35-CERT 1 a2064782z35-cert.txt 35-CERT UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ) The AES Corporation ) File No. 70-9779 ) Certificate Pursuant to Rule 24 and Release No. 35-27363 Under the Public Utility Holding Company Act of 1935 On March 23, 2001, the Securities and Exchange Commission ("SEC") issued an order, Release No. 35-27363 in File No. 70-9779 ("Exemption Order"), granting an exemption under Section 3(a) of the Public Utility Holding Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to its proposed acquisition of IPALCO Enterprises, Inc. ("IPALCO"), which has a public-utility subsidiary company, Indianapolis Power & Light Company ("IPL"). The Exemption Order required AES to file certain certificates (as described in the Exemption Order) under Rule 24 within 60 days of the close of each calendar quarter for a period of two years beginning March 31, 2001 and every six months thereafter. A certificate complying with the Exemption Order is set forth below (as an attachment) for the period ending September 30, 2001. AES is separately filing a certificate in File No. 70-9465 as required by the Commission's order in Release No. 35-27063 in connection with the AES acquisition of CILCORP Inc. ("CILCORP"), which has a public-utility subsidiary company, Central Illinois Light Company ("CILCO"). Respectfully submitted, /s/ Earle H. O'Donnell ---------------------------------- Earle H. O'Donnell Andrew B. Young Hugh E. Hilliard Dewey Ballantine LLP 1775 Pennsylvania Avenue, N.W. Washington, D.C. 20006 Dated: November 29, 2001 THE AES CORPORATION SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER QUARTER ENDED SEPTEMBER 30, 2001 ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED): 1) Pro Rata Statement of Income of The AES Corporation for the 12 months ended September 30, 2001 2) Pro Rata Balance Sheet of The AES Corporation at September 30, 2001 3) Statement of Income of IPALCO for the 12 months ended September 30, 2001 4) Statement of Income of IPL for the 12 months ended September 30, 2001 5) Consolidated Balance Sheet of IPALCO at September 30, 2001 6) Consolidated Balance Sheet of IPL at September 30, 2001 7) Statement of Income of CILCORP for the 12 months ended September 30, 2001 8) Statement of Income of CILCO for the 12 months ended September 30, 2001 9) Consolidated Balance Sheet of CILCORP at September 30, 2001 10) Consolidated Balance Sheet of CILCO at September 30, 2001 2 THE AES CORPORATION ------------------- CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCORP AND IPALCO) FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2001 - PRO RATA BASIS
------------------------------------------------------------------------------------------------------------- TWELVE MONTHS ENDED 9/30/2001 ------------------------------------------------------------------------------------------------------------- ($ in millions, except per share amounts) REVENUES: Sales and services $ 10,261 OPERATING COSTS AND EXPENSES: Cost of sales and services 7,725 Selling, general and administrative expenses 107 ---------------------------------------- TOTAL OPERATING COSTS AND EXPENSES 7,832 ---------------------------------------- OPERATING INCOME 2,429 OTHER INCOME AND (EXPENSE): Interest expense, net (1,401) Other income (expense) (212) Nonrecurring severance and transaction costs (215) Loss on sale of Power Direct (31) ---------------------------------------- INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND EXTRAORDINARY ITEM 570 Income tax provision 120 ---------------------------------------- INCOME BEFORE EXTRAORDINARY ITEM 450 Extraordinary item 4 ---------------------------------------- NET INCOME $ 446 ========================================
3 THE AES CORPORATION ------------------- PRO RATA CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO)
SEPTEMBER 30, 2001 ($ in millions) ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,372 Short-term investments 246 Accounts receivable, net 1,745 Inventory 565 Receivable from affiliates 12 Deferred income taxes 62 Prepaid expenses and other current assets 670 ------------ TOTAL CURRENT ASSETS 4,672 PROPERTY, PLANT AND EQUIPMENT Land 715 Electric generation and distribution assets 22,029 Accumulated depreciation and amortization (3,458) Construction in progress 4,672 ------------ PROPERTY, PLANT AND EQUIPMENT, NET 23,958 OTHER ASSETS Deferred financing costs, net 424 Project development costs 84 Investments in and advances to affiliates 3,336 Debt service reserves and other deposits 688 Excess of Cost over Net Assets Acquired 2,566 Other assets 2,407 ------------ TOTAL OTHER ASSETS 9,505 TOTAL $ 38,135 ============
4 LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 865 Accrued interest 549 Accrued and other liabilities 1,644 Other notes payable - current portion 814 Project financing debt - current portion 1,798 ------------ TOTAL CURRENT LIABILITIES 5,670 LONG-TERM LIABILITIES Recourse Debt-LT 5,396 Project Financing Debt-LT 14,568 Other notes payable-LT 158 Deferred Tax Liability 2,092 Other long-term liabilities 2,364 ------------ TOTAL LONG-TERM LIABILITIES 24,578 TECONS 1,228 STOCKHOLDERS' EQUITY Common Stock 5 Contributed capital / Additional paid in capital 5,845 Retained earnings 3,650 Accumulated other comprehensive loss (2,841) ------------ TOTAL STOCKHOLDERS' EQUITY 6,659 TOTAL $ 38,135 ============
5 IPALCO Enterprises, Inc. Statement of Consolidated Income Period ending September 30, 2001 (Unaudited)
12 Months Ended 9/30/2001 OPERATING REVENUES: Electric 853,332,807 Steam 4,179,239 ------------ Gross Operating Revenues 857,512,046 ------------ OPERATING EXPENSES AND TAXES: Production - Fuel 191,579,394 Production - Other 85,964,091 Power Purchased 17,233,405 Purchased Steam 789,876 ------------ Total 295,566,766 Transmission 5,010,544 Distribution - Electric 31,933,422 Customer and Distribution - Steam 407,918 Customer Accounts 16,202,217 Customer Service and Informational 8,334,297 Administrative and General 222,382,727 ------------ Total 579,837,891 Depreciation 109,529,399 Amortization of Regulatory Deferrals 1,054,476 Income Taxes - Net 40,370,214 Taxes Other than Income Taxes 38,098,280 Disposition of Allowances - Net (4,560,024) ------------ Total Operating Expenses and Taxes 764,330,236 ------------ OPERATING INCOME 93,181,810 ------------ OTHER INCOME AND DEDUCTIONS: Allowance for Funds During Construction 861,664 Carrying Charges on Regulatory Assets 77,043 IPL Miscellaneous Income & Deductions - Net (24,552,091) IPL Income Taxes - Net 9,736,911 IPALCO Enterprises, Inc. - Parent Co. (10,723,850) Mid-America Capital Resources, Inc. 2,687,625 Mid-America Energy Resources, Inc. 25,320,822 ------------ Total Other Income and Deductions 3,408,124 ------------ TOTAL INCOME 96,589,934 ------------ INTEREST CHARGES: Interest on Long-Term Debt 38,563,722 Allowance for Funds During Const-Credit (402,872) Deferred Return on Regulatory Assets (21,199) Other Interest Charges 590,635 Amortization - Debt Discount & Expense 2,019,082 Preferred Stock Transactions 3,213,312 ------------ Total Interest and Other Charges - Net 43,962,680 ------------ CUM. ACCOUNTING CHANGE - Net of Taxes 0 ------------ NET INCOME 52,627,254 ============
6 IPL Statement of Income Period ending September 30, 2001 (Unaudited)
12 Months Ended 9/30/2001 OPERATING REVENUES: Electric 853,332,807 Steam 4,179,239 ------------ Gross Operating Revenues 857,512,046 ------------ OPERATING EXPENSES AND TAXES: Production - Fuel 191,579,394 Production - Other 85,964,091 Power Purchased 17,233,405 Purchased Steam 789,876 ------------ Total 295,566,766 Transmission 5,010,544 Distribution - Electric 31,933,422 Customer and Distribution - Steam 407,918 Customer Accounts 16,202,217 Customer Service and Informational 8,334,297 Administrative and General 222,382,727 ------------ Total 579,837,891 Depreciation 109,529,399 Amortization of Regulatory Deferrals 1,054,476 Income Taxes - Net 40,370,214 Taxes Other than Income Taxes 38,098,280 Disposition of Allowances - Net (4,560,024) ------------ Total Operating Expenses and Taxes 764,330,236 ------------ OPERATING INCOME 93,181,810 ------------ OTHER INCOME AND DEDUCTIONS: Allowance for Other Funds During Construction 861,664 Carrying Charges on Regulatory Assets 77,043 Miscellaneous Income and Deductions - Net (4,911,607) Income Taxes - Net 3,572,616 ------------ Total Other Income and Deductions (400,284) ------------ TOTAL INCOME 92,781,526 ------------ INTEREST CHARGES: Interest on Long-Term Debt 38,563,722 Allowance for Borrowed Funds Used During Const (402,872) Deferred Return on Regulatory Assets - Borrowed (21,199) Other Interest Charges 590,635 Amortization - Debt Discount & Expense 2,019,082 ------------ Total Interest and Other Charges - Net 40,749,368 ------------ INCOME BEFORE EXTRAORDINARY ITEMS AND CUMULATIVE ACCOUNTING CHANGE 52,032,158 Less Preferred Stock Transactions 3,213,312 ------------ INCOME APPLICABLE TO COMMON STOCK 48,818,846 ============ OPERATION 504,860,265 MAINTENANCE 74,977,628
7 IPALCO Enterprises, Inc. and Subsidiaries Balance Sheet Period Ending Sep. 30, 2001 (Unaudited) ASSETS: PROPERTY, PLANT AND EQUIPMENT: Utility Plant, at Original Cost 3,054,276,801 Less: Accum. Prov. for Deprec. & Amort. 1,418,768,440 ---------------- Total Utility Plant - Net 1,635,508,361 ---------------- OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS: Nonutility Property 2,474,502 Less Accumulated Provision for Depreciation 715,306 ---------------- Total Nonutility Property - Net 1,759,196 Other Investments 50,083,455 ---------------- Total 51,842,651 ---------------- CURRENT ASSETS: Cash 2,337,288 Special Deposits 0 Working Funds 11,075,875 Temporary Cash Investments 53,398,684 Accounts Receivable - Associated Companies 3 Accounts Receivable: Customers 45,965,778 Miscellaneous 9,455,073 Less: Reserve for Uncollectible Accounts (1,250,451) Interest Receivable 351,481 Notes Receivable 0 Fuel 25,417,602 Materials and Supplies - Net 46,754,599 Other Current Assets 1,678,130 Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr. ---------------- Total Current Assets 195,184,062 ---------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 Carrying Charges 16,842,350 Unamort. Def. Return-Pete Unit 4 Carrying Chgs. 9,431,544 Unamort. Reacquisition Premium on Debt 20,106,519 Other Regulatory Assets 29,625,812 Miscellaneous 4,217,967 Unamortized Debt Expense 5,541,725 ---------------- Total Deferred Debits 85,765,917 ---------------- TOTAL ASSETS 1,968,300,991 ================
8 LIABILITIES: CAPITALIZATION: Common Shareholder's Equity: Common Stock 0 Unearned Compensation - Restricted Stock 0 Premium and Net Gain on Preferred Stock 648,700 Retained Earnings 674,497,943 Accumulated Other Comprehensive Income (5,135,684) Common Stock held by Treasury 0 ---------------- Total 670,010,959 ---------------- Non-Redeemable Cumulative Preferred Stock 59,135,300 ---------------- Long-Term Debt 622,650,000 Unamort. Premium on LT Debt - Net (736,373) ---------------- Total Long-Term Debt 621,913,627 ---------------- Total Capitalization 1,351,059,886 ---------------- CURRENT LIABILITIES: Notes Payable 0 Accounts Payable 49,838,327 Dividends Payable 919,090 Customer Deposits 8,673,585 Accrued Liabilities: Interest on Long-Term Debt 9,245,574 Interest on Customer Deposits, etc. 1,909,932 Taxes: Federal Taxes on Income 33,631,692 State Taxes on Income 1,866,423 Real Estate and Personal Property 14,400,164 Miscellaneous 836,267 Def. Fed. & St. Tax on Fuel Costs-Due w/i 1 Yr. 299,831 Deferred Fuel Expense 8,557,402 Accounts Payable - Associated Companies 1 Miscellaneous 193,175 ---------------- Total 130,371,463 Current Maturity of Long Term Debt 74,300,000 ---------------- Total Current Liabilities 204,671,463 ---------------- DEFERRED CREDITS: FAS109 Net Deferred Income Tax - Credit 29,407,143 Accumulated Deferred Income Tax - Net 223,967,974 Unamortized Investment Tax Credit 34,382,336 Accrued Postretirement Benefits 9,635,900 Accrued Pension Benefits 109,375,116 Miscellaneous 5,801,173 ---------------- Total Deferred Credits 412,569,642 ---------------- TOTAL LIABILITIES 1,968,300,991 ================
9 IPL Balance Sheet Period ending Sep. 30, 2001 (Unaudited) ASSETS: PROPERTY, PLANT AND EQUIPMENT Utility Plant, at Original Cost 3,054,276,801 Less: Accum. Prov. for Deprec. & Amort. 1,418,768,440 --------------- Total Utility Plant - Net 1,635,508,361 --------------- OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS: Nonutility Property 2,474,502 Less Accumulated Provision for Depreciation 724,300 --------------- Total Nonutility Property - Net 1,750,202 Other Investments 3,671,919 --------------- Total 5,422,121 --------------- CURRENT ASSETS: Cash 2,261,953 Special Deposits 0 Working Funds 11,075,875 Temporary Cash Investments 43,600,080 Accounts Receivable - Associated Companies 132,139 Accounts Receivable: Customers 45,953,318 Miscellaneous 9,228,596 Less: Reserve for Uncollectible Accounts (1,220,526) Interest Receivable 280,127 Notes Receivable 0 Fuel 25,417,602 Materials and Supplies - Net 46,758,275 Other Current Assets 1,678,130 Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr. Tax Refund Receivable 39,794 --------------- Total Current Assets 185,205,363 --------------- DEFERRED DEBITS: Unamortized Petersburg Unit 4 Carrying Charges 16,842,350 Unamort. Def. Return-Pete Unit 4 Carrying Chgs. 9,431,544 Unamort. Reacquisition Premium on Debt 20,106,519 Other Regulatory Assets 29,625,812 Miscellaneous 3,825,336 Unamortized Debt Expense 5,448,188 --------------- Total Deferred Debits 85,279,749 --------------- TOTAL ASSETS 1,911,415,594 ===============
10 LIABILITIES: CAPITALIZATION: Common Shareholder's Equity: Common Stock 324,536,675 Premium and Net Gain on Preferred Stock 2,642,134 Retained Earnings 355,365,457 Accumulated Other Comprehensive Income (5,133,296) --------------- Total 677,410,970 --------------- Non-Redeemable Cumulative Preferred Stock 59,135,300 --------------- Long-Term Debt 622,650,000 Unamort. Premium on LT Debt - Net (736,373) --------------- Total Long-Term Debt 621,913,627 --------------- Total Capitalization 1,358,459,897 --------------- CURRENT LIABILITIES: Accounts Payable 48,675,476 Dividends Payable 805,409 Customer Deposits 8,673,585 Accrued Liabilities: Interest on Long-Term Debt 9,185,102 Interest on Customer Deposits, etc. 1,523,488 Taxes: Federal Taxes on Income 47,104,589 State Taxes on Income (240,284) Real Estate and Personal Property 14,398,444 Miscellaneous 828,935 Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr. 299,831 Deferred Fuel Expense 8,557,402 Miscellaneous 193,175 --------------- Total 140,005,152 --------------- Total Current Liabilities 140,005,152 --------------- DEFERRED CREDITS: FAS109 Net Deferred Income Tax - Credit 29,407,143 Accumulated Deferred Income Tax - Net 224,348,892 Unamortized Investment Tax Credit 34,382,336 Accrued Postretirement Benefits 9,635,900 Accrued Pension Benefits 109,375,116 Miscellaneous 5,801,158 --------------- Total Deferred Credits 412,950,545 --------------- TOTAL LIABILITIES 1,911,415,594 ===============
11 CILCORP CONSOLIDATED INCOME STATEMENT TWELVE MONTHS ENDED 9/30/2001 (UNAUDITED) REVENUE: CILCO ELECTRIC $ 394,181 CILCO GAS 330,995 CILCO OTHER 87,791 OTHER BUSINESSES 59,262 -------------------------- TOTAL 872,229 --------------------------- OPERATING EXPENSES: FUEL FOR GENERATION AND PURCHASED POWER 228,381 GAS PURCHASED FOR RESALE 284,484 OTHER OPERATIONS AND MAINTENANCE 124,562 DEPRECIATION AND AMORTIZATION 87,412 TAXES, OTHER THAN INCOME TAXES 40,120 -------------------------- TOTAL 764,959 -------------------------- FIXED CHARGES AND OTHER: INTEREST EXPENSE 71,969 PREFERRED STOCK DIVIDENDS OF SUBSIDIARY 2,159 ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (253) OTHER 1,404 -------------------------- TOTAL 75,279 -------------------------- INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 31,991 INCOME TAXES 15,634 NET INCOME (LOSS) FROM CONTINUING OPERATIONS 16,357 INCOME (LOSS) FROM OPERATIONS OF DISCONTINUED BUSINESS, NET OF TAXES (4,278) EXTRAORDINARY ITEM - NET INCOME (LOSS) BEFORE MINORITY INTEREST 12,079 MINORITY INTEREST - -------------------------- NET INCOME (LOSS) 12,079 OTHER COMPREHENSIVE INCOME (13,147) -------------------------- COMPREHENSIVE INCOME (LOSS) $ (1,068) ==========================
12 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED STATEMENT OF INCOME
(unaudited) Twelve Months Ended 9/30/2001 Operating Revenues: Electric $ 394,181 Gas 330,995 ------------------ 725,176 ------------------ Operating Expenses: Cost of Fuel 139,771 Cost of Gas 242,912 Purchased Power 40,506 Other Operation & Maintenance Expenses 119,667 Depreciation and Amortization 68,184 Income Taxes 19,791 Other Taxes 40,016 ------------------ Total Operating Expenses 670,847 ------------------ Operating Income 54,329 Other Income and Deductions CILCO Owned Life Insurance (1,404) Other, Net 7,888 ------------------ Total other income and (deductions) 6,484 ------------------ Income Before Interest Expenses 60,813 Interest Expenses: Interest on Long-Term Debt 17,627 Cost of Borrowed Funds Capitalized (253) Other 6,915 ------------------ Total interest expense 24,289 ------------------ Net (loss) Income Before Preferred Dividends 36,524 ------------------ Preferred Stock Dividends 2,159 ------------------ Net Inc Available for Common Stock $ 34,365 ==================
13 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (Unaudited)
September 30, 2001 ASSETS Current assets: Cash and temporary cash investments $ 11,223 Receivables, less reserves of $1,221 and $1,343 70,420 Accrued unbilled revenue 19,846 Fuel, at average cost 14,933 Materials and supplies, at average cost 18,632 Gas in underground storage, at average cost 31,405 FAC/PGA underrecoveries 2,284 Prepayments and other 5,936 ---------- Total current assets 174,679 ---------- Investments and other property: Investment in leveraged leases 135,889 Other investments 19,649 ---------- Total investments and other property 155,538 ---------- Property, plant and equipment: Utility plant, at original cost Electric 712,100 Gas 225,299 ---------- 937,399 Less - accumulated provision for depreciation 113,881 ---------- 823,518 Construction work in progress 40,142 Other, net of depreciation 47 ---------- Total property, plant and equipment 863,707 ---------- Other assets: Goodwill, net of accumulated amortization of $29,920 and $18,422 583,044 Other 80,930 ---------- Total other assets 663,974 ---------- Total assets $1,857,898 ==========
14 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands) (Unaudited)
September 30, 2001 LIABILITIES AND STOCKHOLDER'S EQUITY Current liabilities: Current portion of long-term debt $ 11,800 Notes payable 89,000 Accounts payable 72,256 Accrued taxes 13,275 Accrued interest 24,785 FAC/PGA overrecoveries 311 Other 27,112 ---------- Total current liabilities 238,539 ---------- Long-term debt 717,718 ---------- Deferred credits and other liabilities: Deferred income taxes 195,369 Regulatory liability of regulated subsidiary 57,985 Deferred investment tax credits 14,955 Provision for out-of-market contract 62,000 Other 79,938 ---------- Total deferred credits and other liabilities 410,247 ---------- Preferred stock of subsidiary without mandatory redemption 19,120 Preferred stock of subsidiary with mandatory redemption 22,000 ---------- Total preferred stock of subsidiary 41,120 ---------- Stockholder's equity: Common stock, no par value; authorized 10,000 shares - outstanding 1,000 shares -- Additional paid-in capital 468,833 Retained earnings (deficit) (5,412) Accumulated other comprehensive income (loss) (13,147) ---------- Total stockholder's equity 450,274 ---------- Total liabilities and stockholder's equity $1,857,898 ==========
15 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands) (Unaudited)
September 30, 2001 ASSETS Utility plant, at original cost: Electric $1,321,995 Gas 448,666 ---------- 1,770,661 Less - accumulated provision for depreciation 972,780 ---------- 797,881 Construction work in progress 40,142 ---------- Total utility plant 838,023 ---------- Other property and investments: Cash surrender value of company-owned life insurance (net of related policy loans of $65,207 and $59,292) 3,128 Other 1,133 ---------- Total other property and investments 4,261 ---------- Current assets: Cash and temporary cash investments 8,091 Receivables, less reserves of $1,221 and $1,343 68,350 Accrued unbilled revenue 17,529 Fuel, at average cost 14,933 Materials and supplies, at average cost 16,687 Gas in underground storage, at average cost 31,405 Prepaid taxes 4,851 FAC/PGA underrecoveries 2,284 Other 5,916 ---------- Total current assets 170,046 ---------- Deferred debits: Unamortized loss on reacquired debt 2,509 Unamortized debt expense 1,336 Prepaid pension cost 229 Other 53,762 ---------- Total deferred debits 57,836 ---------- Total assets $1,070,166 ==========
16 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (In thousands) (Unaudited)
September 30, 2001 CAPITALIZATION AND LIABILITIES Capitalization: Common stockholder's equity: Common stock, no par value; authorized 20,000,000 shares; outstanding 13,563,871 shares $ 185,661 Additional paid-in capital 27,000 Retained earnings 133,788 Accumulated other comprehensive income (loss) (13,672) ---------- Total common stockholder's equity 332,777 Preferred stock without mandatory redemption 19,120 Preferred stock with mandatory redemption 22,000 Long-term debt 242,718 ---------- Total capitalization 616,615 ---------- Current liabilities: Current maturities of long-term debt 2,800 Notes payable 58,000 Accounts payable 68,696 Accrued taxes 25,500 Accrued interest 4,920 FAC/PGA overrecoveries 311 Other 27,112 ---------- Total current liabilities 187,339 ---------- Deferred credits and other liabilities: Deferred income taxes 107,626 Regulatory liability 57,985 Deferred investment tax credit 14,954 Capital lease obligation 159 Other 85,488 ---------- Total deferred credits and other liabilities 266,212 ---------- Total capitalization and liabilities $1,070,166 ==========
17 ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED): CILCO AND IPL CONTRIBUTIONS TO AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS) ($MM)
-------------------------------------------------- ----------------------------- -------------------------- 12 MOS. ENDED 12/31/00 12 MOS. ENDED 9/30/01 -------------------------------------------------- ----------------------------- -------------------------- -------------------------------------------------- ----------------------------- -------------------------- GROSS REVENUES(2) 16.94% 16.24% CILCO 636 813 CILCORP (excluding CILCO) 87 59 IPL 831 853 IPALCO (excluding IPL) 28 4 AES (excluding CILCORP and IPALCO) 7,079 8,532 AES/CILCORP/IPALCO 8,661 10,261 -------------------------------------------------- ----------------------------- -------------------------- -------------------------------------------------- ----------------------------- -------------------------- OPERATING INCOME 14.20% 12.84% CILCO 97 83 CILCORP (excluding CILCO) 12 24 IPL 205 229 IPALCO (excluding IPL) (36) 0 AES (excluding CILCORP and IPALCO) 1,849 2,093 AES/CILCORP/IPALCO 2,127 2,429 -------------------------------------------------- ----------------------------- -------------------------- -------------------------------------------------- ----------------------------- -------------------------- NET INCOME 15.99% 18.61% CILCO 45 34 CILCORP (excluding CILCO) (33) (22) IPL 82 49 IPALCO (excluding IPL) 73 4 AES (excluding CILCORP and IPALCO) 629 381 AES/CILCORP/IPALCO 797 446 -------------------------------------------------- ----------------------------- -------------------------- -------------------------------------------------- ----------------------------- -------------------------- NET ASSETS 8.49% 7.82% CILCO 1,107 1,070 CILCORP (excluding CILCO) 841 788 IPL 1,905 1,911 IPALCO (excluding IPL) - 57 AES (excluding CILCORP and IPALCO) 31,326 34,309 AES/CILCORP/IPALCO 35,479 38,135 -------------------------------------------------- ----------------------------- --------------------------
-------- (1) As a result of AES' acquisition of IPALCO, the results of AES/CILCORP/IPALCO for the twelve-month periods have been restated to include IPALCO. (2) Gross business revenues (utility and non-utility) of IPALCO and CILCO combined as a percentage of total gross business revenues (including IPALCO/IPL and CILCORP/CILCO, utility and non-utility) of AES. 18 IPL CONTRIBUTIONS TO AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY (PRO RATA CONSOLIDATION BASIS) ($MM)
---------------------------------------------------- --------------------------- -------------------------- 12 MOS. ENDED 12/31/00 12 MOS. ENDED 9/30/01 ---------------------------------------------------- --------------------------- -------------------------- ---------------------------------------------------- --------------------------- -------------------------- GROSS REVENUES(2) 10.06% 8.80% IPL 831 853 IPALCO (excluding IPL) 28 4 AES (excluding CILCO jurisdictional activities) 7,404 8,836 AES/IPALCO 8,263 9,693 ---------------------------------------------------- --------------------------- -------------------------- ---------------------------------------------------- --------------------------- -------------------------- OPERATING INCOME 10.73% 9.67% IPL 205 229 IPALCO (excluding IPL) (36) 0 AES (excluding CILCO jurisdictional activities) 1,741 2,139 AES/IPALCO 1,910 2,368 ---------------------------------------------------- --------------------------- -------------------------- ---------------------------------------------------- --------------------------- -------------------------- NET INCOME 10.91% 11.95% IPL 82 49 IPALCO (excluding IPL) 73 4 AES (excluding CILCO jurisdictional activities) 600 357 AES/IPALCO 755 410 ---------------------------------------------------- --------------------------- -------------------------- ---------------------------------------------------- --------------------------- -------------------------- NET ASSETS 5.49% 5.11% IPL 1,905 1,911 IPALCO (excluding IPL) - 57 AES (excluding CILCO jurisdictional activities) 32,781 35,401 AES/IPALCO 34,686 37,369 ---------------------------------------------------- --------------------------- --------------------------
-------- (1) As a result of AES' acquisition of IPALCO, the results of AES/CILCORP/IPALCO for the twelve-month periods have been restated to include IPALCO. (2) Gross business revenues (utility and non-utility) of IPL as a percentage of total gross business revenues (including IPALCO/IPL utility and non-utility) of AES. 19 ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION: AES Generating Plants in Operation at September 30, 2001 (excluding CILCORP and IPALCO):
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ---- ------ AES Deepwater USA 143 100 143 QF AES Beaver Valley USA 125 100 125 QF AES Placerita USA 120 100 120 QF AES Thames USA 181 100 181 QF AES Shady Point USA 320 100 320 QF AES Hawaii USA 180 100 180 QF AES Warrior Run USA 180 100 180 QF AES Somerset USA 675 100 675 EWG AES Cayuga USA 306 100 306 EWG AES Greenidge USA 161 100 161 EWG AES Westover USA 126 100 126 EWG AES Alamitos USA 2,083 100 2,083 EWG AES Redondo Beach USA 1,310 100 1,310 EWG AES Huntington Beach USA 563 100 563 EWG AES Thermo Ecotek - Hemphill USA 14 67 9 QF AES Thermo Ecotek - Whitefield USA 14 100 14 QF AES Thermo Ecotek - Mendota USA 25 100 25 QF AES Delano USA 50 100 50 QF AES Riverside USA 154 100 154 EWG AES Mountainview USA 126 100 126 EWG DOMESTIC SUBTOTAL: 6,856 6,851
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ---- ------ AES Kingston Canada 110 50 55 EWG AES San Nicholas Argentina 650 88 572 EWG AES Cabra Corral Argentina 102 98 100 FUCO AES El Tunal Argentina 10 98 10 FUCO AES Sarmiento Argentina 33 98 32 FUCO AES Ullum Argentina 45 98 44 FUCO AES Quebrada de Ullum Argentina 45 100 45 FUCO AES Alicura Argentina 1,000 100 1,000 FUCO Fontes Nova - Light Brazil 144 21 30 FUCO Ilha dos Pombos - Light Brazil 164 21 34 FUCO Nilo Pecanha - Light Brazil 380 21 80 FUCO Pereira Passos - Light Brazil 100 21 21 FUCO CEMIG - Miranda Brazil 390 9 35 FUCO CEMIG - Igarapava Brazil 210 1 2 FUCO
20 CEMIG (35 plants) Brazil 5,068 9 441 FUCO AES Bayano Panama 150 49 74 FUCO AES Panama Panama 42 49 21 FUCO AES Chiriqui - La Estrella Panama 42 49 21 FUCO AES Chiriqui - Los Valles Panama 48 49 24 FUCO AES Los Mina Dom. Rep. 210 100 210 EWG AES Yarra Australia 510 100 510 FUCO AES Jeeralang Australia 449 100 449 FUCO AES Mt. Stuart Australia 288 100 288 FUCO AES Xiangci - Cili China 26 51 13 FUCO Wuhu Grassy Lake China 250 25 63 FUCO Yangchun China 15 25 4 FUCO Chengdu Lotus City China 48 35 17 FUCO AES Jiaozuo China 250 70 175 FUCO AES Hefei China 76 70 53 FUCO AES Hefei II China 39 70 27 FUCO AES Chongqing Nanchuan China 50 70 35 FUCO Yangcheng China 350 25 88 FUCO AES Ekibastuz Kazakhstan 4,000 100 4,000 FUCO AES Ust-Kamenogorsk GES Kazakhstan 331 100 331 FUCO AES Shulbinsk GES Kazakhstan 702 100 702 FUCO AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100 1,464 FUCO AES Leninogorsk TETS Kazakhstan 418 100 418 FUCO AES Sogrinsk TETS Kazakhstan 349 100 349 FUCO AES Semipalatinsk TETS Kazakhstan 840 100 840 FUCO AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Mgmt. 0 FUCO OPGC India 420 49 206 FUCO AES Lal Pir Pakistan 351 90 316 FUCO AES PakGen Pakistan 344 90 310 FUCO AES Borsod Hungary 171 100 171 FUCO AES Tisza II Hungary 860 100 860 FUCO AES Tiszapalkonya Hungary 250 100 250 FUCO AES Elsta Netherlands 405 50 203 FUCO Medway U.K. 688 25 172 FUCO AES Indian Queens U.K. 140 100 140 EWG AES Kilroot U.K. 520 97 504 FUCO AES Belfast West U.K. 120 97 116 FUCO AES Barry U.K. 230 100 230 FUCO AES Drax U.K. 4,065 100 4,065 FUCO AES Fifoots Point U.K. 360 100 360 FUCO AES Uruguaiana Brazil 600 100 600 FUCO AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO EDC (4 plants) Venezuela 2,265 87 1,971 FUCO AES Merida III Mexico 484 55 266 FUCO AES Mtkvari Georgia 600 100 600 FUCO AES Khrami I Georgia 113 100 113 FUCO AES Khrami II Georgia 110 100 110 FUCO AES Ottana Italy 140 100 140 FUCO AES Mamonal Columbia 90 62 56 FUCO AES Centrogener (Gener - 8 Chile 756 99 748 FUCO plants)
21 AES Chivor (Gener) Columbia 1,000 96 960 FUCO AES Electrica de Santiago (Gener) Chile 379 74 280 FUCO AES Energia Verde (Gener - 2 Chile 17 99 17 FUCO plants) AES Guacolda (Gener) Chile 304 49 149 FUCO AES Norgener (Gener - 2 plants) Chile 277 99 274 FUCO Itabo (Gener - 7 plants) Dom. Rep. 587 24 141 FUCO AES Bohemia Czech Rep. 50 83 42 FUCO AES Premnitz Germany 58 65 38 FUCO AES SONEL Cameroon 800 56 560 FUCO Central Dique Argentina 68 51 35 FUCO FOREIGN SUBTOTAL: 39,980 29,085 TOTAL - September 30, 2001 46,836 35,936 Foreign Generation as a Percentage of Total: 85% 81%
CILCORP Generating Plants at September 30, 2001:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ---- ------ Edwards (3 units) USA 740 100 740 IL PUC Duck Creek USA 366 100 366 IL PUC Indian Trails USA 10 100 10 IL PUC Sterling Avenue USA 30 100 30 IL PUC Hallock Power Modules USA 13 100 13 IL PUC Kickapoo Power Modules USA 13 100 13 IL PUC TOTAL - September 30, 2001 1,172 1,172
IPALCO Generating Plants at September 30, 2001:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- ---- --- ---- ------ Petersburg USA 1,873 100 1,873 IN PUC H.T. Pritchard USA 393 100 393 IN PUC E.W. Stout USA 1,017 100 1,017 IN PUC Georgetown USA 80 100 80 IN PUC TOTAL - September 30, 2001 3,363 3,363
22 Revenues from electric generation capacity - 12 months ended September 30, 2001 (millions of dollars): IPALCO 185 4% CILCORP 158 4% AES (excluding CILCORP and IPALCO) 3,814 92% ----------- ----------- Total 4,157 100%
IPALCO's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES generation revenues are derived from the total generation revenues earned by AES subsidiaries times the percentage ownership interest of AES in those subsidiaries. There has been no change in the amount of generation capacity owned by CILCORP or IPALCO and a 994 MW increase in the amount of generation capacity owned by AES (excluding CILCORP and IPALCO) from 34,942 to 35,936 MW since June 30, 2001. There has been a 5.5% increase in the total revenues earned from the capacity owned by AES, IPALCO and CILCORP in the twelve-month period ended September 30, 2001 compared with the twelve-month period ended June 30, 2001. The percentage of total revenues derived from the generation capacity owned by CILCORP has remained the same at 4%. The percentage of total revenues derived from the generation capacity owned by IPALCO has decreased from 5% to 4%. The physical location of the MW capacity added by AES since June 30, 2001 is in the United States, Argentina and Cameroon. ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS DISTRIBUTION: Electric transmission and distribution and gas distribution assets owned as of September 30, 2001 (millions of dollars): IPALCO 1,013 CILCORP 766 Total AES (excluding CILCORP and IPALCO) 4,961 ------------- Total 6,740
23 Electric transmission and distribution and gas distribution revenues for 12 months ending September 30, 2001 (millions of dollars): IPALCO 802 CILCORP 568 Total AES (excluding CILCORP and IPALCO) 4,734 ------------- Total 6,104
IPALCO's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES transmission and distribution revenues are derived from the total revenues earned by AES transmission and distribution subsidiaries by multiplying these revenues by the percentage ownership interest of AES in those subsidiaries. The total transmission and distribution assets owned by AES, CILCORP and IPALCO have decreased since June 30, 2001. CILCORP's transmission and distribution assets have increased slightly while the revenues derived from such assets have decreased slightly since June 30, 2001. IPALCO's transmission and distribution assets have remained almost the same while the revenues derived from such assets have increased since June 30, 2001. AES' transmission and distribution assets have decreased slightly, and the revenues derived from such assets have increased since June 30, 2001. CILCORP's percentage of the total transmission and distribution assets has remained the same at 11%, and CILCORP's percentage of the total revenues from such assets has decreased from 10% to 9% for the twelve-month period ending September 30, 2001 compared to the twelve-month period ending June 30, 2001. IPALCO's percentage of the total transmission and distribution assets has remained the same at 15%, and IPALCO's percentage of the total revenues from such assets has increased from 12% to 13% for the twelve-month period ending September 30, 2001 compared to the twelve-month period ending June 30, 2001. ITEM (5) PER EXEMPTION ORDER: Neither CILCO nor IPL has sold or transferred any electric and/or gas utility assets to any affiliate company of the AES consolidated holding company system during the third quarter of 2001. ITEM (6) PER EXEMPTION ORDER: During the third quarter of 2001, no application has been made to nor has any order been received from the Illinois Commerce Commission that involves AES' ownership position or AES' oversight over the operations of CILCO or CILCORP. During the third quarter of 2001, no application has been made to nor has any order been received from the Indiana Utility Regulatory Commission that involves AES' ownership position or AES' oversight over the operations of IPL or IPALCO. 24 ITEM (7) PER EXEMPTION ORDER: During the third quarter of 2001, AES has taken no action regarding the divestiture of the jurisdictional business of CILCO. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, AES has duly caused this certificate to be signed on its behalf on this 29th day of November, 2001 by the undersigned thereunto duly authorized. The AES Corporation By: /s/ Erik Luckau ---------------------------- Erik Luckau Associate General Counsel 25