LONG-TERM DEBT First mortgage bonds Series I 6.480%, 2009 75,845,000 --------------- Total capitalization 129,788,158 --------------- Spent fuel disposal fee and accrued interest 89,013,507 CURRENT AND ACCRUED LIABILITIES Accrued accounts payable 11,904,258 Accrued low-level radioactive waste expenses 4,170,939 Other accrued liabilities 4,088,383 Trade accounts apyable 1,892,243 Accrued interest 1,332,770 Accrued taxes 1,669,507 Dividends declared, Common Stock $100 par value 0 --------------- Total current and accrued liabilities 25,058,100 --------------- DEFERRED CREDITS AND RESERVES Accrued decommissioning costs 179,515,775 Accumulated deferred income taxes 52,534,646 Net regulatory tax liability 7,998,295 Accumulated deferred investment tax credit 6,046,946 Accrued DOE enrichment site decontamination and decommissioning fee 11,367,319 Low-level radioactive waste facility obligation 24,044,492 Accrued employee benefits 5,925,633 --------------- Total deferred credits and reserves 287,433,106 --------------- $531,292,871 =============== VERMONT ELECTRIC POWER COMPANY, INC. STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 Operating revenues Transmission service $16,169,644 Rent of transmission facilities to others 227,771 Sales to other utilities 32,723,847 --------------- Total operating revenues 49,121,262 --------------- Operating expenses Purchased power 32,723,847 Transmission expenses Operation 1,353,022 Maintenance 1,606,223 Charges for transmission facilities of others 107,014 --------------- Total transmission expenses 3,066,259 Administrative and general expenses 4,623,842 Depreciation and amortization 3,778,190 Taxes other than income taxes 2,145,751 Income taxes 16,563 --------------- Total operating expenses 46,354,452 --------------- Operating income 2,766,810 Other income Interest 214,755 Amortization of investment tax credits 84,983 Gains from disposition of utility plant 0 Gains from disposition of property 0 Equity in subsidiary earnings 731,781 --------------- Total other income 1,031,519 --------------- Operating and other income 3,798,329 --------------- Interest and other deductions Interest on bonds 2,345,975 Interest on chattel notes 47,792 Other interest expense 76,223 Allowance for borrowed funds used during construction - credit (29,020) Amortization of debt expense 60,244 Amortization of loss on reacquired debt 0 Other income deductions 351 --------------- Total interest and other deductions 2,501,565 Net income - common 564,983 Net income - preferred 731,781 --------------- Net income 1,296,764 Retained earnings at beginning of period-common 126,561 Retained earnings at beginning of period-preferred 47,021 --------------- Subtotal 1,470,346 Deduct dividends declared-common 540,000 Deduct dividends declared-preferred 700,000 --------------- Retained earnings at end of period-common 151,544 Retained earnings at end of period-preferred 78,802 --------------- Total retained earnings at end of period $230,346 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1995 ASSETS Utility plant, at original cost $92,223,827 Less accumulated depreciation and amortization 47,424,719 --------------- Net utility plant 44,799,108 Investment in subsidiary at equity 4,278,802 Current assets Cash 219,318 Bond sinking fund deposits 707,833 Bond interest deposits 446,428 Accounts receivable 17,718,752 Notes receivable from subsidiary Materials and supplies, at average cost 1,461,579 Cash surrender value of life insurance 820,345 Other 220,025 Total current assets --------------- 21,594,280 Other assets: Long-term receivable 167,593 Alternative minimum tax credits 526,463 Unamortized debt expense 236,496 Miscellaneous 65,595 --------------- Total other assets 996,147 --------------- $71,668,337 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1995 CAPITALIZATION AND LIABILITIES Capitalization Stockholders' investment Common stock, $100 par value per share: Class B $6,000,000 Retained earnings 151,544 --------------- Total common stock investment 6,151,544 --------------- Preferred stock, $100 par value per share Class C 10,000,000 Return of capital (5,800,000) Retained earnings 78,802 --------------- Total preferred stock investment 4,278,802 --------------- Total stockholders' investment 10,430,346 --------------- First mortgage bonds: Series I, 8.75% due 2000 4,237,000 Series J, 5.71% due 2003 23,164,000 Series K, 7.45% due 2004 7,157,000 --------------- 34,558,000 Less bonds to be retired within one year 3,605,000 --------------- 30,953,000 --------------- Other secured debt: BancBoston Chattel notes 594,235 Less notes to be retired within one year 272,150 --------------- 322,085 --------------- --------------- Total capitalization 41,705,431 --------------- Current liabilities Current maturities of long-term obligations 3,877,150 Capital lease obligations 0 Notes payable to bank 1,500,000 Accounts payable 16,166,030 Accrued interest on bonds 446,428 Accrued taxes 21,453 Other 33,833 --------------- Total current liabilities 22,044,894 --------------- Regulatory liability 2,519,731 Deferred income taxes 1,687,490 Unamortized investment tax credits 792,302 Deferred compensation 2,366,249 Pensions and benefits 552,240 --------------- $71,668,337 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 Operating revenues Phase I support charges $5,955,766 Rental income 4,710 --------------- Total operating revenues 5,960,476 Operating expenses Transmission expenses Operations 20,789 Maintenance 177,947 --------------- Total transmission expenses 198,736 Administrative and general expenses 182,391 Depreciation and amortization 2,434,824 Taxes other than income taxes 511,790 Income taxes 516,513 --------------- Total operating expenses 3,844,254 --------------- Operating income 2,116,222 Other income Interest 864 Amortization of investment tax credits 119,484 --------------- Total other income 120,348 --------------- Total operating and other income 2,236,570 --------------- Interest and other deductions: Interest on long-term secured notes 1,338,940 Interest on debt to associated companies 31,766 Other interest expense 98,037 Amortization of debt expense 36,046 --------------- Total interest and other dedutions 1,504,789 Net income 731,781 Retained earnings at beginning of period 47,021 --------------- 778,802 Deduct dividends declared 700,000 --------------- Retained earnings at end of period $78,802 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1995 ASSETS Utility plant, at original cost $47,770,396 Less accumulated depreciation and amortization 22,657,514 --------------- Net utility plant 25,112,882 Current assets Cash 97,142 Accounts receivable-associated companies 4,307 Accounts receivable-non associated companies 0 Materials and supplies at average costs 117,867 Prepaid insurance 22,062 Other 744 --------------- Total current assets 242,122 Unamortized debt expense 138,946 Alternative minimum tax credits 580,628 --------------- Total assets $26,074,578 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1995 CAPITALIZATION AND LIABILITIES Capitalization: Stockholders' equity: Common stock, $100 par value per share $1,000 Miscellaneous paid-in-capital 4,199,000 Retained earnings 78,802 --------------- Total common stock equity 4,278,802 --------------- Long-term secured notes, 8.48% due 2006 14,700,000 Less notes to be retired within one year 2,120,000 --------------- 12,580,000 --------------- Total capitalization 16,858,802 Current liabilities Notes to be retired within one year 2,120,000 Notes payable-associated companies 0 Notes payable-bank 2,200,000 Accounts payable - associated companies 31,677 Accounts payable - nonassociated companies 12,487 Accrued interest on notes 50,127 Accrued taxes 26,019 --------------- Total current liabilities 4,440,310 Regulatory liability 558,100 Deferred income taxes 3,003,518 Deferred investment tax credits 1,213,848 --------------- Total capitalization and liabilities $26,074,578 =============== GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1995
GMPC VER Total Eliminations Consolidated Operating Revenues $161,544,285 $0 $161,544,285 $0 $161,544,285 ------------------------------------------------------------------------- Operating Expenses Power Supply 0 VY Nuclear Power Corporation 30,222,077 30,222,077 30,222,077 Company-owned generation 3,786,250 3,786,250 3,786,250 Purchases from others 53,915,124 53,915,124 53,915,124 Other operating 18,120,075 18,120,075 18,120,075 Transmission 9,874,369 9,874,369 9,874,369 Maintenance 4,209,972 4,209,972 4,209,972 Depreciation & amortizaton 14,115,600 14,115,600 14,115,600 Taxes other than income 6,427,834 6,427,834 6,427,834 Income taxes 5,577,866 5,577,866 5,577,866 ------------------------------------------------------------------------- Total operating expenses 146,249,167 0 146,249,167 0 146,249,167 ------------------------------------------------------------------------- Operating income 15,295,118 0 15,295,118 0 15,295,118 ------------------------------------------------------------------------- Other Income Equity in earnings of affiliates and non-utility opera 3,205,039 3,205,039 308,183 3,513,222 Allowance for equity funds used during construction 26,626 26,626 26,626 Other income and deductions, net 402,569 402,569 (308,183) 94,386 ------------------------------------------------------------------------- Total other income 3,634,234 0 3,634,234 0 3,634,234 ------------------------------------------------------------------------- Income before interest charges 18,929,352 0 18,929,352 0 18,929,352 ------------------------------------------------------------------------- Interest Charges Long-term debt 6,546,374 6,546,374 6,546,374 Other 1,426,841 1,426,841 1,426,841 Allowance for borrowed funds used during construction (547,141) (547,141) (547,141) ------------------------------------------------------------------------- Total interest charges 7,426,074 0 7,426,074 0 7,426,074 ------------------------------------------------------------------------- Net Income 11,503,278 0 11,503,278 0 11,503,278 Dividends on preferred stock 771,553 771,553 771,553 ------------------------------------------------------------------------- Net Income Applicable to Common Stock $10,731,725 $0 $10,731,725 $0 $10,731,725 =========================================================================
GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995
GMPC VER Total Eliminations Consolidated Balance - January 1,1995 $25,728,578 ($1,897) $25,726,681 $0 $25,726,681 Net income 11,503,278 0 11,503,278 11,503,278 ------------------------------------------------------------------------- Total 37,231,856 (1,897) 37,229,959 0 37,229,959 Charges: Dividends on Capital Stock Preferred - 4.75% Class B,$4.75 per share 15,853 15,853 15,853 -7% Class C,$7 per share 35,700 35,700 35,700 -9 3/8% Class D,Series 1,$9.375 per share 116,250 116,250 116,250 -8 5/8% Class D,Series 3,$8.625 per share 603,750 603,750 603,750 Common 10,045,953 10,045,953 10,045,953 Other 0 0 ------------------------------------------------------------------------- Total 10,817,506 0 10,817,506 0 10,817,506 ------------------------------------------------------------------------- Balance - December 31, 1995 $26,414,350 ($1,897) $26,412,453 $0 $26,412,453 =========================================================================
GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995
GMPC VER Total Eliminations Consolidated ASSETS ELECTRIC UTILITY Utility Plant Utility plant, at original cost $239,290,504 $541 $239,291,045 $239,291,045 Less accumulated depreciation 75,797,072 75,797,072 75,797,072 ------------------------------------------------------------------------- Net utility plant 163,493,432 541 163,493,973 0 163,493,973 Property under capital lease 9,778,487 9,778,487 9,778,487 Construction work in progress 8,727,235 8,727,235 8,727,235 ------------------------------------------------------------------------- Total utility plant, net 181,999,154 541 181,999,695 0 181,999,695 ------------------------------------------------------------------------- Other Investments Associated companies, at equity Vermont Electric Power Company 3,088,997 3,088,997 3,088,997 VY Nuclear Power Corporation 9,630,531 9,630,531 9,630,531 Other 30,328,813 30,328,813 (22,800,651) 7,528,162 ------------------------------------------------------------------------- Total other investments 43,048,341 0 43,048,341 (22,800,651) 20,247,690 ------------------------------------------------------------------------- Current Assets Cash 84,203 84,203 84,203 Special deposits 210 210 210 Accounts receivable,customers & others, 0 less allowance for doubtful accounts 18,080,523 57 18,080,580 18,080,580 Accrued utility revenues 6,522,778 6,522,778 6,522,778 Fuel,materials & and supplies at average cost 3,311,797 3,311,797 3,311,797 Prepayments 1,889,554 1,889,554 1,889,554 Other 327,447 327,447 327,447 ------------------------------------------------------------------------- Total current assets 30,216,512 57 30,216,569 0 30,216,569 ------------------------------------------------------------------------- Deferred Charges and Other 42,950,774 42,950,774 42,950,774 NON UTILITY Cash and Cash Equivalents 76,305 76,305 76,305 Other Current Assets 5,727,154 5,727,154 (1,672,332) 4,054,822 Property and Equipment 11,477,893 11,477,893 11,477,893 Intangible Assets 2,580,128 2,580,128 2,580,128 Other Assets 19,036,394 19,036,394 642,102 19,678,496 ------------------------------------------------------------------------- 38,897,874 0 38,897,874 (1,030,230) 37,867,644 ------------------------------------------------------------------------- TOTAL ASSETS $337,112,655 $598 $337,113,253 ($23,830,881) $313,282,372 ========================================================================= GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 GMPC VER Total Eliminations Consolidated CAPITALIZATION AND LIABILITIES ELECTRIC UTILITY Capitalization Common Stock Equity Common stock $16,167,804 $500 16,168,304 $16,168,304 Additional paid-in capital 64,205,705 64,205,705 64,205,705 Retained earnings 26,414,350 (1,897) 26,412,453 26,412,453 Reacquired capital stock (378,461) (378,461) (378,461) ------------------------------------------------------------------------- Total common stock equity 106,409,398 (1,397) 106,408,001 0 106,408,001 ------------------------------------------------------------------------- Redeemable cumulative preferred stock 8,930,000 8,930,000 8,930,000 Long-term debt, less current maturities 91,134,000 91,134,000 91,134,000 ------------------------------------------------------------------------- Total capitalization 206,473,398 (1,397) 206,472,001 0 206,472,001 ------------------------------------------------------------------------- Capital lease obligation 9,778,487 9,778,487 9,778,487 ------------------------------------------------------------------------- Current Liabilities Current maturities of long-term debt 7,833,000 7,833,000 7,833,000 Short-term debt 8,415,648 8,415,648 8,415,648 Accounts payable, trade 5,527,397 1,995 5,529,392 5,529,392 Accounts payable to associated companies 4,305,659 4,305,659 2,705,042 7,010,701 Dividends declared 193,969 193,969 193,969 Customer deposits 815,642 815,642 815,642 Taxes accrued 570,936 570,936 570,936 Interest accrued 1,846,531 1,846,531 1,846,531 Other 412,051 412,051 412,051 ------------------------------------------------------------------------- Total current liabilities 29,920,833 1,995 29,922,828 2,705,042 32,627,870 ------------------------------------------------------------------------- Deferred Credits Accumulated deferred income taxes 25,292,443 25,292,443 25,292,443 Unamortized investment tax credits 5,107,293 5,107,293 5,107,293 Other 21,642,327 21,642,327 21,642,327 ------------------------------------------------------------------------- Total deferred credits 52,042,063 0 52,042,063 0 52,042,063 ------------------------------------------------------------------------- NON UTILITY Current liabilities 4,129,683 4,129,683 (3,005,653) 1,124,030 Other liabilities 12,804,417 12,804,417 (1,566,496) 11,237,921 Stockholders' equity 21,963,774 21,963,774 (21,963,774) 0 ------------------------------------------------------------------------- 38,897,874 0 38,897,874 (26,535,923) 12,361,951 ------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $337,112,655 $598 $337,113,253 ($23,830,881) $313,282,372 =========================================================================
CONFIDENTIAL TREATMENT GREEN MOUNTAIN PROPANE GAS COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1995 REVENUE Propane Other petroleum products 34,673 Contract work 831,307 Meter service fees 22,703 Rental space and water heating 236,841 --------------- Total revenue --------------- COST OF SALES Propane product Contract materials 491,759 Subcontractors - Contract work 34,044 Petroleum distillates 30,683 Labor capitalized (59,941) Sales discounts and allowances 29,100 --------------- Total cost of sales --------------- Gross profit 3,841,218 --------------- 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 Telephone Training Travel and car allowance Utilities Vehicle maintenance Vehicle expense - fuel Meetings and registration fees --------------- Total operating expenses --------------- Earnings before depreciation and depreciation --------------- 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 =============== CONFIDENTIAL TREATMENT GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1995 ASSETS Current Assets Cash Accounts receivable 1,390,852 Accrued income taxes 81,315 Inventory 1,048,214 Prepaid expenses 71,028 --------------- Total current assets 2,591,409 --------------- 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 covenant WRJ Loan origination fee Organization costs Development costs --------------- --------------- Accumulated amortization --------------- Total intangible assets --------------- Other assets Computer advances 16,561 Non-compete receivable 30,000 Total financed sales 112,235 Deferred acquisition costs 46,833 --------------- Total other assets 205,629 --------------- Total assets =============== CONFIDENTIAL TREATMENT GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1995 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Cash overdraft $10,112 Accounts payable Due to GMP 634,601 Pre-sold contracts 97,628 Budgets/meter accounts 62,314 Payroll taxes payable 2,358 Taxes other payable 86,518 Sales tax payable 15,399 Credit line -- State street 150,000 Accrued expenses 46,967 --------------- Total current liabilities --------------- Total unearned interest Note payable State Street Deferred income Non-compete Deferred taxes 859,690 --------------- Total liabilities --------------- Stockholders' equity Common stock Additional paid in capital Retained earnings Net income (loss) --------------- Total stockholders' equity --------------- Total liabilities and stockholders' equity =============== CONFIDENTIAL TREATMENT GREEN MOUNTAIN PROPANE GAS COMPANY STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 Balance January 1, 1995 Net income --------------- Balance December 31, 1995 =============== LEASE-ELEC, INC. INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 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, 1995 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, 1995 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, 1995 Revenues Revenue - lease $431,901 Revenue - Interest 1,308 --------------- Total revenues 433,209 --------------- Expenses Interest expense 167,337 Income taxes - federal 73,934 Income taxes - state 19,553 Property tax expense 1,491 Depreciation 23,774 Salaries and wages 582 General administrative expense 20 Miscellaneous expenses 28 --------------- Total expenses 286,719 --------------- Net income 146,490 Retained earnings at beginning of period (167,079) --------------- Retained earnings at end of period ($20,589) =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1995 ASSETS Cash $8,692 Rent receivable 379,742 Land - headquarters 117,896 Land - Wilmington 32,179 Land - Bellows Falls 46,290 Land - 35 Green Mountain Drive 101,412 Building - 35 Green Mountain Drive 752,657 Building - Biron estate Montpelier 38,994 Land - Biron estate Montpelier 138,451 Organization costs 403 Income tax benefits receivable 57,403 --------------- Total assets $1,674,119 =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1995 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $84,565 Accrued interest payable 43,147 Deferred income taxes 10,550 Notes payable #2 1,375,446 Notes payable #4 180,500 Common stock (5 shares, no par) 500 Retained earnings (20,589) --------------- Total liabilities and shareholders' equity $1,674,119 =============== MOUNTAIN ENERGY, INC. INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1995 Revenues Undistributed income in subsidiaries $1,777,099 Other income 92,321 Interest income due from GMP (59,812) Interest income Notes 956,952 Interest income Bank 19,712 --------------- Total revenues 2,786,272 --------------- Labor expenses Employee compensation 257,631 Payroll taxes 13,199 Contract labor 51,618 Professional fees - due from GMP (15,628) --------------- Total labor expenses 306,820 --------------- Benefits expenses Group medical claims 21,126 Group medical admin 1,248 Group medical reserves 3,500 Group life insurance 671 Group disability insurance expense 1,267 Workers' comp insurance expense 807 Postretirement health care expense 7,800 Pension expense 5,728 401(k) expense 6,732 --------------- Total benefits expenses 48,879 --------------- Other operating expenses Telephone 2,305 Repairs and maintenance 60 Office supplies 2,836 Furniture and office equipment expense 989 Postage and freight 1,020 Legal and professional fees 11,264 Contract and Proj expense 3,699 Membership dues and licenses 410 Subscription & library fees 4,608 Corporate franchise fees 200 Travel and lodging 3,494 Meals 674 Bank charges 504 Contributions 120 Interest expense 76,599 Sales and use tax 86 Miscellaneous 890 Depreciation 9,394 Amortization intangibles 369 Amortization loan origination costs 1,400 Parent payroll allocation 7,915 Parent overhead allocation 92,482 --------------- Total other operating expenses 221,318 --------------- Total expenses 577,017 --------------- Income before taxes 2,209,255 --------------- State income tax expense 185,098 Federal income tax expense 687,680 Income tax ITC amortization (45,416) --------------- Net income $1,381,893 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET DECEMBER 31, 1995 ASSETS Current assets Cash $67,613 Accounts receivable 549,425 GMP receivable 838,934 Notes receivable 892,890 Interest receivable-notes 11,722 GMP receivable-ITC 454,156 Prepaid state taxes 8,876 --------------- Total current assets 2,823,616 --------------- Fixed assets Partnership interests 10,856,259 Equity in earnings of subsidiaries 4,022,060 Partnership distributions (3,879,254) Furniture and office equipment 67,838 Leasehold improvements 10,508 Accumulated depreciation (31,011) Notes receivable 4,966,112 Interest receivable 539,719 --------------- Total fixed assets 16,552,231 --------------- Other assets Prepaid AMT 2,131,093 Software 671 Organization Costs 62,473 Loan origination costs 15,000 Accumulated amortization-intangibles (61,870) Accumulated amortization-loan origination costs (1,400) --------------- Total other assets 2,145,967 --------------- Total assets $21,521,814 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET DECEMBER 31, 1995 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities GMP payable 2,243,340 Accounts payable 7,054 Accrued interest payable- note 40,391 State income tax payable 155,143 Federal income tax true-up (164) Benefits payable 41,577 Payroll taxes payable 5,102 --------------- Total current liabilities 2,492,443 --------------- Long-term liabilities Notes payable 1,916,667 Deferred ITC 201,797 Deferred federal taxes 4,203,302 Deferred state taxes 87,163 Deferred compensation (3,314) --------------- Total long-term liabilities 6,405,615 --------------- Total liabilities 8,898,058 --------------- Shareholders' equity Common stock 10,742,497 Retained earnings 499,366 Net income 1,381,893 --------------- Total shareholders' equity 12,623,756 --------------- Total liabilities and shareholders' equity $21,521,814 =============== EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR3 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 1995 AND THE RELATED CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. YEAR DEC-31-1995 DEC-31-1995 PER-BOOK 313,282,372 161,544,285 11,503,278
-----END PRIVACY-ENHANCED MESSAGE-----