-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, h0hce+BoAxmp47C5N38V53yGoClRxu7IUlO8Kb9MmSYCzCh1CwFDEY9Ac5/JACHY WzVq5rgQ+mgvGLGs3xM5nQ== 0000053456-94-000015.txt : 19940831 0000053456-94-000015.hdr.sgml : 19940831 ACCESSION NUMBER: 0000053456-94-000015 CONFORMED SUBMISSION TYPE: POS AMC PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19940830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JERSEY CENTRAL POWER & LIGHT CO CENTRAL INDEX KEY: 0000053456 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 210485010 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: POS AMC SEC ACT: 1935 Act SEC FILE NUMBER: 070-06903 FILM NUMBER: 94547216 BUSINESS ADDRESS: STREET 1: 300 MADISON AVE CITY: MORRISTOWN STATE: NJ ZIP: 079621911 BUSINESS PHONE: 2014558200 POS AMC 1 JCP&L U-1 POST-EFFECTIVE AMENDMENT NO. 7-70-6903 Post-Effective Amendment No. 7 to SEC File No. 70-6903 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM U-1 APPLICATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 JERSEY CENTRAL POWER & LIGHT COMPANY ("JCP&L") 300 Madison Avenue, Morristown, New Jersey 07962-1911 (Name of company filing this statement and address of principal executive office) Don W. Myers, Vice President Douglas E. Davidson, Esq. and Treasurer Berlack, Israels & Liberman GPU Service Corporation 120 West 45th Street 100 Interpace Parkway New York, New York 10036 Parsippany, NJ 07054 Richard S. Cohen, Esq. Secretary & Corporate Counsel Jersey Central Power & Light Company 300 Madison Avenue Morristown, NJ 07962-1911 (Names and addresses of agents for service) JCP&L hereby post-effectively amends its Application on Form U-1 as heretofore amended, docketed in SEC File No. 70-6903, as follows: 1. By Orders dated November 16, 1983 (HCAR No. 23121), November 19, 1984 (HCAR No. 23486), July 30, 1985 (HCAR No. 23773), June 27, 1986 (HCAR No. 24138) and January 17, 1990 (HCAR No. 25007), the Commission, among other things, authorized JCP&L to acquire from time to time until December 31, 1994, up to $15 million of obligations of its electric customers, and to incur up to $500,000 of administrative and other related expenses, arising from such customers' participation in the following energy conservation programs: (1) Home Energy Loan Program; (2) Solar Water Heating Conversion Program; and (3) Electric Heat Conversion Program. 2. The acquisition of such obligations by JCP&L was designed to facilitate the financing of energy-saving improvements and thereby promote energy conservation. Such energy conservation programs had been approved by an Order of the New Jersey Board of Public Utilities, dated August 3, 1983, which Order was entered pursuant to a previous Order, dated December 1, 1982, mandating all New Jersey utilities, including JCP&L, to develop and institute programs for financing their customers' purchase and installation of energy-saving products or conservation measures. Such customer obligations consist of notes evidencing disbursements made by JCP&L to contractors on behalf of these customers in connection with the foregoing programs. 1 3. In its Application, JCP&L had stated that if it were necessary to continue the loan program beyond the date authorized by the Commission, it would seek a further Order of the Commission by post-effective amendment in this docket. 4. Consequently, by this post-effective amendment, JCP&L requests authorization to extend the time during which it may acquire such customer obligations (in the aforesaid amount) and incur administrative and other related expenses until December 31, 1999, and to increase to $750,000 from $500,000 the amount of administrative and other related expenses it may incur. In all other respects, the transactions as heretofore authorized by the Commission would remain unchanged. At June 30, 1994, JCP&L had acquired, from the date of the inception of the energy conservation programs, obligations of its customers in the aggregate amount of $7,196,530, of which $1,001,242 was outstanding on June 30, 1994, and incurred administrative and other related expenses in the aggregate amount of $340,838. 5. The additional fees, commissions and expenses expected to be incurred by JCP&L in connection with the transactions which are the subject of this post-effective amendment are as follows: SEC Filing Fee $ 2 000 Legal Fees 1,500 Miscellaneous 500 Total $ 4,000 6. No state or federal commission, other than your commission, has jurisdiction with respect to the transactions which are the subject of this post-effective amendment. 7. Sections 9(a) and 10 of the Act are applicable to the 2 proposed transaction. 8. The transactions herein proposed are for the purposes of financing JCP&L's business as a public utility and approval thereof by the Commission will not constitute a major federal action significantly affecting the quality of the human environment. No federal agency has prepared or is preparing an environmental impact statement with respect to the proposed transactions. 9. It is requested that the Commission issue an Order authorizing the transactions proposed herein at the earliest practicable date and, in any event, no later than November 30, 1994. 10. By filing the following financial statements and exhibits in Item 6 thereof: (a) Financial Statements: 1 - JCP&L Balance Sheets, actual and pro forma, as at June 30, 1994, Statements of Income and Retained Earnings, actual and pro forma, for the twelve months ended June 30, 1994; pro forma journal entries. 2 - GPU Consolidated financial statements have been omitted since they are not materially affected by the proposed transactions. 3 - None. 4 - Statement of material changes since the date of the balance sheets which are not reflected in the Notes to the Financial Statements - None. (b) Exhibits: F-1(b) - Opinion of Richard S. Cohen, Esq. - to be filed by amendment H - Form of Public Notice. 3 SIGNATURE PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED. JERSEY CENTRAL POWER & LIGHT COMPANY By: Don W. Myers, Vice President and Treasurer Date: August 30, 1994 EX-99 2 EXHIBIT INDEX EXHIBIT AND FINANCIAL STATEMENTS TO BE FILED BY EDGAR Exhibit: H - Form of Public Notice. Financial Statements: 1 - JCP&L Balance Sheets, actual and pro forma, as at June 30, 1994, Statements of Income and Retained Earnings, actual and pro forma, for the twelve months ended June 30, 1994; pro forma journal entries. EX-99 3 EXHIBIT H Exhibit H SECURITIES AND EXCHANGE COMMISSION (RELEASE NO. 35- , 70-6903) JERSEY CENTRAL POWER & LIGHT COMPANY PROPOSED ACQUISITION OF CUSTOMERS' NOTES RELATED TO FINANCING OF CONSERVATION MEASURES Jersey Central Power & Light Company ("JCP&L"), 300 Madison Avenue, Morristown, New Jersey, 07962-1911, an electric utility subsidiary of General Public Utilities Corporation, a registered holding company, has filed with this Commission a further post- effective amendment to its Application in this proceeding pursuant to Sections 9(a) and 10 of the Public Utility Holding Company Act of 1935 ("Act"). By Orders dated November 16, 1983 (HCAR No. 23121), November 19, 1984 (HCAR No. 23486), July 30, 1985 (HCAR No. 23773), June 27, 1986 (HCAR No. 24138) and January 17, 1990 (HCAR No. 25007), the Commission, among other things, authorized JCP&L to acquire from time to time until December 31, 1994, up to $15 million of obligations of its electric customers, and to incur up to $500,000 of administrative and other related expenses, arising from such customers' participation in JCP&L's Home Energy Loan Program, Solar Water Heating Conversion Program, and Electric Heat Conversion Program. Such obligations consist of notes evidencing disbursements made by JCP&L to contractors on behalf of these customers in connection with the foregoing programs. JCP&L now requests authorization to extend the time during which it may acquire such customer obligations (in the aforesaid amount) and incur administrative and other related expenses until December 31, 1999, and to increase to $750,000 from $500,00 the amount of administrative and other related expenses it may incur. The Application, as amended, is available for public inspection through the Commission's Office of Public Reference. Interested persons wishing to comment or request a hearing should submit their views in writing by November 29, 1994, to Secretary, Securities and Exchange Commission, Washington, D.C. 20549, and serve a copy on the applicant at the address specified above. Proof of service (by affidavit, or in the case of an attorney at law, by certificate) should be filed with the request. Any request for a hearing shall identify specifically the issues of fact or law that are disputed. A person who so requests will be notified of any hearing, if order, and will receive a copy of any notice or order issued in this matter. After said date, the Application, as amended, may be granted. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Jonathan G. Katz Secretary EX-99 4 FINANCIAL STATEMENTS Financial Statements Item 10(a) 1 Page 1 of 5 JERSEY CENTRAL POWER & LIGHT COMPANY BALANCE SHEETS ACTUAL AND PRO FORMA AT JUNE 30, 1994 (IN THOUSANDS)
Adjustments Pro Actual (See pages 4+5) Forma ASSETS Uility Plant: In service, at original cost $4 006 196 $4 006 196 Less, accumulated depreciation 1 450 714 1 450 714 Net utility plant in service 2 555 482 2 555 482 Construction work in progress 117 838 117 838 Other, net 128 982 128 982 Net utility plant 2 802 302 2 802 302 Current Assets: Cash and temporary cash investments 2 981 $112 800 115 781 Special deposits 7 384 7 384 Accounts receivable: Customers, net 134 860 134 860 Other 12 192 7 803 19 995 Unbilled revenues 68 298 68 298 Materials and supplies, at average cost or less: Construction and maintenance 104 115 104 115 Fuel 19 332 19 332 Deferred income taxes 6 606 6 606 Prepayments 196 614 196 614 Total current assets 552 382 120 603 672 985 Deferred Debits and Other Assets: Three Mile Island Unit 2 deferred costs 141 153 141 153 Unamortized property losses 106 697 106 697 Deferred income taxes 129 314 129 314 Income taxes recoverable through future rates 123 431 123 431 Decommissioning funds 158 248 158 248 Special deposits 83 150 83 150 Other 338 025 338 025 Total deferred debits and other assets 1 080 018 1 080 018 Total Assets $4 434 702 $120 603 $4 555 305 The accompanying notes are an integral part of the financial statements. Financial Statements Item 10(a) 1 Page 2 of 5 JERSEY CENTRAL POWER & LIGHT COMPANY BALANCE SHEETS ACTUAL AND PRO FORMA AT JUNE 30, 1994 (IN THOUSANDS) Adjustments Pro Actual (See pages 4+5) Forma LIABILITIES AND CAPITAL Capitalization: Common stock $ 153 713 $ 153 713 Capital surplus 435 715 435 715 Retained earnings 705 068 $ (4 946) 700 122 Total common stockholder's equity 1 294 496 (4 946) 1 289 550 Cumulative preferred stock: With mandatory redemption 150 000 150 000 Without mandatory redemption 37 741 37 741 Long-term debt 1 215 779 1 215 779 Total capitalization 2 698 016 (4 946) 2 693 070 Current Liabilities: Debt due within one year 60 008 60 008 Notes payable 155 387 120 000 275 387 Obligations under capital leases 102 276 102 276 Accounts payable: Affiliates 37 384 37 384 Other 109 702 8 212 117 914 Taxes accrued 79 342 (2 663) 76 679 Deferred energy credits 12 733 12 733 Interest accrued 35 944 35 944 Other 58 518 58 518 Total current liabilities 651 294 125 549 776 843 Deferred Credits and Other Liabilities: Deferred income taxes 574 982 574 982 Unamortized investment tax credits 75 605 75 605 Three Mile Island Unit 2 future costs 84 828 84 828 Other 349 977 349 977 Total deferred credits and other liabilities 1 085 392 1 085 392 Commitments and Contingencies (Note 1) Total Liabilities and Capital $4 434 702 $120 603 $4 555 305 The accompanying notes are an integral part of the financial statements. Financial Statements Item 10(a) 1 Page 3 of 5 JERSEY CENTRAL POWER & LIGHT COMPANY STATEMENTS OF INCOME AND RETAINED EARNINGS ACTUAL AND PRO FORMA FOR THE TWELVE MONTHS ENDED JUNE 30, 1994 (IN THOUSANDS) Adjustments Pro Actual (See pages 4+5) Forma Operating Revenues $1 969 728 $1 969 728 Operating Expenses: Fuel 113 157 113 157 Power purchased and interchanged 592 270 592 270 Deferral of energy and capacity costs, net (5 406) (5 406) Other operation and maintenance 526 803 $ 409 527 212 Depreciation and amortization 185 330 185 330 Taxes, other than income taxes 232 942 232 942 Total operating expenses 1 645 096 409 1 645 505 Operating Income Before Income Taxes 324 632 (409) 324 223 Income taxes 75 375 (2 663) 72 712 Operating Income 249 257 2 254 251 511 Other Income and Deductions: Allowance for other funds used during construction 1 334 1 334 Other income, net 18 100 18 100 Income taxes (7 085) (7 085) Total other income and deductions 12 349 12 349 Income Before Interest Charges 261 606 2 254 263 860 Interest Charges: Interest on long-term debt 96 639 96 639 Other interest 12 877 7 200 20 077 Allowance for borrowed funds used during construction (2 145) (2 145) Total interest charges 107 371 7 200 114 571 Net Income 154 235 (4 946) 149 289 Preferred stock dividends 14 796 14 796 Earnings Available for Common Stock $ 139 439 $ (4 946) $ 134 493 Retained Earnings: Balance, beginning of period $ 667 868 $ 667 868 Add, net income 154 235 $ (4 946) 149 289 Deduct, dividends on cumulative preferred stock 14 796 14 796 Deduct, dividends on common stock 100 000 100 000 Deduct, other adjustments 2 239 2 239 Balance, end of period $ 705 068 $ (4 946) $ 700 122 The accompanying notes are an integral part of the financial statements. Financial Statements Item 10(a) 1 Page 4 of 5 JERSEY CENTRAL POWER & LIGHT COMPANY PRO FORMA ADJUSTMENTS AT JUNE 30, 1994 (IN THOUSANDS) (1) Accounts receivable - other $ 7 803 Accounts payable - other $ 7 803 To reflect an increase of $7.803 mil- lion of notes receivable, to a total of $15 million, in accordance with the pro- visions of the customer home energy improvement financing program ($7.197 mil- lion of electric customer obligations were acquired as of June 30, 1994 under the program). (SEC File No. 70-6903) (2) Other operation and maintenance $ 409 Accounts payable - other $ 409 To reflect the increase of $.409 mil- lion in operating expenses, to a total of $.75 million, as a result of the adminis- trative fee due to the participating banks in accordance with the provisions of the customer home energy improvement financing program ($.341 million of administrative fees were incurred as of June 30, 1994 under the program). (SEC File No. 70-6903) (3) Cash and temporary cash investments $120 000 Notes payable $120 000 To reflect the issuance of $120 million of borrowings under the new Revolving Credit Agreement up to the charter limit. (SEC File No. 70-7926) Financial Statements Item 10(a) 1 Page 5 of 5 JERSEY CENTRAL POWER & LIGHT COMPANY PRO FORMA ADJUSTMENTS AT JUNE 30, 1994 (IN THOUSANDS) (4) Other interest $7 200 Cash and temporary cash investments $7 200 To reflect annual interest expense resulting from the issuance of $120 million of borrowings under the new Revolving Credit Agreement at an assumed interest rate of 6%. (SEC File No. 70-7926) (5) Taxes accrued $2 663 Income taxes $2 663 To reflect the decrease in the pro- vision for Federal income taxes at a rate of 35% attributable to (a) the increase in other operation and maintenance expense as a result of administrative fees associated with the customer home energy improvement financing program ($.409 million) (SEC File No. 70-6903) and (b) the increase in interest expense from the issuance of short- term debt under the new Revolving Credit Agreement ($7.2 million). (SEC File No. 70-7926) /TABLE -----END PRIVACY-ENHANCED MESSAGE-----