-----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, CrLmaD+b9zaExgMxb5jYg/k2xwgtux3S34iskKj1bDrJk4+6EebgC+Kny+aVkkYO fYWX8F2VHvPFL1J9KURlyQ== 0000788784-96-000004.txt : 19960301 0000788784-96-000004.hdr.sgml : 19960301 ACCESSION NUMBER: 0000788784-96-000004 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960229 SROS: NYSE SROS: PHLX FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ENTERPRISE GROUP INC CENTRAL INDEX KEY: 0000788784 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 222625848 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00316 FILM NUMBER: 96528808 BUSINESS ADDRESS: STREET 1: 80 PARK PLZ STREET 2: P O BOX 1171 CITY: NEWARK STATE: NJ ZIP: 07101 BUSINESS PHONE: 2014307000 U-3A-2 1 FORM U-3A-2 ENTERPRISE File No. 1-9120 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 To Be Filed Annually Prior to March 1 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED -------------------------------------------- (Name of company) 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 and submits the following information: 1. Name, State of organization, location and nature of business of claimant, Public Service Enterprise Group Incorporated (Enterprise) and every subsidiary thereof, other than any exempt wholesale generator (EWG) or foreign utility company in which Enterprise directly or indirectly holds an interest. Enterprise is a New Jersey corporation and has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. Enterprise has two direct wholly-owned subsidiaries, Public Service Electric and Gas Company (PSE&G) and Enterprise Diversified Holdings Incorporated (EDHI). Enterprise also has 138 indirect subsidiaries. Details are as follows: I. PSE&G, a New Jersey corporation, with its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101, is an operating public utility company engaged principally in the generation, transmission, distribution and sale of electric energy service and in the transmission, distribution and sale of gas service in New Jersey. PSE&G supplies electric and gas service in areas of New Jersey in which approximately 5,500,000 persons, about 70% of the State's population, reside. PSE&G supplies its gas customers principally with natural gas. PSE&G supplements natural gas with purchased refinery gas and liquefied petroleum gas produced from propane. About 40% of PSE&G's daily gas capacity is high load factor natural gas and is available every day of the year. The remainder comes from field storage, liquefied natural gas, seasonal sales, contract peaking supply, propane and refinery gas. The adequacy of supply of all types of gas is affected by the nationwide availability of all sources for energy production. PSE&G is Enterprise's principal operating subsidiary. As of December 31, 1995, PSE&G comprised 85% of Enterprise's assets. PSE&G's 1995 revenues were 93% of Enterprise's revenues and PSE&G's earnings available to Enterprise were 88% of Enterprise's net income. Generation, transmission, distribution and sale of electric energy service and the transmission, distribution and sale of gas service will continue as the principal business of Enterprise for the foreseeable future. The accounting and rates of PSE&G are subject in certain respects to the requirements of the New Jersey Board of Public Utilities (BPU) and the Federal Energy Regulatory Commission (FERC). PSE&G has seven direct wholly-owned subsidiaries as follows: A. PSE&G Fuel Corporation (Fuelco), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. Fuelco provides financing, unconditionally guaranteed by PSE&G, of up to $150 million aggregate principal amount at any one time of a 42.49% interest in the nuclear fuel acquired for Peach Bottom Atomic Power Station Units 2 and 3. B. New Jersey Properties, Inc. (NJP), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. NJP acquires certain real estate from time to time. C. Public Service Corporation of New Jersey (PSC of NJ), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. PSC of NJ, presently inactive, surveyed and investigated potential nuclear generation sites for the United States Department of Energy. D. Public Service Conservation Resources Corporation (PSCRC), a New Jersey corporation, has its principal executive offices at 9 Campus Drive, Parsippany, New Jersey 07054. PSCRC finances, markets and develops energy conservation projects, mostly within PSE&G's service territory. E. Soil Extraction Technologies, Inc., (SETI) a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. SETI, presently inactive, was a general partner (50% partnership interest) in a partnership formed for the purpose of developing and commercializing a soil remediation technology. F. The Francis Corporation (TFC), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. TFC acquires certain real estate from time to time. G. Enterprise Ventures & Services Corporation (Ventures), a New Jersey corporation formed in 1995, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. Ventures has been established to develop and market new energy-related products and services beyond traditional utility geographic and/or industry boundaries. II. EDHI, a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. EDHI is the parent of Enterprise's nonutility businesses. As of December 31, 1995, EDHI comprised 15% of Enterprise's assets. EDHI's 1995 revenues were 7% of Enterprise's revenues and EDHI's 1995 net income was 12% of Enterprise's net income. EDHI's six direct wholly-owned subsidiaries and 126 indirect subsidiaries are as follows: A. Public Service Resources Corporation (PSRC), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. PSRC makes primarily passive investments in assets that can provide funds for future growth as well as provide incremental earnings for Enterprise. Investments have been made in leveraged and direct financing leases, project financings, venture capital funds, leveraged buyout funds, real estate limited partnerships and securities. The maturities of the portfolio's investments are also fairly diverse, with some having terms exceeding 30 years. PSRC's leveraged lease investments include a wide range of asset sectors. Some of the transactions in which PSRC and its subsidiaries participate involve other equity investors. As of December 31, 1995, PSRC comprised 8% of Enterprise's assets. PSRC's 1995 revenues were 2% of Enterprise's revenues and PSRC's 1995 net income was 5% of Enterprise's net income. PSRC is a wholly- owned subsidiary of EDHI. PSRC has fifteen direct and six indirect wholly-owned subsidiaries as follows: 1. Resources Capital Financing Corporation (RCFC), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. RCFC has as its sole investment an undivided interest in the Beaver Valley 2 Nuclear Generating Station, Shippingport, Pennsylvania by virtue of a leveraged lease transaction. 2. Resources Capital Investment Corporation (RCIC), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. RCIC has as its sole investment an undivided interest in a paper mill facility in Duluth, Minnesota by virtue of a leveraged lease transaction. 3. The Water Source, Inc. (TWS), a New Jersey corporation, has its principal executive offices at 43 Charleston Road, Willingboro, New Jersey 08046. TWS operates a residential water treatment business in New Jersey. 4. Resources Capital Sales Corporation (RCSC) is incorporated under the laws of the United States Virgin Islands and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. RCSC was formed in connection with investment activities of PSRC to receive the benefits available to a foreign sales corporation (FSC) under the Internal Revenue Code for the purpose of arranging the export of sales and leases of United States manufactured products, including the financing, management, negotiation and contracting of such sales and leases. 5. Resources Capital Management Corporation (RCMC), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. As of December 31, 1995, RCMC comprised 3% of Enterprise's assets. RCMC's 1995 revenues were 0.7% of Enterprise's revenues and RCMC's 1995 net income was 1.7% of Enterprise's net income. RCMC has invested in a project financing and several leveraged leases. RCMC has six direct wholly-owned subsidiaries as follows: (a) Franklin Street Real Estate, Inc. (Franklin), a Delaware corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Franklin acts as a lessee under a master lease and lessor under an operating lease with regard to the leveraged lease investment of RCMC in Renaissance Center, a Detroit, Michigan office complex. (b) Renaissance Tower Associates, Inc. (Tower), a Connecticut corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Tower is the lender under a loan agreement and issuer of lender notes under the Renaissance Center leveraged lease transaction. (c) RCMC Sales Corporation (RCMC SC) is incorporated under the laws of the United States Virgin Islands, and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. RCMC SC was formed as a FSC in connection with investment activities of RCMC. (d) RCMC One, Incorporated (RCMC One), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102 and is presently inactive. (e) RCMC, Inc., a Delaware corporation formed in 1995, has its principal executive offices at 1105 North Market Street, Suite 1300, P.O. Box 8985, Wilmington, Delaware 19899. RCMC, Inc. holds investments in four foreign aircraft leveraged leases, a limited partnership investment in an advanced flue gas desulfurization facility at Northern Indiana Public Service Company's Bailly Generating Station in Indiana and a limited partnership investment in a Phillips Petroleum ethylene facility in Sweeney, Texas. (f) RCMC Del., Inc. (RCMC Del.), a Delaware corporation formed in 1995, has its principal executive offices at 1105 North Market Street, Suite 1300, P.O. Box 8985, Wilmington, Delaware 19899. RCMC Del. has investments in a leveraged lease of an undivided interest of System Energy Resources Inc.'s interest in the Grand Gulf Unit 1 Nuclear Generating Station in Port Gibson, Mississippi and in a leveraged lease of US West's Communications' regional headquarters in Denver, Colorado. 6. PSRC Sales Corporation One (PSRC One) is incorporated under the laws of the United States Virgin Islands and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. PSRC One was formed as a FSC in connection with certain investment activities of PSRC. 7. PSRC Sales Corporation Two (PSRC Two) is incorporated under the laws of the United States Virgin Islands and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. PSRC Two was formed as a FSC in connection with certain investment activities of PSRC. 8. PSRC Sales Corporation Three (PSRC Three) is incorporated under the laws of the United States Virgin Islands and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. PSRC Three was formed as a FSC in connection with certain investment activities of PSRC. 9. PSRC Sales Corporation Four (PSRC Four) is incorporated under the laws of the United States Virgin Islands and has its principal executive offices at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands. PSRC Four was formed as a FSC in connection with certain investment activities of PSRC. 10. Public Service Gas Marketing Company (PSGMC), a Delaware corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. PSGMC is a 66.67% general partner with U.S. Energy Partners, Inc., (USEP, Inc.) an affiliated corporation, in U.S. Energy Partners (USEP), a Delaware general partnership, which markets natural gas and associated services on an unregulated basis to commercial and industrial gas customers nationwide. 11. USEP, Inc., a Delaware corporation formed in 1995, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102 and is a 33.33% general partner with PSGMC, an affiliated corporation, in USEP, which markets natural gas and associated services on an unregulated basis to commercial and industrial gas customers nationwide. 12. PSRC, Inc. (PSRCI), a Delaware corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. PSRCI is a wholly-owned subsidiary of PSRC. PSRCI has as its sole investment the leveraged lease of a zinc sintering facility in Monaca, Pennsylvania. 13. PSRC Del., Inc. (PSRC Del.), a Delaware corporation formed in 1995, has its principal executive offices at 1105 North Market Street, Suite 1300, P.O. Box 8985, Wilmington, Delaware 19899. PSRC Del. has investments in limited partnership interests in the KKR 1987 and 1993 Funds, which are two leveraged buyout funds; limited partnership interests in Solar Energy Generating System (SEGS) III, IV, and V, each of which sell electrical energy to Southern California Edison; an interest in the operating company, Kramer Junction Corp., which manages the SEGS projects; a limited partnership interest in Market Hub Partners, which owns and operates salt dome natural gas storage facilities located near the intersection of major natural gas pipelines; an interest in the operating company, Market Hub, Inc., which manages the Market Hub Partners natural gas storage facilities; a limited partnership interest in DLJ Merchant Banking Partners L.P., a limited partnership which makes investments in acquisitions, recapitalization, restructurings and workouts of over-leveraged companies; and limited partnership interests in Edison Venture Fund, Edison Venture Fund II and Edison Venture Fund III, each a venture capital fund targeted to make investments in advanced technology companies. 14. Enterprise Energy Technology Group, Inc. (EnterTech), a Delaware corporation formed in 1995, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. EnterTech provides energy management services to commercial facilities in the United States. 15. Enterprise Strategic Energy Solutions, Inc. (ESES), a Delaware corporation formed in 1995, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. ESES provides energy management services to industrial facilities in North America. B. Energy Development Corporation (EDC), a New Jersey corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC is an oil and gas exploration, production, and marketing company with principal operations both onshore and offshore in the southern United States and has a growing international production base. As of December 31, 1995, EDC comprised 4% of Enterprise's assets. EDC's 1995 revenues were 4% of Enterprise's revenues and EDC's 1995 net income was 5% of Enterprise's net income. EDC is a wholly-owned subsidiary of EDHI. In December 1995, Enterprise announced EDHI's intention to divest itself of EDC during 1996. EDC has sixteen direct and four indirect wholly-owned subsidiaries as follows: 1. Gasdel Pipeline System Incorporated (GPSI), a New Jersey corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. GPSI gathers and transports gas from EDC's fields to delivery points on the systems of interstate pipeline companies transporting the gas for EDC and other companies. Its properties presently consist of full ownership and partial interests in various pipelines connecting onshore gas fields in Louisiana and Texas and offshore gas fields in the Gulf of Mexico. GPSI is regulated by FERC. 2. Pelto Oil Company International, a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002 and is presently inactive. 3. Producers Service, Inc. (Producers), a New Jersey corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. Producers operates a gas gathering system in northern Louisiana. Producers owns, but does not operate, an intrastate natural gas pipeline in southern Louisiana. 4. Pelto Oil Company, Inc., a New Jersey corporation has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002 and is currently inactive. 5. HGC, Inc. (HGC), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. HGC owns a 51% interest in a gas gathering system which receives production from the South Lake Arthur Field in Louisiana. 6. Energy Development Corporation (Argentina), Inc. (EDC (Argentina),Inc.), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC (Argentina), Inc. is engaged in exploratory and production activities for oil and gas in Argentina. 7. Energy Development Corporation (China), Inc. (EDC (China), Inc.), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC (China), Inc. is engaged in exploratory activities for oil and gas in mainland and offshore China. 8. Energy Development Corporation (HIPS), Inc. (EDC (HIPS), Inc.), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC (HIPS), Inc. was formed in connection with the acquisition of an interest in the High Island Pipeline System, a crude oil pipeline regulated by FERC and located offshore the Gulf of Mexico. 9. Energy Development Corporation (Peru), Inc. (EDC (Peru), Inc.), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC (Peru), Inc. is engaged in exploratory activities for oil and gas in Peru. 10. EDC Marketing Company (EDCMC), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston Texas 77002 and is presently inactive. 11. EDC (Tunisia), Inc., a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC (Tunisia), Inc. is engaged in exploratory activities for oil and gas in Tunisia. 12. EDC Ecuador Ltd. (Ecuador), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. Ecuador is engaged in exploratory and production activities for oil and gas in Ecuador. 13. Brabant Petroleum USA Company (Brabant), a Kansas corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. Brabant is engaged in exploratory and production activities for oil and gas in the United States. 14. EDC Australia Ltd. (EDC Australia), a Delaware corporation formed in 1995, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC Australia is engaged in exploratory activities for oil and gas in Australia. 15. EDC (UK) Limited (EDC UK), a Delaware corporation, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC UK is engaged in exploratory and production activities for oil and gas in the United Kingdom (U.K.), Europe and Africa. EDC UK Limited has three direct and one indirect wholly-owned subsidiaries as follows: (a) Brabant Petroleum Limited (Brabant Petroleum), a company chartered in the U.K., has its principal executive offices at Suffolk House, 154 High Street, Sevenoaks, Kent, U.K. Brabant Petroleum is engaged in exploratory and production activities for oil and gas in the U.K., Europe and Africa. (b) Brabant Oil Limited (Brabant Oil), a company chartered in the U.K., has its principal executive offices at Suffolk House, 154 High Street, Sevenoaks, Kent, U.K. Brabant Oil, is engaged in exploratory and production activities for oil and gas in the U.K., Europe and Africa. (i) Burnside Overseas Exploration Limited (Burnside), a company chartered in the Isle of Man, has its principal executive offices at Suffolk House, 154 High Street, Sevenoaks, Kent, U.K. Burnside is engaged in exploratory activities for oil and gas in New Zealand. (c) Brabant Oilex Limited (Brabant Oilex), a company chartered in the U.K., has its principal executive offices at Suffolk House, 154 High Street, Sevenoaks, Kent, U.K. Brabant Oilex is engaged in exploratory and production activities for oil and gas in the U.K., Europe and Africa. 16. EDC Senegal Ltd. (EDC Senegal), a Delaware corporation formed in 1995, has its principal executive offices at 1000 Louisiana Street, Suite 2900, Houston, Texas 77002. EDC Senegal Ltd. is engaged in exploratory activities for oil and gas in Senegal. C. Community Energy Alternatives Incorporated (CEA), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA is a direct and indirect investor in and developer and operator of domestic and foreign cogeneration and power production facilities, the majority of which are domestic facilities designated as "qualifying facilities" (Qualifying Facilities) under the Public Utility Regulatory Policies Act of 1978, as amended (PURPA), one of which is designated as a "foreign utility company" (FUCO) under the Public Utility Holding Company Act of 1935, as amended (PUCHA), and two of which are designated as "exempt wholesale generators" (EWGs) under PUHCA. CEA is a wholly-owned subsidiary of EDHI. CEA has two direct wholly-owned subsidiaries, CEA New Jersey, Inc. (CEA NJ) and CEA USA, Inc. (CEA USA), two direct partially owned subsidiaries, UAH-Hydro Kennebec Limited Partnership and Indeck North American Powers, L.P., and 69 indirect subsidiaries. CEA NJ and its subsidiaries invest in projects which sell power to PSE&G. CEA USA and its subsidiaries invest in projects which sell power to domestic and foreign utilities other than PSE&G. In addition to its investment in CEA NJ and CEA USA, CEA is a limited partner in two Qualifying Facilities: (i) UAH-Hydro Kennebec Limited Partnership (16% partnership interest) which owns a hydroelectric facility in Winslow, Maine, (ii) Luz Solar Partners, III (9% partnership interest) which owns a solar facility in Kramer Junction, California. CEA also is a limited partner in (i) Indeck North American Power Fund, L.P. (The Indeck Fund) (7% partnership interest) which invests in Qualifying Facilities and EWG's, and (ii) Indeck North American Powers, L.P. (13.3% partnership interest), which is the general partner of The Indeck Fund. As of December 31, 1995, CEA comprised 1.6% of Enterprise's assets. CEA's 1995 revenues were 1% of Enterprise's revenues and CEA's 1995 net income was 1.8% of Enterprise's net income. 1. CEA NJ, a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA NJ has five direct wholly-owned subsidiaries and three indirect subsidiaries, (described below) and is a limited partner (49% partnership interest) in Newark Bay Cogeneration Partnership, L.P. The latter is a partnership owning a natural gas-fired cogeneration Qualifying Facility in Newark, New Jersey and also owns 100% of NBCP Urban Renewal Corporation (NBCPURC) which in turn owns 99% of NBC Urban Renewal Partnership, a New Jersey partnership (described below). (a) CEA Bayonne, Inc. (CEA BI), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA BI is a joint venture in Cogen Technologies NJ Venture (5.25% interest in venture distributions) which owns a natural gas- fired cogeneration Qualifying Facility in Bayonne, New Jersey. (b) CEA Eagle Point, Inc. (CEA EPI), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA EPI is a general partner in Eagle Point Cogeneration Partnership (50% partnership interest) which owns a natural gas-fired cogeneration Qualifying Facility in West Deptford, New Jersey. (c) CEA Newark Bay, Inc. (CEA NBI), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA NBI is a general partner (1% partnership interest) in Newark Bay Cogeneration Partnership, L.P., a partnership which owns a natural gas-fired cogeneration Qualifying Facility in Newark, New Jersey and also owns 100% of NBCPURC. (i) NBCPURC, a New Jersey corporation has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. NBCPURC is a general partner (1% partnership interest) in a partnership which leases the site of a natural gas-fired cogeneration Qualifying Facility in Newark, New Jersey. NBCPURC is an indirect, 50%- owned subsidiary of CEA NJ. (d) CEA Newark Bay Services, Inc. (CEA NBS), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA NBS provides operation and maintenance services to a natural gas-fired cogeneration facility in Newark, New Jersey, which is a Qualifying Facility. (See CEA Newark Bay, Inc. above) 2. CEA USA, a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA USA has a total of 67 direct and indirect subsidiaries including limited partnership interests (48.5% partnership interest) in each of GWF Power Systems, L.P., (GWFLP) and Hanford L.P. (HLP), Delaware limited partnerships whose operations are described below. In addition, CEA USA is a general partner (50% partnership interest) in National Energy Partners, a partnership that is the 100% owner of GWF Power Systems Company, Inc. (GWF PSC) (described below). (a) CEA Asia, Inc. (formerly MPC Development, Ltd.), a Delaware corporation, has its principal executive offices at Room 1710 Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong and is a developer of power production facilities in Asia which are each expected to qualify upon completion as EWGs. CEA Asia, Inc. has one wholly-owned subsidiary. (i) CEA Asia, Ltd., a Bermuda corporation with its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda is a developer of EWG power production facilities in Asia. (b) CEA Baja, Inc., a Delaware corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 and is currently inactive. (c) CEA Conemaugh Management, Inc. (CEA CMI), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA CMI is a general partner in Pennsylvania Renewable Resources, Associates (0.5% partnership interest) which owns a hydroelectric Qualifying Facility in Saltsburg, Pennsylvania. (d) CEA GWF, Inc., a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 and has the following two direct wholly-owned subsidiaries: (i) CEA Bay Area, Inc. (CEA Bay), a Delaware corporation, has its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. CEA Bay is a general partner (0.5% partnership interest) in GWFLP, which is the owner and operator of five petroleum coke- fired small power production facilities in Contra Costa County, California. All five facilities are Qualifying Facilities. (ii) CEA Hanford, Inc. (CEA HI), a Delaware corporation, has its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. CEA HI is a general partner (0.5% partnership interest) in a petroleum coke and natural gas-fired cogeneration Qualifying Facility in Hanford, California owned by HLP. (e) CEA India, Inc., a Delaware corporation, has its principal executive offices at B-3 Marble Arch, 9-B Prithvi Raj Road, New Delhi - 110011, India and is a developer of power production facilities in India which are each expected to qualify upon completion as EWGs. (f) CEA International, Inc., a Delaware corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 and has the following direct and indirect wholly-owned subsidiaries: (i) CEA Barka, Inc., a Delaware corporation with its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, was formed in 1995 for the purpose of investing in a gas- fired power production facility in Muscat, Oman, which is expected to qualify as an EWG, through a wholly- owned subsidiary, Barka Power Holdings, Ltd (BPH). (A) BPH, a Bermuda corporation formed in 1995, has its principal offices at Clarendon House, Church Street, Hamilton HMCX, Bermuda. (ii) CEA Elcho (Delaware), Inc., a Delaware corporation formed in 1995, with principal offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, has one wholly-owned subsidiary, CEA Poland B.V. (A) CEA Poland B.V., a Netherlands company with its principal executive offices at Westblaak 6, Rotterdam, The Netherlands, was formed in 1995 for the purpose of acquiring an as yet undetermined interest in Elektrocieplownia Chorzow Elcho, S.z.o.o, a Polish company, which is developing a coal-fired power station in Chorzow, Poland, which is expected to qualify upon completion as an EWG. (iii) CEA (Bermuda) Holdings II, Ltd., a Bermuda corporation, has its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda and has the following nine direct and one indirect wholly-owned subsidiaries: (A) CEA Ambalamugal Energy Company, Ltd., a Mauritius company with offices at Multiconsult Ltd., Les Jamalacs Building, Vieux Conseil Street, Port Louis, Mauritius, was formed in 1995 for the purpose of investing in a residual oil-fired power plant in Cochin, India which upon completion is expected to qualify as an EWG. (B) CEA Bhilai Energy Company, Ltd. (CEA BEC), a Mauritius company, has its principal executive offices at B-3 Marble Arch, 9-B Prithvi Raj Road, New Delhi 110011, India. CEA BEC is contemplating an investment in a coal-fired electric power generation facility in Bhilai, India which is expected to qualify as an EWG. (C) CEA Full Moon (Malaysia) Ltd., a Malaysian company with offices at Level 9, Wisma Oceanic, Jalan O.K.K. Awang Besar, 87016 Labuan F.T., Malaysia, was formed in 1995 for the purpose of investing in a coal-fired power plant in Indonesia which is expected to qualify upon completion as an EWG. (D) CEA Manali Energy Company (formerly CEA Mauritius Energy Company), a Mauritius corporation with its principal executive offices at B-3 Marble Arch, 9-B Prithvi Raj Road, New Delhi 110011, India, was formed in 1995 for the purpose of investing in a coal-fired electric power generation facility in India which is expected to qualify upon completion as an EWG. (E) CEA Pontianak (Malaysia) Ltd., a Malaysian company with offices at Level 9, Wisma Oceanic, Jalan O.K.K. Awang Besar, 87016 Labuan F.T., Malaysia, was formed in 1995 for the purpose of investing in a coal-fired power plant in Indonesia which is expected to qualify upon completion as an EWG. (F) CEA Punjab Energy Company Ltd., a Mauritius company with offices at Multiconsult Ltd., Les Jamalacs Building, Vieux Conseil Street, Port Louis, Mauritius, was formed in 1995 for the purpose of investing in a coal- fired power plant in India which is expected to qualify upon completion as an EWG. (G) CIV GP Company, Ltd., a Bermuda corporation with its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda, was formed in 1995 for the purpose of investing in a coal-fired electric power generation facility in India which is expected to qualify upon completion as an EWG and has one subsidiary: (i) CEA IB Valley Power Company, an Indian company with offices at c/o Arthur Andersen & Co., 426, World Trade Centre, Barakhamba Lane, New Delhi 110001, India, was formed in 1995 for the purpose of investing in a power plant which is expected to qualify upon completion as an EWG. (H) Meiya Jiangmen (GP) Ltd., a Bermuda corporation with principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda, was formed in 1995 for the purpose of investing, through a partnership, in an oil-fired electric power generation facility in Jiangmem, China which is expected to qualify upon completion as an EWG. (I) Meiya Taishan (GP) Ltd., a Bermuda corporation with principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda, is presently inactive. (iv) CEA China, Inc. (CEA China)(formerly known as CEA Jinqiao, Inc.), a Delaware corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, NJ 07450 and owns 50% of: (A) Meiya Power Company, Ltd., a Bermuda corporation, which has its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda, and which has the following two wholly-owned subsidiaries: (i) China U.S. Power Partners I, Ltd., which is a Bermuda corporation with its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda and which has a 30% equity interest in a Chinese joint venture company, Jingyuan Second Power Co., Ltd. (Jingyuan), which owns a coal-fired electric power generation facility in Jingyuan, China which is an EWG. (ii) CEA (Bermuda) Holdings, Ltd., which is a Bermuda corporation with its principal executive office at Clarendon House, Church Street, Hamilton, Bermuda, and which owns a 60% equity interest in Shanghai Meiya Jinqiao Energy Co., Ltd., a Chinese joint venture company which owns and operates an oil-fired steam plant in Shanghai, China. (v) CEA Full Moon, Inc. (CEA FMI), a Delaware corporation formed in 1995, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, NJ 07450. CEA FMI is currently inactive. (vi) CEA Pontianak, Inc. (CEA PI), a Delaware corporation formed in 1995, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, NJ 07450. CEA PI is currently inactive. (vii) CEA Venezuela, Inc. (formerly known as CEA New PAR, Inc.), a Delaware corporation formed in 1995, with its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 has the following direct wholly-owned subsidiary: (A) CEA Americas Ltd. (CEA A)(formerly known as VENCO Power Holdings, Ltd.), a Bermuda corporation formed in 1995, has its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda. CEA A owns an investment in a gas-fired electric power generation facility in Maracay, Venezuela (which is a FUCO) through an investment in 50% of Turbogeneradores de Venezuela, C.A., (TGV) a Venezuela company, which in turn owns 17.13% of Turbogeneradores Maracay, C.A., (TGM) a Venezuelan company. (viii) CEA Salalah, Inc. (CEA SI), a Delaware corporation formed in 1995, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA SI has the following direct-wholly-owned subsidiary: (A) Salalah Power Holdings, Ltd. (Salalah Power), a Bermuda corporation formed in 1995, has its principal executive offices at Clarendon House, Church Street, Hamilton, Bermuda. Salalah Power was formed for the purpose of investing in a diesel-fired electric power generation facility in Salalah, Oman, which is expected to qualify upon completion as an EWG. (ix) ECI International Development, Inc. (ECI-ID), a Delaware corporation formed in 1995, has its principal office at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. (g) CEA International Services, Inc. (CEA-ISI), a Delaware corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA-ISI provides management, operations and maintenance personnel to some of the international subsidiaries of CEA USA. (h) CEA Kennedy Operators, Inc. (CEA KO), a New York corporation, has its principal executive offices at Building No. 49, JFK International Airport, Jamaica, New York 11430. CEA KO provides operation and maintenance services to the central heating and refrigeration plant at John F. Kennedy International Airport in Jamaica, New York (JFK) and provides operation and maintenance services to a natural gas- fired cogeneration facility at JFK (see CEA KIA, Inc. (CEA K) below). (i) CEA K, a New York corporation, has its principal executive offices at c/o KIAC Partners, JFK International Airport, Trailer Complex at the Central Heating Plant, Jamaica, New York, 11430. CEA K is a general partner in KIAC Partners (50% partnership interest) which owns a natural gas-fired cogeneration Qualifying Facility constructed by a partnership, EnergyPro Construction Partners in which CEA K is a 50% general partner at JFK. (j) CEA Leasing, Inc. (formerly CEA Grant Town, Inc.), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 and is a general partner (50% partnership interest) in National Energy Leasing Partners, a partnership that has entered into lease transactions with respect to certain of the equipment installed at the Hanford cogeneration facility of Hanford, L.P. and the five Contra Costa County, California small power production facilities of GWFLP (see above). (k) CEA Mexico, Inc., a Delaware corporation with principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, is currently inactive. (l) CEA Mount Carmel, Inc. (formerly CEA Williamsburg, Inc.), a New Jersey corporation, which has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, is a limited partner in UAE Coal Corp Associates (58.8% partnership interest), which owns and operates an anthracite coal mine in Mount Carmel, Pennsylvania and is a limited partner (49.5% partnership interest) in a hydro-electric Qualifying Facility in Saltsburg, Pennsylvania. (m) CEA New Hampshire Incorporated (CEA NH), a New Hampshire corporation, has its principal executive offices in Bridgewater, New Hampshire. CEA NH is a co-managing general partner in Bridgewater Power Company, L.P. (40% partnership interest), which owns a biomass-fired small power production Qualifying Facility in Bridgewater, New Hampshire. (n) CEA Project Services, Inc. (CEA PRO), a New Jersey corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA PRO provides engineering, procurement, construction and management services and has entered into a partnership agreement (50% partnership interest) under which it operates and maintains a biomass-fired small power production facility in Tracy, California in which CEA Tracy, Inc. (see below) has an ownership interest. (o) CEMAS Corporation (CEMAS), a Delaware corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEMAS owns directly and indirectly a 21.74% stockholder interest in Inversora de San Nicolas (ISN). (i) AES San Nicolas, Inc. (ASNI), a Delaware corporation, has its principal office at 1001 N. 19th Street, Arlington, Virginia 22209 and is owned 7.51% by CEMAS (however, CEMAS is the beneficial owner of only 4.95% of the ISN shares owned by ASNI). ASNI owns 62.74% of ISN. (ii) ISN, an Argentine corporation, has its principal executive offices at Cerrito 1294, Piso 3, (1062), Buenos Aires (Capital Federal), Argentina. ISN owns an 88% controlling stockholder interest in Central Termica San Nicolas, S.A. (CTSN) which owns a coal-fired power station in San Nicolas, Argentina, which is an EWG. (p) CEA Stony Brook, Inc., a New York corporation, with its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, is a general partner (50% partnership interest) in Nissequoque Cogen partners which owns a natural gas- fired cogeneration facility in Stony Brook, New York, which is a Qualifying Facility. (q) CEA Stony Brook Operators, Inc. (CEA SBO), a New York corporation, has its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450. CEA SBO provides operation and maintenance services to a natural gas-fired congeneration facility in Stony Brook, New York (see CEA Stony Brook, Inc. above). (r) CEA Tracy, Inc., a New Jersey corporation with its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450, is a co-managing general partner in Thermal Energy Development Partnership, L.P. (34.5% partnership interest) which owns a small biomass-fired power production Qualifying Facility in Tracy, California. (s) Deblois Investments, Inc. (formerly CEA Down East Peat, Inc.), a New Jersey corporation, with its principal executive offices at 1200 East Ridgewood Avenue, Ridgewood, New Jersey 07450 is currently inactive. (t) GWF PSC, a California corporation, has its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. GWF PSC holds a 50% indirect interest in the revenues (but does not share in operating or other costs) derived from the (1) capacity payments related to 11.3 MW of incremental capacity and (2) net dispatch payment received by the owner of a natural gas-fired cogeneration Qualifying Facility in Newhall, California. GWF PSC is an indirect 50%- owned subsidiary of CEA USA. GWF PSC has the following two direct wholly-owned subsidiaries: (i) GWF Bay Area, Inc. (GWF Bay), a California corporation, has its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. GWF Bay is managing general partner of GWFLP (2% partnership interest) whose operations are described above. GWF Bay is an indirect 50%-owned subsidiary of CEA USA. (ii) GWF Hanford, Inc. (GWF HI), a California corporation, has its principal executive offices at 225 Lennon Lane, Suite 120, Walnut Creek, California 94598. GWF HI is managing general partner of HLP (2% partnership interest) whose operations are described above. GWF HI is an indirect 50%-owned subsidiary of CEA USA. D. Enterprise Group Development Corporation (EGDC), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. EGDC is a nonresidential real estate development and investment business. EGDC has investments in ten commercial office real estate properties (two of which are developed) in several states, both directly and in joint ventures in which it has a 50% or greater interest. As of December 31, 1995, EGDC comprised 1% of Enterprise's assets. EGDC's 1995 revenues were 0.2% of Enterprise's revenues. EGDC is a wholly-owned subsidiary of EDHI. EGDC has 9 direct wholly- owned subsidiaries described below: 1. EGDC - Concourse, Incorporated (Concourse), a Florida corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Concourse is developing an office building in Jacksonville, Florida and is a 75% general partner in Concourse at Maitland Associates, a partnership which is developing an office complex in Orange County, Florida. 2. EGDC - Fairfax, Incorporated (Fairfax), a Virginia corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Fairfax is a 50% general partner in Monument Place Associates, a partnership which is developing an office complex in Fairfax, Virginia. 3. EGDC - State Street I Incorporated (State Street I), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. State Street I is an 80% joint venture partner in State Street Square Urban Renewal Partners-I, a partnership which owns an office building in Trenton, New Jersey. 4. EGDC - State Street II Incorporated (State Street II), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. State Street II is an 80% joint venture partner in State Street Square Urban Renewal Partners-II, a partnership which is developing a phase of an office complex in Trenton, New Jersey. 5. EGDC - State Street III Incorporated (State Street III), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. State Street III is an 80% joint venture partner in State Street Square Partners- III, a partnership which is developing a phase of an office complex in Trenton, New Jersey. 6. EGDC - NSB Incorporated (NSB), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. NSB is an 80% joint venture partner in State Street Square NSB Partners, a partnership which owns an office building in Trenton, New Jersey. 7. EGDC - 36 West Incorporated (36 West), a New Jersey corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. 36 West is an 80% joint venture partner in State Street Square 36 West Partners, a partnership which owns an office building in Trenton, New Jersey. 8. EGDC - Largo Incorporated (Largo), a Maryland corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Largo is a 50% joint venture partner in a partnership which is developing an office complex in Largo, Maryland. (See EGDC - Largo Management Incorporated below.) 9. EGDC - Largo Management Incorporated (Largo Management), a Maryland corporation, has its principal executive offices at One Riverfront Plaza, Newark, New Jersey 07102. Largo Management is a 50% joint venture partner in a partnership which is developing an office complex in Largo, Maryland. (See EGDC - Largo Incorporated above.) E. PSEG Capital Corporation (Capital), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. Capital is a wholly-owned finance subsidiary of EDHI which has provided up to $750 million of privately-placed debt financing for EDHI and its direct and indirect subsidiaries on the basis of a minimum net worth maintenance agreement with Enterprise. In 1993, Enterprise agreed with the BPU to make a good-faith effort to eliminate such Enterprise support within six to ten years. Intercompany borrowing rates are established with reference to Capital's cost of funds. Effective January 31, 1995, Capital will not have more than $650 million of debt outstanding at any time. Capital's assets consist principally of demand notes of EDC, CEA, PSRC and EGDC. As of December 31, 1995, Capital had outstanding $477.5 million of its long-term debt. F. Enterprise Capital Funding Corporation (Funding), a New Jersey corporation, has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07101. Funding, a wholly- owned subsidiary of EDHI, provides financing for EDHI's businesses (excluding EGDC), borrowing on their behalf, as well as investing their short-term funds. Short-term investments are made only if the funds cannot be employed in intercompany loans. Intercompany borrowing rates are established with reference to Funding's cost of funds. Funding is providing both long and short-term capital for the nonutility businesses other than EGDC on the basis of an unconditional guaranty from EDHI, but without direct support from Enterprise. As of December 31, 1995, Funding's assets consisted principally of demand notes of EDC, CEA and PSRC and their subsidiaries, all of which are pledged to Funding's lenders and which aggregated $495 million. 2. A brief description of the properties of Enterprise 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 Enterprise and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. Enterprise owns no property used in the generation, transmission, or distribution of electric energy for sale, or for the production, transmission, and distribution of natural or manufactured gas. Enterprise's only subsidiary public utility company is PSE&G, which is an operating electric and gas utility company. A description of the properties of PSE&G used for the generation, transmission, and distribution of electric energy for sale, and for the production, transmission, and distribution of natural gas, which are located predominantly in New Jersey, follows: Electric Properties
As of December 31, 1995, PSE&G's share of installed generating capacity was 10,400 MW, as shown in the following table: INSTALLED NET MEGAWATT PRINCIPAL HEAT GENERATION CAPACITY NAME AND LOCATION CAPACITY FUEL USED RATE (000 MWH) FACTOR(a) - -------------------------------------------- --------- --------- ------ --------- --------- Fossil Burlington, Burlington, NJ ................. 180 Oil 17,742 30 1.9 Conemaugh, New Florence, PA - 22.50%(b)(c).. 382 Coal 9,380 2,650 79.2 Hudson, Jersey City, NJ .................... 983 Coal 11,351 1,861 21.6 Kearny, Kearny, NJ ......................... 292 Oil 16,221 46 1.8 Keystone, Shelocta, PA - 22.84%(b)(c)....... 388 Coal 9,635 2,643 77.8 Linden, Linden, NJ ......................... 415 Oil 18,007 117 3.2 Mercer, Hamilton, NJ ....................... 642 Coal 10,279 2,087 37.1 Sewaren, Woodbridge Twp., NJ ............... 453 Gas 13,808 360 9.1 ------- ------ --------- --------- Total Fossil........................... 3,735 10,343 9,794 29.9 ------- ------ --------- --------- Nuclear (Capacity factor calculated in accordance with industries maximum dependable capability standards) Hope Creek, Lower Alloways Creek, NJ 95%(b)(c)................................. 979 Nuclear 10,801 6,694 78.9 Peach Bottom, Peach Bottom, PA - 42.49%(b).. 930 Nuclear 10,809 6,976 93.3 Salem, Lower Alloways Creek, NJ 42.59%(b)................................. 942 Nuclear 11,088 1,923 23.4 ------- ------ --------- --------- Total Nuclear(b)(c).................... 2,851 10,843 15,593 62.9 ------- ------ --------- --------- Combined Cycle Bergen, Ridgefield, NJ..................... 650 Gas 8,034 1,533 26.9 Burlington, Burlington, NJ................. 240 Gas 9,255 513 23.5 ------- ------ --------- --------- Total Combined Cycle.................. 890 8,340 2,046 26.5 ------- ------ --------- --------- Combustion Turbine Bayonne, Bayonne, NJ........................ 42 Oil 35,297 0.4 0.1 Bergen, Ridgefield, NJ ..................... 21 Oil 111,665 0.8 0.1 Burlington, Burlington, NJ.................. 389 Gas 18,937 7.1 0.2 Edison, Edison Township, NJ ................ 504 Gas 16,532 8.5 0.2 Essex, Newark, NJ .......................... 617 Gas 13,270 279.1 5.2 Hudson, Jersey City, NJ .................... 129 Oil 68,666 0.6 - Kearny, Kearny, NJ ......................... 504 Oil 18,352 1.7 0.4 Linden, Linden, NJ ......................... 223 Oil 12,635 135.0 3.7 Mercer, Hamilton, NJ ....................... 129 Oil 72,912 0.4 - National Park, National Park, NJ ........... 21 Oil 0 0.0 - Salem, Lower Alloways Creek, NJ 42.59%(b)................................. 16 Oil 25,189 0.3 0.1 Sewaren, Woodbridge Township, NJ ........... 129 Oil 45,613 0.8 - ------- ------ --------- --------- Total Combustion Turbine............... 2,724 13,761 434.7 10.4 ------- ------ --------- --------- Diesel Conemaugh, New Florence, PA - 22.50%(b)..... 3 Oil 10,101 2.1 0.1 Keystone, Shelocta, PA - 22.84%(b).......... 2 Oil 10,448 5.5 3.1 ------- ------ --------- --------- Total Diesel........................... 5 10,354 7.6 1.7 ------- ------ --------- --------- Pumped Storage Yards Creek, Blairstown, NJ - 50%(b)(c)..... 195 - 227 13.3 ------- ------ --------- --------- Total PSE&G............................ 10,400(d) 10,531 28,102(e) 30.8 ======= ====== ========= ========= (a) Net generation divided by the product of weighted average generating capacity times total hours. (b) PSE&G's share of jointly owned facility. (c) Excludes energy for pumping and synchronous condensers. (d) Excludes 664 MW of nonutility generation and 200 MW of capacity sales to General Public Utilities Corporation. (e) Excludes 5,136 MWH of NUGs.
As of December 31, 1995, PSE&G owned 41 switching stations with an aggregate installed capacity of 31,591,000 kilovolt-amperes, and 222 substations with an aggregate installed capacity of 7,313,000 kilovolt-amperes. In addition, 6 substations having an aggregate installed capacity of 139,250 kilovolt-amperes were operated on leased property. All of these facilities are located in New Jersey. Also on that date, PSE&G owned generating facilities in New Jersey and Pennsylvania as indicated in the table above. As of December 31, 1995, PSE&G's transmission and distribution system included 151,449 circuit miles, of which 36,007 miles were underground, and 789,106 poles, of which 534,106 poles were jointly owned. Approximately 99% of this property is located in New Jersey. In addition, as of December 31, 1995, PSE&G owned 4 electric distribution headquarters and five subheadquarters in four operating divisions all located in New Jersey. Gas Properties As of December 31, 1995, the daily gas capacity of PSE&G's 100%-owned peaking facilities (the maximum daily gas delivery available during the three peak winter months) consisted of liquid petroleum air gas (LPG) and liquefied natural gas (LNG) and aggregated 2,973,000 therms (approximately 297,300 Mcf. on an equivalent basis of 1,000 Btu/cubic foot) as shown in the following table:
Daily Capacity Plant Location (Therms) - -------------------------------- ------------------ -------------- Burlington LNG.................. Burlington, N.J. 773,000 Camden LPG...................... Camden, N.J. 280,000 Central LPG..................... Edison Twp., N.J. 960,000 Harrison LPG.................... Harrison, N.J. 960,000 --------- Total........................... 2,973,000 =========
As of December 31, 1995, PSE&G owned and operated approximately 15,467 miles of gas mains, owned 12 gas distribution headquarters and one subheadquarters and leased one other subheadquarters all in two operating regions located in New Jersey and owned one meter shop in New Jersey serving all such areas. In addition, PSE&G operated 61 natural gas metering or regulating stations, all located in New Jersey, of which 28 were located on land owned by customers or natural gas pipeline companies supplying PSE&G with natural gas and were operated under lease, easement or other similar arrangement. In some instances, portions of the metering and regulating facilities were owned by pipeline companies. 3. The following information is for the last calendar year with respect to Enterprise and its subsidiary public utility company: (a) Number of kwh. (megawatt (Mwh.) = 1,000 kilowatts) of electric energy sold (at retail or wholesale), and Mcf. of natural or manufactured gas distributed at retail. Enterprise - None PSE&G - 40,283,045 Mwh. (retail and wholesale) PSE&G - 373,840,460 Mcf. (1995 basis of 1,033 BTU/cubic foot) (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. Enterprise - None PSE&G - None (c) Number of Mwh. 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. Enterprise - None PSE&G - 1,047,996 Mwh. interchanged PSE&G - 40,911,819 Mcf. total off-system sales (including off-system sales at N.J. City-Gate) (d) Number of Mwh. 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. Enterprise - None PSE&G - 11,327,638 Mwh. purchased PSE&G - 239,804,106 Mcf. received through sales and transportation agreements with interstate pipelines having delivery points within the State. 4. The following information for the reporting period with respect to Enterprise and each interest it holds directly or indirectly in an EWG or a FUCO, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or FUCO for the generation, transmission and distribution of electric energy for sale or the distribution at retail of natural or manufactured gas. (i) CTSN, an Argentine corporation, has its principal executive offices at Cerrito 1294, Piso 3, (1062), Buenos Aires (Capital Federal), Argentina. CTSN owns and operates a coal, petroleum coke, natural gas and oil-fired electric power generating facility located at San Nicolas, Argentina. CTSN is an indirect 19.13% - owned subsidiary of CEMAS. (ii) Jingyuan has its principal executive offices at No. 306 East Xijin Road, Lanzhou City, Gansu Province, People's Republic of China. Jingyuan is to construct and operate the coal fired electric power generating facility in Lanzhou City, People's Republic of China. Jingyuan is a 15% - owned subsidiary of CEA China. (iii) TGM, a Venezuela company, has its principal offices located at Avenida Francisco de Miranda, Piso 12, Torre Country Club, Chacaito, Caracas, Venezuela. TGM owns and operates two nominal 20 MW simple-cycle gas turbine generators at the paper mill facilities of Manufacturas de Papel C.A. in Maracay, Venezuela. TGM is a direct 17.13% owned subsidiary of TGV. TGV is a direct 50% owned subsidiary of CEA Americas, Ltd. (b) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. See Exhibit C attached hereto. (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 of 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. (i) CTSN As of 12/31/95, Enterprise has an indirect aggregate capital investment in CTSN of US $30,046,986, of which US $13,834,610 is equity and US $16,212,376 is debt (including interest). In addition, CEA has provided a counter guaranty in the amount of $647,302 for a bank guaranty related to a CTSN coal purchase contract. (ii) Jingyuan As of 12/31/95, Enterprise has an indirect aggregate capital investment in Jingyuan of U.S. $12,318,272, which is all equity. CEA has committed to fund up to a total of $130 million in Jingyuan pursuant to the joint venture contract governing Jingyuan. (iii) TGM As of 12/31/95, Enterprise has an indirect capital investment in TGM of US $2,117,552, which is equity. Enterprise and its subsidiaries (direct and indirect) have no other security guarantees, debt or other financial obligations relative to TGM. (d) Capitalization and earnings of the EWG or FUCO during the reporting period. (i) CTSN ---- $ U.S. ------------ Assets Current Assets .......................... $ 43,722,290 Non-current Assets ...................... 150,338,800 ------------ Total Assets ............................... $194,061,090 ============ Liabilities Current Liabilities ..................... $ 44,783,060 Non-current liabilities ................. 75,267,891 ------------ Total Liabilities .......................... 120,050,951 Equity ..................................... 74,010,139 ------------ Total ...................................... $194,061,090 ============ Net Income for Year-Ended 12/31/95 U.S. $ 108,552 ============ (ii) JINGYUAN -------- Exchange RMB Rate $ U.S. -------- --------- ------------ Assets Current Assets ......... 282,612,068 0.12 $ 33,913,448 Non-current Assets ..... 1,190,457 0.12 142,855 ----------- ------ ------------ Total Assets ............. 283,802,525 0.12 $ 34,056,303 =========== ====== ============ Liabilities Current Liabilities .... 1,198,784 0.12 $ 143,854 Non-current liabilities. -- 0.12 -- ----------- ------ ------------ Total Liabilities ........ 1,198,784 0.12 143,854 Equity ................... 282,603,741 -- 33,912,449 ----------- ------ ------------ Total .................... 283,802,525 -- $ 34,056,303 =========== ====== ============ Net Income for Year-Ended 12/31/95 U.S. $ 0 ============ (iii) TGM ------- $ U.S. ------------ Assets Current Assets .......................... $ 2,850,090 Non-current Assets ...................... 4,092,875 ------------ Total Assets ............................... $ 6,942,965 ============ Liabilities Current Liabilities ..................... $ 1,051,452 Non-current liabilities ................. 668,709 ------------ Total Liabilities .......................... 1,720,161 Equity ..................................... 5,222,804 ------------ Total ...................................... $ 6,942,965 ============ Net Income for Year-Ended 12/31/95 U.S. $ 3,801,892 ============ (e) Identify any service, sales or construction contract(s) between the EWG or FUCO and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). (i) CTSN CEA International Services, Inc. (CEAIS) (See Item II(c)(2)(g) above) provided management, operations and maintenance personnel from time to time to CTSN on a fully allocated basis during 1995. Such costs invoiced (net of $42,545 costs paid by CTSN on behalf of CEIAS) by CEAIS to CTSN were U.S. $300,085 during 1995. (ii) Jingyuan None. (iii) TGM None. EXHIBIT A --------- A consolidating statement of income and surplus of Enterprise and its direct or indirect affiliated subsidiary companies for the last calendar year, together with a consolidating balance sheet of Enterprise and its subsidiary companies as of the close of such calendar year. Exhibit A includes all required consolidating financial statements described above to be filed with this report and are attached hereto. Subsidiaries described under Item 1 above include all Enterprise's direct and indirect subsidiaries. Direct and indirect subsidiaries of Enterprise that exceeded 2% of Enterprise's consolidated assets or consolidated revenues are PSE&G, EDHI, PRSC, RCMC and EDC and are included in Exhibit A and cross-referenced for additional information to Item I. EXHIBIT B --------- Financial Data Schedule If, at the time a report on this form is filed, the registrant is required to submit this report and any amendments thereto electronically via EDGAR, the registrant shall furnish a Financial Data Schedule. The Schedule shall set forth the financial and other data specified below that are applicable to the registrant on a consolidated basis. Exhibit B, attached to this report as Exhibit 27, in accordance with Item 601(c) of Regulation S-K, includes all financial and other data that are applicable to the registrant on a consolidated basis. EXHIBIT C --------- An organizational chart showing the relationship of each EWG or foreign utility company to the associate companies in the holding-company system. See attached Exhibit C. The above-named Claimant (Enterprise) has caused this statement to be duly executed on its behalf by its authorized officer on this 29th day of February, 1996. Public Service Enterprise Group Incorporated -------------------------------------------- (Name of Claimant) By PATRICIA A. RADO ------------------------------------------ Patricia A. Rado Vice President and Controller (Principal Accounting Officer) (CORPORATE SEAL) Attest: E. J. BIGGINS, JR. -------------------------------- E. J. Biggins, Jr. Corporate Secretary Name, title, and address of officer to whom notices and correspondence concerning this statement should be addressed: James T. Foran General Corporate Counsel - ---------------------------------- -------------------------------- (Name) (Title) 80 Park Plaza, T5B, P. O. Box 1171, Newark, New Jersey 07101-1171 ----------------------------------------------------------------- (Address) EXHIBIT A PUBLIC SERVICE ENTERPRISE GROUP INC. CONSOLIDATING STATEMENT OF INCOME For the Year Ended December 31, 1995 ------------------------------------ (Thousands of Dollars)
INTERCOMPANY PSEG ELIMINATIONS PSE&G & EDHI & (SEE LEGEND BELOW) CONSOL. & RECLASS. SUBS. (A) SUBS. (A) PSEG - ------------------ ------------ ----------- ----------- ----------- ----------- OPERATING REVENUES - ------------------ Electric ............................. $ 4,020,842 $ -- $ 4,020,842 $ -- $ -- Gas .................................. 1,686,403 -- 1,686,403 -- -- Nonutility Activities ................ 456,908 -- -- 456,439 469 ------------ ----------- ----------- ----------- ----------- Total Operating Revenues ........... 6,164,153 -- 5,707,245 456,439 469 ------------ ----------- ----------- ----------- ----------- OPERATING EXPENSES - ------------------ Operation Fuel for Electric Generation and Net Interchanged Power ........... 891,782 -- 891,782 -- -- Gas Purchased and Materials for Gas Produced ..................... 961,539 -- 961,539 -- -- Other .............................. 1,118,758 -- 949,400 168,889 469 Maintenance .......................... 312,610 -- 312,610 -- -- Depreciation and Amortization ........ 674,231 -- 591,114 83,117 -- Taxes Federal Income Taxes ............... 353,997 -- 321,433 32,564 -- New Jersey Gross Receipts Taxes .... 612,961 -- 612,961 -- -- Other .............................. 80,565 -- 70,904 9,661 -- ------------ ----------- ----------- ----------- ----------- Total Operating Expenses ........... 5,006,443 -- 4,711,743 294,231 469 ------------ ----------- ----------- ----------- ----------- OPERATING INCOME ....................... 1,157,710 -- 995,502 162,208 -- - ---------------- ------------ ----------- ----------- ----------- ----------- OTHER INCOME - ------------ Allowance for Funds Used During Construction - Equity .............. 5,324 -- 5,324 -- -- Equity in Earnings of Subsidiary Companies .......................... -- (662,323) -- -- 662,323 Miscellaneous - net .................. 8,041 -- 7,728 313 -- ------------ ----------- ----------- ----------- ----------- Total Other Income ................ 13,365 (662,323) 13,052 313 662,323 ------------ ----------- ----------- ----------- ----------- INCOME BEFORE INTEREST CHARGES AND DIVIDENDS ON PREFERRED STOCK .......... 1,171,075 (662,323) 1,008,554 162,521 662,323 ------------ ----------- ----------- ----------- ----------- INTEREST CHARGES - ---------------- Long-Term Debt ....................... 434,066 -- 357,584 76,482 -- Short-Term Debt ...................... 32,822 -- 20,740 12,082 -- Other ................................ 29,172 -- 28,545 627 -- ------------ ----------- ----------- ----------- ----------- Total Interest Charges ............. 496,060 -- 406,869 89,191 -- Allowance for Funds Used During Construction - Debt and Capitalized Interest ............... (37,208) -- (30,943) (6,265) -- ------------ ----------- ----------- ----------- ----------- Net Interest Charges ............... 458,852 -- 375,926 82,926 -- ------------ ----------- ----------- ----------- ----------- Preferred Securities Dividend Requirements ....................... 49,426 -- 49,426 -- -- Preferred Stock Redemption Premium..... 474 -- 474 -- -- ------------ ----------- ----------- ----------- ----------- NET INCOME ....................... $ 662,323 $ (662,323) $ 582,728 $ 79,595 $ 662,323 ============ =========== =========== =========== =========== SHARES OF COMMON STOCK OUTSTANDING End of Year .......................... 244,697,930 Average for Year ..................... 244,697,930 EARNINGS PER AVERAGE SHARE OF COMMON STOCK $2.71 ===== DIVIDENDS PAID PER SHARE OF COMMON STOCK ...................... $2.16 ===== (A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I. PSEG - Public Service Enterprise Group Incorporated PSE&G - Public Service Electric and Gas Company EDHI - Enterprise Diversified Holdings Incorporated
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED CONSOLIDATING STATEMENT OF RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1995 -------------------------------------------- (Thousands of Dollars)
INTERCOMPANY PSEG ELIMINATIONS PSE&G & EDHI & CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG ----------- ------------ ----------- ----------- ----------- BALANCE JANUARY 1, 1995 .................. $ 1,510,010 $(1,280,173) $ 1,292,201 $ (12,028) $ 1,510,010 ADD Net Income ............................. 662,323 (696,559) 616,964 79,595 662,323 ----------- ----------- ----------- ---------- ----------- Total .............................. 2,172,333 (1,976,732) 1,909,165 67,567 2,172,333 ----------- ----------- ----------- --------- ----------- Additional Paid in Capital DEDUCT Cash Dividends on Common Stock ......... 528,548 (528,800) 502,200 26,600 528,548 Cash Dividends on Preferred Stock ...... -- (33,762) 33,762 -- -- Adjustment to Retained Earnings......... -- (474) 474 ----------- ----------- ----------- --------- ----------- Total Deductions ................... 528,548 (563,036) 536,436 26,600 528,548 ----------- ----------- ----------- ---------- ----------- BALANCE DECEMBER 31, 1995 ................ $ 1,643,785 $(1,413,696) $ 1,372,729 $ 40,967 $1,643,785 =========== =========== =========== ========= =========== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------ (Thousands of Dollars)
INTERCOMPANY PSEG ELIMINATIONS PSE&G & EDHI & CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG ----------- ------------ ----------- ----------- ----------- ASSETS - ------ UTILITY PLANT - Original Cost - ----------------------------- Electric ............................... $13,095,103 $ -- $13,095,103 $ -- $ -- Gas .................................... 2,442,572 -- 2,442,572 -- -- Common ................................. 517,104 -- 517,104 -- -- ----------- ----------- ----------- ----------- ----------- Total .................................. 16,054,779 -- 16,054,779 -- -- Less Accumulated Depreciation and Amortization ..................... 5,440,414 -- 5,440,414 -- -- ----------- ----------- ----------- ----------- ----------- Net .................................... 10,614,365 -- 10,614,365 -- -- Nuclear Fuel in Service, net of accumulated amortization of $297,435 . 180,018 -- 180,018 -- -- ----------- ----------- ----------- ----------- ----------- Net Utility Plant in Service ........... 10,794,383 -- 10,794,383 -- -- Construction Work in Progress........... 369,082 -- 369,082 -- -- Plant Held for Future Use .............. 23,966 -- 23,966 -- -- ----------- ----------- ----------- ----------- ----------- Net Utility Plant .................... 11,187,431 -- 11,187,431 -- -- ----------- ----------- ----------- ----------- ----------- INVESTMENTS AND OTHER NONCURRENT ASSETS - --------------------------------------- Long-Term Investments, net of amortization - $7,213 and of valuation allowances - $21,302 ....... 1,822,160 (5,426,470) 119,474 1,688,894 5,440,262 Oil and Gas Property, Plant and Equipment, net of accumulated depreciation and amortization of $786,736 .......................... 608,015 -- -- 608,015 -- Real Estate Property and Equipment, net of accumulated depreciation of $5,063 and valuation allowance of $8,228................... 75,558 (13,792) -- 89,350 -- Other Plant, net of accumulated depreciation and amortization of $6,531 ............................ 27,997 -- 24,976 3,021 -- Nuclear Decommissioning and Other Special Funds ........................ 276,348 -- 276,348 -- -- Other Investments - net ................ 55,974 (6,497) -- 62,471 -- ----------- ----------- ----------- ----------- ----------- Total Investments and Other Noncurrent Assets .................... 2,866,052 (5,446,759) 420,798 2,451,751 5,440,262 ----------- ----------- ----------- ----------- ----------- CURRENT ASSETS - -------------- Cash and Cash Equivalents .............. 76,233 1 32,373 17,760 26,099 Accounts Receivable: Customer Accounts Receivable............ 525,404 -- 525,404 -- -- Other Accounts Receivable............... 260,713 -- 163,976 71,949 24,788 Less: Allowance for doubtful accounts... 37,641 -- 37,641 -- -- Accounts Receivable - Associated Companies............................. -- (17,368) -- 7,914 9,454 Unbilled Revenues ...................... 246,876 -- 246,876 -- -- Fuel ................................... 253,360 -- 253,360 -- -- Materials and Supplies, net of inventory valuation reserves - $20,100 ......... 144,970 -- 143,741 1,229 -- Deferred Income Taxes .................. 27,571 -- 27,571 -- -- Other Special Funds..................... 62,631 -- 37,130 25,501 -- ----------- ----------- ----------- ----------- ----------- Total Current Assets ................ 1,560,117 (17,367) 1,392,790 124,353 60,341 ----------- ----------- ----------- ----------- ----------- DEFERRED DEBITS - --------------- Property Abandonments - net ............ 70,120 -- 70,120 -- -- Oil and Gas Property Write-Down ........ 36,078 -- 36,078 -- -- Unamortized Debt Expense ............... 123,833 1,784 122,049 -- -- Deferred OPEB Costs..................... 167,189 -- 167,189 -- -- Unrecovered Environmental Costs ........ 130,070 -- 130,070 -- -- Underrecovered Electric Energy and Gas Costs - net .......................... 170,565 -- 170,565 -- -- Unrecovered Plant and Regulatory Study Costs ................................ 35,150 -- 35,150 -- -- Deferred Decontamination and Decommissioning Costs................ 49,872 -- 49,872 -- -- Unrecovered SFAS 109 Deferred Income Taxes ......................... 769,136 -- 769,136 -- -- Other .................................. 5,826 (1) 5,700 -- 127 ----------- ----------- ----------- ----------- ----------- Total Deferred Debits ................ 1,557,839 1,783 1,555,929 -- 127 ----------- ----------- ----------- ----------- ----------- TOTAL ASSETS ......................... $17,171,439 $(5,462,343) $14,556,948 $ 2,576,104 $ 5,500,730 =========== =========== =========== =========== =========== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------ (Thousands of Dollars)
INTERCOMPANY PSEG ELIMINATIONS PSE&G & EDHI & CONSOL. & RECLASS. SUBS.(A) SUBS.(A) PSEG ----------- ------------ ----------- ----------- ----------- CAPITALIZATION AND LIABILITIES - ------------------------------ CAPITALIZATION Common Equity Common Stock .......................... $ 3,801,157 $(2,563,103) $ 2,563,003 $ 100 $ 3,801,157 Contributed Capital ................... -- (1,463,465) 594,395 869,070 -- Retained Earnings ..................... 1,643,785 (1,413,696) 1,372,729 40,967 1,643,785 ----------- ----------- ----------- ----------- ----------- Total Common Equity ................ 5,444,942 (5,440,264) 4,530,127 910,137 5,444,942 Subsidiaries' Securities and Obligations Preferred Stock: Without Mandatory Redemption ......... 324,994 -- 324,994 -- -- With Mandatory Redemption ............ 150,000 -- 150,000 -- -- Monthly Income Preferred Securities .... 210,000 -- 210,000 -- -- Long-Term Debt ......................... 5,189,791 -- 4,586,268 603,523 -- ----------- ----------- ----------- ----------- ----------- Total Capitalization ................ 11,319,727 (5,440,264) 9,801,389 1,513,660 5,444,942 ----------- ----------- ----------- ----------- ----------- OTHER LONG-TERM LIABILITIES - --------------------------- Decontamination, Decommissioning and Low Level Radwaste Costs .................. 50,449 -- 50,449 -- -- Environmental Costs ..................... 90,272 -- 96,272 -- -- Capital Lease Obligations ............... 53,111 -- 53,111 -- -- ----------- ----------- ----------- ----------- ----------- Total Other Long-Term Liabilities ... 199,832 -- 199,832 -- -- ----------- ----------- ----------- ----------- ----------- CURRENT LIABILITIES - ------------------- Long-Term Debt and Capital Lease Obligations due within one year ................. 90,630 -- -- 90,630 -- Commercial Paper and Loans ............. 849,567 -- 567,316 282,251 -- Book Overdrafts ........................ 70,014 -- 70,014 -- -- Accounts Payable ....................... 567,787 102 481,632 39,804 46,249 Accounts Payable - Associated Companies ............................ (17,468) 8,011 989 8,468 N.J. Gross Receipts Taxes Accrued....... (32,767) 32,767 Dividends Declared...................... Other Taxes Accrued .................... 34,678 (63,044) 95,811 4,695 (2,784) Interest Accrued ....................... 108,245 95,810 -- 8,723 3,712 Estimated Liability for Vacation Pay ... 17,089 -- 17,089 -- -- Customer Deposits ...................... 32,785 -- 32,785 -- -- Liability for Injuries and Damages ..... 38,141 -- 38,141 -- -- Miscellaneous Environmental Liabilities .......................... 16,954 -- 16,954 -- -- Other .................................. 95,907 1 50,751 45,060 95 ----------- ------------ ----------- ----------- ----------- Total Current Liabilities ........... 1,921,797 (17,366) 1,411,271 472,152 55,740 ----------- ------------ ----------- ----------- ----------- DEFERRED CREDITS - ---------------- Accumulated Deferred Income Taxes....... 3,094,620 -- 2,535,603 559,017 -- Accumulated Deferred Investment Tax Credits .............................. 392,324 -- 370,610 21,714 -- Deferred OPEB Costs .................... 167,189 -- 167,189 -- -- Other .................................. 75,950 (4,713) 71,054 9,561 48 ----------- ------------ ----------- ------------ ----------- Total Deferred Credits .............. 3,730,083 (4,713) 3,144,456 590,292 48 ----------- ------------ ----------- ----------- ----------- TOTAL CAPITALIZATION AND LIABILITIES ......................... $17,171,439 $(5,462,343) $14,556,948 $ 2,576,104 $ 5,500,730 =========== =========== =========== =========== ===========
PAGE 1 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING STATEMENT OF INCOME For the Year Ended December 31, 1995 --------------------------------------- (Thousands of Dollars)
INTERCOMPANY PSE&G ELIMINATIONS (SEE LEGEND BELOW) CONSOL. & RECLASS. PSE&G (A) PSCRC - ------------------ ----------- ------------ ---------- ---------- OPERATING REVENUES - ------------------ Electric ............................... $ 4,020,842 $ -- $ 4,005,060 $ 15,782 Gas .................................... 1,686,403 -- 1,686,403 Nonutility Activities................... -- (38,172) -- -- ----------- ----------- ----------- ----------- Total Operating Revenues ........... 5,707,245 (38,172) 5,691,463 15,782 ----------- ----------- ----------- ----------- OPERATING EXPENSES - ------------------ Operation Fuel for Electric Generation and Net Interchanged Power ............. 891,782 -- 891,782 -- Gas Purchased and Materials for Gas Produced ....................... 961,539 -- 961,539 -- Other ................................ 949,400 (367) 946,383 3,017 Maintenance ............................ 312,610 -- 312,610 -- Depreciation and Amortization .......... 591,114 (37,805) 579,513 11,601 Taxes Federal Income Taxes ................. 321,433 -- 319,922 1,511 New Jersey Gross Receipts Taxes ...... 612,961 -- 612,961 -- Other ................................ 70,904 -- 70,477 427 ----------- ----------- ----------- ----------- Total Operating Expenses ......... 4,711,743 (38,172) 4,695,187 16,556 ----------- ----------- ----------- ----------- OPERATING INCOME ......................... 995,502 -- 996,276 (774) - ---------------- ----------- ----------- ----------- ----------- OTHER INCOME - ------------ Allowance for Funds Used During Construction - Equity ................ 5,324 -- 5,324 -- Equity in Earnings of Subsidiary Companies ............................ -- (2,805) 2,805 -- Miscellaneous - net .................... 7,728 (16,244) 4,439 3,579 ----------- ----------- ----------- ----------- Total Other Income ................ 13,052 (19,049) 12,568 3,579 ----------- ----------- ----------- ----------- INCOME BEFORE INTEREST CHARGES AND DIVIDENDS ON PREFERRED STOCK ............. 1,008,554 (19,049) 1,008,844 2,805 ----------- ----------- ----------- ----------- INTEREST CHARGES - ---------------- Long-Term Debt ......................... 357,584 (15,954) 373,538 -- Short-Term Debt ........................ 20,740 -- 20,740 -- Other .................................. 28,545 -- 28,545 -- ----------- ----------- ----------- ----------- Total Interest Charges ............... 406,869 (15,954) 422,823 -- Allowance for Funds Used During Construction - Debt and Capitalized Interest ............................. (30,943) -- (30,943) -- ----------- ----------- ----------- ----------- Net Interest Charges ................. 375,926 (15,954) 391,880 -- ----------- ----------- ----------- ----------- Monthly Income Preferred Securities Dividend Requirements .................. 15,664 (290) -- -- ----------- ----------- ----------- ----------- NET INCOME ............................... 616,964 (2,805) 616,964 2,805 Preferred Stock Dividend Requirements .. 33,762 -- 33,762 -- Preferred Stock Redemption Premium ..... 474 -- 474 ----------- ----------- ----------- ----------- EARNINGS AVAILABLE FOR PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED ............ $ 582,728 $ (2,805) $ 582,728 $ 2,805 =========== =========== =========== =========== (A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I. PSE&G - Public Service Electric and Gas Company PSCRC - Public Service Conservation Resources Corporation SETI - Soil Extraction Technologies, Inc. FUELCO - PSE&G Fuel Corporation PSE&G CAPITAL, L.P. - Public Service electric and Gas Capital, L.P.
PAGE 2 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING STATEMENT OF INCOME For the Year Ended December 31, 1995 --------------------------------------- (Thousands of Dollars)
PSE&G CAPITAL (SEE LEGEND BELOW) FUELCO L.P. - ------------------ ----------- ----------- OPERATING REVENUES - ------------------ Electric ............................... $ -- $ -- Gas .................................... -- -- Nonutility Activities................... 38,172 -- ----------- ----------- Total Operating Revenues ........... 38,172 -- OPERATING EXPENSES - ------------------ Operation Fuel for Electric Generation and Net Interchanged Power ............. -- -- Gas Purchased and Materials for Gas Produced ....................... -- -- Other ................................ 367 -- Maintenance ............................ -- -- Depreciation and Amortization .......... 37,805 -- Taxes Federal Income Taxes ................. -- -- New Jersey Gross Receipts Taxes ...... -- -- Other ................................ -- -- ----------- ----------- Total Operating Expenses ......... 38,172 -- OPERATING INCOME ......................... -- -- - ---------------- OTHER INCOME - ------------ Allowance for Funds Used During Construction - Equity ................ -- -- Equity in Earnings of Subsidiary Companies ............................ -- -- Miscellaneous - net .................... -- 15,954 ----------- ----------- Total Other Income ................ -- 15,954 INCOME BEFORE INTEREST CHARGES AND DIVIDENDS ON PREFERRED STOCK ............. -- 15,954 ----------- ----------- INTEREST CHARGES - ---------------- Long-Term Debt ......................... -- -- Short-Term Debt ........................ -- -- Other .................................. -- -- Total Interest Charges ............... -- -- Allowance for Funds Used During Construction - Debt and Capitalized Interest ............................. -- -- ----------- ----------- Net Interest Charges ................. -- -- ----------- ----------- Monthly Income Preferred Securities Dividend Requirements .................. -- 15,954 ----------- ----------- NET INCOME ............................... -- -- Preferred Stock Dividend Requirements .. -- -- ----------- ----------- EARNINGS AVAILABLE FOR PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED ............ -- -- =========== =========== (A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I. PSE&G - Public Service Electric and Gas Company PSCRC - Public Service Conservation Resources Corporation SETI - Soil Extraction Technologies, Inc. FUELCO - PSE&G Fuel Corporation PSE&G CAPITAL, L.P. - Public Service electric and Gas Capital, L.P.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 1995 -------------------------------------------- (Thousands of Dollars)
INTERCOMPANY PSE&G ELIMINATIONS FRANCIS CONSOL.(A) & RECLASS. PSE&G PSCRC SETI CORP. ----------- ------------ ---------- ----------- ----------- ----------- Balance - January 1, 1995......... $ 1,292,201 $ (41,103) $ 1,292,201 $ 40,676 $ 361 $ 66 Add: Net Income..................... 616,964 (2,805) 616,964 2,805 -- -- ----------- ----------- ----------- ----------- ----------- ----------- Total ............................ 1,909,165 (43,909) 1,909,165 43,482 -- 361 66 ----------- ----------- ----------- ----------- ----------- ----------- Additional Paid in Capital........ -- (1,225) -- (147) -- 1,372 ----------- ----------- ----------- ----------- ----------- ----------- Deduct: Cash Dividends on Common Stock.. 502,200 -- 502,200 -- -- -- Cash Dividends on Preferred Stock. 33,762 -- 33,762 -- -- -- Adjustment to Retained Earnings.. 474 474 ----------- ----------- ----------- ----------- ----------- ----------- Total Deductions................ 536,436 -- 536,436 -- -- -- ----------- ----------- ----------- ----------- ----------- ----------- Balance - December 31, 1995....... $ 1,372,729 $ (45,134) $ 1,372,729 $ 43,335 $ 361 $ 1,438 =========== =========== =========== =========== =========== =========== (A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional information see Item I.
PAGE 1 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 --------------------------------------- (Thousands of Dollars)
INTERCOMPANY SOIL PSE&G ELIMINATIONS PSE&G EXTRACTION CONSOL. & RECLASS. PSE&G FUEL CORP. TECHNOLOGIES ----------- ------------ ---------- ---------- ------------ ASSETS - ------ UTILITY PLANT - Original Cost - ----------------------------- Electric...................... $13,095,103 $ -- $13,095,103 $ -- $ -- Gas........................... 2,442,572 -- 2,442,572 -- -- Common........................ 517,104 -- 517,104 -- -- ----------- ------------ ----------- ---------- ---------- Total..................... 16,054,779 -- 16,054,779 -- -- Less Accumulated Depreciation and Amortization............ 5,440,414 -- 5,440,414 -- -- ----------- ------------ ----------- ---------- ---------- Net........................... 10,614,365 -- 10,614,365 -- -- Nuclear Fuel in Service, net of accumulated amortization of $297,435.... 180,018 -- 96,004 84,014 -- ---------- ------------ ----------- ---------- ---------- Net Utility Plant in Service 10,794,383 -- 10,710,369 84,014 -- Construction Work in Progress 369,082 -- 368,639 443 -- Plant Held for Future Use..... 23,966 -- 23,966 -- -- ----------- ------------ ----------- ---------- ---------- Net Utility Plant............. 11,187,431 -- 11,102,974 84,457 -- ----------- ------------ ----------- ---------- ---------- INVESTMENTS AND OTHER NONCURRENT ASSETS - --------------------------------------- Other Investments, net of amortization of $6,009...... 119,474 (51,654) 78,854 -- -- Other Plant - net of Accumulated Depreciation and Amortization of $1,905................... 24,976 -- 24,668 -- -- Nuclear Decommissioning and Other Special Funds......... 276,348 -- 276,348 -- -- ---------- ------------ ----------- ---------- ---------- Total Investments and Other Noncurrent Assets............. 420,798 (51,654) 379,870 -- -- ---------- ------------ ----------- ---------- ---------- CURRENT ASSETS - -------------- Cash and Cash Equivalents..... 32,373 -- 30,936 3 -- Accounts Receivable Customer Accounts Receivable 525,404 -- 525,404 -- -- Other Accounts Receivable 163,976 -- 147,678 -- -- Notes Receivable-Associated Companies................... (216,495) Less Allowance for doubtful accounts 37,641 -- 37,641 2,820 401 Accounts Receivable - Associated Companies ................... -- (3,291) -- -- -- Unbilled Revenues ............. 246,876 -- 246,876 -- -- Fuel .......................... 253,360 -- 253,360 -- -- Materials and Supplies, net of inventory valuation reserve - $20,100...................... 143,741 -- 143,741 -- -- Deferred Income Taxes.......... 27,571 -- 27,571 -- -- Miscellaneous Current Assets... 37,130 -- 35,958 426 -- ---------- ------------ ----------- ---------- ---------- Total Current Assets......... 1,392,790 (219,786) 1,373,883 3,249 401 ----------- ------------ ----------- ---------- ---------- DEFERRED DEBITS - --------------- Property Abandonments - net..... 70,120 -- 70,120 -- -- Oil and Gas Property Write-Down. 36,078 -- 36,078 -- -- Unamortized Debt Expense........ 122,049 -- 115,236 -- -- Deferred OPEB Costs............. 167,189 -- 167,189 -- -- Unrecovered Environmental Costs. 130,070 -- 126,350 -- -- Underrecovered Electric Energy and Gas Costs - net .......... 170,565 -- 170,565 -- -- Unrecovered Plant and Regulatory Study Costs .................. 35,150 -- 35,150 -- -- Deferred Decontamination and Decommissioning Costs......... 49,872 -- 49,872 -- -- Unrecovered SFAS 109 Deferred Income Taxes ................. 769,136 -- 769,136 -- -- Other .......................... 5,700 2 5,685 -- -- ----------- ------------ ----------- ---------- ---------- Total Deferred Debits ........ 1,555,929 2 1,545,381 -- -- ----------- ------------ ----------- ---------- ---------- TOTAL ASSETS ................ $14,556,948 $ (271,438) $14,402,108 $ 87,706 $ 401 =========== ============ =========== ========== ==========
PAGE 2 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 --------------------------------------- (Thousands of Dollars)
PUBLIC SERVICE PUBLIC SERVICE NEW JERSEY CONSERVATION CORPORATION PROPERTIES THE FRANCIS RESOURCES OF PSE&G INC. CORPORATION CORPORATION NEW JERSEY CAPITAL, L.P. ------------ ----------- -------------- --------------- ------------- ASSETS - ------ UTILITY PLANT - Original Cost - ----------------------------- Electric............................ $ -- $ -- $ -- $ -- $ -- Gas................................. -- -- -- -- -- Common.............................. -- -- -- -- -- ------- ------------ ----------- ---------- ---------- Total........................... -- -- -- -- -- Less Accumulated Depreciation and Amortization.................. -- -- -- -- -- ------- ------------ ----------- ---------- ---------- Net................................. -- -- -- -- -- Nuclear Fuel in Service, net of accumulated amortization of $297,435.......................... -- -- -- -- -- ------- ------------ ----------- ---------- ---------- Net Utility Plant in Service........ -- -- -- -- -- Construction Work in Progress, including Nuclear Fuel in Process. -- -- -- -- -- Plant Held for Future Use........... -- -- -- -- -- ------- ------------ ----------- ---------- ---------- Net Utility Plant................... -- -- -- -- -- ------- ------------ ----------- ---------- ---------- INVESTMENTS AND OTHER NONCURRENT ASSETS - --------------------------------------- Other Investments................... -- 1,438 90,836 -- -- Other Plant - net of Accumulated Depreciation and Amortization of $1,905......................... -- -- 308 -- -- Nuclear Decommissioning and Other Special Funds............... -- -- -- -- -- ------- ------------ ----------- ---------- ---------- Total Investments and Other Properties.................. -- 1,438 91,144 -- -- ------- ------------ ----------- ---------- ---------- CURRENT ASSETS - -------------- Cash and Cash Equivalents.......... -- 1 1,432 1 -- Customer Accounts Receivable....... -- -- -- -- -- Other Accounts Receivable........... -- -- 16,298 -- -- Allowance for doubtful accounts .... -- -- -- -- -- Notes receivable - Associated Companies.......................... -- -- -- -- 216,495 Accounts Receivable - Associated Companies ........................ -- -- 70 -- -- Unbilled Revenues .................. -- -- -- -- -- Fuel ............................... -- -- -- -- -- Materials and Supplies, net of inventory valuation reserves - $20,100........................... -- -- -- -- -- Deferred Income Taxes............... -- -- -- -- -- Other............................... -- -- 746 -- -- ----------- ------------ ----------- ---------- ---------- Total Current Assets.............. -- 1 18,546 1 216,495 ----------- ------------ ----------- ---------- ---------- DEFERRED DEBITS - --------------- Property Abandonments - net......... -- -- -- -- -- Oil and Gas Property Write-Down..... -- -- -- -- -- Unamortized Debt Expense............ -- -- -- -- 6,813 Deferred OPEB Costs................. -- -- -- -- -- Unrecovered Environmental Costs..... 3,720 -- -- -- -- Underrecovered Electric Energy and Gas Costs - net............... -- -- -- -- -- Unrecovered Plant and Regulatory Study Costs....................... -- -- -- -- -- Deferred Decontamination and Decommissioning Costs............. -- -- -- -- -- Income Taxes-SFAS 109............... -- -- -- -- -- Other .............................. -- -- -- 13 -- ------------ ------------ ---------- ---------- ---------- Total Deferred Debits ............ 3,720 -- -- 13 6,813 ------------ ------------ ---------- ---------- ---------- TOTAL ASSETS ..................... $ 3,720 $ 1,439 $ 109,690 $ 14 $ 223,308 =========== ============ =========== ========== ==========
PAGE 1 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 --------------------------------------- (Thousands of Dollars)
INTERCOMPANY SOIL PSE&G ELIMINATIONS THE FRANCIS EXTRACTION CONSOL. & RECLASS. PSE&G CORPORATION TECHNOLOGIES ----------- ------------ ----------- ----------- ------------ CAPITALIZATION AND LIABILITIES - ------------------------------ CAPITALIZATION Common Equity Common Stock .......................... $ 2,563,003 $ (24) $ 2,563,003 $ 1 $ 10 Contributed Capital ................... 594,395 (44,558) 594,395 1,438 3,130 Retained Earnings ..................... 1,372,729 (7,071) 1,372,729 -- (2,769) ----------- ----------- ----------- ----------- ----------- Total Common Equity ................. 4,530,127 (51,653) 4,530,127 1,439 371 Subsidiaries' Securities and Obligations Preferred Stock Without Mandatory Redemption ....... 324,994 -- 324,994 -- -- With Mandatory Redemption .......... 150,000 -- 150,000 -- -- Monthly Income Preferred Securities... 210,000 -- -- -- -- Long-Term Debt ....................... 4,586,268 (216,495) 4,802,763 -- -- ----------- ----------- ----------- ----------- ----------- Total Capitalization ............... 9,801,389 (268,148) 9,807,884 1,439 -- 371 OTHER LONG-TERM LIABILITIES - --------------------------- Decontamination, Decommissioning And Low Level Radwaste Costs.......... 50,449 -- 50,449 -- -- Unrecovered Environmental Costs......... 96,272 -- 96,272 -- -- Capital Lease Obligations............... 53,111 -- 53,111 -- -- ----------- ----------- ----------- ----------- ----------- Total Long-Term Liabilities......... 199,832 -- 199,832 -- -- ----------- ----------- ----------- ----------- ----------- CURRENT LIABILITIES - ------------------- Commercial Paper and Loans ............. 567,316 -- 449,475 -- -- Book Overdrafts......................... 70,014 -- 70,014 -- -- Accounts Payable ....................... 481,632 -- 474,756 -- -- Accounts Payable - Associated Companies ............................ 8,011 (3,290) (12,450) -- 106 Other Taxes Accrued..................... 32,767 -- 33,078 -- -- Interest Accrued........................ 95,811 -- 95,811 -- -- Estimated Liability for Vacation Pay.... 17,089 -- 17,089 -- -- Customer Deposits....................... 32,785 -- 32,785 -- -- Liability for Injuries and Damages...... 38,141 -- 38,141 -- -- Miscellaneous Environmental Liabilities. 16,954 -- 16,954 -- -- Other .................................. 50,751 -- 45,385 -- -- ----------- ----------- ----------- ----------- ----------- Total Current Liabilities ........... 1,411,271 (3,290) 1,261,038 -- 106 ----------- ----------- ----------- ----------- ----------- DEFERRED CREDITS - ---------------- Accumulated Deferred Income Taxes...... 2,535,603 -- 2,535,679 -- (76) Accumulated Deferred Investment Tax Credits ............................. 370,610 -- 370,610 -- -- Deferred Credit OPEB................... 167,189 -- 167,189 -- -- Other ................................. 71,054 -- 59,876 -- -- ----------- ----------- ----------- ----------- ----------- Total Deferred Credits ............. 3,144,456 -- 3,133,354 -- (76) ----------- ----------- ----------- ----------- ----------- TOTAL CAPITALIZATION AND LIABILITIES ........................ $14,556,948 $ (271,438) $14,402,108 $ 1,439 $ 401 =========== =========== =========== =========== ===========
PAGE 2 OF 2 PUBLIC SERVICE ELECTRIC AND GAS COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 --------------------------------------- (Thousands of Dollars)
PUBLIC SERVICE NEW JERSEY PSE&G CONSERVATION PUBLIC SERVICE PROPERTIES FUEL RESOURCES CORPORATION OF PSE&G INC. CORPORATION CORPORATION NEW JERSEY CAPITAL, L.P. ----------- ------------ ----------- -------------- ------------- CAPITALIZATION AND LIABILITIES - ------------------------------ CAPITALIZATION Common Equity Common Stock .................... $ 1 $ 1 $ 10 $ 1 $ -- Contributed Capital ............. -- -- 39,990 -- -- Retained Earnings ............... -- -- 3,345 -- 6,495 ----------- ----------- ----------- -------------- ----------- Total Common Equity ........... 1 1 43,345 1 6,495 Subsidiaries' Securities and Obligations Preferred Stock Without Mandatory Redemption ..... -- -- -- -- -- With Mandatory Redemption ...... -- -- -- -- -- Monthly Income Preferred Securities -- -- -- -- 210,000 Long-Term Debt ................... -- -- -- -- -- ----------- ----------- ----------- -------------- ----------- Total Capitalization ........... 1 1 43,345 1 216,495 OTHER LONG-TERM LIABILITIES - --------------------------- Decontamination, Decommissioning and Low Level Radwaste Costs...... -- -- -- -- -- Unrecovered Environmental Costs..... -- -- -- -- -- Capital Lease Obligations........... -- -- -- -- -- ----------- ----------- ----------- -------------- ----------- Total Other Long-Term Liabilities -- -- -- -- -- ----------- ----------- ----------- -------------- ----------- CURRENT LIABILITIES - ------------------- Commercial Paper and Loans ......... -- 87,705 30,136 -- -- Book Overdrafts..................... -- -- -- -- -- Accounts Payable ................... -- -- 6,876 -- -- Accounts Payable - Associated Companies ........................ 3 ,719 -- 13,100 13 6,813 Other Taxes Accrued................. -- -- (311) -- -- Interest Accrued.................... -- -- -- -- -- Estimated Liability for Vacation Pay -- -- -- -- -- Customer Deposits................... -- -- -- -- -- Liability for Injuries and Damages.. -- -- -- -- -- Miscellaneous Environmental Liabilities....................... -- -- -- -- -- Other .............................. -- -- 5,366 -- -- ----------- ----------- ----------- ------------- ----------- Total Current Liabilities ....... 3,719 87,705 55,167 13 6,813 ----------- ----------- ----------- ------------- ----------- DEFERRED CREDITS - ---------------- Accumulated Deferred Income Taxes... -- -- -- -- -- Accumulated Deferred Investment Tax Credits .......................... -- -- -- -- -- Deferred Credit OPEB................ -- -- -- -- -- Other .............................. -- -- 11,178 -- -- ----------- ----------- ----------- ------------- ----------- Total Deferred Credits .......... -- -- 11,178 -- -- ----------- ----------- ----------- ------------- ----------- TOTAL CAPITALIZATION AND LIABILITIES .....................$ 3,720 $ 87,706 $ 109,690 $ 14 $ 223,308 =========== =========== =========== ============= ===========
PAGE 1 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 1995 --------------------------------------------
TOTAL ELIMINATIONS EDHI PSRC EDC ------------- ------------- ------------- ------------- ------------- REVENUES - -------- Oil and gas sales ............ $ 251,571,794 $ -- $ -- $ 3,570,130 $ 248,001,664 Lease agreements ............. 48,955,896 -- -- 48,955,896 -- Income from partnership....... 88,175,577 -- -- 42,573,438 -- Interest and dividends income. 6,164,671 -- 46,419 5,718,301 -- Realized gains on investments. 3,827,280 -- -- 3,825,480 -- Unrealized gains on investments 11,203,458 -- -- 11,203,458 -- Rental income ................ 12,319,091 -- -- 1,735,510 -- Interest and other revenues from affiliated companies... -- (96,199,506) 7,525,838 -- -- Other ........................ 34,220,651 22,131,615 -- 344,490 -- Equity in subsidiary earnings ................... -- (79,595,276) 79,595,276 -- -- ------------- ------------- ------------- ------------- ------------- Total Revenues ........... 456,438,418 (153,663,167) 87,167,533 117,926,703 248,001,664 ------------- ------------- ------------- ------------- ------------- OPERATING EXPENSES - ------------------ Oil and gas production ....... 56,918,627 -- -- -- 56,918,627 Oil and gas exploration ...... 43,202,375 -- -- -- 43,202,375 Operation and Maintenance..... 12,640,848 -- -- 2,848,174 -- Depreciation and Amortization ............... 83,117,303 -- 411,532 2,919,799 77,265,362 Property Impairment .......... 1,017,550 -- -- -- -- Administrative and General .................... 57,346,617 (7,476,311) 7,160,725 13,084,151 11,961,117 ------------- ------------- ------------- ------------- ------------- Total Operating Expenses ................. 254,243,320 (7,476,311) 7,572,257 18,852,124 189,347,481 ------------- ------------- ------------- ------------- ------------- OPERATING INCOME ............. 202,195,098 (146,186,856) 79,595,276 99,074,579 58,654,183 - ---------------- ------------- ------------- ------------- ------------- ------------- OTHER INCOME.................. -- (22,131,615) -- -- 22,131,615 ------------- ------------- ------------- ------------- ------------- INTEREST EXPENSE - ---------------- Affiliated companies ......... -- (88,723,195) -- 52,211,043 31,385,620 Other ........................ 89,190,765 -- -- 604,035 468,821 Capitalized interest ......... (6,264,374) -- -- (599,526) (4,368,383) ------------- ------------- ------------- ------------- ------------- Net interest expense ......... 82,926,391 (88,723,195) -- 52,215,552 27,486,058 ------------- ------------- ------------- ------------- ------------- INCOME BEFORE INCOME TAXES ... 119,268,707 (79,595,276) 79,595,276 46,859,027 53,299,740 ------------- ------------- ------------- ------------- -------------- INCOME TAXES - ------------ Current ...................... (89,289,344) -- -- (50,800,020) (23,211,675) Deferred ..................... 132,084,088 -- -- 66,412,097 41,474,998 Investment tax credits - net . (2,808,564) -- -- (2,131,094) -- ------------- ------------- ------------- ------------- ------------- Total income taxes ....... 39,986,180 -- -- 13,480,983 18,263,323 ------------- ------------- ------------- ------------- ------------- MINORITY INTERESTS ........... (312,749) -- -- (292,772) -- ------------- ------------- ------------- ------------- ------------- NET INCOME ................... $ 79,595,276 $ (79,595,276) $ 79,595,276 $ 33,670,816 $ 35,036,417 ============= ============= ============= ============= =============
PAGE 2 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING INCOME STATEMENT For the Year Ended December 31, 1995 --------------------------------------------
PSEG (SEE LEGEND BELOW) CEA EGDC CAPITAL ECFC - ------------------ ------------- ------------- ------------- ------------- REVENUES - -------- Oil and gas sales ............ $ -- $ -- $ -- $ -- Lease agreements ............. -- -- -- -- Income from partnerships...... 45,359,810 242,329 -- -- Interest and dividends income. 208,835 138,611 -- 52,505 Realized gains on investments. -- 1,800 -- -- Unrealized gains on investments -- -- -- -- Rental income ................ -- 10,583,581 -- -- Interest and other revenues from affiliated companies... -- 754,042 55,342,270 32,577,356 Other ........................ 11,684,546 60,000 -- -- Equity in subsidiary earnings ................... -- -- -- -- ------------- ------------- ------------- ------------- Total Revenues ........... 57,253,191 11,780,363 55,342,270 32,629,861 ------------- ------------- ------------- ------------- OPERATING EXPENSES - ------------------ Oil and gas production ....... -- -- -- -- Oil and gas exploration ...... -- -- -- -- Operation and Maintenance..... 2,220,032 7,572,642 -- -- Depreciation and Amortization ............... 734,995 1,785,615 -- -- Property Impairment .......... -- 1,017,550 -- -- Administrative and General .................... 30,364,154 2,022,925 66,840 163,016 ------------- ------------- ------------- ------------- Total Operating Expenses ................. 33,319,181 12,398,732 66,840 163,016 ------------- ------------- ------------- ------------- OPERATING INCOME ............. 23,934,010 (618,369) 55,275,430 32,466,845 - ---------------- OTHER INCOME.................. -- -- -- -- ------------- ------------- ------------- ------------- INTEREST EXPENSE - ---------------- Affiliated companies ......... 4,365,637 6,853 754,042 -- Other ........................ 158,206 706,004 54,786,854 32,466,845 Capitalized interest ......... (1,296,465) -- -- -- ------------- ------------- ------------- ------------- Net interest expense ......... 3,227,378 712,857 55,540,896 32,466,845 ------------- ------------- ------------- ------------- INCOME BEFORE INCOME TAXES ... 20,706,632 (1,331,226) (265,466) -- ------------- ------------- ------------- ------------- INCOME TAXES - ------------ Current ...................... 273,661 (15,285,844) (265,466) -- Deferred ..................... 9,348,267 14,848,726 -- -- Investment tax credits - net . (677,470) -- -- -- ------------- ------------- ------------- ------------- Total income taxes ....... 8,944,458 (437,118) (265,466) -- MINORITY INTERESTS ........... -- (19,977) -- -- ------------- ------------- ------------- ------------- NET INCOME ................... $ 11,762,174 $ (874,131) $ -- $ -- ============= ============= ============= ============= (A) Exceeds 2% of Enterprise's consolidated revenues. For additional information see Item I. EDHI - Enterprise Diversified Holdings Incorporated PSRC - Public Service Resources Corporation EDC - Energy Development Corporation CEA - Community Energy Alternatives Incorporated EGDC - Enterprise Group Development Corporation PSEG CAPITAL - PSEG Capital Corporation ECFC - Enterprise Capital Funding Corporation
PAGE 1 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 1995 --------------------------------------------
TOTAL ELIMINATIONS EDHI PSRC EDC ------------- ------------- ------------- ------------- ------------- BALANCE - JANUARY 1, 1995....... $ (12,028,623) $ 14,528,619 $ (12,028,623) $ 139,833,220 $(103,403,120) ADD: Net Income(Loss) ............. 79,595,276 (79,595,276) 79,595,276 33,670,816 35,036,417 ------------- ------------- ------------- ------------- ------------- Total .......................... 67,566,653 (65,066,657) 67,566,653 173,504,036 (68,366,703) ------------- ------------- ------------- ------------- ------------- DEDUCT: Dividends Declared............ 26,600,000 (14,600,000) 26,600,000 13,400,000 0 ------------- ------------- ------------- ------------- ------------- BALANCE - DECEMBER 31, 1995..... $ 40,966,653 $ (50,466,657) $ 40,966,653 $ 160,104,036 $ (68,366,703) ============= ============= ============= ============= =============
PAGE 2 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING STATEMENT OF RETAINED EARNINGS For the Year Ended December 31, 1995 ---------------------------------------------
PSEG CEA EGDC CAPITAL ECFC ------------- ------------- ------------- ------------- BALANCE - JANUARY 1, 1995....... $ 31,720,030 $ (82,678,749) $ -- $ -- ADD: Net Income(Loss) ............. 11,762,174 (874,131) -- -- ------------- ------------- ------------- ------------- Total .......................... 43,482,204 (83,552,880) -- -- ------------- ------------- ------------- ------------- DEDUCT: Dividends Declared............ 1,200,000 -- -- -- ------------- ------------- ------------- ------------- BALANCE - DECEMBER 31, 1995..... $ 42,282,204 $ (83,552,880) $ -- $ -- ============= ============= ============= =============
PAGE 1 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING BALANCE SHEET For the Year Ended December 31, 1995 --------------------------------------------
TOTAL ELIMINATIONS EDHI PSRC EDC --------------- --------------- --------------- --------------- --------------- ASSETS CURRENT ASSETS - -------------- Cash and temporary investments .................. $ 17,760,692 $ -- $ 633,185 $ 930 286 $ 14,269,302 Accounts receivable: Affiliated Companies ......... 7,914,476 (19,207,808) 1,240,575 7,407,881 254,108 Interest ..................... 1,621,382 -- -- 1,371,724 -- Other ........................ 70,326,096 -- 13,750 12,708,824 52,486,112 Notes receivable: Affiliated companies ......... -- (655,744,000) -- -- -- Other......................... -- -- -- Materials and supplies ......... 1,228,937 -- -- 1,228,937 Real Estate Held for Sale....... -- -- -- Prepayments ................... 25,502,130 -- 747,108 1,630,212 22,747,173 --------------- --------------- --------------- --------------- --------------- Total current assets ....... 124,353,713 (674,951,808) 2,634,618 24,048,927 90,985,632 --------------- --------------- --------------- --------------- --------------- PROPERTY, PLANT AND EQUIPMENT - ----------------------------- Oil and Gas .................... 1,393,064,696 -- -- -- 1,393,064,696 Real estate .................... 87,432,293 -- -- 24,351,103 -- Furniture and equipment ........ 22,017,037 -- 1,554,754 16,270,619 -- Accumulated depreciation and amortization ............. (795,588,161) -- (999,374) (5,866,412) (786,735,793) Valuation allowance ............ (8,227,131) -- -- (7,824,495) -- --------------- --------------- --------------- --------------- --------------- Property, plant and equipment... 698,698,734 -- 555,380 26,930,815 606,328,903 --------------- --------------- --------------- --------------- --------------- INVESTMENTS - ----------- Subsidiaries ................... -- (908,641,653) 908,641,653 -- -- Equity Securities .............. 12,369,405 -- -- 12,369,405 -- Other Securities ............... 64,084,639 -- -- 64,084,639 -- Lease agreements ............... 885,677,947 -- -- 885,677,947 -- Limited partnership interests .. 522,415,753 -- -- 445,661,716 -- General partnership interests .. 176,523,196 -- -- -- -- Joint venture .................. 49,124,983 -- -- -- -- Valuation allowance ............ (21,301,571) -- -- (16,609,416) -- --------------- --------------- --------------- --------------- --------------- Total investments .......... 1,688,894,352 (908,641,653) 908,641,653 1,391,184,291 -- --------------- --------------- --------------- --------------- --------------- OTHER ASSETS - ------------ Natural gas receivable ......... 12,760,326 -- -- -- 12,760,326 Project start-up costs ......... 1,720,597 -- -- 579,559 -- Commissions & tenant improvements ................. -- -- -- -- -- Accumulated deferred income taxes ........................ -- (8,530,649) -- -- -- Reacquisition costs ........... 1,686,000 -- -- -- 1,686,000 Deferred debt issuance costs - net .......................... 1,784,585 -- -- -- -- Notes received from associated companies ......... 29,621 (311,821,000) -- -- -- Other .......................... 46,175,902 -- -- -- 44,075,902 --------------- --------------- --------------- --------------- --------------- Total other assets ......... 64,157,031 (320,351,649) -- 579,559 58,522,228 --------------- --------------- --------------- --------------- --------------- TOTAL ASSETS ............... $ 2,576,103,830 $(1,903,945,110) $ 911,831,651 $ 1,442,743,592 $ 755,836,763 =============== =============== =============== =============== =============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
PAGE 2 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING BALANCE SHEET For the Year Ended December 31, 1995 --------------------------------------------
PSEG CEA EGDC CAPITAL ECFC --------------- --------------- --------------- --------------- ASSETS CURRENT ASSETS - -------------- Cash and temporary investments .................. $ -- $ 1,897,351 $ 944 $ 29,624 Accounts receivable: Affiliated Companies ......... 885,411 21,283 14,176,243 3,136,783 Interest ..................... 1,614 248,044 -- -- Other ........................ 4,103,565 1,013,845 -- -- Notes receivable: Affiliated companies ......... -- 4,693,000 318,070,674 332,980,326 Other......................... -- -- -- -- Materials and supplies ......... -- -- -- -- Real Estate Held for Sale....... -- -- -- -- Prepayments ................... 270,257 107,380 -- -- --------------- --------------- --------------- --------------- Total current assets ....... 5,260,847 7,980,903 332,247,861 336,146,733 PROPERTY, PLANT AND EQUIPMENT - ----------------------------- Oil and Gas .................... -- -- -- -- Real estate .................... -- 63,081,190 -- -- Furniture and equipment ........ 4,049,824 141,840 -- -- Accumulated depreciation and amortization ............. (1,585,161) (401,421) -- -- Valuation allowance ............ -- (402,636) -- -- --------------- -------------- --------------- --------------- Property, plant and equipment... 2,464,663 62,418,973 -- -- --------------- -------------- --------------- --------------- INVESTMENTS - ----------- Subsidiaries ................... -- -- -- -- Equity Securities .............. -- -- -- -- Other Securities ............... -- -- -- -- Lease agreements ............... -- -- -- -- Limited partnership interests .. 76,754,037 -- -- -- General partnership interests .. 140,271,910 36,251,286 -- -- Joint venture .................. 49,124,983 -- -- -- Valuation allowance ............ (3,845,142) (847,013) -- -- --------------- --------------- --------------- --------------- Total investments .......... 262,305,788 35,404,273 -- -- --------------- --------------- --------------- --------------- OTHER ASSETS - ------------ Natural gas receivable ......... -- -- -- -- Project start-up costs ......... 1,141,038 -- -- -- Commissions & tenant improvements ................. -- -- -- -- Accumulated deferred income taxes ........................ -- 8,530,649 -- -- Reacquisition costs ........... -- -- -- -- Deferred debt issuance costs - net .......................... -- -- 117,014 1,667,571 Notes received from associated companies ......... 29,621 -- 152,340,326 159,480,674 Other .......................... -- 2,100,000 -- -- --------------- --------------- --------------- --------------- Total other assets ......... 1,170,659 10,630,649 152,457,340 161,148,245 --------------- --------------- --------------- --------------- TOTAL ASSETS ............... $ 271,201,957 $ 116,434,798 $ 484,705,201 $ 497,294,978 =============== =============== =============== =============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see Item I.
PAGE 1 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING BALANCE SHEET For the Year Ended December 31, 1995 --------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY TOTAL ELIMINATIONS EDHI PSRC EDC - -------------------- -------------- -------------- -------------- -------------- -------------- CURRENT LIABILITIES - ------------------- Accounts payable: Affiliated companies ......... $ 989,482 $ (19,207,808) $ 279,729 $ 11,686,726 $ 5,894,660 Interest...................... 8,722,473 -- -- 1,500,000 -- Other ........................ 89,559,696 -- 1,135,320 16,842,373 61,880,836 Notes payable: Affiliated companies ......... -- (655,744,000) -- 595,110,000 -- Other ........................ 282,251,382 -- -- -- -- Current portion of long-term debt ............... 90,630,207 -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total current liabilities ................ 472,153,240 (674,951,808) 1,415,049 625,139,099 67,775,496 -------------- -------------- -------------- -------------- -------------- LONG-TERM DEBT - -------------- Affiliated Companies.......... -- (311,821,000) -- -- 311,821,000 Other......................... 693,523,043 -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total long-term debt ....... 693,523,043 (311,821,000) -- -- 311,821,000 -------------- -------------- -------------- -------------- -------------- DEFERRED CREDITS - ---------------- Accumulated deferred income taxes ........................ 559,016,698 (8,530,649) -- 498,585,586 11,193,587 Accumulated deferred investment and energy tax credits........ 21,713,049 -- -- 7,733,472 -- Other .......................... 7,702,346 -- 279,824 81,400 4,713,383 -------------- -------------- -------------- -------------- -------------- Total deferred credits ..... 588,432,093 (8,530,649) 279,824 506,400,458 15,906,970 -------------- -------------- -------------- -------------- -------------- MINORITY INTERESTS ............. 1,858,676 -- -- -- -- - ------------------ -------------- -------------- -------------- -------------- -------------- STOCKHOLDERS' EQUITY - -------------------- Capital stock .................. 100,000 (171,501,996) 100,000 107,000,999 920,000 Contributed capital ............ 869,070,125 (686,673,000) 869,070,125 44,099,000 427,780,000 Retained earnings (deficit)..... 40,966,653 (50,466,657) 40,966,653 160,104,036 (68,366,703) -------------- -------------- -------------- -------------- -------------- Total stockholders' equity ................... 910,136,778 (908,641,653) 910,136,778 311,204,035 360,333,297 -------------- -------------- -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........... $2,576,103,830 $(1,903,945,110) $ 911,831,651 $1,442,743,592 $ 755,836,736 ============== ============== ============== ============== ==============
PAGE 2 OF 2 ENTERPRISE DIVERSIFIED HOLDINGS INCORPORATED CONSOLIDATING BALANCE SHEET For the Year Ended December 31, 1995 --------------------------------------------
LIABILITIES AND PSEG STOCKHOLDERS' EQUITY CEA EGDC CAPITAL ECFC - -------------------- -------------- -------------- -------------- -------------- CURRENT LIABILITIES - ------------------- Accounts payable: Affiliated companies ......... $ 1,481,077 $ 775,550 $ 27,180 $ 52,368 Interest...................... -- 59,549 3,278,693 3,884,231 Other ........................ 9,242,185 445,505 6,480 6,997 Notes payable: Affiliated companies ......... 55,941,000 -- 4,693,000 -- Other ........................ -- -- -- 282,251,382 Current portion of long-term debt ............... -- 147,803 62,482,404 28,000,000 -------------- -------------- -------------- -------------- Total current liabilities ................ 66,664,262 1,428,407 70,487,757 314,194,978 -------------- -------------- -------------- -------------- LONG-TERM DEBT - -------------- Affiliated Companies.......... -- -- -- -- Other......................... -- 6,405,599 414,117,444 183,000,000 -------------- -------------- -------------- -------------- Total long-term debt ....... -- 6,405,599 414,117,444 183,000,000 -------------- -------------- -------------- -------------- DEFERRED CREDITS - ---------------- Accumulated deferred income taxes ........................ 57,768,174 -- -- -- Accumulated deferred investment and energy tax credits........ 13,979,577 -- -- -- Other .......................... 2,627,739 -- -- -- -------------- -------------- -------------- -------------- Total deferred credits ..... 74,375,490 -- -- -- -------------- -------------- -------------- -------------- MINORITY INTERESTS ............. -- 1,858,676 -- -- - ------------------ -------------- -------------- -------------- -------------- STOCKHOLDERS' EQUITY - -------------------- Capital stock .................. 62,880,001 500,996 100,000 100,000 Contributed capital ............ 25,000,000 189,794,000 -- -- Retained earnings (deficit)..... 42,282,204 (83,552,880) -- -- -------------- -------------- -------------- -------------- Total stockholders' equity ................... 130,162,205 106,742,116 100,000 100,000 -------------- -------------- -------------- -------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ........... $ 271,201,957 $ 116,434,798 $ 484,705,201 $ 497,294,978 ============== ============== ============== ==============
PAGE 1 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING INCOME STATEMENT YEAR-ENDED - DECEMBER 31, 1995 ------------------------------------
RCMC TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC ------------ ------------ ------------ ------------ ------------ REVENUES: Oil and gas operations.......... -- -- -- -- -- Lease agreements................ $ 48,955,896 $ 122,623 $ 22,679,519 $ 21,909,389 $ 2,842,707 Partnerships.................... 42,573,438 -- 24,394,101 18,219,434 -- Marketing Revenues.............. 3,570,130 (4,994) -- -- -- Interest and Dividends.......... 5,718,301 -- 5,350,896 -- -- Gain (Loss) - security sales.... 15,028,938 -- 14,960,428 -- -- Operating lease income.......... 1,735,510 -- 1,735,510 -- -- Interest & other - assoc. co. -- (20) -- -- -- Other .......................... 344,490 -- (22,252) 180,587 -- Equity in subsidiary earnings...................... -- (11,710,569) 11,710,569 -- -- ------------ ------------ ------------ ------------ ------------ Total Revenues.............. 117,926,703 (11,592,960) 80,808,771 40,309,410 2,842,707 ------------ ------------ ------------ ------------ ------------ OPERATING EXPENSES: Oil and gas production -- -- -- -- -- Rental operations -- -- -- -- -- Depreciation and amortization.................. 2,919,799 -- 1,432,462 1,175,659 -- Administrative and general................... 15,595,909 -- 8,831,814 489,682 (238) Taxes, other than income taxes.................. 336,415 -- 31,913 224,686 12,040 ------------ ------------ ------------ ------------ ------------ Total operating expenses.... 18,852,124 -- 10,296,189 1,890,027 11,802 ------------ ------------ ------------ ------------ ------------ OPERATING INCOME................ 99,074,579 (11,592,960) 70,512,582 38,419,383 2,830,905 ------------ ------------ ------------ ------------ ------------ INTEREST EXPENSE: PSEG PSEG Capital Corporation........ 32,739,370 -- 19,010,480 12,486,169 746,951 Enterprise Capital Funding Corp. 19,474,993 -- 11,543,536 7,140,686 426,634 Other........................... 600,715 (5,014) 604,035 -- -- Capitalized interest............ (599,525) -- (599,525) -- -- ------------ ------------ ------------ ------------ ------------ Net interest expense............ 52,215,553 (5,014) 30,558,526 19,626,856 1,173,585 ------------ ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES...... 46,859,027 (11,587,946) 39,954,056 18,792,528 1,657,320 ------------ ------------ ------------ ------------ ------------ INCOME TAXES: Current ........................ (50,800,020) -- (31,072,536) (11,262,458) (2,640,557) Deferred ....................... 66,412,097 -- 38,155,181 19,197,819 3,650,459 Investment and energy tax credits - net............. (2,131,094) -- (799,405) (523,692) (807,997) ------------ ------------ ------------ ------------ ------------ Total income taxes.............. 13,480,983 -- 6,283,240 7,411,669 201,905 ------------ ------------ ------------ ------------ ------------ MINORITY INTERESTS.............. (292,772) 122,623 -- -- -- ------------ ------------ ------------ ------------ ------------ CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET INCOME...................... $ 33,670,816 $(11,710,569) $ 33,670,816 $ 11,380,859 $ 1,455,415 ============ ============ ============ ============ ============
PAGE 2 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING INCOME STATEMENT YEAR-ENDED - DECEMBER 31, 1995 ------------------------------------
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE ------------ ------------ ------------ ------------ ------------ REVENUES: Oil and gas operations Lease agreements................ $ 917,947 $ -- $ -- $ -- $ -- Partnerships.................... -- -- -- -- -- Marketing Revenues.............. -- -- -- -- -- Interest and Dividends.......... -- -- -- -- -- Gain (Loss)- security sales..... -- -- -- -- -- Operating lease income -- -- -- -- -- Interest & other - assoc. co. -- 20 -- -- -- Other .......................... -- 2,132 937 937 937 Equity in subsidiary earnings...................... -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total Revenues.............. 917,947 2,152 937 937 937 ------------ ------------ ------------ ------------ ------------ OPERATING EXPENSES: Oil and gas production -- -- -- -- -- Rental operations -- -- -- -- -- Depreciation and amortization.................. -- -- -- -- -- Administrative and general................... 130 52 37 37 37 Taxes, other than income taxes.................. 12,040 2,100 900 900 900 ------------ ------------ ------------ ------------ ------------ Total operating expenses.... 12,170 2,152 937 937 937 ------------ ------------ ------------ ------------ ------------ OPERATING INCOME................ 905,777 -- -- -- -- ------------ ------------ ------------ ------------ ------------ INTEREST EXPENSE: PSEG PSEG Capital Corporation........ 415,561 -- -- -- -- Enterprise Capital Funding Corp. 234,061 -- -- -- -- Other........................... -- -- -- -- -- Capitalized interest............ -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Net interest expense............ 649,622 -- -- -- -- ------------ ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES...... 256,155 -- -- -- -- ------------ ------------ ------------ ------------ ------------ INCOME TAXES: Current ........................ (4,753,047) -- -- -- -- Deferred ....................... 4,980,474 -- -- -- -- Investment and energy tax credits - net............. -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ Total income taxes.............. 227,427 -- -- -- -- ------------ ------------ ------------ ------------ ------------ MINORITY INTERESTS.............. -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ NET INCOME...................... $ 28,728 $ -- $ -- $ -- $ -- ============ ============ ============ ============ ============
PAGE 3 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING INCOME STATEMENT YEAR-ENDED - DECEMBER 31, 1995 ------------------------------------
THE PSGMC PSRC USEP PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTE ES 2 DEL.,INC. INC. ------------ ------------ ------------ ------------ -------- -------- --------- -------- REVENUES: Oil and gas operations......... $ -- $ -- $ -- $ -- $ -- $ -- $ -- $ -- Lease agreements............... -- -- -- 606,334 -- -- -- -- Partnerships................... -- -- -- -- -- -- -- (162,720) Marketing Revenues............. -- -- 3,570,130 -- -- -- -- -- Interest and Dividends......... -- -- 372,399 -- -- -- -- -- Gain (Loss) - security sales... -- -- 68,510 -- -- -- -- -- Operating lease income -- -- -- -- -- -- -- -- interest & other - assoc. co. -- -- -- -- -- -- -- -- Other ......................... 937 130,143 -- -- -- 50,133 -- -- Equity in subsidiary earnings..................... -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ -------- -------- -------- -------- Total Revenues............. 937 130,143 4,011,039 606,334 -- 50,133 -- (162,720) ------------ ------------ ------------ ------------ -------- -------- -------- -------- OPERATING EXPENSES: Oil and gas production -- -- -- -- -- -- -- -- Rental operations -- -- -- -- -- -- -- -- Depreciation and amortization................. -- 71,386 233,996 -- 5,754 543 -- -- Administrative and general.................. 37 510,005 4,382,436 12,597 802,999 531,302 34,500 482 Taxes, other than income taxes................. 900 300 24,736 25,000 -- -- -- -- ------------ ------------ ------------ ------------ -------- --------- -------- -------- Total operating expenses... 937 581,691 4,641,168 37,597 808,753 531,845 34,500 482 ------------ ------------ ------------ ------------ -------- --------- -------- -------- OPERATING INCOME............... -- (451,548) (630,130) 568,737 (808,753) (481,712) (34,500) (163,202) ------------ ------------ ------------ ------------ -------- --------- -------- -------- INTEREST EXPENSE: PSEG PSEG Capital Corporation....... -- -- 80,208 -- -- -- -- -- Enterprise Capital Funding Corp -- -- 130,076 -- -- -- -- -- Other.......................... -- -- 1,694 -- -- -- -- -- Capitalized interest........... -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ --------- --------- -------- ------- Net interest expense........... -- -- 211,978 -- -- -- -- -- ------------ ------------ ------------ ------------ --------- --------- -------- ------- INCOME BEFORE INCOME TAXES..... -- (451,548) (842,108) 568,737 (808,753) (481,712) (34,500) (163,202) ------------ ------------ ------------ ------------ --------- --------- -------- ------- INCOME TAXES: Current ....................... -- (158,952) (228,239) (177,575) (283,064) (168,599) (12,075) (42,918) Deferred ...................... -- 942 (9,483) 450,908 -- -- -- (14,203) Investment and energy tax credits - net............ -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ --------- -------- -------- ------- Total income taxes............. -- (158,010) (237,722) 273,333 (283,064) (168,599) (12,075) (57,121) ------------ ------------ ------------ ------------ --------- -------- -------- ------- MINORITY INTERESTS............. -- -- (415,395) -- -- -- -- -- ------------ ------------ ------------ ------------ --------- -------- -------- ------- CUM EFF ACCTG CHANGE FAS 109 -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ --------- -------- -------- ------- NET INCOME..................... $ -- $ (293,538) $ (188,991) $ 295,404 $(525,689)$(313,113)$(22,425)$(106,081) ============ ============ ============ ============ ========= ======== ======== =======
PAGE 1 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR-ENDED - DECEMBER 31, 1995 --------------------------------------------
RCMC TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC ------------ ------------ ------------ ------------ ------------ BALANCE - JANUARY 1, 1995....... $139,833,220 $ 2,948,387 $139,833,223 $ 5,394,405 $ 353,833 Net Income...................... 33,670,816 (12,677,877) 33,670,816 11,380,859 1,455,415 ------------ ------------ ------------ ------------ ------------ Total........................... 173,504,036 (9,729,490) 173,504,039 16,775,264 1,809,248 Dividends Declared.............. 13,400,000 -- 13,400,000 -- -- ------------ ------------ ------------ ------------ ------------ BALANCE - DECEMBER 31, 1995..... $160,104,036 $ (9,729,490) $160,104,039 $ 16,775,264 $ 1,809,248 ============ ============ ============ ============ ============
PAGE 2 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR-ENDED - DECEMBER 31, 1995 --------------------------------------------
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE ------------ ------------ ------------ ------------ ------------ BALANCE - JANUARY 1, 1995....... $ (1,422,999) $ (38,964) $ (3,140) $ (3,156) $ -- Net Income...................... 28,728 -- -- -- -- ------------ ----------- ------------ ------------ ------------ Total........................... (1,394,271) (38,964) (3,140) (3,156) -- Dividends Delared............... -- -- -- -- -- ------------ ----------- ------------ ------------ ------------ BALANCE - DECEMBER 31, 1995..... $ (1,394,271) $ (38,964) $ (3,140) $ (3,156) $ -- ============ ============ ============ ============ ============
PAGE 3 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR-ENDED - DECEMBER 31, 1995 --------------------------------------------
THE PSGMC PSRC USEP PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC. INC. ------------ ------------ ------------ ------------ ---------- ---------- ---------- -------- BALANCE - JANUARY 1, 1995...$ -- $ (790,945) $ (540,644) $ -- $ -- $ -- $ -- $ -- Net Income................... -- (293,538) (188,991) 295,404 (525,689) (313,113) (22,425) (106,081) ------------ ------------ ------------ ------------ ---------- ---------- ---------- ------- Total....................... -- (1,084,483) (729,635) 295,404 (525,689) (313,113) (22,425) (106,081) Dividends Declared.......... -- -- -- -- -- -- -- -- ------------ ------------ ------------ ------------ --------- ---------- ---------- -------- BALANCE - DECEMBER 31, 1995.$ -- (1,084,483) $ (729,635) $ 295,404 $(525,689) $ (313,113) $ (22,425) (106,081) ============ ============ ============ ============ ========= --======== ========== ========
PAGE 1 of 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
RCMC (A) TOTAL ELIMINATIONS PSRC CONSOLIDATED RCIC -------------- -------------- -------------- -------------- -------------- ASSETS: CURRENT ASSETS: Cash & temporary investments.......... $ 930,286 $ -- $ 582,489 $ 12,000 $ -- Accounts receivable: Trade................. 12,708,825 -- 491,120 196,300 -- PSE&G................. -- -- -- -- -- PSEG, income taxes.... 7,482,793 -- 7,482,793 -- -- Other Associated Companies........... (74,912) (68,833,488) 701,980 56,874,993 4,664,371 Notes receivable -- associated companies -- (124,694) 124,694 -- -- other............... -- -- -- -- -- Interest receivable.... 1,371,724 -- 1,290,424 -- -- Prepayments............ 1,630,212 -- 86,322 -- -- -------------- -------------- -------------- -------------- -------------- Total current assets... 24,048,928 (68,958,182) 10,759,822 57,083,293 4,664,371 -------------- -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Aircraft............... 14,995,590 -- 14,995,590 -- -- Real estate............ 24,351,103 -- 2,538,147 13,087,773 -- Other.................. 1,275,029 -- 256,401 63,989 -- Accumulated depreciation and amortization and valuation allowance.... (13,690,908) -- (1,867,312) (6,936,131) -- -------------- -------------- -------------- -------------- -------------- Property, Plant and Equipment........ 26,930,814 -- 15,922,826 6,215,631 -- -------------- -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries........... -- (388,009,035) 388,171,755 -- -- Securities ............ 76,454,044 -- 72,968,044 -- -- Lease agreements ...... 885,677,947 -- 395,556,060 404,194,791 47,930,596 Partnerships .......... 445,661,716 -- 72,211,925 44,532,500 -- Valuation allowance ... (16,609,416) -- (13,519,416) -- -- -------------- -------------- -------------- -------------- -------------- Total Investments ..... 1,391,184,291 (388,009,035) 915,388,368 448,727,291 47,930,596 -------------- -------------- -------------- -------------- -------------- OTHER ASSETS: Organization costs..... 197,568 -- -- 197,568 -- Note receivable- associated companies.. -- -- -- -- -- Other................. 381,990 -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total Other Assets..... 579,558 -- -- 197,568 -- -------------- -------------- -------------- -------------- -------------- TOTAL ASSETS........... $1,442,743,591 $ (456,967,217) $ 942,071,016 $ 512,223,783 $ 52,594,967 ============== ============== ============== ============== ============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
PAGE 2 of 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE -------------- -------------- -------------- -------------- -------------- ASSETS: CURRENT ASSETS: Cash & temporary investments.......... $ -- $ 9,392 $ 5,000 $ 5,000 $ 5,000 Accounts receivable: Trade................. 21,400 -- -- -- -- PSE&G................. -- -- -- -- -- PSEG, income taxes.... -- -- -- -- -- Other Associated Companies........... 5,108,777 -- 1,860 1,844 5,000 Notes receivable -- associated companies -- -- -- -- -- other............... -- -- -- -- -- Interest receivable.... -- -- -- -- -- Prepayments............ -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total current assets... 5,130,177 9,392 6,860 6,844 10,000 -------------- -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Aircraft............... -- -- -- -- -- Real estate............ -- -- -- -- -- Other.................. -- -- -- -- -- Accumulated depreciation and amortization and valuation allowance.. -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Property, Plant and Equipment........ -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries........... -- -- -- -- -- Securities ............ -- -- -- -- -- Lease agreements ...... 29,505,338 -- -- -- -- Partnerships .......... -- -- -- -- Valuation allowance ... -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total Investments ..... 29,505,338 -- -- -- -- -------------- -------------- -------------- -------------- -------------- OTHER ASSETS: Organization costs..... -- -- -- -- -- Note receivable - associated companies.. -- -- -- -- -- Other................. -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total Other Assets..... -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- TOTAL ASSETS........... $ 34,635,515 $ 9,392 $ 6,860 $ 6,844 $ 10,000 ============== ============== ============== ============== ============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
PAGE 3 of 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
THE PSGMC PSRC USEP PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC INC. ------------ ------------- -------------- ------------ --------- --------- ----------- --------- ASSETS: CURRENT ASSETS: Cash & temporary investments........ $ 5,000 $ 5,226 $ 225,245 $ -- $ -- $ -- $ 75,934 $ -- Accounts receivable: Trade............... -- 70,933 11,883,638 1,001 8,385 36,802 (754) -- PSE&G............... -- -- -- -- -- -- -- -- PSEG, income taxes.. -- -- -- -- -- -- -- -- Other Associated Companies........... 5,000 -- 1,144,551 207,763 -- -- -- 42,436 Notes receivable -- associated companies -- -- -- -- -- -- -- -- Interest receivable.... -- -- 81,300 -- -- -- -- -- Prepayments............ -- 23,791 1,410,100 -- 109,999 -- -- -- ------------ -------------- -------------- ------------ --------- --------- ----------- --------- Total current assets. 10,000 99,950 14,744,834 208,764 118,384 36,802 75,180 42,436 ------------ -------------- -------------- ------------ --------- --------- ----------- --------- PROPERTY, PLANT AND EQUIPMENT: Real estate.......... -- -- -- 8,725,183 -- -- -- -- Other................ -- 246,407 590,769 42,659 47,193 27,613 -- -- Accumulated depreciation and amortization and valuation allowance.. -- (111,696) (145,384) (4,624,088) (5,754) (543) -- -- ------------ -------------- -------------- ------------ --------- --------- ----------- --------- Total Property, Plant and Equipment...... -- 134,711 445,385 4,143,754 41,439 27,070 -- -- _------------ -------------- -------------- ------------ --------- --------- ----------- --------- INVESTMENTS: Subsidiaries......... -- -- -- -- -- -- -- (162,720) Securities .......... -- -- 3,486,000 -- -- -- -- -- Lease agreements .... -- -- -- 8,491,163 -- -- -- -- Partnerships ........ -- -- -- -- -- -- 328,917,291 -- Valuation allowance . -- -- -- -- -- (3,090,000) -- ------------ -------------- -------------- ------------ --------- --------- ----------- --------- Total Investments ... -- -- 3,486,000 8,491,163 -- -- 325,827,291 (162,720) ------------ -------------- -------------- ------------ --------- --------- ---------- --------- OTHER ASSETS: Other............... -- -- 250,278 131,712 -- -- -- -- ------------ -------------- -------------- ------------ --------- --------- ----------- --------- Total Other Assets... -- -- 250,278 131,712 -- -- -- -- ------------ -------------- -------------- ------------ --------- --------- ----------- --------- TOTAL ASSETS......... $ 10,000 $ 234,661 $ 18,926,497 $ 12,975,393 $ 159,824 $ 63,872 $325,902,471 $(120,284) ============ ============== ============== ============ ========= ========= --========- =======-- (A) Exceeds 2% of Enterprise's consolidated assets. For additional information, see Item I.
PAGE 1 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
RCMC (A) TOTAL ELIMINATIONS PSRC (CONSOL.) RCIC -------------- -------------- -------------- -------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable ......... $ 16,756,405 $ (354) $ 4,475,549 $ 176,457 $ 6,663 Accounts payable - associated companies.... 11,686,726 (68,833,487) 75,124,037 4,200,157 248,628 Notes payable - PSEG Capital Corp. ..... 290,740,705 -- 178,219,003 101,924,847 6,259,494 Notes payable - ECap Fund. 304,369,295 -- 186,573,389 106,702,335 6,552,901 Notes payable - PSEG...... -- -- -- -- -- Notes Payable - other associated companies.... -- (124,694) -- -- -- Taxes accrued............. 85,967 -- -- 74,826 -- Interest accrued.......... 1,500,000 -- 1,500,000 -- -- -------------- -------------- -------------- -------------- -------------- Total current liabilities. 625,139,098 (68,958,535) 445,891,979 213,078,622 13,067,686 -------------- -------------- -------------- -------------- -------------- LONG TERM DEBT: PSEG Capital Corporation.. -- -- -- -- -- Other..................... -- -- -- -- -- -------------- -------------- -------------- --------------- -------------- Total long-term debt...... -- -- -- -- -- -------------- -------------- -------------- --------------- -------------- DEFERRED CREDITS: Accumulated deferred FIT.. 498,585,586 -- 185,211,474 228,409,066 31,888,490 Accumulated deferred investment and energy tax credits.............. 7,733,472 -- (317,876) -- 165,000 Deferred gas revenue...... -- -- -- -- -- Other .................... 81,400 -- 81,400 -- -- -------------- -------------- -------------- -------------- -------------- Total deferred credits.... 506,400,458 -- 184,974,998 228,409,066 32,053,490 -------------- -------------- -------------- -------------- -------------- MINORITY INTERESTS........ -- 162,720 -- -- -- -------------- -------------- -------------- -------------- -------------- STOCKHOLDERS' EQUITY: Capital stock ............ 107,000,999 (68,185) 107,000,999 1,995 1,095 Contributed capital ...... 44,099,000 (373,444,256) 44,099,000 53,958,836 5,663,448 Retained Earnings ........ 160,104,036 (14,658,962) 160,104,039 16,775,264 1,809,248 -------------- -------------- -------------- -------------- -------------- Total stockholders' equity ................. 311,204,035 (388,171,403) 311,204,038 70,736,095 7,473,791 -------------- -------------- -------------- -------------- -------------- TOTAL LIABILITY AND STOCKHOLDERS' EQUITY...... $1,442,743,592 $ (456,967,215) $ 942,071,014 $ 512,223,783 $ 52,594,967 ============== ============== ============== ============== ============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
PAGE 2 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
RCFC RCSC PSRCSC ONE PSRCSC TWO PSRCSC THREE -------------- -------------- -------------- -------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable ......... $ 35,132 $ -- $ -- $ -- $ -- Accounts payable - associated companies.... 138,609 38,356 -- -- -- Notes payable - PSEG Capital Corp. ..... 3,482,398 -- -- -- -- Notes payable - ECap Fund. 3,645,632 -- -- -- -- Notes payable - PSEG -- -- -- -- -- Notes Payable - other associated companies.... -- -- -- -- -- Taxes accrued............. 10,321 -- -- -- -- Interest accrued.......... -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total current liabilities. 7,312,092 38,356 -- -- -- -------------- -------------- -------------- -------------- -------------- LONG-TERM DEBT: PSEG Capital Corporation.. -- -- -- -- -- Other..................... -- -- -- -- -- -------------- -------------- -------------- --------------- -------------- Total long-term debt -- -- -- -- -- -------------- -------------- -------------- --------------- -------------- DEFERRED CREDITS: Accumulated deferred FIT.. 24,905,033 -- -- -- -- Accumulated deferred investment and energy tax credits.............. -- -- -- -- -- Deferred gas revenue...... -- -- -- -- -- Other .................... -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- Total deferred credits.... 24,905,033 -- -- -- -- -------------- -------------- -------------- -------------- -------------- MINORITY INTERESTS........ -- -- -- -- -- -------------- -------------- -------------- -------------- -------------- STOCKHOLDERS' EQUITY: Capital stock ............ 1,095 10,000 10,000 10,000 10,000 Contributed capital ...... 3,811,567 -- -- -- -- Retained Earnings ........ (1,394,271) (38,964) (3,140) (3,156) -- -------------- -------------- -------------- -------------- -------------- Total stockholders' equity ................. 2,418,390 (28,964) 6,860 6,844 10,000 -------------- -------------- -------------- -------------- -------------- TOTAL LIABILITY AND STOCKHOLDERS' EQUITY...... $ 34,635,515 $ 9,392 $ 6,860 $ 6,844 $ 10,000 ============== ============== ============== ============== ============== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
PAGE 3 OF 3 PUBLIC SERVICE RESOURCES CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------------
THE PSGMC PSRC USEP PSRCSC FOUR WATER SOURCE CONSOLIDATED PSRC, INC. ENTERTECH ES 2 DEL.,INC. INC ------------- -------------- -------------- ------------ ---------- ---------- ---------- ------- LIABILITIES AND STOCKHOLDERS' EQUITY: CURRENT LIABILITIES: Accounts payable ........$ -- $ 7,622 $12,017,481 $ -- $ 22,165 $ 15,690 $ -- -- Accounts payable - associated companies... -- 283,543 52,640 -- 225,248 186,570 22,425 -- Notes payable - PSEG Capital Corp. .... -- -- 854,962 -- -- -- -- -- Notes payable - ECap Fund -- -- 895,038 -- -- -- -- -- Notes payable - PSEG..... -- -- -- -- -- -- -- -- Notes Payable - other associated companies... -- -- 124,694 -- -- -- -- -- Taxes accrued............ -- 820 -- -- -- -- -- -- Interest accrued......... -- -- -- -- -- -- -- -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- ------- Total current liabilities -- 291,985 13,944,815 -- 247,413 202,260 22,425 -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- ------- LONG-TERM DEBT: PSEG Capital Corporation. -- -- -- -- -- -- -- -- Other.................... -- -- -- -- -- -- -- -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- ------- Total long-term debt..... -- -- -- -- -- -- -- -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- DEFERRED CREDITS: Accumulated deferred FIT. -- 659 (84,663) 6,071,649 -- -- 22,198,081 (14,203) Accumulated deferred investment and energy tax credits............. -- -- -- -- -- -- 7,886,348 -- Deferred gas revenue..... -- -- -- -- -- -- -- -- Other ................... -- -- -- -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- Total deferred credits... -- 659 (84,663) 6,071,649 -- -- 30,084,429 (14,203) -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- MINORITY INTERESTS...... -- -- (162,720) -- -- -- -- -- -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- STOCKHOLDERS' EQUITY: Capital stock ........... 10,000 10,000 1,000 1,000 1,000 -- 1,000 -- Contributed capital ..... -- 1,016,500 5,957,700 6,607,339 437,100 174,725 295,817,041 -- Retained Earnings ....... -- (1,084,483) (729,635) 295,404 (525,689) (313,113) (22,425) (106,081) -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- Total stockholders' equity ................ 10,000 (57,983) 5,229,065 6,903,744 (87,589) (138,388) 295,795,616 (106,081) -------------- -------------- -------------- ------------ ---------- ---------- ---------- -------- TOTAL LIABILITY AND STOCKHOLDERS' EQUITY.....$ 10,000 $ 234,661 $ 18,926,497 $ 12,975,393 $ 159,824 $ 63,872 $325,902,470 $(120,284) ============== ============== ============== ============ ========== ========== ========== ======== (A) Exceeds 2% of Enterprise's consolidated assets. For additional information see item I.
RESOURCES CAPITAL MANAGEMENT CORPORATION CONSOLIDATING INCOME STATEMENT YEAR-ENDED DECEMBER 31, 1995 ----------------------------------------
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL, -------------- -------------- -------------- -------------- ----------- ------------ REVENUES: Oil and gas operations........... $ -- $ -- $ -- $ -- $ -- $ -- Lease Agreements................. 21,909,389 -- 21,909,389 -- -- -- Partnerships..................... 18,219,434 -- 18,219,434 -- -- -- Interest and dividends........... -- -- -- -- -- -- Gain(Loss)-security sales........ -- -- -- -- -- -- Rental income.................... -- -- -- -- -- -- Interest & other-assoc. co....... -- -- -- -- -- -- Other............................ 180,587 -- 179,910 677 -- -- Equity in subsidiary earnings.... -- 44,850 (44,850) -- -- -- -------------- -------------- -------------- -------------- ----------- ------------ Total Revenues............... 40,309,410 44,850 40,263,883 677 -------------- -------------- -------------- -------------- ----------- ------------ OPERATING EXPENSES: Oil and gas production........... -- -- -- -- -- -- Rental operations................ -- -- -- -- -- -- Depreciation and amortization.... 1,175,659 -- 1,175,659 -- -- -- Administrative and general........ 489,682 -- 420,645 37 34,500 34,500 Taxes, other than income taxes... 224,686 -- 224,046 640 -- -- -------------- -------------- -------------- -------------- ----------- ------------ Total operating expenses..... 1,890,027 -- 1,820,350 677 34,500 34,500 -------------- -------------- -------------- -------------- ----------- ------------ OPERATING INCOME................. 38,419,383 44,850 38,443,533 -- (34,500) (34,500) -------------- -------------- -------------- -------------- ----------- ------------ INTEREST EXPENSE: PSEG............................. -- -- -- -- -- -- PSEG Capital Corporation......... 12,486,169 -- 12,486,169 -- -- -- Ent. Capital Funding Corp. ...... 7,140,686 -- 7,140,686 -- -- -- Other............................ -- -- -- -- -- -- Capitalized interest............. -- -- -- -- -- -- -------------- -------------- -------------- -------------- ----------- ------------ Net interest expense............. 19,626,856 -- 19,626,856 -- -- -- -------------- -------------- -------------- -------------- ----------- ------------ INCOME BEFORE INCOME TAXES....... 18,792,527 44,850 18,816,678 -- (34,500) (34,500) -------------- -------------- -------------- -------------- ----------- ------------ INCOME TAXES: Current.......................... (11,262,458) -- (11,238,308) -- (12,075) (12,075) Deferred......................... 19,197,819 -- 19,197,819 -- -- -- Investments and energy tax credits - net.............. (523,692) -- (523,692) -- -- -- -------------- -------------- -------------- -------------- ----------- ------------ Total income taxes........... 7,411,669 -- 7,435,819 -- (12,075) (12,075) -------------- -------------- -------------- -------------- ----------- ------------ MINORITY INTERESTS............... -- -- -- -- -- -- -------------- -------------- -------------- -------------- ----------- ------------ NET INCOME...................... $ 11,380,859 $ 44,850 $ 11,380,859 $ -- $ (22,425) $ (22,425) ============== ============== ============== ============== ----------- ------------
RESOURCES CAPITAL MANAGEMENT CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS DECEMBER 31, 1995 --------------------------------------------
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL, INC. ------------ ------------ ------------ ------------ ------------ ------------ BALANCE - JANUARY 1, 1995........ $ 5,394,405 $ 15,956 $ 5,394,405 $ (15,956) $ -- $ -- NET INCOME....................... 11,380,859 44,850 11,380,859 -- (22,425) (22,425) ------------ ------------ ------------ ------------ ------------ ------------ TOTAL...................... 16,775,264 60,806 16,775,264 (15,956) (22,425) (22,425) ------------ ------------ ------------ ------------ ------------ ------------ DIVIDENDS DECLARED -- -- -- -- -- -- ============ ============ ============ ============ ============ ============ BALANCE - DECEMBER 31, 1995..... $ 16,775,264 $ 60,806 $ 16,775,264 $ (15,956) $ (22,425) $ (22,425) ============ ============ ============ ============ ============ ============
RESOURCES CAPITAL MANAGEMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ----------------------------------------
TOTAL ELIMINATIONS RCMC RCMC-SC REMC INC. RCMC DEL, INC. ------------ -------------- -------------- -------------- -------------- -------------- ASSETS CURRENT ASSETS: Cash and temporary investments... $ 12,000 $ -- $ -- $ 10,000 $ 1,000 $ 1,000 Accounts receivable: Trade.......................... 196,300 -- 196,300 -- -- -- PSE&G.......................... -- -- -- -- -- -- PSEG, income taxes............. -- -- -- -- -- -- Other associated companies..... 56,874,993 (173) 56,874,993 173 -- -- Notes receivable- associated companies............ -- -- -- -- -- -- Interest receivable.............. -- -- -- -- -- -- Prepayments...................... -- -- -- -- -- -- ------------ -------------- -------------- -------------- -------------- -------------- Total current assets......... 57,083,293 (173) 57,071,294 10,173 1,000 1,000 ------------ -------------- -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Oil and gas...................... -- -- -- -- -- -- Real estate...................... 13,087,773 -- 13,087,773 -- -- -- Other............................ 63,989 -- 63,989 -- -- -- Accumulated depreciation and amortization............... (6,936,131) -- (6,936,131) -- -- -- ------------- -------------- -------------- -------------- -------------- -------------- Total Property, Plant and Equipment............... 6,215,631 -- 6,215,630 -- -- -- ------------ -------------- -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries..................... -- (14,357,716) 14,357,716 -- -- -- Securities....................... -- -- -- -- -- -- Lease agreements................. 404,194,790 -- 222,691,719 -- 30,959,825 150,543,246 Partnerships..................... 44,532,500 -- 22,029,332 -- 22,503,168 -- Valuation allowance.............. -- -- -- -- -- -- ------------ -------------- -------------- -------------- -------------- -------------- Total investments............ 448,727,291 (14,357,716) 259,078,767 -- 53,462,993 150,543,246 ------------ -------------- -------------- -------------- -------------- -------------- OTHER ASSETS: Natural gas receivable........... -- -- -- -- -- -- Note receivable- associated companies............ -- -- -- -- -- -- Other............................ 197,568 -- 197,568 -- -- -- ------------- -------------- -------------- -------------- -------------- -------------- Total other assets 197,568 -- 197,568 -- -- -- -------------- -------------- -------------- -------------- -------------- ------------- TOTAL ASSETS................$ 512,223,783 $ (14,357 889) $ 322,563,260 $ 10,173 $ 53,463,993 $ 150,544,246 ============== ============== ============== ============== ============== ==============
RESOURCES CAPITAL MANAGEMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ----------------------------------------
TOTAL ELIMINATIONS RCMC RCMC-SC RCMC INC. RCMC DEL, INC -------------- -------------- -------------- -------------- --------------- ------------ LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable................. $ 176,457 $ -- $ 176,457 $ -- $ -- $ -- Accounts payable - associated companies........... 4,200,157 (174) 4,140,452 15,929 22,425 22,425 Notes payable - PSEG Capital Corp. ............ 101,924,847 -- 61,818,997 -- -- 40,105,850 Notes payable - ECap Fund........ 106,702,335 -- 64,708,185 -- -- 41,994,150 Notes payable - PSEG............. -- -- -- -- -- -- Notes payable - other............ -- -- -- -- -- -- Taxes accrued.................... 74,826 -- -- -- -- 74,826 Interest accrued................. -- -- -- -- -- -- -------------- -------------- -------------- -------------- --------------- ------------ Total current liabilities.... 213,078,622 (174) 130,844,091 15,029 22,425 82,197,251 -------------- -------------- -------------- -------------- --------------- ------------ LONG-TERM DEBT: PSEG Capital corporation......... -- -- -- -- -- -- Other............................ -- -- -- -- -- -- -------------- -------------- -------------- -------------- --------------- ------------ Total long-term debt............. -- -- -- -- -- -- -------------- -------------- -------------- -------------- --------------- ------------ DEFERRED CREDITS: Accumulated deferred FIT......... 228,409,066 -- 120,983,074 -- 24,442,569 82,983,422 Accumulated deferred investment & energy tax credits............ -- -- -- -- -- -- Deferred gas revenue............. -- -- -- -- -- -- -------------- -------------- -------------- -------------- --------------- ------------ Total deferred credits....... 228,409,066 -- 120,983,074 -- 24,442,569 82,983,422 -------------- -------------- -------------- -------------- --------------- ------------ STOCKHOLDERS' EQUITY: -- -- -- -- -- -- Capital stock ................... 1,995 (3,100) 1,995 1,100 1,000 1,000 Contributed capital ............. 53,958,836 (14,415,422) 53,958,836 10,000 29,020,424 (14,615,002) Retained earnings ............... 16,775,264 60,806 16,775,264 (15,956) (22,425) (22,425) -------------- -------------- -------------- -------------- --------------- ------------ Total stockholders' equity .. 70,736,095 (14,357,716) 70,736,095 (4,856) 28,998,999 (14,636,427) -------------- -------------- -------------- -------------- --------------- ------------ TOTAL LIABILITY AND STOCKHOLDERS' EQUITY........... $ 512,223,783 $ (14,357,890) $ 322,563,260 $ 10,173 $ 53,463,993 $150,544,246 ============== ============== ============== ============== =============== ============
PAGE 1 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF INCOME YEAR ENDED DECEMBER 31, 1995 ---------------------------------
TOTAL ELIMINATIONS EDC GASDEL -------------- -------------- -------------- -------------- REVENUES: Oil and gas sales.............. $ 248,001,664 $ (1,869,741) $ 206,361,743 $ 712,048 -------------- -------------- -------------- -------------- Total Revenues............. 248,001,664 (1,869,741) 206,361,743 712,048 -------------- -------------- -------------- -------------- OPERATING EXPENSES: Oil and gas production......... 49,335,783 -- 38,286,032 393,466 Oil and gas exploration........ 43,202,375 -- 37,487,361 -- Depreciation and amortization.. 77,265,362 -- 67,071,923 325,700 Administrative and general..... 11,961,117 -- 10,617,535 72,103 Other operation expenses....... 7,582,844 (1,869,741) 3,842,936 381 -------------- -------------- -------------- -------------- Total Operating Expenses... 189,347,481 (1,869,741) 157,305,787 791,650 -------------- -------------- -------------- -------------- OPERATING INCOME............... 58,654,183 -- 49,055,956 (79,602) -------------- -------------- -------------- -------------- OTHER INCOME................... 22,131,615 (11,665,273) 31,817,275 1,350,081 -------------- -------------- -------------- -------------- INTEREST EXPENSE: PSEG Capital Corporation....... 20,014,616 -- 20,014,616 -- Enterprise Capital Funding Corporation.......... 11,371,004 -- 11,371,004 -- Other.......................... 468,821 (6,599,195) 1,805,525 -- Capitalized interest........... (4,368,383) -- (4,368,383) -- -------------- -------------- -------------- -------------- Net Interest Expense........... 27,486,058 (6,599,195) 28,822,762 -- -------------- -------------- -------------- -------------- INCOME BEFORE INCOME TAXES..... 53,299,740 (5,066,078) 52,050,469 1,270,479 -------------- -------------- -------------- -------------- INCOME TAXES: Current........................ (23,211,675) -- (23,745,666) 486,480 Deferred....................... 41,474,998 -- 40,759,718 (46,895) -------------- -------------- -------------- -------------- Total Income Taxes......... 18,263,323 -- 17,014,052 439,585 -------------- -------------- -------------- -------------- NET INCOME..................... $ 35,036,417 $ (5,066,078) $ 35,036,417 $ 830,894 ============== ============== ============== ==============
PAGE 2 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF INCOME YEAR ENDED DECEMBER 31, 1995 ---------------------------------
PRODUCERS SERVICE HGC EDC ARGENTINA EDC CHINA -------------- -------------- -------------- -------------- REVENUES: Oil and gas sales.............. $ 347,342 $ 976,220 $ 7,979,892 $ -- -------------- -------------- -------------- -------------- Total Revenues............. 347,342 976,220 7,979,892 -- -------------- -------------- -------------- -------------- OPERATING EXPENSES: Oil and gas production......... 3,534 93,972 2,790,064 -- Oil and gas exploration........ -- -- 214 1,216,273 Depreciation and amortization.. 157,143 35,126 1,335,321 -- Administrative and general..... 23,781 7,352 223,107 203,341 Other operation expenses....... 1,794 560 438,340 -- -------------- -------------- -------------- -------------- Total Operating Expenses... 186,252 137,010 4,787,046 1,419,614 -------------- -------------- -------------- -------------- OPERATING INCOME............... 161,090 839,210 3,192,846 (1,419,614) -------------- -------------- -------------- -------------- OTHER INCOME................... -- 991 36,696 63 -------------- -------------- -------------- -------------- INTEREST EXPENSE: PSEG Capital Corporation....... -- -- -- -- Enterprise Capital Funding Corporation.......... -- -- -- -- Other.......................... -- 13,377 2,303,228 -- Capitalized interest........... -- -- -- -- -------------- -------------- -------------- -------------- Net Interest Expense........... -- 13,377 2,303,228 -- -------------- -------------- -------------- -------------- INCOME BEFORE INCOME TAXES..... 161,090 826,824 926,314 (1,419,551) -------------- -------------- -------------- -------------- INCOME TAXES: Current........................ 78,016 310,664 499,863 (428,423) Deferred....................... (14,661) 4,529 (278,958) (48,651) -------------- -------------- -------------- -------------- Total Income Taxes......... 63,355 315,193 220,905 (477,074) -------------- -------------- -------------- -------------- NET INCOME..................... $ 97,735 $ 511,631 $ 705,409 $ (942,477) ============== ============== ============== ==============
PAGE 3 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF INCOME YEAR ENDED DECEMBER 31, 1995 ---------------------------------
EDC PERU EDC HIPS EDC SENEGAL EDC UK -------------- -------------- -------------- -------------- REVENUES: Oil and gas sales.............. $ -- $ 332,444 $ -- $ 33,161,716 -------------- -------------- -------------- -------------- Total Revenues............. -- 332,444 -- 33,161,716 -------------- -------------- -------------- -------------- OPERATING EXPENSES: Oil and gas production......... -- 34,212 -- 7,734,503 Oil and gas exploration........ 126,891 -- 469,355 3,902,281 Depreciation and amortization.. -- -- -- 8,340,149 Administrative and general..... -- 196,978 -- 616,920 Other operation expenses....... -- 50 -- 5,168,524 -------------- -------------- -------------- -------------- Total Operating Expenses... 126,891 231,240 469,355 25,762,377 -------------- -------------- -------------- -------------- OPERATING INCOME............... (126,891) 101,204 (469,355) 7,399,339 -------------- -------------- -------------- -------------- OTHER INCOME................... 68 -- -- 591,714 -------------- -------------- -------------- -------------- INTEREST EXPENSE: PSEG Capital Corporation....... -- -- -- -- Enterprise Capital Funding Corporation.......... -- -- -- -- Other.......................... -- -- -- 2,945,886 Capitalized interest........... -- -- -- -- -------------- -------------- -------------- -------------- Net Interest Expense........... -- -- -- 2,945,886 -------------- -------------- -------------- -------------- INCOME BEFORE INCOME TAXES..... (126,823) 101,204 (469,355) 5,045,167 -------------- -------------- -------------- -------------- INCOME TAXES: Current........................ (41,027) 35,421 (164,190) (242,813) Deferred....................... -- -- (84) 1,100,000 -------------- -------------- -------------- -------------- Total Income Taxes......... (41,027) 35,421 (164,274) 857,187 -------------- -------------- -------------- -------------- NET INCOME..................... $ (85,796) $ 65,783 $ (305,081) $ 4,187,980 ============== ============== ============== ==============
PAGE 1 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1995 ---------------------------------------------
TOTAL ELIMINATIONS EDC GASDEL ------------- ------------- ------------- ------------- BALANCE - JANUARY 1, 1995...... $ (103,403,120) $ 11,672,049 $(103,403,120) $ 12,103,792 NET INCOME..................... 35,036,417 (5,066,078) 35,036,417 830,894 ------------- ------------- ------------- ------------- TOTAL...................... (68,366,703) (16,738,127) (68,366,703) 12,934,686 ------------- ------------- ------------- ------------- DIVIDENDS DECLARED............. -- -- -- -- ------------- ------------- ------------- ------------- BALANCE - DECEMBER 31, 1995.... $ (68,366,703) $ (16,738,127) $ (68,366,703) $ 12,934,686 ============= ============= ============= =============
PAGE 2 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1995 ---------------------------------------------
PRODUCERS SERVICE HGC EDC ARGENTINA EDC CHINA ------------- ------------- ------------- ------------- BALANCE - JANUARY 1, 1995...... $ 664,193 $ 2,683,056 $ 1,417,591 $ (4,407,059) NET INCOME..................... 97,735 511,631 705,409 (942,477) ------------- ------------- ------------- ------------- TOTAL...................... 761,928 3,194,687 2,123,000 (5,349,536) ------------- ------------- ------------- ------------- DIVIDENDS DECLARED............. -- -- -- -- ------------- ------------- ------------- ------------- BALANCE - DECEMBER 31, 1995.... $ 761,928 $ 3,194,687 $ 2,123,000 $ (5,349,536) ============= ============= ============= =============
PAGE 3 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING STATEMENT OF RETAINED EARNINGS YEAR ENDED DECEMBER 31, 1995 --------------------------------------------
EDC PERU EDC HIPS EDC SENEGAL EDC (UK) LTD. ------------- ------------- ------------- ------------- BALANCE - JANUARY 1, 1995...... $ (900,749) $ 41,900 $ (515,255) $ (584,580) NET INCOME..................... (85,796) 65,783 305,081 4,187,980 ------------- ------------- ------------- ------------- TOTAL...................... (986,545) 107,683 (820,336) 4,772,560 ------------- ------------- ------------- ------------- DIVIDENDS DECLARED............. -- -- -- -- ------------- ------------- ------------- ------------- BALANCE - DECEMBER 31, 1995.... $ (986,545) $ 107,683 $ (820,336) $ 4,772,560 ============= ============= ============= =============
PAGE 1 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
TOTAL ELIMINATIONS EDC GASDEL -------------- -------------- -------------- -------------- ASSETS CURRENT ASSETS: Cash and temporary investments. $ 14,269,302 $ -- $ -- $ -- Accounts receivable: Trade......................... 52,486,112 -- 45,493,992 30,178 PSEG.......................... 242,180 -- 242,180 -- Other associated companies.... 11,928 (42,155,795) 35,306,880 335,083 Notes receivable - associated companies (EDC)... -- (52,791,133) 37,928,266 14,862,867 Materials and Supplies......... 1,228,937 -- 660,299 -- Prepayments.................... 22,747,173 -- 20,497,247 134,185 -------------- -------------- -------------- -------------- Total current assets...... 90,985,632 (94,946,928) 140,128,864 15,362,313 -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Oil and gas.................... 1,393,064,696 -- 1,275,296,036 14,129,125 Accumulated depreciation & amortization.................. (786,735,793) -- (749,178,442) (11,719,083) -------------- -------------- -------------- -------------- Total Property, Plant and Equipment............. 606,328,903 -- 526,117,594 2,410,042 -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries................... -- (36,679,779) 36,679,779 -- -------------- -------------- -------------- -------------- Total investments.......... -- (36,679,779) 36,679,779 -- -------------- -------------- -------------- -------------- OTHER ASSETS: Natural gas receivable......... 12,760,326 -- 12,760,326 -- Other Long-Term Receivable..... 44,075,902 (19,899,495) 54,713,145 -- Preacquisition expenses........ 1,686,000 -- 419,416 -- Deferred Taxes................. -- -- -- -- -------------- -------------- -------------- -------------- Total other assets......... 58,522,228 (19,899,495) 67,892,887 -- -------------- -------------- -------------- -------------- TOTAL ASSETS............... $ 755,836,763 $ (151,526,202) $ 770,819,124 $ 17,772,355 ============== ============== ============== ==============
PAGE 2 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
PRODUCERS SERVICE HGC EDC ARGENTINA EDC CHINA -------------- -------------- -------------- -------------- ASSETS CURRENT ASSETS: Cash and temporary investments. $ -- $ -- $ 25,639 $ 41,533 Accounts receivable: Trade......................... 4,878 208,685 2,986,452 37,977 PSEG.......................... -- -- -- -- Other associated companies.... 499,043 4,972,174 1,000 1,000 Notes receivable - associated companies (EDC)... -- -- -- -- Materials and Supplies......... -- -- 568,638 -- Prepayments.................... -- 777 187,972 (59,020) -------------- -------------- -------------- -------------- Total current assets...... 503,921 5,181,636 3,769,701 21,490 -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Oil and gas.................... 1,101,458 500,510 33,177,609 2,266,375 Accumulated depreciation & amortization.................. (416,428) (368,658) (4,484,340) -- -------------- -------------- -------------- -------------- Total Property, Plant and Equipment............. 685,030 131,852 28,693,269 2,266,375 -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries................... -- -- -- -- -------------- -------------- -------------- -------------- Total investments.......... -- -- -- -- -------------- -------------- -------------- -------------- OTHER ASSETS: Natural gas receivable......... -- -- -- -- Other Long-Term Receivable..... -- -- 707,360 8,168,712 Preacquisition expenses........ -- -- -- 1,266,584 Deferred Taxes................. -- -- -- -- -------------- -------------- -------------- -------------- Total other assets......... -- -- 707,360 9,435,296 -------------- -------------- -------------- -------------- TOTAL ASSETS............... $ 1,188,951 $ 5,313,488 $ 33,170,330 $ 11,723,161 ============== ============== ============== ==============
PAGE 3 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
EDC PERU EDC HIPS EDC SENEGAL EDC (UK) LTD. -------------- -------------- -------------- -------------- ASSETS CURRENT ASSETS: Cash and temporary investments. $ 8,191 $ -- $ -- $ 14,193,939 Accounts receivable: Trade......................... 244 -- -- 3,723,706 PSEG.......................... -- -- -- -- Other associated companies.... 1,000 1,049,543 1,000 1,000 Notes receivable - associated companies (EDC)... -- -- -- -- Materials and Supplies......... -- -- -- -- Prepayments.................... -- -- 105,350 1,880,662 -------------- -------------- -------------- -------------- Total current assets...... 9,435 1,049,543 106,350 19,799,307 -------------- -------------- -------------- -------------- PROPERTY, PLANT AND EQUIPMENT: Oil and gas.................... -- -- 326,258 66,267,325 Accumulated depreciation & amortization.................. -- -- -- (20,568,842) -------------- -------------- -------------- -------------- Total Property, Plant and Equipment............. -- -- 326,258 45,698,483 -------------- -------------- -------------- -------------- INVESTMENTS: Subsidiaries................... -- -- -- -- -------------- -------------- -------------- -------------- Total investments.......... -- -- -- -- -------------- -------------- -------------- -------------- OTHER ASSETS: Natural gas receivable......... -- -- -- -- Other Long-Term Receivable..... 69,881 -- -- 316,299 Reacquisition expenses........ -- -- -- -- Deferred Taxes................. -- -- -- -- -------------- -------------- -------------- -------------- Total other assets......... 69,881 -- -- 316,299 -------------- -------------- -------------- -------------- TOTAL ASSETS............... $ 79,316 $ 1,049,543 $ 432,608 $ 65,814,089 ============== ============== ============== ==============
PAGE 1 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
TOTAL ELIMINATIONS EDC GASDEL -------------- -------------- -------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Associated companies.......... $ 5,894,660 $ (42,155,795) $ 12,750,212 $ 5,290 Other......................... 61,880,836 -- 54,309,156 128,440 Notes payable: Gasdel Pipeline System........ -- (14,862,867) 14,862,867 -- Other......................... -- (37,928,266) -- -- ------------- ------------- ------------- ------------- Total current liabilities.. 67,775,496 (94,946,928) 81,922,235 133,730 ------------- ------------- ------------- ------------- LONG-TERM DEBT: PSEG Capital Corporation....... 152,340,326 -- 152,340,326 -- Enterprise Capital Funding Corporation.......... 159,480,674 -- 159,480,674 Other.......................... -- (19,899,495) -- -- ------------- ------------- ------------- ------------- Total Long-Term Debt....... 311,821,000 (19,899,495) 311,821,000 -- ------------- ------------- ------------- ------------- DEFERRED CREDITS: Accumulated deferred FIT....... 11,193,587 -- 12,029,209 378,939 Other deferred credits......... 4,713,383 -- 4,713,383 -- ------------- ------------- ------------- ------------- Total Deferred Credits..... 15,906,970 -- 16,742,592 378,939 ------------- ------------- ------------- ------------- STOCKHOLDERS' EQUITY: Capital Stock.................. 920,000 (4,333,000) 920,000 4,325,000 Contributed Capital............ 427,780,000 (15,093,397) 427,780,000 -- Accumulated Deficit............ (68,366,703) (17,253,382) (68,366,703) 12,934,686 ------------- ------------- ------------- ------------- Total Stockholders' Equity. 360,333,297 (36,679,779) 360,333,297 17,259,686 ------------- ------------- ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY........... $ 755,836,763 $(151,526,202) $ 770,819,124 $ 17,772,355 ============= ============= ============= =============
PAGE 2 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
PRODUCERS SERVICE HGC EDC ARGENTINA EDC CHINA -------------- -------------- -------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Associated companies.......... $ 256 932 $ 1,961,402 $ 9,423,121 $ 17,814,391 Other......................... (374) 22,754 2,329,072 799,512 Notes payable: Gasdel Pipeline System........ -- -- -- -- Other......................... -- -- -- -- ------------- ------------- ------------- ------------- Total current liabilities.. 256,558 1,984,156 11,752,193 18,613,903 ------------- ------------- ------------- ------------- LONG-TERM DEBT: PSEG Capital Corporation....... -- -- -- -- Enterprise Capital Funding Corporation.......... -- -- -- -- Other.......................... -- -- 19,899,495 -- ------------- ------------- ------------- ------------- Total Long-Term Debt....... -- -- 19,899,495 -- ------------- ------------- ------------- ------------- DEFERRED CREDITS: Accumulated deferred FIT....... 169,465 (169,840) (605,358) (1,542,206) Other deferred credits ------------- ------------- ------------- ------------- Total Deferred Credits..... 169,465 (169,840) (605,358) (1,542,206) ------------- ------------- ------------- ------------- STOCKHOLDERS' EQUITY: Capital Stock.................. 1,000 1,000 1,000 1,000 Contributed Capital............ -- 303,485 -- -- Accumulated Deficit............ 761,928 3,194,687 2,123,000 (5,349,536) ------------- ------------- ------------- ------------- Total Stockholders' Equity. 762,928 3,499,172 2,124,000 (5,348,536) ------------- ------------- ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY........... $ 1,188,951 $ 5,313,488 $ 33,170,330 $ 11,723,161 ============= ============= ============= =============
PAGE 3 OF 3 ENERGY DEVELOPMENT CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1995 ------------------------------
EDC PERU EDC HIPS EDC SENEGAL EDC (UK), LTD. -------------- -------------- -------------- -------------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable: Associated companies.......... $ 1,411,399 $ 940,860 $ 736,773 $ 2,750,075 Other......................... -- -- -- 4,292,276 Notes payable: Gasdel Pipeline System........ -- -- -- -- Other......................... -- -- -- 37,928,266 ------------- ------------- ------------- ------------- Total current liabilities.. 1,411,399 940,860 736,773 44,970,617 ------------- ------------- ------------- ------------- LONG-TERM DEBT: PSEG Capital Corporation....... -- -- -- -- Enterprise Capital Funding Corporation.......... -- -- -- -- Other.......................... -- -- -- -- ------------- ------------- ------------- ------------- Total Long-Term Debt....... -- -- -- -- ------------- ------------- ------------- ------------- DEFERRED CREDITS: Accumulated deferred FIT....... (346,538) -- (84) 1,280,000 Other deferred credits......... -- -- -- -- ------------- ------------- ------------- ------------- Total Deferred Credits..... (346,538) -- (84) 1,280,000 ------------- ------------- ------------- ------------- STOCKHOLDERS' EQUITY: Capital Stock.................. 1,000 1,000 1,000 1,000 Contributed Capital............ -- -- -- 14,789,912 Accumulated Deficit............ (986,545) 107,683 (305,081) 4,772,560 ------------- ------------- ------------- ------------- Total Stockholders' Equity. (985,545) 108,683 (304,081) 19,563,472 ------------- ------------- ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY........... $ 79,316 $ 1,049,543 $ 432,608 $ 65,814,089 ============= ============= ============= =============
EXHIBIT C Organizational Chart - Response 4(a)(i) CTSN ___________________________ | ENTERPRISE | |___________________________| | | 100% _________________________ | EDHI | |_________________________| | | 100% ____________________ | CEA | |____________________| | | 100% ____________ | CEA USA | |____________| | | 100% ____________________ | CEMAS | |____________________| | | _______________________________ | 7.51%* | __________|____________ | | ASNI |_______ | 18.63% |_______________________|62.74%| | __|________|__________ | | | ISN | |______________________| | 88% _________|____________ | CTSN | |______________________| * Beneficially, CEMAS owns only 4.95% of the ISN shares owned by ASNI Organizational Chart-Response 4(a)(ii) JINGYUAN __________________________________ | CEA | |__________________________________| | | 100% _______________ | CEA USA | |_______________| | | 100% _________________________ | CEA INTERNATIONAL, INC. | |_________________________| | | 100% __________________ | CEA CHINA | |__________________| | | 50% ____________________________ |MEIYA POWER COMPANY LIMITED | |____________________________| | ________100%_____|___100%____________ ______________|________________ _______________|______________ |CHINA U.S. POWER PARTNERS I, LTD| | CEA (BERMUDA) HOLDINGS, LTD. | |________________________________| |______________________________| | | | 30% | 60% __________|_______________ _________________|__________________ | JINGYUAN || SHANGHAI MEIYA ENERGY CO. LTD. | |__________________________|| ___________________________________| Organizational Chart-Response 4(a)(iii) MANPA ___________________________ | ENTERPRISE | |___________________________| | | 100% _________________________ | EDHI | |_________________________| | | 100% ____________________ | CEA | |____________________| | | 100% ___________________ | CEA USA | |___________________| | | 100% ___________________________ | CEA International, Inc. | |___________________________| | | 100% ___________________________ | CEA Venezuela, Inc. | |___________________________| | | 100% _______________________ | CEA Americas, Ltd. | |_______________________| | | 50% ____________ | TGV | |____________| | | 17.13% ____________ | TGM | |____________| EX-27 2 FDS ENTERPRISE WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
OPUR3 This schedule contains summary financial information extracted from Form U-3A-2 and is qualified in its entirety by reference to such financial statements. 0000788784 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1000 YEAR DEC-31-1995 DEC-31-1995 PER-BOOK 17,171,439 6,164,153 662,323
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