-----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, IoFtXFlPa9ip/AM8tK7WEvtqxKlp29FuE4FOf7ObOWdEDFWvxSXbkVLTOWVIg+ba jnkTR5k+4HH1UFRZgcjWSQ== 0000043704-99-000003.txt : 19990226 0000043704-99-000003.hdr.sgml : 19990226 ACCESSION NUMBER: 0000043704-99-000003 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990225 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: SEC FILE NUMBER: 069-00197 FILM NUMBER: 99549709 BUSINESS ADDRESS: STREET 1: 25 GREEN MOUNTAIN DR STREET 2: P.O.BOX 850 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05403 BUSINESS PHONE: 8028645731 MAIL ADDRESS: STREET 1: 25 GREEN MOUNTAIN DR STREET 2: P O BOX 850 CITY: SOUTH BURLINGTON STATE: VT ZIP: 05403 U-3A-2 1 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, Limited, Vermont Energy Resources, Inc., GMP Real Estate Corporation, Lease-Elec, Inc. and Green Mountain Resources, 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 to supply electrical energy in the State of Vermont in a territory with approximately one- quarter of the State's population. The Company serves approximately 83,560 customers. 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. 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, Limited, GMP Real Estate Corporation and Lease- Elec, Inc., all incorporated under the laws of the State of Vermont and of Green Mountain Resources, Inc., incorporated under the laws of the State of Delaware. The primary business of Mountain Energy, Inc. (Mountain Energy) is to invest in non-utility energy generation and efficiency projects. Mountain Energy's principal office is at 1233 Shelburne Road, Suite E-5, South Burlington, Vermont. The business of Green Mountain Propane Gas, Limited (GMPG) is to close out the affairs of Green Mountain Propane Gas Company, its predecessor, an operating retail propane gas seller, the assets of which were sold on March 16, 1998. The business of GMP Real Estate Corporation 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. GMP Real Estate's principal office is at 25 Green Mountain Drive, South Burlington, Vermont. 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. The offices of Lease-Elec are located at 25 Green Mountain Drive, South Burlington, Vermont. Green Mountain Resources, Inc. (GMRI) was formed in April 1996 to explore opportunities in competitive retail energy markets. In 1996, GMRI, together with subsidiaries of Hydro-Quebec, Consolidated Natural Gas Corporation and Noverco, Inc. participated in the retail sales of energy in pilot programs in New Hampshire and Massachusetts through Green Mountain Energy Partners L.L.C. (GMEP), a Delaware limited liability company formed in April 1996, with offices located at 25 Green Mountain Drive, South Burlington, Vermont. The State of New Hampshire has undertaken an experiment to provide retail customer choice in the purchase of electricity. The New Hampshire pilot program began in June 1996 and terminated in June 1998. The Commonwealth of Massachusetts authorized Bay State Gas Company's Pioneer Valley Customer Choice Residential Pilot Program (the Bay State Gas Pilot), in which GMEP participated. In addition, GMRI owned a minor interest in Green Mountain Energy Resources, a company that has created retail brands of electricity that are sold to consumers in competitive markets. In January of 1999, GMRI sold its interest in GMER to Green Funding I, L.L.C. 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 a hydroelectric facility that is a "qualified facility" and 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. In addition, Mountain Energy owns a subsidiary that owns a company specializing in wastewater treatment technology, and directly owns approximately 29 % of a second company specializing in wastewater treatment technology. GMPG is not a public utility and is qualified to do business in the State of Vermont and the State of New Hampshire. Neither GMRI nor GMEP are public utilities, and both are qualified to do business in the States of Vermont, New Hampshire and Massachusetts. 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 that 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 NEPOOL, acting for itself and as agent for twenty-two other electric utilities in Vermont, including the Company. Through NEPOOL, 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, Inc. 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 1233 Shelburne Road, Suite E-5, 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, which it sold in June 1997. 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; in 1998 the limited partnership interest increased to 26 %. 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, New York, 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 an estimated claimed capability of 35.6 MW, two gas turbine generating stations with an aggregate claimed capability of 72.7 MW and two diesel generating stations with an aggregate claimed capability of 8.4 MW. The Company had, at December 31, 1998, 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 284.6 miles of 34.5 KV transmission lines. Its distribution system included about 2,409 miles of overhead lines of 2.4 to 34.5 KV and 459 miles of underground cable of 2.4 to 34.5 KV. At such date, the Company owned approximately 158,820 Kva of substation transformer capacity in transmission substations and 567,750 Kva of substation transformer capacity in distribution substations and 1,079,987 Kva of transformers for step-down 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% (6.8 MW of a total 620 MW) -- lead participant is Central Maine Power Company; B. Stony Brook #1, Ludlow, Massachusetts -- 8.8% (31.0 MW of a total 352 MW) -- lead participant is Massachusetts Municipal Wholesale Electric Company; C. Joseph C. McNeil Generating Station, Burlington, Vermont - -- 11% (5.8 MW of a total 53 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 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 three 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 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 (3) a 26% 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 1998 Electric: 2,383,368,000 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1998 Electric: 3,358,696 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1998 Electric: 360,787.19 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 1998 Electric: None Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1998 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1998 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 1998 Electric: 526,437,900 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1998 Electric: 1,511,413,200 Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1998 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 1998 Electric: 1,415,937,000 Gas: None VERMONT YANKEE NUCLEAR POWER CORPORATION Year 1998 Electric: None Gas: None VERMONT ELECTRIC POWER COMPANY, INC. Year 1998 Electric: 152,662.50 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 1998. 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 $ 309,718,753 2. Total Operating Revenues $ 184,304,226 3. Net Income $ (2,877,478) 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 25th day of February 1999. GREEN MOUNTAIN POWER CORPORATION (name of claimant) (Corporate Seal) By: /s/N.R. Brock N. R. Brock, 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/R.J. Griffin R.J. Griffin Controller Green Mountain Power Corporation 25 Green Mountain Drive P.O. Box 850 South Burlington, VT 05402-0850 EX-1 2 VERMONT YANKEE NUCLEAR POWER CORPORATION EXHIBIT A STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 Operating revenues $195,249,065 Operating expenses Nuclear fuel expense 15,901,745 Other operation expense 89,440,584 Maintenance expense 34,494,233 Depreciation and amortization expense 17,059,395 Decommissioning expense 12,625,372 Taxes on income 2,223,257 Property and other taxes 8,222,838 --------------- Total operating expenses 179,967,424 --------------- Operating income 15,281,641 --------------- Other income and deductions Net earnings on decommissioning trust 7,968,668 Decommissioning expense (7,968,668) Interest 5,341,122 Allowance for equity funds used during construction 35,738 Taxes on other income (1,911,375) Other, net (225,839) --------------- Total other income and deductions 3,239,646 --------------- Income before interest expense 18,521,287 --------------- Interest expense First mortgage bonds long-term debt 5,135,201 Other long-term debt 1,251,824 Interest on spent fuel disposal fee obligation 5,103,645 Other interest expense 36,100 Allowance for borrowed funds used during construction (130,485) --------------- Total interest expense 11,396,285 --------------- Net income 7,125,002 Retained earnings at beginning of period 1,190,916 Dividends declared 6,770,297 --------------- Retained earnings at end of period $1,545,621 =============== Average number of common shares outstanding 392,481 Net income per avg share of common stock outstanding 18.15 Dividends per avg share of common stock outstanding 17.25 VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1998 ASSETS UTILITY PLANT Electric plant, at cost $410,574,248 Less accumulated depreciation 269,493,819 --------------- 141,080,429 Construction work in progress 3,731,223 --------------- Net electric plant 144,811,652 --------------- Nuclear fuel at cost: Assemblies in reactor 66,476,113 Spent fuel 353,855,729 --------------- 420,331,842 Less accumulated depreciation of nuclear fuel 397,151,987 --------------- Net nuclear fuel 23,179,855 --------------- Net utility plant 167,991,507 --------------- CURRENT ASSETS Cash and cash equivalents 93,012 Accounts receivable from sponsors 12,679,899 Other accounts receivable 4,183,046 Materials and supplies, net of amortizaton 16,149,465 Prepaid expenses 3,841,317 --------------- Total current assets 36,946,739 --------------- DEFERRED CHARGES Deferred decommissioning costs 59,308,332 Accumulated deferred income taxes 28,096,661 Deferred DOE enrichment site decontamination and decommissioning fee 10,349,823 Deferred low-level radioactive waste facility expense 26,194,906 Net unamortized loss on reacquired debt 1,970,084 Other deferred charges 16,971,502 --------------- Total deferred charges 142,891,308 --------------- LONG-TERM INVESTMENTS, at book value Decommissioning trust 190,505,267 Spent fuel disposal fee defeasance trust 97,538,934 --------------- Total long-term investments 288,044,201 --------------- $635,873,755 =============== VERMONT YANKEE NUCLEAR POWER CORPORATION BALANCE SHEET DECEMBER 31, 1998 CAPITALIZATION AND LIABILITIES CAPITALIZATION COMMON STOCK, $100 par value 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 1,545,620 --------------- Total common stock equity 54,643,388 --------------- LONG-TERM OBLIGATIONS First mortgage bonds Series I 6.480%, 2009 75,845,000 Commercial paper - Eurodollar credit agreement 17,428,785 --------------- Total long-term obligations 93,273,785 --------------- Total capitalization 147,917,173 --------------- Spent fuel disposal fee and accrued interest 103,821,503 CURRENT LIABILITIES Accounts payable 488,348 Accrued expenses 16,261,249 Accrued low-level waste expenses 5,281,712 Accrued interest 1,707,638 Accrued taxes 2,176,643 Other accrued liabilities 6,334,017 Dividends declared 0 --------------- Total current liabilities 32,249,607 --------------- DEFERRED CREDITS AND OTHER LIABILITIES Accrued decommissioning costs 260,140,965 Accumulated deferred income taxes 41,779,603 Net regulatory tax liability 4,964,616 Accumulated deferred investment tax credit 4,432,380 Accrued DOE enrichment site decontamination and decommissioning fee 8,280,724 Accrued low-level waste facility expenses 23,591,053 Accrued employee benefits 8,696,131 --------------- Total deferred credits and other liabilities 351,885,472 --------------- $635,873,755 =============== VERMONT ELECTRIC POWER COMPANY, INC. STATEMENTS OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 Operating revenues Transmission service $16,993,265 Rent of transmission facilities to others 274,806 Sales to other utilities 18,015,919 --------------- Total operating revenues 35,283,990 --------------- Operating expenses Purchased power 18,015,919 Transmission expenses: Operation 1,077,464 Maintenance 1,569,806 Charges for transmission facilities of others 104,112 --------------- Total transmission expenses 2,751,382 Administrative and general expenses 5,518,340 Depreciation and amortization 4,026,689 Taxes other than income taxes 2,349,248 Income taxes (68,407) --------------- Total operating expenses 32,593,171 --------------- Operating income 2,690,819 Other income Interest 113,896 Amortization of investment tax credits 64,110 Equity in subsidiary earnings 609,335 --------------- Total other income 787,341 --------------- Operating and other income 3,478,160 --------------- Interest and other deductions Interest on bonds 2,086,986 Interest on chattel notes 52,438 Other interest expense 208,722 Allowance for borrowed funds used during construction - credit (76,689) Amortization of debt expense 53,258 --------------- Total interest and other deductions 2,324,715 Net income - common 544,110 Net income - preferred 609,335 --------------- Net income 1,153,445 Retained earnings at beginning of period-common 181,166 Retained earnings at beginning of period-preferred 22,918 --------------- Subtotal 1,357,529 Deduct dividends declared-common 540,000 Deduct dividends declared-preferred 550,000 --------------- Retained earnings at end of period-common 185,276 Retained earnings at end of period-preferred 82,253 --------------- Total retained earnings at end of period $267,529 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1998 ASSETS Utility plant, at original cost $98,225,729 Less accumulated depreciation and amortization 55,908,432 --------------- Net utility plant 42,317,297 Investment in subsidiary at equity 2,782,253 Current assets: Cash 256,241 Bond sinking fund deposits 713,667 Bond interest deposits 468,756 Accounts receivable 17,112,776 Materials and supplies, at average cost 1,840,129 Cash surrender value of life insurance 1,248,266 Other 38,484 Total current assets --------------- 21,678,319 Other assets: Unamortized debt expense 258,853 Miscellaneous 621,434 --------------- Total other assets 880,287 --------------- $67,658,156 =============== VERMONT ELECTRIC POWER COMPANY, INC. BALANCE SHEET DECEMBER 31, 1998 CAPITALIZATION AND LIABILITIES Capitalization Stockholders' investment Common stock, $100 par value per share: Class B $6,000,000 Retained earnings 185,276 --------------- Total common stock investment 6,185,276 --------------- Preferred stock, $100 par value per share Class C 10,000,000 Return of capital (7,300,000) Retained earnings 82,253 --------------- Total preferred stock investment 2,782,253 --------------- Total stockholders' investment 8,967,529 --------------- First mortgage bonds: Series I, 8.75% due 2000 Series J, 5.71% due 2003 15,672,000 Series K, 7.45% due 2004 5,203,000 Series L, 7.3 % due 2018 12,203,000 --------------- 33,078,000 Less bonds to be retired within one year 3,842,000 --------------- 29,236,000 --------------- Other secured debt: BancBoston chattel notes 566,152 Less notes to be retired within one year 182,140 --------------- 384,012 --------------- --------------- Total capitalization 38,587,541 --------------- Current liabilities Current maturities of long-term obligations 4,024,140 Notes payable to bank 1,400,000 Accounts payable 15,628,343 Accrued interest on bonds 468,756 Accrued taxes 163,716 Other 69,221 --------------- Total current liabilities 21,754,176 --------------- Regulatory liability 1,917,606 Deferred income taxes 1,262,041 Unamortized investment tax credits 578,570 Deferred compensation 2,941,448 Pensions and benefits 616,774 --------------- $67,658,156 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 Operating revenues Phase I support charges $5,609,759 Rental income 4,710 --------------- Total operating revenues 5,614,469 Operating expenses Transmission expenses Operations 39,163 Maintenance 457,746 --------------- Total transmission expenses 496,909 Administrative and general expenses 191,320 Depreciation and amortization 2,440,763 Taxes other than income taxes 559,896 Income taxes 484,910 --------------- Total operating expenses 4,173,798 --------------- Operating income 1,440,671 Other income Interest 248 Amortization of investment tax credits 147,954 --------------- Total other income 148,202 --------------- Total operating and other income 1,588,873 --------------- Interest and other deductions: Interest on long-term secured notes 808,323 Other interest expense 148,444 Amortization of debt expense 22,771 --------------- Total interest and other dedutions 979,538 Net income 609,335 Retained earnings at beginning of period 22,918 --------------- 632,253 Deduct dividends declared 550,000 --------------- Retained earnings at end of period $82,253 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1998 ASSETS Utility plant, at original cost $47,847,131 Less accumulated depreciation and amortization 29,958,300 --------------- Net utility plant 17,888,831 Current assets Cash 87,589 Accounts receivable-associated 5,391 Materials and supplies at average cost 102,220 Prepaid insurance 3,637 Other 485 --------------- Total current assets 199,322 Unamortized debt expense 57,420 Alternative minimum tax credits 1,118,668 --------------- Total assets $19,264,241 =============== VERMONT ELECTRIC TRANSMISSION COMPANY, INC. BALANCE SHEET DECEMBER 31, 1998 CAPITALIZATION AND LIABILITIES Capitalization: Stockholders' equity: Common stock, $100 par value per share $1,000 Miscellaneous paid-in-capital 2,699,000 Retained earnings 82,253 --------------- Total common stock equity 2,782,253 --------------- Long-term secured notes, 8.48% due 2006 8,560,000 Less notes to be retired within one year 1,880,000 --------------- 6,680,000 --------------- Total capitalization 9,462,253 Current liabilities Notes to be retired within one year 1,880,000 Notes payable-bank 2,500,000 Accounts payable - associated 261,374 Accounts payable - nonassociated 1,226 Accrued interest on notes 31,193 Accrued taxes 66,353 --------------- Total current liabilities 4,740,146 Regulatory liability 544,258 Deferred income taxes 3,474,447 Deferred investment tax credits 1,043,137 --------------- Total capitalization and liabilities $19,264,241 =============== GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1998 GMPC VER Total Eliminations Consolidated
Operating Revenues $184,304,226 $0 $184,304,226 $0 $184,304,226 ------------------------------------------------------------------------- Operating Expenses Power Supply 0 VY Nuclear Power Corporation 32,909,540 32,909,540 32,909,540 Company-owned generation 6,412,112 6,412,112 6,412,112 Purchases from others 81,706,348 81,706,348 81,706,348 Other operating 21,291,116 21,291,116 21,291,116 Transmission 9,388,902 9,388,902 9,388,902 Maintenance 5,189,848 5,189,848 5,189,848 Depreciation & amortizaton 16,058,812 16,058,812 16,058,812 Taxes other than income 7,242,738 7,242,738 7,242,738 Income taxes (1,367,390) (1,367,390) (1,367,390) ------------------------------------------------------------------------- Total operating expenses 178,832,026 0 178,832,026 0 178,832,026 ------------------------------------------------------------------------- Operating income 5,472,200 0 5,472,200 0 5,472,200 ------------------------------------------------------------------------- Other Loss Loss in earnings of affiliates and non-utility operati (444,456) (444,456) 416,231 (28,225) Allowance for equity funds used during construction 103,763 103,763 103,763 Other deductions, net (132,031) (132,031) (416,231) (548,262) ------------------------------------------------------------------------- Total other loss (472,724) 0 (472,724) 0 (472,724) ------------------------------------------------------------------------- Income before interest charges 4,999,476 0 4,999,476 0 4,999,476 ------------------------------------------------------------------------- Interest Charges Long-term debt 6,991,234 6,991,234 6,991,234 Other 1,016,915 1,016,915 1,016,915 Allowance for borrowed funds used during construction (131,195) (131,195) (131,195) ------------------------------------------------------------------------- Total interest charges 7,876,954 0 7,876,954 0 7,876,954 ------------------------------------------------------------------------- Net Loss (2,877,478) 0 (2,877,478) 0 (2,877,478) Dividends on preferred stock 1,295,578 1,295,578 1,295,578 ------------------------------------------------------------------------- Net Loss Applicable to Common Stock ($4,173,056) $0 ($4,173,056) $0 ($4,173,056) ========================================================================= GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 GMPC VER Total Eliminations Consolidated Balance - January 1,1998 $26,718,530 ($1,897) $26,716,633 $0 $26,716,633 Net income (2,877,478) 0 (2,877,478) (2,877,478) ------------------------------------------------------------------------- Total 23,841,052 (1,897) 23,839,155 0 23,839,155 Charges: Dividends on Capital Stock Preferred - 4.75% Class B,$4.75 per share 12,291 12,291 12,291 -7% Class C,$7 per share 31,762 31,762 31,762 -9 3/8% Class D,Series 1,$9.375 per share 71,250 71,250 71,250 -8 5/8% Class D,Series 3,$8.625 per share 301,875 301,875 301,875 -7.32% Class D, Series 1, $7.32 per share 878,400 878,400 878,400 Common 5,035,488 5,035,488 5,035,488 Other 0 0 ------------------------------------------------------------------------- Total 6,331,066 0 6,331,066 0 6,331,066 ------------------------------------------------------------------------- Balance - December 31, 1998 $17,509,986 ($1,897) $17,508,089 $0 $17,508,089 ========================================================================= GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 GMPC VER Total Eliminations Consolidated ASSETS ELECTRIC UTILITY Utility Plant Utility plant, at original cost $276,852,065 $541 $276,852,606 $276,852,606 Less accumulated depreciation 94,603,653 94,603,653 94,603,653 ------------------------------------------------------------------------- Net utility plant 182,248,412 541 182,248,953 0 182,248,953 Property under capital lease 7,696,336 7,696,336 7,696,336 Construction work in progress 5,610,394 5,610,394 5,610,394 ------------------------------------------------------------------------- Total utility plant, net 195,555,142 541 195,555,683 0 195,555,683 ------------------------------------------------------------------------- Other Investments Associated companies, at equity Vermont Electric Power Company 2,657,302 2,657,302 2,657,302 VY Nuclear Power Corporation 9,759,404 9,759,404 9,759,404 Other 27,042,869 27,042,869 (18,781,602) 8,261,267 ------------------------------------------------------------------------- Total other investments 39,459,575 0 39,459,575 (18,781,602) 20,677,973 ------------------------------------------------------------------------- Current Assets Cash 439,207 439,207 439,207 Special deposits 210 210 210 Accounts receivable,customers & others, 0 less allowance for doubtful accounts 18,976,490 57 18,976,547 18,976,547 Accrued utility revenues 6,610,764 6,610,764 6,610,764 Fuel,materials & and supplies at average cost 3,139,199 3,139,199 3,139,199 Prepayments 6,091,459 6,091,459 6,091,459 Other 443,071 443,071 443,071 ------------------------------------------------------------------------- Total current assets 35,700,400 57 35,700,457 0 35,700,457 ------------------------------------------------------------------------- Deferred Charges and Other 30,470,742 30,470,742 30,470,742 NON UTILITY Cash and Cash Equivalents 151,457 151,457 151,457 Other Current Assets 10,768,454 10,768,454 (2,945,049) 7,823,405 Property and Equipment 1,212,677 1,212,677 1,212,677 Intangible Assets 1,657,497 1,657,497 1,657,497 Other Assets 15,654,273 15,654,273 814,589 16,468,862 ------------------------------------------------------------------------- 29,444,358 0 29,444,358 (2,130,460) 27,313,898 ------------------------------------------------------------------------- TOTAL ASSETS $330,630,217 $598 $330,630,815 ($20,912,062) $309,718,753 ========================================================================= GREEN MOUNTAIN POWER CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 GMPC VER Total Eliminations Consolidated CAPITALIZATION AND LIABILITIES ELECTRIC UTILITY Capitalization Common Stock Equity Common stock $17,710,460 $500 17,710,960 $17,710,960 Additional paid-in capital 71,914,236 71,914,236 71,914,236 Retained earnings 17,509,986 (1,897) 17,508,089 17,508,089 Reacquired capital stock (378,461) (378,461) (378,461) ------------------------------------------------------------------------- Total common stock equity 106,756,221 (1,397) 106,754,824 0 106,754,824 ------------------------------------------------------------------------- Redeemable cumulative preferred stock 16,085,000 16,085,000 16,085,000 Long-term debt, less current maturities 88,500,000 88,500,000 88,500,000 ------------------------------------------------------------------------- Total capitalization 211,341,221 (1,397) 211,339,824 0 211,339,824 ------------------------------------------------------------------------- Capital lease obligation 7,696,336 7,696,336 7,696,336 ------------------------------------------------------------------------- Current Liabilities Current maturities of long-term debt 1,700,000 1,700,000 1,700,000 Short-term debt 7,000,000 7,000,000 7,000,000 Accounts payable, trade 5,450,775 1,995 5,452,770 5,452,770 Accounts payable to associated companies 5,684,293 5,684,293 1,458,846 7,143,139 Dividends declared 362,437 362,437 362,437 Customer deposits 336,078 336,078 336,078 Taxes accrued 369,835 369,835 369,835 Interest accrued 1,203,245 1,203,245 1,203,245 Other 5,257,885 5,257,885 5,257,885 ------------------------------------------------------------------------- Total current liabilities 27,364,548 1,995 27,366,543 1,458,846 28,825,389 ------------------------------------------------------------------------- Deferred Credits Accumulated deferred income taxes 23,389,117 23,389,117 23,389,117 Unamortized investment tax credits 4,260,093 4,260,093 4,260,093 Other 27,134,544 27,134,544 27,134,544 ------------------------------------------------------------------------- Total deferred credits 54,783,754 0 54,783,754 0 54,783,754 ------------------------------------------------------------------------- NON UTILITY Current liabilities 3,365,953 3,365,953 (2,645,966) 719,987 Other liabilities 8,351,115 8,351,115 (1,997,652) 6,353,463 Stockholders' equity 17,727,290 17,727,290 (17,727,290) 0 ------------------------------------------------------------------------- 29,444,358 0 29,444,358 (22,370,908) 7,073,450 ------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $330,630,217 $598 $330,630,815 ($20,912,062) $309,718,753 =========================================================================
GREEN MOUNTAIN PROPANE GAS COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 1998 REVENUE Revenue 2,130,705 --------------- Total revenue 2,130,705 --------------- COST OF SALES Cost of sales 1,106,555 --------------- Total cost of sales 1,106,555 --------------- Gross profit 1,024,150 --------------- OPERATING EXPENSES Operating expenses 759,279 Depreciation 142,900 Amortization 37,116 Bad debt expense 46,236 Parent company charges 49,579 Interest income (335,093) Interest expense 40,016 Miscellaneous 100,367 Income taxes (88,546) Loss on sale of assets 341,346 Working capital adjustment (230,000) Closing costs 300,000 --------------- Total operating expenses 1,163,200 --------------- Net loss (139,050) =============== GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1998 ASSETS Other Assets Miscellaneous receivable 331,000 --------------- Total assets 331,000 =============== GREEN MOUNTAIN PROPANE GAS COMPANY BALANCE SHEET DECEMBER 31, 1998 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' equity Common stock 2,000 Additional paid in capital 2,930,114 Retained earnings (2,462,064) Net income (loss) (139,050) --------------- Total stockholders' equity 331,000 --------------- Total liabilities and stockholders' equity 331,000 =============== GREEN MOUNTAIN PROPANE GAS COMPANY STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 Balance January 1, 1998 (2,462,064) Net income (139,050) --------------- Balance December 31, 1998 (2,601,114) =============== LEASE-ELEC, INC. INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 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, 1998 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, 1998 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, 1998 Revenues Revenue - lease $206,901 Revenue - Interest 1,095 --------------- Total revenues 207,996 --------------- Expenses Interest expense 207,465 Income taxes - federal (8,725) Income taxes - state (2,772) Property tax expense 0 Depreciation 23,774 Salaries and wages 0 General administrative expense 0 Miscellaneous expenses 25 --------------- Total expenses 219,767 --------------- Net income (11,771) Retained earnings at beginning of period (14,498) --------------- Retained earnings at end of period ($26,269) =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1998 ASSETS Cash $11,768 Rent receivable 829,741 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 684,584 Building - Biron estate Montpelier 35,745 Land - Biron estate Montpelier 138,451 Organization costs 403 Income tax benefits receivable 102,352 --------------- Total assets $2,100,821 =============== GMP REAL ESTATE CORPORATION BALANCE SHEET DECEMBER 31, 1998 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $84,885 Accrued interest payable 4,473 Deferred income taxes 39,580 Notes payable #2 1,817,152 Notes payable #4 180,500 Common stock (5 shares, no par) 500 Retained earnings (26,269) --------------- Total liabilities and shareholders' equity $2,100,821 =============== MOUNTAIN ENERGY, INC. CONFIDENTIAL INCOME STATEMENT TREATMENT FOR THE YEAR ENDED DECEMBER 31, 1998 Revenues Undistributed income in subsidiaries Install revenues Other income Interest income Notes Interest income bank Other income Cost of goods sold --------------- Net revenues 2,091,774 --------------- Labor expenses Employee compensation 446,823 Payroll taxes 29,350 Contract labor (54,044) Professional fees - due from GMP 85,299 --------------- Total labor expenses 507,428 --------------- Benefits expenses Group medical claims 23,419 Group medical admin 1,338 Group life insurance 505 Group disability insurance expense 1,537 Workers' comp insurance expense 804 Postretirement health care expense 5,114 Pension expense 16,248 401(k) expense 12,482 --------------- Total benefits expenses 61,447 --------------- Other operating expenses Rent - office Utilities Telephone Repairs and maintenance Office supplies Furniture and office equipment expense Postage and freight Legal and professional fees Contract and Proj expense Membership dues and licenses Subscription & library fees Corporate franchise fees Education and seminars Travel and lodging Meals Bank charges Contributions Interest expense Loss on sale of assets Sales and Use tax Miscellaneous Army settlement reserves O&M renegotiation costs Impairment loss-WPP '89 Depreciation Amortization - intangibles Parent payroll allocation Parent overhead allocation Operating exp Micronair --------------- Total other operating expenses 5,073,046 --------------- Total expenses 5,641,921 --------------- Income before taxes (3,550,147) --------------- State income tax expense (221,713) Federal income tax expense (1,129,911) Income tax ITC amortization (110,966) --------------- Net income (2,087,557) --------------- Retained earnings at beginning of period 3,339,864 --------------- Retained earnings at end of period 1,252,307 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET CONFIDENTIAL DECEMBER 31, 1998 TREATMENT ASSETS Current assets Cash Accounts receivable GMP receivable Inventory Unbilled revenue Notes receivable Interest receivable - notes GMP receivable ITC Prepaid insurance Prepaid expense Micronair Prepaid state taxes --------------- Total current assets 10,013,270 --------------- Fixed assets Partnership interests C Corp interest CASTion Equity in earnings of subsidiaries Partnership distributions Goodwill Accumulated amortization - goodwill Property, plant & equipment Accumulated depreciation --------------- Total fixed assets 12,412,849 --------------- Other assets Deposits Prepaid AMT Software Organization Costs Goodwill Patents & other intangibles Accumulated amortization Loan origination/finance costs Acquisition costs --------------- Total other assets 4,383,917 --------------- Total assets 26,810,036 =============== MOUNTAIN ENERGY, INC. BALANCE SHEET CONFIDENTIAL DECEMBER 31, 1998 TREATMENT LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities GMP payable Accounts payable Accrued interest payable-note State income tax payable Federal inc tax true up Accrued expenses payable Benefits payable Current prtn lease Other accrd liab - Micronair Accrued Army reserves --------------- Total current liabilities 3,211,465 --------------- Long-term liabilities Notes payable Unearned revenue Deferred federal taxes Deferred state taxes Deferred compensation Capital leases --------------- Total long-term liabilities 6,283,767 --------------- Total liabilities 9,495,232 --------------- Equity Common stock Return of capital Retained earnings Net income --------------- Total equity 17,314,804 --------------- Total liabilities and equity 26,810,036 =============== GREEN MOUNTAIN RESOURCES INC. INCOME STATEMENT AND STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 Revenues Undistributed earnings--NH (464,179) Undistributed earnings--Bay State (50,584) --------------- Total revenues (514,763) --------------- Expenses Legal/accounting/other 0 Legal and finance 15,066 Billing support services 0 Transportation 0 General 0 Marketing 0 Marketing/pricing 4,796 Market research 0 Materials and other 0 Amortization 0 Power supply/regulatory 0 Labor (22,153) Other 117,350 Business plan 0 MIS 200 Misc 0 Income tax expense (214,197) Income tax true-up benefit (169,207) --------------- Total expenses (268,145) --------------- --------------- Net income (246,618) --------------- Retained earnings at beginning of period (2,559,569) --------------- Retained earnings at end of period (2,806,187) =============== GREEN MOUNTAIN RESOURCES, INC. BALANCE SHEET DECEMBER 31, 1998 ASSETS Current Assets Cash 1,798 Accounts Receivable--NH 63,332 --------------- Total current assets 65,130 --------------- Other assets Investment in NH 1,184,724 Undistributed earnings--NH (1,184,724) Investment in Mass Electric 18,114 Undistributed earnings--Mass Electric (18,114) Investment in Bay State 297,840 Undistributed earnings-- Bay State (297,840) Investment in Penn 68,549 Undistributed earnings-- Penn (68,549) --------------- Total other assets 0 --------------- --------------- Total Assets 65,130 =============== LIABILITIES AND CAPITAL Current liabilities Due to GMP 65,130 --------------- Total current liabilities 65,130 --------------- Capital Common stock 100 Capital--NH 1,184,724 Capital--Mass Electric 18,114 Capital--Bay State 297,840 Capital--Penn 68,549 Paid in capital GMRI 1,236,860 Retained earnings (2,806,187) --------------- Total capital 0 --------------- --------------- Total liabilities and capital 65,130 =============== EX-27 3
OPUR3 This schedule contains summary financial information extracted from the consolidated balance sheet as of December 31, 1998 and the related consolidated statement of income for the year ended December 31, 1998 and is qualified in its entirety by reference to such financial statements. YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 309,718,753 184,304,226 (2,877,478)
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