-----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, RzA3r2mctAHU+IDA7tj6haY3tph75csDtEAQm31XZPfUWU1mP42mWhG0tPb0LEHY Udbpbbki7U6NjKUdx8g0/Q== 0000008192-97-000010.txt : 19970303 0000008192-97-000010.hdr.sgml : 19970303 ACCESSION NUMBER: 0000008192-97-000010 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970228 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLANTIC CITY ELECTRIC CO CENTRAL INDEX KEY: 0000008192 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 210398280 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00003 FILM NUMBER: 97547511 BUSINESS ADDRESS: STREET 1: 6801 BLACK HORSE PIKE CITY: EGG HARBOR TOWNSHIP STATE: NJ ZIP: 08232 BUSINESS PHONE: 6096454100 MAIL ADDRESS: STREET 1: PO BOX 1264 CITY: PLEASANTVILLE STATE: NJ ZIP: 08232 U-3A-2 1 Commission File No. 1-3559 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM U-3A-2 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 ATLANTIC CITY ELECTRIC COMPANY 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 and every subsidiary thereof, other than any exempt wholesale generator (EWG) or foreign utility company in which claimant directly or indirectly holds an interest. Atlantic City Electric Company ("Claimant"), organized under the laws of New Jersey on April 28, 1924, has its principal office at 6801 Black Horse Pike, Egg Harbor Township, New Jersey 08234-4130. Claimant is engaged principally in the business of furnishing electric service (involving generation, purchase, interchange, transmission and distribution of electric energy) to the public throughout the southern part of New Jersey. It serves an area having an estimated population exceeding 1,000,000. Claimant is a wholly-owned subsidiary of Atlantic Energy, Inc. (A) Deepwater Operating Company ("Deepwater"), organized under the laws of New Jersey on December 17, 1929, has its principal offices at 6801 Black Horse Pike, Egg Harbor Township, New Jersey 08234- 4130. Deepwater operates the Deepwater Generating Station which is owned by Claimant and located in Salem County, New Jersey. Deepwater is a wholly- owned subsidiary of Claimant. 2. A brief description of the properties of claimant and each of its subsidiary public utility companies used for the generation, transmission and distribution of electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas, indicating the location of principal generating plants, transmission lines, producing fields, gas manufacturing plants and electric and gas distribution facilities, including all such properties which are outside the State in which claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. The principal New Jersey properties of Claimant used for the generation, transmission and distribution of electric energy for sale consist of two steam electric generating stations: (1) B.L. England Generating Station, a station of 447 MW capacity located in Cape May County. (2) Deepwater Generating Station, a 239 MW capacity station located in Salem County and Seven combustion turbine stations: (1) Missouri Ave. Station, a 60 MW capacity station located in Atlantic County. (2) Middle Station, a 77 MW capacity station located in Cape May County. (3,4,5) Carlls Corner Station (73 MW), Cumberland Station (84 MW), and Sherman Ave.Station (81 MW), all located in Cumberland County. (6) Mickleton Station, a 59 MW capacity station located in Gloucester County. (7) Cedar Station, a 68 MW capacity station located in Ocean County. The Claimant also owns and maintains forty-four transmission, has an interest in one transmission and owns and maintains fifty-nine distribution substations as well as 10,184 transmission or distribution tower, pole, and underground miles located throughout its service territory which includes all of Atlantic, Cape May,Cumberland, and Salem Counties and portions of Burlington, Camden, Gloucester, and Ocean Counties. In addition to the New Jersey properties, Claimant owns or has ownership interests in the following: (1) A generating station of 1,700 MW capacity (Keystone Generating Station), located in Armstrong County, Pennsylvania, of which Claimant owns a 2.47% undivided interest as tenant in common with the following: Baltimore Gas and Electric Company Delmarva Power and Light Company Jersey Central Power and Light Company Pennsylvania Power and Light Company Philadelphia Electric Company (Now PECO Energy Company) Public Service Electric and Gas Company (2) A generating station of 1,700 MW capacity (Conemaugh Steam Electric Station), located in Indiana County, Pennsylvania, of which Claimant owns a 3.83% undivided interest as tenant in common with the following: Baltimore Gas and Electric Company Delmarva Power and Light Company Metropolitan Edison Company Pennsylvania Power and Light Company Philadelphia Electric Company (Now PECO Energy Company) Potomac Electric Power Company Public Service Electric and Gas Company The United Gas Improvement Company (3) An extra-high-voltage transmission line (Conemaugh- Conastone), of which Claimant owns an 8% undivided interest as tenant in common of that portion of the line traversing through 10 counties of Pennsylvania with the following: Baltimore Gas and Electric Company Delmarva Power and Light Company Metropolitan Edison Company Pennsylvania Power and Light Company Philadelphia Electric Company (Now PECO Energy Company) Potomac Electric Power Company Public Service Electric and Gas Company The United Gas Improvement Company (4) A nuclear generating station of 2,126 MW capacity (Peach Bottom Atomic Power Station), located in York County, Pennsylvania, of which Claimant owns a 7.51% undivided interest as tenant in common with the following: Delmarva Power and Light Company Philadelphia Electric Company (Now PECO Energy Company) Public Service Electric and Gas Company (5) A nuclear generating station of 2,212 MW capacity (Salem Nuclear Generating Station), located in Salem County, New Jersey, of which Claimant owns a 7.41% undivided interest as tenant in common with the following: Delmarva Power and Light Company Philadelphia Electric Company (Now PECO Energy Company) Public Service Electric and Gas Company (6) A nuclear generating station of 1,031 MW capacity (Hope Creek Nuclear Generating Station), located in Salem County, New Jersey, of which Claimant owns a 5% undivided interest as tenant in common with Public Service Electric and Gas Company. (7) Claimant owns a transmission line extending from Mantua Creek to the New Jersey-Pennsylvania border at the Delaware River, a distance of 9.7 miles, by means of which electric energy and capacity is interchanged (not sold or purchased) at the border of said states under an interconnection agreement between Claimant, Philadelphia Electric Company, now PECO Energy Company and Public Service Electric and Gas Company. Claimant owns as tenants in common a transmission line and switching station extending from Hope Creek Nuclear Generating Station to the New Jersey-Delaware border, a distance of 13 miles, by means of which electric energy and capacity is interchanged (not sold or purchased) under a transmission system agreement between Delmarva Power and Light Company, Jersey Central Power and Light Company, Philadelphia Electric Company, Public Service Electric and Gas Company and Claimant. Deepwater Deepwater, a wholly-owned subsidiary of Claimant, owns no utility plant. It operates generating units owned by Claimant. 3. The following information for the last calendar year with respect to claimant and each of its subsidiary public utility companies: FOR YEAR 1996 (A) Number of kwh. of electric energy sold (at retail or wholesale), and Mcf. of natural or manufactured gas distributed at retail. Claimant - 10,164,520,000 kwh. Deepwater - None (B) Number of kwh. of electric energy and Mcf. of natural or manufactured gas distributed at retail outside the State in which each such company is organized. Claimant - None Deepwater - None (C) Number of kwh. of electric energy and Mcf. of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. Claimant - 209,236,000 kwh. (a) Deepwater - None (a) kwh excludes 602,231,000 kwh sold to power brokers, ultimate destination unknown. (D) Number of kwh. of electric energy and Mcf. of natural or manufactured gas purchased outside the State in which each such company is organized, or at the State line. Claimant - 1,760,344,000kwh. Deepwater - None (b)kwh excludes 1,358,425,000 kwh purchased from power rokers, original sources not determinable. In 1996 Claimant received 600,751,000 interchanged energy and delivered 1,006,516,000 kwh. of interchanged energy pursuant to arrangements mentioned above. In 1996, Deepwater, as operator of the Deepwater Generating Station at Deepwater, New Jersey, delivered to Claimant, the owner of that station, 506,533,000 kwh. of electric energy. 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an EWG or a foreign utility company, stating monetary amounts in United States dollars: Claimant holds no interest, either directly or indirectly, in an EWG or a foreign utility company. (A) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. Non-applicable. (B) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. Non-applicable. (C) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company, other than the EWG or foreign utility company. Non-applicable. (D) Capitalization and earnings of the EWG or foreign utility company during the reporting period. Non-applicable. (E) Identify any service, sales or construction contract(s) between the EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). Non-applicable. EXHIBIT A A consolidating statement of income and surplus of the claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of claimant and its subsidiary companies as of the close of such calendar year. A consolidating statement of income and retained earnings of the Claimant and its subsidiary companies for the last calendar year, together with a consolidating balance sheet of Claimant and its subsidiary companies as of the close of December 31, 1996 are attached hereto and made a part hereof. EXHIBIT B 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. Item No. Caption Heading (thousands of dollars) 1 Total Assets 2,460,741 2 Total Operating Revenues 982,492 4 Net Income 75,017 EXHIBIT C An organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system. Non-applicable. The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 28th day of February, 1997. ATLANTIC CITY ELECTRIC COMPANY By:/s/ J.E. Franklin, II J. E. Franklin, II Senior Vice President,Secretary & General Counsel CORPORATE SEAL ATTEST: /s/ Alfred J. Vola Alfred J. Vola Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: J. E. Franklin, II Senior Vice President,Secretary & General Counsel Atlantic City Electric Company 6801 Black Horse Pike Egg Harbor Township, New Jersey 08234-4130 200u1.wpd EX-99 2 Atlantic City Electric Company and Subsidiary EXHIBIT A Consolidating Statement of Income December 31, 1996 (thousands of dollars) Atlantic City Electric Company Operating Revenues-Electric $ 982,492 Operating Expenses: Energy 223,091 Purchased Capacity 195,699 Operations 156,891 Maintenance 44,462 Depreciation and Amortization 80,845 State Excise Taxes 104,815 Federal Income Taxes 32,272 Other Taxes 9,888 Reimbursed Expenses* - Total Operating Expenses 847,963 Total Operating Income and Expense 134,529 Other Income: AFDC Equity Funds 879 Miscellaneous Income-Net 4,952 Total Other Income 5,831 Income Before Interest Charges 140,360 Interest Charges: Interest on Long Term Debt 61,501 Other Interest Expense 4,818 Total Interest Charges 66,319 Allowance for Borrowed Funds Used During Construction (976) Net Interest Charges 65,343 Less Cumulative Quarterly Income Preferred Securities Dividends - Net Income $ 75,017 * The net production costs of Deepwater Operating Company are charged to the Company. These costs are included in the Company's income accounts and classified as appropriate. Page 1 of 5 Atlantic City Electric Company and Subsidiary Consolidating Statement of Income December 31, 1996 (thousands of dollars) Deepwater Operating Company Operating Revenues-Electric $ - Operating Expenses: Energy 52,334 Purchased Capacity - Operations 17,327 Maintenance 9,770 Depreciation and Amortization - State Excise Taxes - Federal Income Taxes - Other Taxes 3,677 Other 1,155 Reimbursed Expenses* (84,263) Total Operating Expenses - Total Operating Income and Expense - Other Income: AFDC Equity Funds - Miscellaneous Income-Net - Total Other Income - Income Before Interest Charges - Interest Charges: Interest on Long Term Debt - Other Interest Expense - Total Interest Charges - Allowance for Borrowed Funds Used During Construction - Net Interest Charges - Less Cumumulative Quarterly Income Preferred Securities Dividends - Net Income $ - Page 2 of 5 Atlantic City Electric Company and Subsidiary Consolidating Statement of Income December 31, 1996 (thousands of dollars) Atlantic Capital 1 Operating Revenues-Electric $ - Operating Expenses: Energy - Purchased Capacity - Operations - Maintenance - Depreciation and Amortization - State Excise Taxes - Federal Income Taxes - Other Taxes - Other - Reimbursed Expenses* - Total Operating Expenses - Total Operating Income and Expense - Other Income: AFDC Equity Funds - Miscellaneous Income-Net 1,472 Total Other Income - Income Before Interest Charges 1,472 Interest Charges: Interest on Long Term Debt - Other Interest Expense - Total Interest Charges - Allowance for Borrowed Funds Used During Construction - Net Interest Charges - Less Cumumulative Quarterly Income Preferred Securities Dividends 1,472 Net Income $ - Page 3 of 5 Atlantic City Electric Company and Subsidiary Consolidating Statement of Income December 31, 1996 (thousands of dollars) Elimination & Reclass Entries (Debit) Credit Operating Revenues-Electric $ - Operating Expenses: Energy (52,334) Purchased Capacity - Operations (17,327) Maintenance (9,770) Depreciation and Amortization - State Excise Taxes - Federal Income Taxes - Other Taxes (3,677) Other (1,155) Reimbursed Expenses* 84,263 Total Operating Expenses - Total Operating Income and Expense - Other Income: AFDC Equity Funds - Miscellaneous Income-Net (1,516) Total Other Income - Income Before Interest Charges - Interest Charges: Interest on Long Term Debt 1,472 Other Interest Expense - Total Interest Charges 1,472 Allowance for Borrowed Funds Used During Construction - Net Interest Charges - Less Cumumulative Quarterly Income Preferred Securities Dividends 44 Net Income $ - Page 4 of 5 Atlantic City Electric Company and Subsidiary Consolidating Statement of Income December 31, 1996 (thousands of dollars) Atlantic City Electric Company Operating Revenues-Electric $ 982,492 Operating Expenses: Energy 223,091 Purchased Capacity 195,699 Operations 156,891 Maintenance 44,462 Depreciation and Amortization 80,845 State Excise Taxes 104,815 Federal Income Taxes 32,272 Other Taxes 9,888 Reimbursed Expenses* - Total Operating Expenses 847,963 Total Operating Income and Expense 134,529 Other Income: AFDC Equity Funds 879 Miscellaneous Income-Net 4,908 Total Other Income 5,787 Income Before Interest Charges 140,316 Interest Charges: Interest on Long Term Debt 60,029 Other Interest Expense 4,818 Total Interest Charges 64,847 Allowance for Borrowed Funds Used During Construction (976) Net Interest Charges 63,871 Less Cumulative Quarterly Income Preferred Securities Dividends 1,428 Net Income $ 75,017 Page 5 of 5 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic City Electric Company ASSETS Electric Utility Plant: In Service $2,508,220 Less Accumulated Depreciation (871,531) Net 1,636,689 Construction Work in Progress 117,188 Land Held for Future Use 5,604 Leased Property-Net 39,914 Electric Utility Plant-Net 1,799,395 Investment in Subsidiary Company 9,617 Investment in Trust 2,165 Nuclear Decommissioning Trust Fund 71,120 Nonutility Property 7,588 Other Investments and Funds 2,162 Total Nonutility Property and Investments 92,652 Current Assets: Cash and Temporary Investments 7,920 Accounts Receivable: Utility Service 64,432 Miscellaneous 19,717 Allowance for Doubtful Accounts (3,500) Accounts Receivable-Associated Companies 4,020 Unbilled Revenues 33,315 Fuel (at average cost) 29,603 Materials and Supplies (at average cost) 15,257 Working Funds 15,505 Deferred Income Taxes 8,545 Deferred Energy Costs 33,529 Prepaid Excise Tax 7,125 Other Prepayments 8,545 Total Current Assets 244,013 Deferred Debits: Unrecovered Purchased Power Costs 83,400 Recoverable Federal Income Taxes 85,858 Unrecovered State Excise Taxes 54,714 Unamortized Debt Costs 43,579 Other Regulatory Assets 55,882 Other 12,950 Total Deferred Debits 336,383 Total Assets $2,472,443 Page 1 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic City Electric Company LIABILITIES & CAPITALIZATION: Capitalization: Common Shareholder's Equity: Common Stock $ 54,963 Premium on Capital Stock 231,081 Contributed Capital 262,519 Capital Stock Expense (1,645) Retained Earnings 234,948 Total Shareholder's Equity: 781,866 Preferred Securities: Not Subject to Mandatory Redemption 30,000 Subject to Mandatory Redemption 43,950 Cumulative Quarterly Income Preferred Securities - Long Term Debt 874,410 Total Capitalization (Excluding Current Portion) 1,730,226 Current Liabilities: Preferred Stock Redemption Requirement 10,000 Capital Lease Obligations - Current 702 Long Term Debt - Current 175 Short Term Debt 64,950 Accounts Payable 62,739 Advances - Associated Companies - Accounts Payable - Associated Companies - Taxes Accrued 7,341 Interest Accrued 19,618 Dividends Declared 21,701 Deferred Income Taxes 11,735 Provision for Rate Refunds 13,000 Other 29,826 Total Current Liabilities 241,787 Deferred Credits and Other Liabilities: Deferred Income Taxes 357,581 Deferred Income Tax Credits 46,577 Capital Lease Obligations 39,212 Other 57,060 Total Deferred Credits and Other Liabilities 500,430 Total Liabilities and Capitalization $2,472,443 Page 2 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Deepwater Operating Company ASSETS Electric Utility Plant: In Service $ - Less Accumulated Depreciation - Net - Construction Work in Progress - Land Held for Future Use - Leased Property-Net - Electric Utility Plant-Net - Investment in Subsidiary Company - Investment in Trust - Nuclear Decommissioning Trust Fund - Nonutility Property - Other Investments and Funds - Total Nonutility Property and Investments - Current Assets: Cash and Temporary Investments 7 Accounts Receivable: Utility Service - Miscellaneous 210 Allowance for Doubtful Accounts - Accounts Receivable-Associated Companies 4,632 Unbilled Revenues - Fuel (at average cost) - Materials and Supplies (at average cost) 8,558 Working Funds 11 Deferred Income Taxes - Deferred Energy Costs - Prepaid Excise Tax - Other Prepayments 1,545 Total Current Assets 14,963 Deferred Debits: Unrecovered Purchased Power Costs - Recoverable Federal Income Taxes - Unrecovered State Excise Taxes - Unamortized Debt Costs - Other Regulatory Assets 3,693 Other (251) Total Deferred Debits 3,442 Total Assets $ 18,405 Page 3 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Deepwater Operating Company LIABILITIES & CAPITALIZATION: Capitalization: Common Shareholder's Equity: Common Stock $ 1 Premium on Capital Stock - Contributed Capital - Capital Stock Expense - Retained Earnings - Total Common Shareholder's Equity 1 Preferred Securities: Not Subject to Mandatory Redemption - Subject to Mandatory Redemption - Cumulative Quarterly Income Preferred Securities - Long Term Debt Total Capitalization (Excluding Current Portion) 1 Current Liabilities: Preferred Stock Redemption Requirement - Capital Lease Obligations - Current - Long Term Debt - Current - Short Term Debt - Accounts Payable 905 Advances-Associated Companies 9,617 Accounts Payable-Associated Companies 2,296 Taxes Accrued 154 Interest Accrued - Dividends Declared - Deferred Income Taxes - Provision for Rate Refunds - Other 4,594 Total Current Liabilities 17,566 Deferred Credits and Other Liabilities: Deferred Income Taxes - Deferred Income Tax Credits - Capital Lease Obligations - Other 838 Total Deferred Credits and Other Liabilities 838 Total Liabilities and Capitalization $ 18,405 Page 4 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic Capital 1 ASSETS Electric Utility Plant: In Service $ - Less Accumulated Depreciation - Net - Construction Work in Progress - Land Held for Future Use - Leased Property-Net - Electric Utility Plant-Net - Investment in Subsidiary Company - Investment in Trust - Nuclear Decommissioning Trust Fund - Nonutility Property - Other Investments and Funds - Total Nonutility Property and Investments - Current Assets: Cash and Temporary Investments - Accounts Receivable: Utility Service - Miscellaneous - Allowance for Doubtful Accounts - Accounts Receivable-Associated Companies 72,165 Unbilled Revenues - Fuel (at average cost) - Materials and Supplies (at average cost) - Working Funds - Deferred Income Taxes - Deferred Energy Costs - Prepaid Excise Tax - Other Prepayments - Total Current Assets 72,165 Deferred Debits: Unrecovered Purchased Power Costs - Recoverable Federal Income Taxes - Unrecovered State Excise Taxes - Unamortized Debt Costs - Other Regulatory Assets - Other - Total Deferred Debits - Total Assets $ 72,165 Page 5 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic Capital 1 LIABILITIES & CAPITALIZATION: Capitalization: Common Shareholder's Equity: Common Stock $ 2,165 Premium on Capital Stock - Contributed Capital - Capital Stock Expense - Retained Earnings - Total Common Shareholder's Equity 2,165 Preferred Securities: Not Subject to Mandatory Redemption - Subject to Mandatory Redemption - Cumulative Quarterly Income Preferred Securities - Long Term Debt 70,000 Total Capitalization (Excluding Current Portion) 72,165 Current Liabilities: Preferred Stock Redemption Requirement - Capital Lease Obligations - Current - Long Term Debt - Current - Short Term Debt - Accounts Payable - Advances-Associated Companies - Accounts Payable-Associated Companies - Taxes Accrued - Interest Accrued - Dividends Declared - Deferred Income Taxes - Provision for Rate Refunds - Other - Total Current Liabilities - Deferred Credits and Other Liabilities: Deferred Income Taxes - Deferred Income Tax Credits - Capital Lease Obligations - Other - Total Deferred Credits and Other Liabilities - Total Liabilities and Capitalization $ 72,165 Page 6 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Elimination & Reclass Entries Debit (Credit) ASSETS Electric Utility Plant: In Service $ - Less Accumulated Depreciation - Net - Construction Work in Progress - Land Held for Future Use - Leased Property-Net - Electric Utility Plant-Net - Investment in Subsidiary Company (9,617) Investment in Trust (2,165) Nuclear Decommissioning Trust Fund - Nonutility Property - Other Investments and Funds - Total Nonutility Property and Investments (11,782) Current Assets: Cash and Temporary Investments - Accounts Receivable: Utility Service - Miscellaneous - Allowance for Doubtful Accounts - Accounts Receivable-Associated Companies (72,165) Unbilled Revenues - Fuel (at average cost) - Materials and Supplies (at average cost) - Working Funds - Deferred Income Taxes (8,545) Deferred Energy Costs - Prepaid Excise Tax - Other Prepayments Total Current Assets (87,639) Deferred Debits: Unrecovered Purchased Power Costs - Recoverable Federal Income Taxes - Unrecovered State Excise Taxes - Unamortized Debt Costs - Other Regulatory Assets - Other (2,851) Total Deferred Debits (2,851) Total Assets $ (102,272) Page 7 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Elimination & Reclass Entries Debit (Credit) LIABILITIES & CAPITALIZATION: Capitalization: Common Shareholder's Equity: Common Stock $ 2,166 Premium on Capital Stock - Contributed Capital 2,851 Capital Stock Expense - Retained Earnings - Total Common Shareholder's Equity 5,017 Preferred Securities: Not Subject to Mandatory Redemption - Subject to Mandatory Redemption - Cumulative Quarterly Income Preferred Securities - Long Term Debt 72,165 Total Capitalization (Excluding Current Portion) 77,182 Current Liabilities: Preferred Stock Redemption Requirement - Capital Lease Obligations - Current - Long Term Debt - Current - Short Term Debt - Accounts Payable - Advances-Associated Companies 9,617 Accounts Payable-Associated Companies 6,928 Taxes Accrued - Interest Accrued - Dividends Declared - Deferred Income Taxes 8,545 Provision for Rate Refunds - Other - Total Current Liabilities 25,090 Deferred Credits and Other Liabilities: Deferred Income Taxes - Deferred Income Tax Credits - Capital Lease Obligations - Other - Total Deferred Credits and Other Liabilities - Total Liabilities and Capitalization $102,272 Page 8 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic City Electric Company Consolidated ASSETS Electric Utility Plant: In Service $2,508,220 Less Accumulated Depreciation (871,531) Net 1,636,689 Construction Work in Progress 117,188 Land Held for Future Use 5,604 Leased Property-Net 39,914 Electric Utility Plant-Net 1,799,395 Investment in Subsidiary Company - Investment in Trust - Nuclear Decommissioning Trust Fund 71,120 Nonutility Property 7,588 Other Investments and Funds 2,162 Total Nonutility Property and Investments 80,870 Current Assets: Cash and Temporary Investments 7,927 Accounts Receivable: Utility Service 64,432 Miscellaneous 19,927 Allowance for Doubtful Accounts (3,500) Accounts Receivable-Associated Companies 1,723 Unbilled Revenues 33,315 Fuel (at average cost) 29,603 Materials and Supplies (at average cost) 23,815 Working Funds 15,517 Deferred Income Taxes - Deferred Energy Costs 33,529 Prepaid Excise Tax 7,125 Other Prepayments 10,089 Total Current Assets 243,502 Deferred Debits: Unrecovered Purchased Power Costs 83,400 Recoverable Federal Income Taxes 85,858 Unrecovered State Excise Taxes 54,714 Unamortized Debt Costs 43,579 Other Regulatory Assets 59,575 Other 9,848 Total Deferred Debits 336,974 Total Assets $2,460,741 Page 9 of 10 Atlantic City Electric Company and Subsidiary Consolidating Balance Sheet December 31, 1996 (thousands of dollars) Atlantic City Electric Company Consolidated LIABILITIES & CAPITALIZATION: Capitalization: Common Shareholder's Equity: Common Stock $ 54,963 Premium on Capital Stock 231,081 Contributed Capital 259,668 Capital Stock Expense (1,645) Retained Earnings 234,948 Total Common Shareholder's Equity 779,015 Preferred Stock: Not Subject to Mandatory Redemption 30,000 Subject to Mandatory Redemption 43,950 Cumulative Quarterly Income Preferred Securities 70,000 Long Term Debt 802,245 Total Capitalization (Excluding Current Portion) 1,725,210 Current Liabilities: Preferred Stock Redemption Requirement 10,000 Capital Lease Obligations - Current 702 Long Term Debt - Current 175 Short Term Debt 64,950 Accounts Payable 63,644 Advances-Associated Companies - Accounts Payable-Associated Companies 7,398 Taxes Accrued 7,494 Interest Accrued 19,619 Dividends Declared 21,701 Deferred Income Taxes 3,190 Provision for Rate Refunds 13,000 Other 22,390 Total Current Liabilities 234,263 Deferred Credits and Other Liabilities: Deferred Income Taxes 357,581 Deferred Income Tax Credits 46,577 Capital Lease Obligations 39,212 Other 57,898 Total Deferred Credits and Other Liabilities 501,268 Total Liabilities and Capitalization $2,460,741 Page 10 of 10 EX-27 3
OPUR3 0000008192 ATLANTIC CITY ELECTRIC COMPANY YEAR DEC-31-1996 DEC-31-1996 PER-BOOK 244,013 982,492 75,017
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