-----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, WLhWQacGXy/DySnS+T6jtZDZr7GdVYCQdEHQLQ3g58pgU1usx7t54CjjUBoBwSP/ /pVwZ9pjpC6d5HoDAcpF+w== 0000004904-98-000043.txt : 19980421 0000004904-98-000043.hdr.sgml : 19980421 ACCESSION NUMBER: 0000004904-98-000043 CONFORMED SUBMISSION TYPE: POS AMC PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19980420 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN ELECTRIC POWER COMPANY INC CENTRAL INDEX KEY: 0000004904 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 134922640 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: POS AMC SEC ACT: SEC FILE NUMBER: 070-08693 FILM NUMBER: 98597426 BUSINESS ADDRESS: STREET 1: 1 RIVERSIDE PLZ CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 6142231000 FORMER COMPANY: FORMER CONFORMED NAME: KINGSPORT UTILITIES INC DATE OF NAME CHANGE: 19660906 POS AMC 1 POST-EFFECTIVE AMENDMENT #2 AEPCO+ File No. 70-8693 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Post-Effective Amendment No. 2 to FORM U-1 APPLICATION OR DECLARATION under THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 *** AMERICAN ELECTRIC POWER COMPANY, INC. 1 Riverside Plaza, Columbus, Ohio 43215 AEP GENERATING COMPANY 1 Riverside Plaza, Columbus, Ohio 43215 APPALACHIAN POWER COMPANY 40 Franklin Road, S.W., Roanoke, Virginia 24011 COLUMBUS SOUTHERN POWER COMPANY 215 North Front Street, Columbus, Ohio 43215 INDIANA MICHIGAN POWER COMPANY One Summit Square, P. O. Box 60, Fort Wayne, Indiana 46801 KENTUCKY POWER COMPANY 1701 Central Avenue, Ashland, Kentucky 41101 KINGSPORT POWER COMPANY 40 Franklin Road, S. W. Roanoke, Virginia 24011 OHIO POWER COMPANY 301 Cleveland Avenue, S. W., Canton, Ohio 44701 WHEELING POWER COMPANY 51 Sixteenth St., Wheeling, West Virginia 26003 (Name of company or companies filing this state- ment and addresses of principal executive offices) *** AMERICAN ELECTRIC POWER COMPANY, INC. 1 Riverside Plaza, Columbus, Ohio 43215 (Name of top registered holding company parent of each applicant or declarant) *** A. A. Pena, Treasurer AMERICAN ELECTRIC POWER SERVICE CORPORATION 1 Riverside Plaza, Columbus, Ohio 43215 John F. DiLorenzo, Jr., Associate General Counsel AMERICAN ELECTRIC POWER SERVICE CORPORATION 1 Riverside Plaza, Columbus, Ohio 43215 (Names and addresses of agents for service) American Electric Power Company, Inc. ("American"), AEP Generating Company ("Generating"), Appalachian Power Company ("Appalachian"), Columbus Southern Power Company ("Columbus"), Indiana Michigan Power Company ("Indiana"), Kentucky Power Company ("Kentucky"), Kingsport Power Company ("Kingsport"), Ohio Power Company ("Ohio") and Wheeling Power Company ("Wheeling") (collectively, "the Companies") propose to amend their Application/Declaration on Form U-1, as amended, in File No. 70- 8693 by supplying the following financial statements and Sources of Funds Statements: ITEM 6. EXHIBITS AND FINANCIAL STATEMENTS The following financial statements, and Source of Funds Statements are filed as part of this statement: (b) Financial Statements: 1. Balance Sheets as of December 31, 1997, and Statements of Income and Retained Earnings for the 12 months ended December 31, 1997, of American and its subsidiaries con- solidated and of Generating, Appalachian, Columbus, Indiana, Kentucky, Kingsport, Ohio and Wheeling. 2. Funds Flow Statements for American, Appalachian, Columbus, Generating, Indiana, Kentucky, Kingsport, Ohio and Wheeling for the years 1998, 1999, 2000, 2001, 2002 and 2003. SIGNATURES Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned have duly caused this Post- Effective Amendment No. 2 to Form U-1 to be signed on their behalf by the undersigned thereunto duly authorized. AMERICAN ELECTRIC POWER COMPANY, INC. AEP GENERATING COMPANY APPALACHIAN POWER COMPANY COLUMBUS SOUTHERN POWER COMPANY INDIANA MICHIGAN POWER COMPANY KENTUCKY POWER COMPANY KINGSPORT POWER COMPANY OHIO POWER COMPANY WHEELING POWER COMPANY By: /s/ A. A. Pena Treasurer Dated: April 20, 1998 EX-99 2 EX 99 FINANCIALS - BALANCE SHEET AND INCOME AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENT OF INCOME (in thousands, except per-share amounts) (UNAUDITED)
Twelve Months Ended December 31, 1997 OPERATING REVENUES. . . . . . . . . . . . . . . $6,161,368 OPERATING EXPENSES: Fuel. . . . . . . . . . . . . . . . . . . . . 1,627,066 Purchased Power . . . . . . . . . . . . . . . 416,266 Other Operation . . . . . . . . . . . . . . . 1,227,368 Maintenance . . . . . . . . . . . . . . . . . 483,268 Depreciation and Amortization . . . . . . . . 591,071 Taxes Other Than Federal Income Taxes . . . . 490,595 Federal Income Taxes. . . . . . . . . . . . . 341,280 TOTAL OPERATING EXPENSES. . . . . . . 5,176,914 OPERATING INCOME. . . . . . . . . . . . . . . . 984,454 NONOPERATING INCOME (net) . . . . . . . . . . . 59,572 INCOME BEFORE INTEREST CHARGES AND PREFERRED DIVIDENDS . . . . . . . . . . . . . 1,044,026 INTEREST CHARGES. . . . . . . . . . . . . . . . 405,815 PREFERRED STOCK DIVIDEND REQUIREMENTS OF SUBSIDIARIES. . . . . . . . . 17,831 INCOME BEFORE EXTRAORDINARY ITEM. . . . . . . . 620,380 EXTRAORDINARY LOSS - UK WINDFALL TAX. . . . . . (109,419) NET INCOME. . . . . . . . . . . . . . . . . . . $ 510,961 AVERAGE NUMBER OF SHARES OUTSTANDING. . . . . . 189,039 EARNINGS PER SHARE: Before Extraordinary Item . . . . . . . . . . $3.28 Extraordinary Loss. . . . . . . . . . . . . . (0.58) Net Income. . . . . . . . . . . . . . . . . . $2.70 CASH DIVIDENDS PAID PER SHARE . . . . . . . . . $2.40 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 BALANCE AT BEGINNING OF PERIOD. . . . . . . . . $1,547,746 NET INCOME. . . . . . . . . . . . . . . . . . . 510,961 DEDUCTIONS: Cash Dividends Declared . . . . . . . . . . . 453,453 Other . . . . . . . . . . . . . . . . . . . . 237 BALANCE AT END OF PERIOD. . . . . . . . . . . . $1,605,017
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $ 9,493,158 Transmission . . . . . . . . . . . . . . . . . . . . 3,501,580 Distribution . . . . . . . . . . . . . . . . . . . . 4,654,234 General (including mining assets and nuclear fuel) . 1,604,671 Construction Work in Progress. . . . . . . . . . . . 342,842 Total Electric Utility Plant . . . . . . . . 19,596,485 Accumulated Depreciation and Amortization. . . . . . 7,963,636 NET ELECTRIC UTILITY PLANT . . . . . . . . . 11,632,849 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 1,358,810 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 91,481 Accounts Receivable. . . . . . . . . . . . . . . . . 674,278 Allowance for Uncollectible Accounts . . . . . . . . (6,760) Fuel . . . . . . . . . . . . . . . . . . . . . . . . 224,967 Materials and Supplies . . . . . . . . . . . . . . . 263,613 Accrued Utility Revenues . . . . . . . . . . . . . . 189,191 Prepayments and Other. . . . . . . . . . . . . . . . 81,366 TOTAL CURRENT ASSETS . . . . . . . . . . . . 1,518,136 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 1,817,540 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 288,011 TOTAL. . . . . . . . . . . . . . . . . . . $16,615,346
AMERICAN ELECTRIC POWER COMPANY, INC. AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock-Par Value $6.50: Shares Authorized . . . .300,000,000 Shares Issued . . . . . .198,989,981 (8,999,992 shares were held in treasury) . . . . . $ 1,293,435 Paid-in Capital. . . . . . . . . . . . . . . . . . . 1,778,782 Retained Earnings. . . . . . . . . . . . . . . . . . 1,605,017 Total Common Shareholders' Equity. . . . . . 4,677,234 Cumulative Preferred Stocks of Subsidiaries: Not Subject to Mandatory Redemption. . . . . . . . 46,724 Subject to Mandatory Redemption. . . . . . . . . . 127,605 Long-term Debt . . . . . . . . . . . . . . . . . . . 5,129,463 TOTAL CAPITALIZATION . . . . . . . . . . . . 9,981,026 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 1,246,537 CURRENT LIABILITIES: Long-term Debt Due Within One Year . . . . . . . . . 294,454 Short-term Debt. . . . . . . . . . . . . . . . . . . 555,075 Accounts Payable . . . . . . . . . . . . . . . . . . 353,256 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 380,771 Interest Accrued . . . . . . . . . . . . . . . . . . 76,361 Obligations Under Capital Leases . . . . . . . . . . 101,089 Other. . . . . . . . . . . . . . . . . . . . . . . . 322,687 TOTAL CURRENT LIABILITIES. . . . . . . . . . 2,083,693 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 2,560,921 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 376,250 DEFERRED GAIN ON SALE AND LEASEBACK - ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 231,320 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 135,599 TOTAL. . . . . . . . . . . . . . . . . . . $16,615,346
AEP GENERATING COMPANY STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $227,868 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . 98,191 Rent - Rockport Plant Unit 2 . . . . . . . . . . . . 68,283 Other Operation. . . . . . . . . . . . . . . . . . . 11,506 Maintenance. . . . . . . . . . . . . . . . . . . . . 12,408 Depreciation . . . . . . . . . . . . . . . . . . . . 21,614 Taxes Other Than Federal Income Taxes. . . . . . . . 3,542 Federal Income Taxes . . . . . . . . . . . . . . . . 3,284 TOTAL OPERATING EXPENSES . . . . . . . . . . 218,828 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 9,040 NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 3,603 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 12,643 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 3,857 NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 8,786 STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $1,886 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 8,786 CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 8,144 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $2,528 The common stock of the Company is wholly owned by American Electric Power Company, Inc.
PAGE> AEP GENERATING COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $627,803 General. . . . . . . . . . . . . . . . . . . . . . . 3,137 Construction Work in Progress. . . . . . . . . . . . 2,510 Total Electric Utility Plant . . . . . . . . 633,450 Accumulated Depreciation . . . . . . . . . . . . . . 257,191 NET ELECTRIC UTILITY PLANT . . . . . . . . . 376,259 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 237 Accounts Receivable. . . . . . . . . . . . . . . . . 20,710 Fuel . . . . . . . . . . . . . . . . . . . . . . . . 10,107 Materials and Supplies . . . . . . . . . . . . . . . 4,246 Prepayments. . . . . . . . . . . . . . . . . . . . . 368 TOTAL CURRENT ASSETS . . . . . . . . . . . . 35,668 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 5,639 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 1,492 TOTAL. . . . . . . . . . . . . . . . . . . $419,058
AEP GENERATING COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - Par Value $1,000: Authorized and Outstanding - 1,000 Shares. . . . . $ 1,000 Paid-in Capital. . . . . . . . . . . . . . . . . . . 39,235 Retained Earnings. . . . . . . . . . . . . . . . . . 2,528 Total Common Shareholder's Equity. . . . . . 42,763 Long-term Debt . . . . . . . . . . . . . . . . . . . 69,570 TOTAL CAPITALIZATION . . . . . . . . . . . . 112,333 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 1,259 CURRENT LIABILITIES: Short-term Debt - Notes Payable. . . . . . . . . . . 11,750 Accounts Payable . . . . . . . . . . . . . . . . . . 9,704 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 3,420 Interest Accrued . . . . . . . . . . . . . . . . . . 461 Rent Accrued - Rockport Plant Unit 2 . . . . . . . . 4,963 Other. . . . . . . . . . . . . . . . . . . . . . . . 3,747 TOTAL CURRENT LIABILITIES. . . . . . . . . . 34,045 DEFERRED GAIN ON SALE AND LEASEBACK - ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 138,901 REGULATORY LIABILITIES: Deferred Investment Tax Credits. . . . . . . . . . . 70,016 Amounts Due to Customers For Income Taxes. . . . . . 31,375 TOTAL REGULATORY LIABILITIES . . . . . . . . 101,391 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 31,129 TOTAL. . . . . . . . . . . . . . . . . . . $419,058
APPALACHIAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,720,010 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . 403,777 Purchased Power. . . . . . . . . . . . . . . . . . . 403,009 Other Operation. . . . . . . . . . . . . . . . . . . 246,785 Maintenance. . . . . . . . . . . . . . . . . . . . . 112,873 Depreciation and Amortization. . . . . . . . . . . . 137,670 Taxes Other Than Federal Income Taxes. . . . . . . . 116,590 Federal Income Taxes . . . . . . . . . . . . . . . . 59,312 TOTAL OPERATING EXPENSES . . . . . . . . . . 1,480,016 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 239,994 NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . (222) INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 239,772 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 119,258 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 120,514 PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 7,006 EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 113,508 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $208,472 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 120,514 DEDUCTIONS: Cash Dividends Declared: Common Stock . . . . . . . . . . . . . . . . . . . 114,436 Cumulative Preferred Stock . . . . . . . . . . . . 3,221 Capital Stock Expense. . . . . . . . . . . . . . . . 3,785 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $207,544 The common stock of the Company is wholly owned by American Electric Power Company, Inc. /TABLE APPALACHIAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $1,942,325 Transmission . . . . . . . . . . . . . . . . . . . . 1,079,919 Distribution . . . . . . . . . . . . . . . . . . . . 1,583,161 General. . . . . . . . . . . . . . . . . . . . . . . 207,380 Construction Work in Progress. . . . . . . . . . . . 88,261 Total Electric Utility Plant . . . . . . . . 4,901,046 Accumulated Depreciation and Amortization. . . . . . 1,869,057 NET ELECTRIC UTILITY PLANT . . . . . . . . . 3,031,989 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 35,467 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 6,947 Accounts Receivable. . . . . . . . . . . . . . . . . 164,657 Allowance for Uncollectible Accounts . . . . . . . . (1,333) Fuel . . . . . . . . . . . . . . . . . . . . . . . . 47,901 Materials and Supplies . . . . . . . . . . . . . . . 57,359 Accrued Utility Revenues . . . . . . . . . . . . . . 51,208 Prepayments. . . . . . . . . . . . . . . . . . . . . 6,037 TOTAL CURRENT ASSETS . . . . . . . . . . . . 332,776 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 441,223 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 41,975 TOTAL. . . . . . . . . . . . . . . . . . . $3,883,430
APPALACHIAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized - 30,000,000 Shares Outstanding - 13,499,500 Shares. . . . . . . . . . $ 260,458 Paid-in Capital. . . . . . . . . . . . . . . . . . . 613,048 Retained Earnings. . . . . . . . . . . . . . . . . . 207,544 Total Common Shareholder's Equity. . . . . . 1,081,050 Cumulative Preferred Stock: Not Subject to Mandatory Redemption. . . . . . . . 19,747 Subject to Mandatory Redemption. . . . . . . . . . 22,310 Long-term Debt . . . . . . . . . . . . . . . . . . . 1,415,026 TOTAL CAPITALIZATION . . . . . . . . . . . . 2,538,133 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 137,371 CURRENT LIABILITIES: Long-term Debt Due Within One Year . . . . . . . . . 79,509 Short-term Debt. . . . . . . . . . . . . . . . . . . 130,300 Accounts Payable . . . . . . . . . . . . . . . . . . 96,816 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 41,549 Customer Deposits. . . . . . . . . . . . . . . . . . 13,713 Interest Accrued . . . . . . . . . . . . . . . . . . 20,949 Other. . . . . . . . . . . . . . . . . . . . . . . . 71,394 TOTAL CURRENT LIABILITIES. . . . . . . . . . 454,230 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 658,655 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 67,496 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 27,545 TOTAL. . . . . . . . . . . . . . . . . . . $3,883,430
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,139,604 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . 180,086 Purchased Power. . . . . . . . . . . . . . . . . . . 221,064 Other Operation. . . . . . . . . . . . . . . . . . . 180,663 Maintenance. . . . . . . . . . . . . . . . . . . . . 66,956 Depreciation . . . . . . . . . . . . . . . . . . . . 90,723 Amortization of Zimmer Plant Phase-in Costs. . . . . 15,746 Taxes Other Than Federal Income Taxes. . . . . . . . 117,519 Federal Income Taxes . . . . . . . . . . . . . . . . 71,720 TOTAL OPERATING EXPENSES . . . . . . . . . . 944,477 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 195,127 NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 3,137 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 198,264 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 78,885 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 119,379 PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 2,442 EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 116,937 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $ 99,582 NET INCOME (LOSS). . . . . . . . . . . . . . . . . . . 119,379 DEDUCTIONS: Cash Dividends Declared: Common Stock . . . . . . . . . . . . . . . . . . . 78,684 Cumulative Preferred Stock . . . . . . . . . . . . 1,750 Capital Stock Expense. . . . . . . . . . . . . . . . 355 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $138,172 The common stock of the Company is wholly owned by American Electric Power Company, Inc. /TABLE COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $1,521,381 Transmission . . . . . . . . . . . . . . . . . . . . 336,446 Distribution . . . . . . . . . . . . . . . . . . . . 926,178 General. . . . . . . . . . . . . . . . . . . . . . . 138,041 Construction Work in Progress. . . . . . . . . . . . 54,064 Total Electric Utility Plant . . . . . . . . 2,976,110 Accumulated Depreciation . . . . . . . . . . . . . . 1,074,588 NET ELECTRIC UTILITY PLANT . . . . . . . . . 1,901,522 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 33,653 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 12,626 Accounts Receivable. . . . . . . . . . . . . . . . . 112,027 Allowance for Uncollectible Accounts . . . . . . . . (1,058) Fuel . . . . . . . . . . . . . . . . . . . . . . . . 19,549 Materials and Supplies . . . . . . . . . . . . . . . 27,628 Accrued Utility Revenues . . . . . . . . . . . . . . 51,765 Prepayments and Other. . . . . . . . . . . . . . . . 29,979 TOTAL CURRENT ASSETS . . . . . . . . . . . . 252,516 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 359,481 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 66,688 TOTAL. . . . . . . . . . . . . . . . . . . $2,613,860
COLUMBUS SOUTHERN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized - 24,000,000 Shares Outstanding - 16,410,426 Shares. . . . . . . . . . $ 41,026 Paid-in Capital. . . . . . . . . . . . . . . . . . . 572,112 Retained Earnings. . . . . . . . . . . . . . . . . . 138,172 Total Common Shareholder's Equity. . . . . . 751,310 Cumulative Preferred Stock - Subject to Mandatory Redemption . . . . . . . . . . . . . . . 25,000 Long-term Debt . . . . . . . . . . . . . . . . . . . 887,850 TOTAL CAPITALIZATION . . . . . . . . . . . . 1,664,160 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 42,271 CURRENT LIABILITIES: Long-term Debt Due Within One Year . . . . . . . . . 81,750 Short-term Debt. . . . . . . . . . . . . . . . . . . 66,600 Accounts Payable . . . . . . . . . . . . . . . . . . 71,287 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 131,107 Interest Accrued . . . . . . . . . . . . . . . . . . 14,198 Other. . . . . . . . . . . . . . . . . . . . . . . . 28,619 TOTAL CURRENT LIABILITIES. . . . . . . . . . 393,561 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 433,593 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 52,934 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 27,341 TOTAL. . . . . . . . . . . . . . . . . . . $2,613,860
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . . $1,391,917 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . . 226,402 Purchased Power. . . . . . . . . . . . . . . . . . . . 217,460 Other Operation. . . . . . . . . . . . . . . . . . . . 334,115 Maintenance. . . . . . . . . . . . . . . . . . . . . . 117,780 Depreciation and Amortization. . . . . . . . . . . . . 140,812 Amortization of Rockport Plant Unit 1 Phase-in Plan Deferrals. . . . . . . . . . . . . . . 11,871 Taxes Other Than Federal Income Taxes. . . . . . . . . 64,945 Federal Income Taxes . . . . . . . . . . . . . . . . . 70,744 TOTAL OPERATING EXPENSES . . . . . . . . . . . 1,184,129 OPERATING INCOME . . . . . . . . . . . . . . . . . . . . 207,788 NONOPERATING INCOME. . . . . . . . . . . . . . . . . . . 4,415 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . 212,203 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . . 65,463 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 146,740 PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . . 5,736 EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . . $ 141,004 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . $269,071 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 146,740 DEDUCTIONS: Cash Dividends Declared: Common Stock . . . . . . . . . . . . . . . . . . . . 131,260 Cumulative Preferred Stock . . . . . . . . . . . . . 4,757 Capital Stock Expense. . . . . . . . . . . . . . . . . 980 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . $278,814 The common stock of the Company is wholly owned by American Electric Power Company, Inc. /TABLE INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $2,545,484 Transmission . . . . . . . . . . . . . . . . . . . . 908,736 Distribution . . . . . . . . . . . . . . . . . . . . 737,902 General (including nuclear fuel) . . . . . . . . . . 233,888 Construction Work in Progress. . . . . . . . . . . . 88,487 Total Electric Utility Plant . . . . . . . . 4,514,497 Accumulated Depreciation and Amortization. . . . . . 1,973,937 NET ELECTRIC UTILITY PLANT . . . . . . . . . 2,540,560 NUCLEAR DECOMMISSIONING AND SPENT NUCLEAR FUEL DISPOSAL TRUST FUNDS. . . . . . . . . . . . . . 566,390 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 156,228 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 5,860 Accounts Receivable. . . . . . . . . . . . . . . . . 137,310 Allowance for Uncollectible Accounts . . . . . . . . (1,188) Fuel . . . . . . . . . . . . . . . . . . . . . . . . 17,182 Materials and Supplies . . . . . . . . . . . . . . . 78,701 Accrued Utility Revenues . . . . . . . . . . . . . . 30,521 Prepayments. . . . . . . . . . . . . . . . . . . . . 4,685 TOTAL CURRENT ASSETS . . . . . . . . . . . . 273,071 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 400,489 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 31,060 TOTAL. . . . . . . . . . . . . . . . . . . $3,967,798
INDIANA MICHIGAN POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized - 2,500,000 Shares Outstanding - 1,400,000 Shares . . . . . . . . . . $ 56,584 Paid-in Capital. . . . . . . . . . . . . . . . . . . 732,472 Retained Earnings. . . . . . . . . . . . . . . . . . 278,814 Total Common Shareholder's Equity. . . . . . 1,067,870 Cumulative Preferred Stock: Not Subject to Mandatory Redemption. . . . . . . . 9,435 Subject to Mandatory Redemption. . . . . . . . . . 68,445 Long-term Debt . . . . . . . . . . . . . . . . . . . 1,014,237 TOTAL CAPITALIZATION . . . . . . . . . . . . 2,159,987 OTHER NONCURRENT LIABILITIES: Nuclear Decommissioning. . . . . . . . . . . . . . . 381,016 Other. . . . . . . . . . . . . . . . . . . . . . . . 232,667 TOTAL OTHER NONCURRENT LIABILITIES . . . . . 613,683 CURRENT LIABILITIES: Long-term Debt Due Within One Year . . . . . . . . . 35,000 Short-term Debt. . . . . . . . . . . . . . . . . . . 119,600 Accounts Payable . . . . . . . . . . . . . . . . . . 68,394 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 46,850 Interest Accrued . . . . . . . . . . . . . . . . . . 15,741 Obligations Under Capital Leases . . . . . . . . . . 34,033 Other. . . . . . . . . . . . . . . . . . . . . . . . 63,250 TOTAL CURRENT LIABILITIES. . . . . . . . . . 382,868 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 559,708 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 138,045 DEFERRED GAIN ON SALE AND LEASEBACK - ROCKPORT PLANT UNIT 2. . . . . . . . . . . . . . . . 92,419 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 21,088 TOTAL. . . . . . . . . . . . . . . . . . . $3,967,798
KENTUCKY POWER COMPANY STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $359,543 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . 77,051 Purchased Power. . . . . . . . . . . . . . . . . . . 113,938 Other Operation. . . . . . . . . . . . . . . . . . . 51,544 Maintenance. . . . . . . . . . . . . . . . . . . . . 24,417 Depreciation . . . . . . . . . . . . . . . . . . . . 26,474 Taxes Other Than Federal Income Taxes. . . . . . . . 9,397 Federal Income Tax Expense . . . . . . . . . . . . . 9,866 TOTAL OPERATING EXPENSES . . . . . . . . . . 312,687 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 46,856 NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . (464) INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 46,392 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 25,646 NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 20,746 STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $84,090 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 20,746 CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 26,760 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $78,076 The common stock of the Company is wholly owned by American Electric Power Company, Inc.
KENTUCKY POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . $ 249,184 Transmission . . . . . . . . . . . . . . . . . . . . 303,456 Distribution . . . . . . . . . . . . . . . . . . . . 350,793 General. . . . . . . . . . . . . . . . . . . . . . . 71,462 Construction Work in Progress. . . . . . . . . . . . 32,060 Total Electric Utility Plant . . . . . . . . 1,006,955 Accumulated Depreciation and Amortization. . . . . . 296,318 NET ELECTRIC UTILITY PLANT . . . . . . . . . 710,637 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 6,591 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 1,381 Accounts Receivable. . . . . . . . . . . . . . . . . 29,125 Allowance for Uncollectible Accounts . . . . . . . . (525) Fuel . . . . . . . . . . . . . . . . . . . . . . . . 10,685 Material and Supplies. . . . . . . . . . . . . . . . 14,054 Accrued Utility Revenues . . . . . . . . . . . . . . 12,981 Prepayments. . . . . . . . . . . . . . . . . . . . . 1,538 TOTAL CURRENT ASSETS . . . . . . . . . . . . 69,239 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 90,045 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 10,159 TOTAL. . . . . . . . . . . . . . . . . . . $ 886,671
KENTUCKY POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - $50 Par Value: Authorized - 2,000,000 Shares Outstanding - 1,009,000 Shares . . . . . . . . . . $ 50,450 Paid-in Capital. . . . . . . . . . . . . . . . . . . 128,750 Retained Earnings. . . . . . . . . . . . . . . . . . 78,076 Total Common Shareholder's Equity. . . . . . 257,276 First Mortgage Bonds . . . . . . . . . . . . . . . . 179,410 Senior Unsecured Notes . . . . . . . . . . . . . . . 47,708 Notes Payable. . . . . . . . . . . . . . . . . . . . 75,000 Subordinated Debentures. . . . . . . . . . . . . . . 38,933 TOTAL CAPITALIZATION . . . . . . . . . . . . 598,327 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 26,693 CURRENT LIABILITIES: Short-term Debt. . . . . . . . . . . . . . . . . . . 36,500 Accounts Payable . . . . . . . . . . . . . . . . . . 24,574 Customer Deposits. . . . . . . . . . . . . . . . . . 3,660 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 6,130 Interest Accrued . . . . . . . . . . . . . . . . . . 6,015 Other. . . . . . . . . . . . . . . . . . . . . . . . 14,935 TOTAL CURRENT LIABILITIES. . . . . . . . . . 91,814 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 153,945 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 15,615 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 277 TOTAL. . . . . . . . . . . . . . . . . . . $886,671
KINGSPORT POWER COMPANY STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $79,922 OPERATING EXPENSES: Purchased Power - Affiliated Company . . . . . . . . 57,931 Other Operation. . . . . . . . . . . . . . . . . . . 8,533 Maintenance. . . . . . . . . . . . . . . . . . . . . 1,982 Depreciation . . . . . . . . . . . . . . . . . . . . 2,582 Taxes Other Than Federal Income Taxes. . . . . . . . 3,937 Federal Income Taxes . . . . . . . . . . . . . . . . 825 TOTAL OPERATING EXPENSES . . . . . . . . . . 75,790 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 4,132 NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 594 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 4,726 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 2,711 NET INCOME . . . . . . . . . . . . . . . . . . . . . . $ 2,015 STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $7,607 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 2,015 CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . 2,255 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $7,367 The common stock of the Company is wholly owned by American Electric Power Company, Inc. /TABLE KINGSPORT POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Transmission . . . . . . . . . . . . . . . . . . . . $12,996 Distribution . . . . . . . . . . . . . . . . . . . . 65,255 General. . . . . . . . . . . . . . . . . . . . . . . 4,684 Construction Work in Progress. . . . . . . . . . . . 1,456 Total Electric Utility Plant . . . . . . . . 84,391 Accumulated Depreciation . . . . . . . . . . . . . . 27,824 NET ELECTRIC UTILITY PLANT . . . . . . . . . 56,567 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . 288 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . 763 Accounts Receivable (net). . . . . . . . . . . . . . 7,102 Materials and Supplies . . . . . . . . . . . . . . . 547 Accrued Utility Revenues . . . . . . . . . . . . . . 3,793 Prepayments. . . . . . . . . . . . . . . . . . . . . 1,058 TOTAL CURRENT ASSETS . . . . . . . . . . . . 13,263 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . 5,598 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . 3 TOTAL. . . . . . . . . . . . . . . . . . . $75,719
KINGSPORT POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized - 500,000 Shares Outstanding - 410,000 Shares . . . . . . . . . . . $ 4,100 Paid-in Capital. . . . . . . . . . . . . . . . . . . 10,800 Retained Earnings. . . . . . . . . . . . . . . . . . 7,367 Total Common Shareholder's Equity. . . . . . 22,267 Long-term Debt - Notes Payable to Banks. . . . . . . 25,000 TOTAL CAPITALIZATION . . . . . . . . . . . . 47,267 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . 2,016 CURRENT LIABILITIES: Short-term Debt - Notes Payable. . . . . . . . . . . 5,600 Accounts Payable . . . . . . . . . . . . . . . . . . 6,822 Customer Deposits. . . . . . . . . . . . . . . . . . 886 Taxes Accrued. . . . . . . . . . . . . . . . . . . . 1,215 Other. . . . . . . . . . . . . . . . . . . . . . . . 2,203 TOTAL CURRENT LIABILITIES. . . . . . . . . . 16,726 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . 8,506 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . 1,027 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . 177 TOTAL. . . . . . . . . . . . . . . . . . . $75,719
OHIO POWER COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . $1,965,818 OPERATING EXPENSES: Fuel . . . . . . . . . . . . . . . . . . . . . . . . 642,135 Purchased Power. . . . . . . . . . . . . . . . . . . 145,861 Other Operation. . . . . . . . . . . . . . . . . . . 322,088 Maintenance. . . . . . . . . . . . . . . . . . . . . 143,831 Depreciation and Amortization. . . . . . . . . . . . 140,807 Taxes Other Than Federal Income Taxes. . . . . . . . 168,480 Federal Income Taxes . . . . . . . . . . . . . . . . 126,223 TOTAL OPERATING EXPENSES . . . . . . . . . . 1,689,425 OPERATING INCOME . . . . . . . . . . . . . . . . . . . 276,393 NONOPERATING INCOME. . . . . . . . . . . . . . . . . . 14,822 INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . 291,215 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . 82,526 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 208,689 PREFERRED STOCK DIVIDEND REQUIREMENTS. . . . . . . . . 2,647 EARNINGS APPLICABLE TO COMMON STOCK. . . . . . . . . . $ 206,042 CONSOLIDATED STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . $584,015 NET INCOME . . . . . . . . . . . . . . . . . . . . . . 208,689 DEDUCTIONS: Cash Dividends Declared: Common Stock . . . . . . . . . . . . . . . . . . . 199,333 Cumulative Preferred Stock . . . . . . . . . . . . 3,199 Capital Stock Expense. . . . . . . . . . . . . . . . 21 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . $590,151 The common stock of the Company is wholly owned by American Electric Power Company, Inc.
OHIO POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Production . . . . . . . . . . . . . . . . . . . . . . . $2,606,981 Transmission . . . . . . . . . . . . . . . . . . . . . . 837,953 Distribution . . . . . . . . . . . . . . . . . . . . . . 927,239 General (including mining assets). . . . . . . . . . . . 709,475 Construction Work in Progress. . . . . . . . . . . . . . 74,149 Total Electric Utility Plant . . . . . . . . . . 5,155,797 Accumulated Depreciation and Amortization. . . . . . . . 2,349,995 NET ELECTRIC UTILITY PLANT . . . . . . . . . . . 2,805,802 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . . . 113,925 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . . . 44,203 Accounts Receivable. . . . . . . . . . . . . . . . . . . 296,173 Allowance for Uncollectible Accounts . . . . . . . . . . (2,501) Fuel . . . . . . . . . . . . . . . . . . . . . . . . . . 119,543 Materials and Supplies . . . . . . . . . . . . . . . . . 80,853 Accrued Utility Revenues . . . . . . . . . . . . . . . . 37,586 Prepayments. . . . . . . . . . . . . . . . . . . . . . . 36,611 TOTAL CURRENT ASSETS . . . . . . . . . . . . . . 612,468 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . . . 523,891 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . . . 107,116 TOTAL. . . . . . . . . . . . . . . . . . . . . $4,163,202
OHIO POWER COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized - 40,000,000 Shares Outstanding - 27,952,473 Shares. . . . . . . . . . . . $ 321,201 Paid-in Capital. . . . . . . . . . . . . . . . . . . . . 462,296 Retained Earnings. . . . . . . . . . . . . . . . . . . . 590,151 Total Common Shareholder's Equity. . . . . . . . 1,373,648 Cumulative Preferred Stock: Not Subject to Mandatory Redemption. . . . . . . . . . 17,542 Subject to Mandatory Redemption. . . . . . . . . . . . 11,850 Long-term Debt . . . . . . . . . . . . . . . . . . . . . 1,012,031 TOTAL CAPITALIZATION . . . . . . . . . . . . . . 2,415,071 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . . . 295,375 CURRENT LIABILITIES: Long-term Debt Due Within One Year . . . . . . . . . . . 83,195 Short-term Debt. . . . . . . . . . . . . . . . . . . . . 78,700 Accounts Payable . . . . . . . . . . . . . . . . . . . . 184,747 Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . 160,055 Interest Accrued . . . . . . . . . . . . . . . . . . . . 16,255 Obligations Under Capital Leases . . . . . . . . . . . . 30,307 Other. . . . . . . . . . . . . . . . . . . . . . . . . . 94,338 TOTAL CURRENT LIABILITIES. . . . . . . . . . . . 647,597 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . . . 723,172 DEFERRED INVESTMENT TAX CREDITS. . . . . . . . . . . . . . 42,821 DEFERRED CREDITS . . . . . . . . . . . . . . . . . . . . . 39,166 TOTAL. . . . . . . . . . . . . . . . . . . . . $4,163,202
WHEELING POWER COMPANY STATEMENT OF INCOME (UNAUDITED)
Twelve Months Ended December 31, 1997 (in thousands) OPERATING REVENUES . . . . . . . . . . . . . . . . . . . $85,297 OPERATING EXPENSES: Purchased Power - Affiliated Company . . . . . . . . . 58,744 Other Operation. . . . . . . . . . . . . . . . . . . . 9,368 Maintenance. . . . . . . . . . . . . . . . . . . . . . 3,021 Depreciation . . . . . . . . . . . . . . . . . . . . . 2,774 Taxes Other Than Federal Income Taxes. . . . . . . . . 5,600 Federal Income Tax Expense . . . . . . . . . . . . . . 1,362 TOTAL OPERATING EXPENSES . . . . . . . . . . . 80,869 OPERATING INCOME . . . . . . . . . . . . . . . . . . . . 4,428 NONOPERATING LOSS. . . . . . . . . . . . . . . . . . . . (255) INCOME BEFORE INTEREST CHARGES . . . . . . . . . . . . . 4,173 INTEREST CHARGES . . . . . . . . . . . . . . . . . . . . 1,982 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . $ 2,191 STATEMENT OF RETAINED EARNINGS (UNAUDITED) Twelve Months Ended December 31, 1997 (in thousands) BALANCE AT BEGINNING OF PERIOD . . . . . . . . . . . . . $6,048 NET INCOME . . . . . . . . . . . . . . . . . . . . . . . 2,191 CASH DIVIDENDS DECLARED. . . . . . . . . . . . . . . . . 2,315 BALANCE AT END OF PERIOD . . . . . . . . . . . . . . . . $5,924 The common stock of the Company is wholly owned by American Electric Power Company, Inc.
WHEELING POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) ASSETS ELECTRIC UTILITY PLANT: Transmission . . . . . . . . . . . . . . . . . . . . . $22,074 Distribution . . . . . . . . . . . . . . . . . . . . . 63,706 General. . . . . . . . . . . . . . . . . . . . . . . . 7,450 Construction Work in Progress. . . . . . . . . . . . . 1,855 Total Electric Utility Plant . . . . . . . . . 95,085 Accumulated Depreciation . . . . . . . . . . . . . . . 37,355 NET ELECTRIC UTILITY PLANT . . . . . . . . . . 57,730 OTHER PROPERTY AND INVESTMENTS . . . . . . . . . . . . . 2,951 CURRENT ASSETS: Cash and Cash Equivalents. . . . . . . . . . . . . . . 197 Accounts Receivable. . . . . . . . . . . . . . . . . . 9,358 Allowance for Uncollectible Accounts . . . . . . . . . (82) Materials and Supplies . . . . . . . . . . . . . . . . 148 Accrued Utility Revenues . . . . . . . . . . . . . . . 1,338 Prepayments and Other. . . . . . . . . . . . . . . . . 213 TOTAL CURRENT ASSETS . . . . . . . . . . . . . 11,172 REGULATORY ASSETS. . . . . . . . . . . . . . . . . . . . 13,955 DEFERRED CHARGES . . . . . . . . . . . . . . . . . . . . 1,568 TOTAL. . . . . . . . . . . . . . . . . . . . $87,376
WHEELING POWER COMPANY BALANCE SHEET (UNAUDITED)
December 31, 1997 (in thousands) CAPITALIZATION AND LIABILITIES CAPITALIZATION: Common Stock - No Par Value: Authorized and Outstanding - 150,000 Shares. . . . . . . $ 2,428 Paid-in Capital. . . . . . . . . . . . . . . . . . . . . . 13,596 Retained Earnings. . . . . . . . . . . . . . . . . . . . . 5,924 Total Common Shareholder's Equity. . . . . . . . . 21,948 Long-term Debt - Notes Payable to Banks. . . . . . . . . . 26,000 TOTAL CAPITALIZATION . . . . . . . . . . . . . . . 47,948 OTHER NONCURRENT LIABILITIES . . . . . . . . . . . . . . . . 6,353 CURRENT LIABILITIES: Short-term Debt - Notes Payable. . . . . . . . . . . . . . 5,975 Accounts Payable . . . . . . . . . . . . . . . . . . . . . 6,144 Customer Deposits. . . . . . . . . . . . . . . . . . . . . 334 Taxes Accrued. . . . . . . . . . . . . . . . . . . . . . . 2,070 Interest Accrued . . . . . . . . . . . . . . . . . . . . . 599 Obligations Under Capital Leases . . . . . . . . . . . . . 597 Other. . . . . . . . . . . . . . . . . . . . . . . . . . . 902 TOTAL CURRENT LIABILITIES. . . . . . . . . . . . . 16,621 DEFERRED INCOME TAXES. . . . . . . . . . . . . . . . . . . . 15,668 REGULATORY LIABILITIES . . . . . . . . . . . . . . . . . . . 786 TOTAL. . . . . . . . . . . . . . . . . . . . . . $87,376
EX-99 3 EX-99 FINANCIALS - FUNDS FLOW AMERICAN ELECTRIC POWER CO., INC. 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CAPITAL CONTRIBUTIONS: AEP GENERATING COMPANY (8) (7) (6) (6) (8) (8) APPALACHIAN POWER COMPANY 50 25 50 100 50 50 COLUMBUS SOUTHERN POWER CO 0 0 0 0 0 0 INDIANA MICHIGAN POWER CO (15) (30) (30) (25) (30) (30) KENTUCKY POWER COMPANY 20 10 20 10 0 10 KINGSPORT POWER COMPANY 3 0 2 2 0 0 OHIO POWER COMPANY (45) 0 (25) (25) (50) (50) WHEELING POWER COMPANY 1 2 2 2 2 2 ADD: FUNDS FOR MARKET UPSETS, INVESTMENTS AND CONTINGENCIES: 125 125 150 150 150 148 SUB-TOTAL 131 125 163 208 114 122 LESS: OTHER INCOME 45 52 65 75 85 95 EXTERNAL FUNDING REQUIRED: 86 73 98 133 29 27 SHORT-TERM DEBT 86 73 98 133 29 27 TOTAL EXTERNAL FUNDS 86 73 98 133 29 27 SHORT-TERM DEBT BALANCES: BEGINNING 54 140 213 311 444 473 ENDING 140 213 311 444 473 500 AEP GENERATING COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 4 4 3 3 3 3 DEBT MATURITIES 25 0 0 0 0 0 SUB-TOTAL 29 4 3 3 3 3 LESS: INTERNAL FUNDS (EX-AFUDC) 0 0 0 0 0 0 EXTERNAL REQUIREMENTS 29 4 3 3 3 3 LONG-TERM DEBT 0 0 0 0 0 0 COMMON EQUITY (8) (7) (6) (6) (8) (8) SHORT-TERM DEBT 37 11 9 9 11 11 TOTAL EXTERNAL FUNDS 29 4 3 3 3 3 SHORT-TERM DEBT BALANCES: BEGINNING 12 49 60 69 78 89 ENDING 49 60 69 78 89 100 APPALACHIAN POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 203 222 225 279 320 257 DEBT MATURITIES 194 30 102 102 80 106 SUB-TOTAL 397 252 327 381 400 363 LESS: INTERNAL FUNDS (EX-AFUDC) 214 161 149 158 149 156 EXTERNAL REQUIREMENTS 183 91 178 223 251 207 LONG-TERM DEBT 100 0 75 80 250 110 COMMON EQUITY 50 25 50 100 50 50 SHORT-TERM DEBT 33 66 53 43 (49) 47 TOTAL EXTERNAL FUNDS 183 91 178 223 251 207 SHORT-TERM DEBT BALANCES: BEGINNING 130 163 229 282 325 276 ENDING 163 229 282 325 276 323 COLUMBUS SOUTHERN POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 116 124 135 103 112 114 DEBT MATURITIES 138 0 5 5 100 115 SUB-TOTAL 254 124 140 108 212 229 LESS: INTERNAL FUNDS (EX-AFUDC) 127 145 124 126 133 121 EXTERNAL REQUIREMENTS 127 (21) 16 (18) 79 108 LONG-TERM DEBT 0 0 0 0 10 48 COMMON EQUITY 0 0 0 0 0 0 SHORT-TERM DEBT 127 (21) 16 (18) 69 60 TOTAL EXTERNAL FUNDS 127 (21) 16 (18) 79 108 SHORT-TERM DEBT BALANCES: BEGINNING 67 194 173 189 171 240 ENDING 194 173 189 171 240 300 INDIANA MICHIGAN POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 163 142 120 97 112 114 DEBT MATURITIES 55 35 48 40 90 70 SUB-TOTAL 218 177 168 137 202 184 LESS: INTERNAL FUNDS (EX-AFUDC) 181 168 186 197 160 177 EXTERNAL REQUIREMENTS 37 9 (18) (60) 42 7 LONG-TERM DEBT 0 0 0 0 0 0 COMMON EQUITY (15) (30) (30) (25) (30) (30) SHORT-TERM DEBT 52 39 12 (35) 72 37 TOTAL EXTERNAL FUNDS 37 9 (18) (60) 42 7 SHORT-TERM DEBT BALANCES: BEGINNING 123 175 214 226 191 263 ENDING 175 214 226 191 263 300 KENTUCKY POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 53 45 38 45 29 94 DEBT MATURITIES 10 60 25 60 25 45 SUB-TOTAL 63 105 63 105 54 139 LESS: INTERNAL FUNDS (EX-AFUDC) 23 16 27 23 24 18 EXTERNAL REQUIREMENTS 40 89 36 82 30 121 LONG-TERM DEBT 0 60 25 50 35 45 COMMON EQUITY 20 10 20 10 0 10 SHORT-TERM DEBT 20 19 ( 9) 22 ( 5) 66 TOTAL EXTERNAL FUNDS 40 89 36 82 30 121 SHORT-TERM DEBT BALANCES: BEGINNING 37 57 76 67 89 84 ENDING 57 76 67 89 84 150 KINGSPORT POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 5 5 5 5 5 5 DEBT MATURITIES 0 10 5 10 0 0 SUB-TOTAL 5 15 10 15 5 5 LESS: INTERNAL FUNDS (EX-AFUDC) 4 3 3 3 3 3 EXTERNAL REQUIREMENTS 1 12 7 12 2 2 LONG-TERM DEBT 0 0 0 1 5 0 COMMON EQUITY 3 0 2 2 0 0 SHORT-TERM DEBT ( 2) 12 5 9 ( 3) 2 TOTAL EXTERNAL FUNDS 1 12 7 12 2 2 SHORT-TERM DEBT BALANCES: BEGINNING 6 4 16 21 30 27 ENDING 4 16 21 30 27 29 OHIO POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 188 205 171 163 140 146 DEBT MATURITIES 156 0 0 0 0 207 SUB-TOTAL 344 205 171 163 140 353 LESS: INTERNAL FUNDS (EX-AFUDC) 212 226 175 212 244 181 EXTERNAL REQUIREMENTS 132 (21) ( 4) (49)(104) 172 LONG-TERM DEBT 0 0 0 0 0 0 COMMON EQUITY (45) 0 (25) (25) (50) (50) SHORT-TERM DEBT 177 (21) 21 (24) (54) 222 TOTAL EXTERNAL FUNDS 132 (21) ( 4) (49)(104) 172 SHORT-TERM DEBT BALANCES: BEGINNING 79 256 235 256 232 178 ENDING 256 235 256 232 178 400 WHEELING POWER COMPANY 1998 - 2003 FUNDS FLOW ($MILLIONS) 1998 1999 2000 2001 2002 2003 CONSTRUCTION (EX-AFUDC) 4 6 7 4 4 4 DEBT MATURITIES 0 5 11 10 0 0 SUB-TOTAL 4 11 18 14 4 4 LESS: INTERNAL FUNDS (EX-AFUDC) 4 3 3 3 3 2 EXTERNAL REQUIREMENTS 0 8 15 11 1 2 LONG-TERM DEBT 0 0 0 3 0 0 COMMON EQUITY 1 2 2 2 2 2 SHORT-TERM DEBT ( 1) 6 13 6 ( 1) 0 TOTAL EXTERNAL FUNDS 0 8 15 11 1 2 SHORT-TERM DEBT BALANCES: BEGINNING 6 5 11 24 30 29 ENDING 5 11 24 30 29 29 -----END PRIVACY-ENHANCED MESSAGE-----