-----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, W1S/Rf6rQTBXfPkPPZw7SxrZ4biyDgzT8ODlmD/Ktmu94ZfEZjUDWem78qa975s4 Dv/BWZcy+1LI7g5uI6E56g== /in/edgar/work/20001101/0000788784-00-000047/0000788784-00-000047.txt : 20001106 0000788784-00-000047.hdr.sgml : 20001106 ACCESSION NUMBER: 0000788784-00-000047 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001101 ITEM INFORMATION: FILED AS OF DATE: 20001101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ENTERPRISE GROUP INC CENTRAL INDEX KEY: 0000788784 STANDARD INDUSTRIAL CLASSIFICATION: [4931 ] IRS NUMBER: 222625848 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-09120 FILM NUMBER: 750818 BUSINESS ADDRESS: STREET 1: 80 PARK PLZ STREET 2: P O BOX 1171 CITY: NEWARK STATE: NJ ZIP: 07101-1171 BUSINESS PHONE: 9734307000 MAIL ADDRESS: STREET 1: 80 PARK PLZ STREET 2: PO BOX 1171 CITY: NEWARK STATE: NJ ZIP: 07101-1171 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUBLIC SERVICE ELECTRIC & GAS CO CENTRAL INDEX KEY: 0000081033 STANDARD INDUSTRIAL CLASSIFICATION: [4931 ] IRS NUMBER: 221212800 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: SEC FILE NUMBER: 001-00973 FILM NUMBER: 750819 BUSINESS ADDRESS: STREET 1: 80 PARK PLZ STREET 2: PO BOX 570 CITY: NEWARK STATE: NJ ZIP: 07101-0570 BUSINESS PHONE: 9734307000 MAIL ADDRESS: STREET 1: 80 PARK PLZ STREET 2: PO BOX 570 CITY: NEWARK STATE: NJ ZIP: 07101-0570 8-K/A 1 0001.txt NONE ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A AMENDMENT NO. 1 CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 21, 2000 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (Exact name of registrant as specified in its charter) State of New Jersey 001-09120 22-2625848 (State or other (Commission File Number) (I.R.S. Employer jurisdiction of Identification No.) incorporation) 80 Park Plaza, P.O. Box 1171 Newark, New Jersey 07101-1171 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 973-430-7000 PUBLIC SERVICE ELECTRIC AND GAS COMPANY (Exact name of registrant as specified in its charter) State of New Jersey 001-00973 22-1212800 (State or other (Commission File Number) (I.R.S. Employer jurisdiction of Identification No.) incorporation) 80 Park Plaza, P.O. Box 570 Newark, New Jersey 07101-0570 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 973-430-7000 =============================================================================== Item 7. Financial Statements and Exhibits This Amendment No. 1 restates the unaudited pro forma financial information contained in the Current Report of Public Service Electric and Gas Company (PSE&G) and its parent, Public Service Enterprise Group Incorporated (PSEG) on Form 8-K dated September 5, 2000 relating to PSE&G's transfer of its electric generating facilities to PSEG Power LLC (Power), an unregulated power producing affiliate, on August 21, 2000. Subsequent to the filing of the Form 8-K dated September 5, 2000, management determined that $127 million and $155 million in expenses relating to power purchased under PSE&G's non-utility generator (NUG) contracts were erroneously allocated to the generation portion of PSE&G's business being transferred to Power for the year ended December 31, 1999 and six months ended June 30, 2000, respectively. In addition a portion of Other Income and Deductions has now been properly allocated to the generation portion of the business. As a result, the unaudited pro forma financial information included in the Form 8-K/A has been restated from the amounts previously reported to correct these errors. Also, following the transfer, Power bills PSE&G for the energy and capacity provided to meet PSE&G's basic generation service requirements. The pro forma financial information has also been restated to reflect these billings, and PSE&G's related revenues and expenses, as if the transfer had occurred on January 1, 1999. The following are the unaudited pro forma condensed consolidated financial statements being filed with this report: Unaudited Pro Forma Condensed Consolidated Balance Sheet as of June 30, 2000 Page F-1 Unaudited Pro Forma Condensed Consolidated Statements of Income: Year Ended December 31, 1999 Page F-2 Six Months Ended June 30, 2000 Page F-3 The unaudited Pro Forma Condensed Consolidated Balance Sheet of PSE&G as of June 30, 2000 reflects the financial position of PSE&G after giving effect to the transfer and assumes the transaction took place on June 30, 2000. The unaudited Pro Forma Condensed Consolidated Statements of Income for the year ended December 31, 1999 and the six months ended June 30, 2000 assume that the transaction occurred on January 1, 1999, and are based on the operations of PSE&G for the year ended December 31, 1999 and the six months ended June 30, 2000. The unaudited pro forma condensed consolidated financial statements have been prepared based upon assumptions which Management believes are reasonable. The unaudited pro forma condensed consolidated financial statements presented herein are shown for illustrative purposes only and are not necessarily indicative of the future financial position or future results of operations of PSE&G, or of the financial position or results of operations of PSE&G that would have actually occurred had the transaction been in effect as of the date or for the periods presented. The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the historical financial statements and related notes of PSE&G. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED (Registrant) PUBLIC SERVICE ELECTRIC AND GAS COMPANY (Registrant) By: Patricia A. Rado -------------------- Patricia A. Rado Vice President and Controller (Principal Accounting Officer) Date: November 1, 2000
PUBLIC SERVICE ELECTRIC AND GAS COMPANY PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2000 (Millions of Dollars) (Unaudited) Historical Generation(1) Other Pro Forma ------------ ------------- ------------ ---------- CURRENT ASSETS Cash and Cash Equivalents $ 29 $ (6) $ - $ 23 Other 1,923 (676) - 1,247 ------------ ----------- ------------ ---------- Total Current Assets 1,952 (682) - 1,270 ------------ ----------- ------------ ---------- PROPERTY, PLANT AND EQUIPMENT Electric - Generation 2,298 (2,298) - - Electric - Transmission and Distribution 5,214 - - 5,214 Gas - Distribution 3,094 - - 3,094 Other 446 (10) - 436 ------------ ----------- ------------ ---------- Total 11,052 (2,308) - 8,744 Accumulated depreciation and amortization (4,150) 1,117 - (3,033) ------------ ----------- ------------ ---------- Net Property, Plant and Equipment 6,902 (1,191) - 5,711 ------------ ----------- ------------ ---------- NONCURRENT ASSETS Regulatory Assets 5,067 - - 5,067 Note Receivable - 2,760 - 2,760 Other 973 (744) - 229 ------------ ----------- ------------ ---------- Total Noncurrent Assets 6,040 2,016 - 8,056 ------------ ----------- ------------ ---------- TOTAL ASSETS $14,894 $ 143 $ - $ 15,037 ============ =========== ============ ========== CURRENT LIABILITIES Commercial Paper and Loans $ 1,782 $ - $ - $ 1,782 Other 1,305 (559) - 746 ------------ ----------- ------------ ---------- Total Current Liabilities 3,087 (559) - 2,528 ------------ ----------- ------------ ---------- NONCURRENT LIABILITIES Deferred Income Taxes and ITC 2,093 (7) 676 (2) 2,762 Other 2,116 (946) - 1,170 ------------ ----------- ------------ ---------- Total Noncurrent Liabilities 4,209 (953) 676 3,932 ------------ ----------- ------------ ---------- COMMITMENTS AND CONTINGENT LIABILITIES - - - - ------------ ----------- ------------ ---------- CAPITALIZATION: LONG - TERM DEBT 3,101 - - 3,101 ------------ ----------- ------------ ---------- PREFERRED SECURITIES 683 - - 683 ------------ ----------- ------------ ---------- COMMON STOCKHOLDER'S EQUITY: Common Stock, issued: 132,450,344 shares 2,563 - - 2,563 Retained Earnings 660 - - 660 Other 591 1,655 (676)(2) 1,570 ------------ ----------- ------------ ---------- Total Common Stockholder's Equity 3,814 1,655 (676) 4,793 ------------ ----------- ------------ ---------- Total Capitalization 7,598 1,655 (676) 8,577 ------------ ----------- ------------ ---------- TOTAL LIABILITIES AND CAPITALIZATION $14,894 $ 143 $ - $ 15,037 ============ =========== ============ ========== (1) To eliminate the assets and liabilities included in the balance sheet of PSE&G's generation-related business as of June 30, 2000 that were transferred to PSEG Power LLC in exchange for a note receivable. (2) To record the deferred income tax relating to the difference between the book value of generation assets and the transfer price specified by the BPU.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1999 (Millions of Dollars) (Unaudited) Historical Generation (1) Other Pro Forma ------------- ---------------- ------------- ------------- OPERATING REVENUES Electric Revenues Bundled $ 2,480 $ (1,689) $ - $ 791 Generation 1,005 (1,005) - - Transmission and Distribution 688 - 2,460 (2) 3,148 ------------- ---------------- ------------- ------------- Total Electric Revenues 4,173 (2,694) 2,460 3,939 Gas Distribution 1,717 - - 1,717 ------------- ---------------- ------------- ------------- Total Operating Revenues 5,890 (2,694) 2,460 5,656 ------------- ---------------- ------------- ------------- OPERATING EXPENSES Electric Energy Costs 958 (831) 2,460 (2) 2,587 Gas Costs 1,038 - - 1,038 Operation and Maintenance 1,573 (689) - 884 Depreciation and Amortization 529 (224) - 305 Taxes Other Than Income Taxes 194 (19) - 175 ------------- ---------------- ------------- ------------- Total Operating Expenses 4,292 (1,763) 2,460 4,989 ------------- ---------------- ------------- ------------- OPERATING INCOME 1,598 (931) - 667 Other Income and Deductions (2) - - (2) Interest Expense (387) - 393 (3) 6 Preferred Securities Dividend Requirements (46) - - (46) ------------- ---------------- ------------- ------------- INCOME BEFORE INCOME TAXES AND 1,163 (931) 393 625 EXTRAORDINARY ITEM Income Taxes (510) 342 (161) (329) ------------- ---------------- ------------- ------------- INCOME BEFORE EXTRAORDINARY ITEM $ 653 $ (589) $ 232 $ 296 ============= ================ ============= ============= (1) To eliminate the income and expenses of the generation related business for the entire period. Various allocation methodologies were employed to separate the results of operations of the generation-related portion of PSE&G's business from PSE&G's historical financial statements. Revenue was calculated by unbundling the generation component of revenue from PSE&G's bundled rate for the generation, transmission and distribution of energy and adding any generation-related revenues, such as ancillary services and wholesale energy activity. Expenses, such as energy costs, operations and maintenance and depreciation and amortization were specifically identified by function. (2) To reflect the revenues and expenses related to PSEG Power LLC's billings to PSE&G for energy delivery for the period on a pro forma basis. (3) To reflect the interest income for the entire period relating to the pro forma note receivable from PSEG Power LLC in the amount of approximately $2.760 billion with an interest rate of 14.23%, assuming no prinicipal repayment during the period. Beginning on August 21, 2000, PSE&G will receive interest from PSEG Power LLC based on the actual transfer price of $2.786 billion, less any future principal repayments, at a rate of 14.23%.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2000 (Millions of Dollars) (Unaudited) Historical Generation (1) Other Pro Forma ------------- ---------------- ------------- ------------- OPERATING REVENUES Electric Revenues Generation $1,113 $(1,113) $ - $ - Transmission and Distribution 887 - 902 (2) 1,789 ------------- ---------------- ------------- ------------- Total Electric Revenues 2,000 (1,113) 902 1,789 Gas Distribution 1,066 - - 1,066 ------------- ---------------- ------------- ------------- Total Operating Revenues 3,066 (1,113) 902 2,855 ------------- ---------------- ------------- ------------- OPERATING EXPENSES Electric Energy Costs 473 (318) 902 (2) 1,057 Gas Costs 679 - - 679 Operation and Maintenance 773 (342) - 431 Depreciation and Amortization 170 (68) - 102 Taxes Other Than Income Taxes 88 (9) - 79 ------------- ---------------- ------------- ------------- Total Operating Expenses 2,183 (737) 902 2,348 ------------- ---------------- ------------- ------------- OPERATING INCOME 883 (376) - 507 Other Income and Deductions 12 (6) - 6 Interest Expense (194) - 196 (3) 2 Preferred Securities Dividend Requirements (23) - - (23) ------------- ---------------- ------------- ------------- INCOME BEFORE INCOME TAXES 678 (382) 196 492 Income Taxes (276) 156 (80) (200) ------------- ---------------- ------------- ------------- NET INCOME 402 (226) 116 292 Preferred Stock Dividend Requirements (5) - - (5) ------------- ---------------- ------------- ------------- EARNINGS AVAILABLE TO PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED $ 397 $ (226) $116 $ 287 ============= ================ ============= ============= (1) To eliminate the income and expenses of the generation related business for the entire period. Various allocation methodologies were employed to separate the results of operations of the generation-related portion of PSE&G's business from PSE&G's historical financial statements. Revenue was calculated by unbundling the generation component of revenue from PSE&G's bundled rate for the generation, transmission and distribution of energy and adding any generation-related revenues, such as ancillary services and wholesale energy activity. Expenses, such as energy costs, operations and maintenance and depreciation and amortization were specifically identified by function. (2) To reflect the revenues and expenses related to PSEG Power LLC's billings to PSE&G for energy delivery for the period on a pro forma basis. (3) To reflect the interest income for the entire period relating to the pro forma note receivable from PSEG Power LLC in the amount of approximately $2.760 billion with an interest rate of 14.23%, assuming no prinicipal repayment during the period. Beginning on August 21, 2000, PSE&G will receive interest from PSEG Power LLC based on the actual transfer price of $2.786 billion, less any future principal repayments, at a rate of 14.23%.
-----END PRIVACY-ENHANCED MESSAGE-----