-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, K4pXCAD5R5n51pSqElmOE+xStUcHGi7NbEnn8e5tStzIl+TqdiFCjQhcZFrAv9UZ 9sw6SNBl/PS6deyyo9U88g== 0000009548-94-000004.txt : 19940302 0000009548-94-000004.hdr.sgml : 19940302 ACCESSION NUMBER: 0000009548-94-000004 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940227 FILED AS OF DATE: 19940228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANGOR HYDRO ELECTRIC CO CENTRAL INDEX KEY: 0000009548 STANDARD INDUSTRIAL CLASSIFICATION: 4911 IRS NUMBER: 010024370 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 35 SEC FILE NUMBER: 069-00206 FILM NUMBER: 94513589 BUSINESS ADDRESS: STREET 1: 33 STATE ST CITY: BANGOR STATE: ME ZIP: 04401 BUSINESS PHONE: 2079455621 MAIL ADDRESS: STREET 1: PO BOX 932 CITY: BANGOR STATE: ME ZIP: 04401 U-3A-2 1 FORM U3A2 FOR BANGOR HYDRO-ELECTRIC CO (BODY) FORM U3A-2 File No. 69-206 SECURITIES AND EXCHANGE COMMISSION Statement by Holding Company Claiming Exemption Under Rule U-2 from the Provisions of the Public Utility Holding Company Act of 1935 BANGOR HYDRO-ELECTRIC COMPANY hereby files with the Securities and Exchange Commission pursuant to Rule U-2, its statement claiming exemption as a holding company from the provisions of the Public Utilities Holding Company Act of 1935. In support of such claim for exemption the following information is submitted: 1. Bangor Hydro-Electric Company (Bangor Hydro) is a Maine corporation having its principal place of business at 33 State Street, Bangor, Maine. Bangor Hydro is principally engaged in the generation, transmission, distribution and sale of electric energy in eastern Maine and serves approximately 97,000 customers. Bangor Var Co., Inc. is a corporation organized under Maine law in 1990. It was formed to be a general partner whose sole function is to own a 50% interest in Chester SVC Partnership, a partnership which owns the static var compensator electrical equipment which supports the Hydro Quebec Phase II transmission line. East Branch Improvement Company is a water storage corporation organized under the laws of the State of Maine. It operates on the East Branch of the Penobscot River in Maine. Its capital stock consists of 3,029.25 shares of which Bangor Hydro owns 1,817.55 shares, the remaining 1,211.70 shares being owned by Great Northern Paper Company. East Branch Improvement Company's office is at 33 State Street, Bangor, Maine. Godfrey's Falls Dam Company is a Maine corporation having its office at 33 State Street, Bangor, Maine. All of its capital stock is owned by East Branch Improvement Company. Ownership of this corporation was acquired to permit future water storage development in the basin of the East Branch of the Penobscot River in the State of Maine. The Sawtelle Brook Dam & Improvement Company is a Maine corporation having its office at 33 State Street, Bangor, Maine. All of its capital stock is owned by East Branch Improvement Company. This corporation controls certain dams and water rights in the basin of the East Branch of the Penobscot River in Maine and was acquired to permit future water storage development in the East Branch basin. -2- Sebois Dam Company is a Maine corporation organized to improve the navigation of certain of the Sebois waters which enter the Piscataquis River. It has the right to maintain dams for the driving of logs and lumber. It is presently an inactive corporation and has no income. All of its capital stock is owned by Bangor Hydro. Its address is 33 State Street, Bangor, Maine. Pleasant River Gulf Improvement Company is a corporation organized under Maine law. It is a water improvement company authorized by its charter to erect and maintain dams and to improve the flow of water in the West Branch of the Piscataquis River in Maine for the purpose of making the West Branch floatable and facilitating the driving of logs and lumber upon the same. It is presently an inactive corporation and has no income. All of its capital stock is owned by Bangor Hydro. Its address is 33 State Street, Bangor, Maine. Northeastern Company is an inactive corporation organized under Maine law. It was acquired to hold certain real and personal properties useful at the time of the acquisition thereof in the conduct of Bangor Hydro's business. These holdings have since been disposed of and the corporation has no present assets or liabilities. All of its capital stock is owned by Bangor Hydro. Its address is 33 State Street, Bangor, Maine. Eastern Development Company is an inactive corporation organized under Maine law. It was organized to acquire and hold certain properties for ultimate transfer to Bangor Hydro. All holdings have been disposed of and the corporation has no present assets or liabilities. Its address is 33 State Street, Bangor, Maine. Maine Electric Power Company, Inc. ("MEPCO") is a Maine corporation with its principal office at Edison Drive, Augusta, Maine, formed for the purpose of constructing, owning and operating a 345 KV transmission line between Wiscasset, Maine and the Maine-New Brunswick international border at Orient, Maine, where its lines connect with that portion of the interconnection constructed in the Province of New Brunswick by the New Brunswick Power Commission. (See File No. 704798). Bangor Hydro owns 14.188% of MEPCO'S common stock; the remainder of the stock is held by other Maine electric utility companies. Penobscot Hydro Co., Inc. ("PHC") is a corporation organized under Maine law in 1986 as a wholly owned subsidiary of Bangor Hydro, in connection with the project financing of the redevelopment of a hydroelectric generating facility on the Penobscot River in Howland and Enfield, Maine. In 1986 Bangor Hydro formed a partnership ("Bangor-Pacific Hydro Associates" or "Bangor-Pacific") with Pacific Lighting Energy Systems ("PLES"), a California corporation (the "West Enfield project") in order to finance the $45,000,000 redevelopment of Bangor Hydro's existing hydroelectric facility. Bangor Hydro transferred its interest in the facility to Bangor-Pacific, and purchases all the power from the facility pursuant to a long-term contract. -3- Prior to the closing of the financing, Bangor Hydro transferred its 50% interest in the partnership to PHC. The entire transaction was reviewed and approved by the Maine Public Utilities Commission. Neither Bangor Var Co. Inc., East Branch Improvement Company, Godfrey's Falls Dam Company, The Sawtelle Brook Dam and Improvement Company, Northeastern Company, Eastern Development Company, Pleasant River Gulf Improvement Company nor Sebois Dam Company is a public utility. 2. Bangor Hydro owns seven hydro-electric generating plants, one steam generating plant and four internal combustion generating plants, all located within its service area in the State of Maine. It also owns approximately 600 miles of transmission lines and approximately 3100 miles of distribution lines, all being located within its service area in the State of Maine. A map of Bangor Hydro's service area indicating major transmission lines and the location of generating plants has been filed on Form SE on February 25, 1994. In addition, Bangor Hydro has an approximate 7% ownership interest in Maine Yankee Atomic Power Company in Wiscasset, Maine, a nuclear generating facility, an 8.33% interest as a tenant in common with other utilities in Wyman Unit No. 4, a fossil fuel generating unit located in Yarmouth, Maine. As indicated above, MEPCO owns a 345 KV transmission line and PHC owns a 50% interest in a hydroelectric facility. 3. Bangor Hydro submits the following information with respect to its sales and purchases of electric energy during the calendar year 1993: (a) 1,652,946,019 KWH of electric energy sold (at retail and wholesale). (b) None KWH distributed at retail outside the State of Maine. (c) 86,142,400 KWH of electric energy sold at wholesale outside of Maine or at the State line sold through the New England Power Pool. (d) 909,984,100 KWH purchased outside the State of Maine or at the State line. EXHIBIT A The consolidating statements of income and surplus of Bangor Hydro and its subsidiary companies for the calendar year 1993, together with consolidating balance sheets of Bangor Hydro and its subsidiary companies as of the close of the calendar year 1993 are attached hereto as Exhibit A. -4- With the exception of MEPCO; Penobscot Hydro Co., Inc. and Bangor Var Co., Inc. the subsidiaries referred to in item 1 above considered in the aggregate would not constitute a significant subsidiary and their income is not material in relation to the total enterprise. Consequently, financial statements for such subsidiaries are not consolidated. In the case of MEPCO, financial statements are not consolidated because Bangor Hydro does not own a majority interest. The 1993 financial statements for East Branch Improvement Company which includes investment in its wholly owned subsidiaries, Godfrey Falls Dam Company and Sawtelle Brook Dam & Improvement Co. are included in Exhibit A as are the 1993 financial statements for MEPCO. Bangor Hydro has caused this statement to be executed on its behalf by its duly authorized officer this 28th day of February, 1994. BANGOR HYDRO-ELECTRIC COMPANY by John P. O'Sullivan ___________________________ John P. O'Sullivan Vice President-Finance & Administration (Corporate Seal) Attest: Frederick S. Samp ___________________________ Frederick S. Samp Corporate Clerk Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: John P. O'Sullivan Vice President - Finance & Administration Bangor Hydro-Electric Company 33 State Street P.O. Box 932 Bangor, Maine 04401 EX-1 2 FORM U3A2 EXHIBIT FOR BANGOR HYDRO-ELECTRIC CO. EAST BRANCH IMPROVEMENT COMPANY STATEMENTS OF INCOME Year Ended December 31, 1993
1993 1992 1991 ---- ---- ---- Operating Revenues: - ------------------- Downstream Charges $ 90,000 $ 90,000 $ 90,000 ------------ ------------ ------------ Operating Expenses: - ------------------- Operations and Maintenance of Reservoirs, Dams and Waterways $ 64,780 $ 55,728 $ 60,550 Depreciation 25,200 25,200 25,200 General Taxes 42,195 35,097 33,980 Insurance 9,600 9,600 9,600 ------------ ------------ ------------ $ 141,775 $ 125,625 $ 129,330 ------------ ------------ ------------ NET OPERATING INCOME (LOSS) $ (51,775) $ (35,625) $ (39,330) ------------ ------------ ------------ OTHER INCOME: - -------------------- Interest Income $ 552 $ 828 $ 1,099 Other 550 550 550 ------------ ------------ ------------ $ 1,102 $ 1,378 $ 1,649 ------------ ------------ ------------ Income (Loss) Before Federal and State Income Taxes $ (50,673) $ (34,247) $ (37,681) ------------ ------------ ------------ Provisions for: Federal Income Taxes $ (7,335) $ (4,957) $ (5,454) (1,774) (1,199) (1,319) ------------ ------------ ------------ $ (9,109) $ (6,156) $ (6,773) ------------ ------------ ------------ NET INCOME (LOSS) $ (41,564) $ (28,091) $ (30,908) ============ ============ ============
EAST BRANCH IMPROVEMENT COMPANY BALANCE SHEETS December 31,
1993 1992 ---- ---- ASSETS ---- Property ------ Dams, Buildings and Equipment Land and Rights $ 1,178,683 $ 1,178,683 Construction Work In Progress - - --------------- --------------- $ 1,178,683 $ 1,178,683 Less Reserve for Depreciation 618,920 593,720 --------------- --------------- $ 559,763 $ 584,963 --------------- --------------- Investments ------- Godfrey Falls Dam Company $ 2,850 $ 2,850 Sawtelle Brook Dam & Improvement Co. 825 825 --------------- --------------- $ 3,675 $ 3,675 --------------- --------------- Current Assets -------- Cash and Temporary Cash Investments $ 17,917 $ 22,271 Temporary Cash Investments 3,729 33,177 Accounts Receivable 22,530 22,530 Prepaid Insurance - - Prepaid Taxes 10,427 8,314 --------------- --------------- $ 54,603 $ 86,292 --------------- --------------- --------------- --------------- TOTAL ASSETS $ 618,041 $ 674,930 =============== =============== LIABILITIES AND CAPITALIZATION -------------------- Capitalization ------------------- Capital Stock $ 302,925 $ 302,925 Retained Earnings 94,921 136,485 --------------- --------------- $ 397,846 $ 439,410 --------------- --------------- Current Liabilities -------------------- Accounts Payable $ 71,011 $ 76,886 Accrued General Taxes 711 1,046 --------------- --------------- $ 71,722 $ 77,932 Long-Term Liabilities --------------- --------------- -------------------- Dividends Payable $ 0 $ 0 Accrued Taxes, General 184 190 State Income Taxes - Current (18,746) (14,015) Federal Income Taxes - Current (62,657) (45,608) State Income Taxes - Deferred 42,067 39,109 Federal Income Taxes - Deferred 187,625 177,912 --------------- --------------- $ 148,473 $ 157,588 --------------- --------------- TOTAL LIABILITIES AND CAPITALIZATION $ 618,041 $ 674,930 =============== ===============
EAST BRANCH IMPROVEMENT COMPANY STATEMENTS OF RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1993 1992 Balance at Beginning of Year $ 136,485 $ 164,576 Add: Net Income ( Loss) Year To Date (41,564) (28,091) ------------ ------------ $ 94,921 $ 136,485 Deduct : Dividends - - ------------ ------------ Balance at End of Year $ 94,921 $ 136,485 ============ ============ BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 7 CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED 12/31/93
CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS BASE RATE REVENUE (74,718,382.95) (705,677.00) 415,978.00 (75,008,081.95) FUEL CHARGE REVENUE (87,176,464.91) (15,787,223.29) (102,963,688.20) EQUITY EARNINGS (784,086.00) 784,086.00 ------------------------------------------------------------------------------------------------ TOTAL REVENUES (161,894,847.86) 0.00 (784,086.00) (15,708,814.29) 415,978.00 (177,971,770.15) ------------------------------------------------------------------------------------------------ FUEL FOR GENERATION 87,344,052.10 15,326,165.29 102,670,217.39 PURCHASED POWER 13,716,435.66 0.00 13,716,435.66 OPERATION & MAINT: OPERATION 21,903,430.65 29.00 MAINTENANCE 6,480,055.26 UNCOLL. REVENUE 1,090,812.84 -------------------------------------------------------------------------------- TOTAL O&M 29,474,298.75 0.00 29.00 0.00 0.00 29,474,327.75 DEPRECIATION 4,747,490.99 4,747,490.99 SEABROOK AMORTIZATION 1,699,050.00 1,699,050.00 TAXES: PROPERTY & OTHER: GENERAL TAXES 4,108,547.94 (6,451.26) 4,102,096.68 INCOME: STATE-CURRENT (2,091,062.00) (65,623.40) 95,484.00 STATE-DEFERRED 2,585,557.00 66,735.00 (32,090.00) 0.00 FEDERAL-CURRENT (7,031,932.00) (233,844.30) 362,496.00 0.00 FEDERAL-DEFERRED 11,183,806.00 237,812.00 (136,217.00) 0.00 ITC-AMORTIZATION (178,176.00) ITC EARNED 0 ---------------------------------------------------------------- TOTAL INCOME TAXES 4,468,193.00 5,079.30 289,673.00 0.00 4,762,945.30 ---------------------------------------------------------------- ---------------- TOTAL OPERATING EXPS. 145,558,068.44 5,079.30 289,702.00 15,319,714.03 161,172,563.77 ------------------------------------------------------------------------------------------------ OPERATING INCOME (16,336,779.42) 5,079.30 (494,384.00) (389,100.26) 415,978.00 (16,799,206.38) ------------------------------------------------------------------------------------------------ PAGE 2 OF 7 CONSOLIDATED STATEMENT CONSOLIDATED OF INCOME, CONTINUED BHE BVC PHC RECLASSES ELIMINS. TOTALS OTHER INCOME: AFUDC-EQUITY (2,464,934.17) (2,464,934.17) OTHER, NET: MISC. INTEREST (652,302.78) (12,447.89) MISC. INCOME (506,325.20) 8,975,762.33 EQUITY EARNINGS-BVC (7,368.60) 7,368.59 EQUITY EARNINGS-PHC (46,219.71) 46,220.00 STATE TAXES (592,066.00) 7,044.00 0.00 FEDERAL TAXES (2,122,479.00) 25,142.00 0.00 -------------------------------------------------------------------------------- TOTAL OTHER, NET (3,926,761.29) (12,447.89) 32,186.00 8,975,762.33 53,588.59 5,122,327.74 ------------------------------------------------------------------------------------------------ TOTAL OTHER INCOME (6,391,695.46) (12,447.89) 32,186.00 8,975,762.33 53,588.59 2,657,393.57 ------------------------------------------------------------------------------------------------ INTEREST EXPENSE: LONG-TERM DEBT 10,438,827.90 10,438,827.90 OTHER: MISC. INTEREST 483,240.34 461,058.00 DEBT DISCOUNT & EXP 220,496.57 MISCELLANEOUS 9,047,720.07 (9,047,720.07) -------------------------------------------------------------------------------- TOTAL OTHER INTEREST 9,751,456.98 (8,586,662.07) 1,164,794.91 AFUDC-DEBT (2,798,241.14) (2,798,241.14) ------------------------------------------------------------------------------------------------ TOTAL INTEREST EXP. 17,392,043.74 0.00 0.00 (8,586,662.07) 8,805,381.67 ------------------------------------------------------------------------------------------------ NET INCOME (5,336,431.14) (7,368.59) (462,198.00) 0.00 469,566.59 (5,336,431.14) ================================================================================ PREFERRED DIVIDENDS 1,645,663.34 EARNINGS APPLICABLE TO ---------------- COMMON STOCK (3,690,767.80) ================ BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED STATEMENT OF RETAINED EARNINGS PAGE 3 OF 7 FOR THE YEAR ENDED 12/31/93 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS BEG. RETAINED EARNINGS: BANGOR HYDRO (21,639,369.59) (21,639,369.59) BANGOR VAR (531,154.48) 531,154.48 0.00 PENOBSCOT HYDRO (261,465.00) 261,465.00 0.00 ------------------------------------------------------------------------------------------------ (21,639,369.59) (531,154.48) (261,465.00) 792,619.48 (21,639,369.59) 0.00 NET INCOME (5,336,431.14) (7,368.59) (462,198.00) 0.00 469,566.59 (5,336,431.14) 0.00 DIVIDENDS DECLARED- 0.00 COMMON 7,943,693.67 0.00 0.00 7,943,693.67 0.00 DIVIDENDS DECLARED- 0.00 PREFERRED 1,579,570.00 0.00 0.00 1,579,570.00 0.00 DIVS DECLARED-SUB 0.00 0.00 OTHER DEBITS 66,093.34 66,093.34 ------------------------------------------------------------------------------------------------ END RETAINED EARNINGS (17,386,443.72) (538,523.07) (723,663.00) 0.00 1,262,186.07 (17,386,443.72) ================================================================================================ BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 4 OF 7 DECEMBER 31, 1993 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS INVEST. IN UTILITY PLANT: ELEC OPERATING PROP. 250,122,520.51 250,122,520.51 LESS: ACCUM DEPR. (71,183,585.69) (71,183,585.69) 178,938,934.82 178,938,934.82 0.00 CWIP BY COMPANY 22,768,633.77 3,833,361.73 26,601,995.50 201,707,568.59 3,833,361.73 205,540,930.32 INVESTMENT IN MYAPCO 4,880,347.60 (124,500.00) 4,755,847.60 INVESTMENT IN MEPCO 128,647.00 (3,747.00) 124,900.00 206,716,563.19 3,705,114.73 210,421,677.92 OTHER INVESTMENTS: 0.00 INVESTMENT IN BVC 538,523.08 (538,523.07) 0.01 INVESTMENT IN PHC 723,662.02 (723,663.00) (0.98) INVESTMENT IN BPHA 2,175,233.00 2,175,233.00 SPECIAL DEPOSITS 1,178,310.76 1,178,310.76 INVESTMENT IN EBI 238,707.64 238,707.64 OTHER INVESTMENTS 317,584.55 317,584.55 NON-OPERATING PROP. 564,331.67 564,331.67 TOTAL OTHER INVESTMENTS 3,561,119.72 2,175,233.00 (1,262,186.07) 4,474,166.65 0.00 CASH & TEMP. INVESTS. 1,823,819.94 561,363.70 1,972.00 2,387,155.64 ACCOUNTS RECEIVABLE: 0.00 NOTES RECEIVABLE 181,763.13 181,763.13 A/R CUSTOMER ACCTS. 16,684,750.17 236,005.87 (1,353,585.00) 15,567,171.04 MISCELLANEOUS 3,115,513.23 170,201.00 1,178,535.00 0.00 4,464,249.23 RES. FOR BAD DEBTS (1,450,000.00) (1,450,000.00) TOTAL ACCOUNTS RECEIV. 18,532,026.53 170,201.00 1,178,535.00 236,005.87 (1,353,585.00) 18,763,183.40 0.00 UNBILLED REVENUE 7,161,747.00 7,161,747.00 INCOME TAX REFUND REC. 0.00 0.00 0.00 ADVANCES TO BPHA 0.00 0.00 0.00 INVENTORIES: 0.00 MATERIALS & SUPPLIES 3,940,247.35 (719,765.37) 3,220,481.98 FUEL OIL 0.00 635,072.21 635,072.21 PREPAID EXPENSES: 0.00 INSURANCE 374,711.73 374,711.73 TAXES 1,198,995.45 1,198,995.45 TOTAL PREPAID EXPENSES 374,711.73 1,198,995.45 1,573,707.18 BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 5 OF 7 DECEMBER 31, 1993 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS DEFERRED FUEL COSTS 2,568,538.65 2,568,538.65 DEFERRED PURCH POWER 1,795,543.90 1,795,543.90 CURRENT DEF. TAXES 0.00 (169,230.00) (11,864.00) 181,094.00 0.00 TOTAL CURRENT ASSETS 33,628,096.45 562,334.70 1,168,643.00 4,099,940.81 (1,353,585.00) 38,105,429.96 0.00 INVEST. IN SEABROOK 37,164,128.65 37,164,128.65 0.00 DEFERRED FUEL: 0.00 DEF. FUEL COSTS 2,642,685.65 (2,568,538.65) 74,147.00 INT. ON DEF FUEL (74,147.00) (74,147.00) TOTAL DEFERRED FUEL 2,568,538.65 (2,568,538.65) 0.00 0.00 DEF. QF CONTRACT BUYOUT 40,301,602.63 40,301,602.63 0.00 DEF. REGULATORY ASSET 604,529.00 32,463,712.00 33,068,241.00 INVESTMENT IN BASIN MILLS 8,695,539.52 8,695,539.52 PREPAID PENSION 0.00 2,398,498.00 2,398,498.00 0.00 OTHER DEFERRED DEBITS: 0.00 UNAMORT DEBT DISCOUNT 991,959.50 991,959.50 CLEARING ACCOUNTS 4,387,305.25 4,387,305.25 PRELIM. SURVEY 8,954,109.37 (8,695,539.52) 258,569.85 OTHER DEF. DEBITS 4,597,962.53 4,597,962.53 ACCUM. CONSERV PROGMS 3,691,248.25 3,691,248.25 22,622,584.90 (15,035,158.12) 7,587,426.78 TOTAL DEFERRED CHARGES 103,261,383.83 0.00 0.00 25,954,052.75 0.00 129,215,436.58 0.00 TOTAL ASSETS 347,167,163.19 562,334.70 3,343,876.00 33,759,108.29 (2,615,771.07) 382,216,711.11 0.00 BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 6 OF 7 DECEMBER 31, 1993 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS CAPITALIZATION: COMMON STOCK INVEST. COMMON STOCK BHE (31,126,970.00) (31,126,970.00) PAID IN CAPITAL (45,430,734.59) (45,430,734.59) RETAINED EARNINGS (17,386,443.72) (538,523.07) (723,663.00) 1,262,186.07 (17,386,443.72) (93,944,148.31) (538,523.07) (723,663.00) 1,262,186.07 (93,944,148.31) 0.00 PREFERRED STOCK (19,901,629.42) 15,167,629.42 (4,734,000.00) PFD STOCK-MAND. RED. 0.00 (15,167,629.42) (15,167,629.42) 0.00 LONG-TERM DEBT: 0.00 LONG-TERM DEBT (120,423,304.00) (120,423,304.00) LESS: SINKING FUND REQ 1,297,448.00 1,297,448.00 TOTAL LONG-TERM DEBT (119,125,856.00) (119,125,856.00) 0.00 TOTAL CAPITALIZATION (232,971,633.73) (538,523.07) (723,663.00) 0.00 1,262,186.07 (232,971,633.73) 0.00 NOTES PAYABLE (36,000,000.00) (36,000,000.00) 0.00 CURRENT MATUR. LTD (1,297,448.00) (1,297,448.00) ACCOUNTS PAYABLE: 0.00 ACCOUNTS PAYABLE (17,935,390.04) (4,849.00) 1,353,585.00 (16,586,654.04) WAGES PAYABLE 14,190.69 14,190.69 GENERAL TAXES 1,810,558.76 (1,198,995.45) 611,563.31 TOTAL ACCOUNTS PAYABLE (16,110,640.59) 0.00 (4,849.00) (1,198,995.45) 1,353,585.00 (15,960,900.04) 0.00 DIVIDENDS PAYABLE (2,449,308.82) (2,449,308.82) ACCRUED INTEREST: 0.00 LONG-TERM DEBT (3,591,275.16) (3,591,275.16) MISC. DEBT (114,251.64) (114,251.64) TOTAL ACCRD. INTEREST (3,705,526.80) (3,705,526.80) 0.00 CUSTOMER DEPOSITS (498,331.85) (498,331.85) INCOME TAXES PAYABLE: 0.00 STATE-CURRENT 450,728.18 229,152.35 1,047,778.00 1,727,658.53 FEDERAL-CURRENT 2,033,226.40 842,606.02 2,562,916.00 5,438,748.42 TOTAL INC. TAXES PAY. 2,483,954.58 1,071,758.37 3,610,694.00 (7,166,406.95) 0.00 TOTAL CURRENT LIABILITIES (21,577,301.48) 1,071,758.37 3,605,845.00 (8,365,402.40) 1,353,585.00 (23,911,515.51) 0.00 BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 7 OF 7 DECEMBER 31, 1993 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS DEFERRED CREDITS & RES: DEF INC TAXES-SEABROOK (9,126,724.00) (10,049,508.00) (19,176,232.00) 0.00 OTHER DEF INC TAXES (33,597,308.81) (1,095,570.00) (6,226,058.00) (6,081,842.05) (47,000,778.86) 0.00 DEFERRED REG. LIABILITY (1,009,100.00) (9,347,049.00) (10,356,149.00) 0.00 BASIN MILLS RESERVE (8,695,539.45) (8,695,539.45) 0.00 UNAMORTIZED ITC (2,271,550.00) (2,271,550.00) 0.00 OTHER: 0.00 CUSTOMER ADVANCES (685,988.43) (685,988.43) DEF. REVENUE SHARING 0.00 0.00 DEF. ESTAB. CHARGES 0.00 0.00 OTHER DEF. CREDITS (1,207,017.29) 84,693.16 (1,122,324.13) ACCRD AUDIT & TAX (25,000.00) (25,000.00) (1,918,005.72) 84,693.16 (1,833,312.56) TOTAL DEF CREDITS & RES. (56,618,227.98) (1,095,570.00) (6,226,058.00) (25,393,705.89) 0.00 (89,333,561.87) 0.00 TOTAL LIABS & CAPITAL. (347,167,163.19) (562,334.70) (3,343,876.00) (33,759,108.29) 2,615,771.07 (382,216,711.11) 0.00 TOTAL ASSETS 347,167,163.19 562,334.70 3,343,876.00 33,759,108.29 (2,615,771.07) 382,216,711.11
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 3
RECLASSIFICATION ENTRIES REVISED 2/17/94 FOR THE YEAR ENDED 12/31/93 NUMBER DESCRIPTION DEBIT CREDIT BANGOR HYDRO RECLASSIFICATIONS 1 CONST WORK IN PROGRESS 3,833,361.73 CLEARING ACCOUNTS (3,833,361.73) TO RECLASSIFY CWIP PROJECTS 2 ACCOUNTS RECEIVABLE 128,247.00 INVESTMENT IN MYAPCO (124,500.00) INVESTMENT IN MEPCO (3,747.00) TO RECLASSIFY DIVIDENDS RECEIVABLE 3 OTHER RESERVES 84,693.16 MATERIALS & SUPPLIES (84,693.16) TO RECLASSIFY OBSO INVENT. RESERVE 4 FUEL OIL INVENTORIES 635,072.21 MATERIALS & SUPPLIES (635,072.21) TO SEPARATELY BREAK-OUT FUEL OIL 5 ACCOUNTS RECEIVABLE 107,758.87 CLEARING ACCOUNTS (107,758.87) TO BREAK-OUT ADVANCES TO BPHA 6 INVESTMENT IN BASIN MILLS 8,695,539.52 PRELIMINARY SURVEY & INVEST. (8,695,539.52) CONSTRUCTION WORK IN PROGRESS 0.00 RECLASS BASIN MILLS INVESTMENT 7 DEFERRED FUEL-CURRENT 2,568,538.65 DEFERRED FUEL-NONCURRENT (2,568,538.65) TO RECLASS CURRENT PORTION DEF FUEL 8 OTHER ACCUM DEF. INCOME TAXES N/A CURRENT INCOME TAXES PAYABLE SEE BELOW N/A INCOME TAX RECLASS-DEF FUEL TO CURRENT SEE BELOW 9 PREPAID PENSION COST 2,398,498.00 OTHER DEFERRED CHARGES (2,398,498.00) TO RECLASS PREPAID PENSION COST 10 PREPAID EXPENSES 1,198,995.45 GENERAL TAXES (A/P) (1,198,995.45) TO RECLASS GENERAL TAXES DEBIT BAL. 11 RECEIVABLE-FED TAXES (A/R) 0.00 CURRENT DEF. TAX ASSETS 181,094.00 OTHER ACCUM DEF. INCOME TAXES 6,985,312.95 CURRENT INCOME TAXES PAYABLE (7,166,406.95) ENTRY TO CORRECT DEFD & CURRENT TAXES 12 PREFERRED STOCK 15,167,629.42 PRFD STOCK-MANDATORY RED. (15,167,629.42) RECLASS MAND RED. PRFD STOCK BANGOR HYDRO-ELECTRIC COMPANY RECLASSIFICATION ENTRIES PAGE 2 OF 3 FOR THE YEAR ENDED 12/31/93 NUMBER DESCRIPTION DEBIT CREDIT BANGOR HYDRO RECLASSIFICATIONS 13 DEF REGULATORY ASSET 32,463,712.00 DEF INC TAXES-SEABROOK (10,049,508.00) OTHER DEF INC TAXES (13,067,155.00) DEFERRED REGULATORY LIABILITY (9,347,049.00) TO RECORD FASB 109 IMPACT 14 INCOME TAX REFUND REC. 0.00 MISCELLANEOUS ACCOUNTS RECEIVABLE 0.00 TO RECLASSIFY FED & STATE TAX REFUNDS 15 FUEL EXPENSE 15,326,165.29 PURCHASED POWER EXPENSE 0.00 FUEL CHARGE REVENUE (15,326,165.29) TO RECORD AR 14 RECLASSIFICATION 16 FEDERAL INCOME TAXES ON OTHER INCOME 0.00 STATE INC. TAXES ON OTHER INCOME 0.00 FEDERAL INCOME TAXES 0.00 0.00 STATE INCOME TAXES 0.00 INCOME TAX RECLASSIFICATION 0.00 0.00 17 MISC. INTEREST 461,058.00 FUEL CHARGE REVENUE (461,058.00) RECLASS INTEREST ON DEFERRED FUEL 18 MISCELLANEOUS INCOME 9,047,720.07 MISCELLANEOUS OTHER (9,047,720.07) RECLASS MISC INCOME TO NON-OPERATING 19 MISCELLANEOUS INCOME 6,451.26 GENERAL TAXES (6,451.26) RECLASS BELOW-THE-LINE PROPERTY TAXES PHC AND BANGOR VAR RECLASSIFS. 20 EQUITY EARNINGS IN BPHA 784,086.00 BASE RATE REVENUE MISCELLANEOUS INCOME (705,677.00) (78,409.00) 0.00 0.00 100,073,933.58 (100,073,933.58) BANGOR HYDRO-ELECTRIC COMPANY RECLASSIFICATION ENTRIES PAGE 3 OF 3 FOR THE YEAR ENDED 12/31/93 DEBITS CREDITS SUMMARY OF IMPACT OF RECLASSIFICATIONS INCOME STATEMENT ACCOUNTS: BASE RATE REVENUE (705,677.00) FUEL CHARGE REVENUE (15,787,223.29) EQUITY EARNINGS IN BPHA 784,086.00 FUEL EXPENSE 15,326,165.29 PURCHASED POWER EXPENSE 0.00 GENERAL TAXES (6,451.26) STATE INCOME TAXES 0.00 STATE INCOME TAXES DEFERRED FEDERAL INCOME TAXES 0.00 0.00 FEDERAL INCOME TAXES DEFERRED 0.00 MISCELLANEOUS INCOME, NET 8,975,762.33 STATE INCOME TAXES ON OTHER INCOME 0.00 FEDERAL INCOME TAXES ON OTHER INCOME 0.00 MISCELLANEOUS INTEREST 461,058.00 MISCELLANEOUS OTHER (9,047,720.07) TOTAL INCOME STATEMENT ACCOUNTS 25,547,071.62 (25,547,071.62) BALANCE SHEET ACCOUNTS: CONSTRUCTION WORK IN PROGRESS, NET 3,833,361.73 INVESTMENT IN MYAPCO (124,500.00) INVESTMENT IN MEPCO (3,747.00) ACCOUNTS RECEIVABLE 236,005.87 ACCOUNTS RECEIVABLE MISCELLANEOUS 0.00 INCOME TAX REFUNDS RECEIVABLE 0.00 ADVANCES TO BPHA MATERIALS AND SUPPLIES INVENTORIES (719,765.37) FUEL OIL INVENTORIES 635,072.21 PREPAID EXPENSES 1,198,995.45 DEFERRED FUEL-CURRENT 2,568,538.65 CURRENT DEFERRED INCOME TAXES 181,094.00 DEFERRED FUEL COSTS-NONCURRENT (2,568,538.65) DEF. REGULATORY ASSET 32,463,712.00 PRELIMINARY SURVEY & INVESTIGATION (8,695,539.52) INVESTMENT IN BASIN MILLS 8,695,539.52 PREPAID PENSION COSTS 2,398,498.00 OTHER DEFERRED CHARGES, NET (6,339,618.60) PREFERRED STOCK 15,167,629.42 PRFD STOCK-MANDATORY RED. (15,167,629.42) GENERAL TAXES (A/P) (1,198,995.45) INCOME TAXES PAYABLE, NET (7,166,406.95) DEFERRED INC. TAXES-SEABROOK (10,049,508.00) OTHER DEF INC TAXES, NET 6,985,312.95 (13,067,155.00) DEFERRED REG. LIABILITY (9,347,049.00) OTHER RESERVES, NET 84,693.16 BALANCE SHEET TOTALS 74,363,759.80 (74,363,759.80) GRAND TOTALS 99,910,831.42 (99,910,831.42)
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 1 ELIMINATING ENTRIES
FOR THE YEAR ENDED 12/31/93 REVISED 2/17/94 NUMBER DESCRIPTION DEBIT CREDIT 1 GENERAL RATE REVENUES 415,978.00 MISCELLANEOUS INCOME 46,220.00 INVESTMENT IN PENOBSCOT HYDRO (462,198.00) TO ELIMINATE PHC P&L ACTIVITY 2 MISC. INTEREST INCOME 7,368.59 INVESTMENT IN BANGOR VAR (7,368.59) TO ELIMINATE BVC P&L ACTIVITY 3 RETAINED EARNINGS-PHC 261,465.00 INVESTMENT IN PHC (261,465.00) ELIMINATE BHE INVESTMENT IN PHC 4 RETAINED EARNINGS-BANGOR VAR 531,154.48 INVESTMENT IN BVC (531,154.48) ELIMINATE BHE INVESTMENT IN BVC 5 ACCOUNTS PAYABLE-PHC 4,849.00 ACCOUNTS RECEIVABLE (4,849.00) ELIMINATE INTERCO. REC/PAY. 6 ACCOUNTS PAY-BHE TAX BENEFITS 1,348,736.00 A/R-PHC TAX BENEFITS (1,178,535.00) A/R-BVC TAX BENEFITS (170,201.00) ELIMINATE INTERCO. TAX ALLOCATION 2,615,771.07 (2,615,771.07) SUMMARY OF IMPACT OF ELIMINATIONS DEBIT CREDIT INVESTMENT IN BANGOR VAR (538,523.07) INVESTMENT IN PHC (723,663.00) ACCOUNTS RECEIVABLE (1,353,585.00) RETAINED EARNINGS-BANGOR VAR 531,154.48 RETAINED EARNINGS-PHC 261,465.00 ACCOUNTS PAYABLE 1,353,585.00 BASE RATE REVENUES 415,978.00 EQUITY EARNINGS-PHC 46,220.00 EQUITY EARNINGS-BVC 7,368.59 2,615,771.07 (2,615,771.07)
MAINE ELECTRIC POWER COMPANY STATEMENT OF INCOME FOR PERIODS ENDING DECEMBER 31, 1993 AND 1992 (DOLLARS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) 1993 1992 OPERATING REVENUES SALES FOR RESALE $ 9,693 $ 8,412 WHEELING 1,952 1,939 SUPPORT CHARGES AND OTHER 1,164 1,257 --------- --------- TOTAL OPERATING REVENUES $ 12,809 $ 11,608 OPERATING EXPENSES PURCHASED POWER $ 9,693 $ 8,412 OPERATION 849 755 MAINTENANCE 382 682 DEPRECIATION 1,395 1,250 TAXES FEDERAL/STATE INCOME 46 25 LOCAL PROPERTY/OTHER 225 219 --------- --------- TOTAL OPERATING EXPENSES $ 12,590 $ 11,343 OPERATING INCOME $ 219 $ 265 ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION (2) 3 OTHER INCOME AND DEDUCTIONS 12 23 --------- --------- INCOME BEFORE INTEREST CHARGES $ 229 $ 291 --------- --------- INTEREST CHARGES LONG-TERM DEBT $ 122 $ 189 OTHER INTEREST CHARGES-NET - 1 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION 2 (4) --------- --------- TOTAL INTEREST CHARGES $ 124 $ 186 NET INCOME $ 105 $ 105 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 8,785 8,785 ========= ========= EARNINGS PER SHARE COMMON STOCK $ 12.00 $ 12.00 ========= ========= MAINE ELECTRIC POWER COMPANY BALANCE SHEET AT DECEMBER 31, 1993 AND 1992 (DOLLARS IN THOUSANDS) 1993 1992 ELECTRIC PROPERTY, ORIGINAL COST $ 23,123 $ 22,916 LESS:ACCUMULATED DEPRECIATION 19,174 17,891 --------- --------- $ 3,949 $ 5,025 CONSTRUCTION WORK IN PROGRESS - 195 --------- --------- NET ELECTRIC PROPERTY $ 3,949 $ 5,220 --------- --------- CURRENT ASSETS CASH $ 103 $ 5 TEMPORARY INVESTMENTS, ETC. 360 150 ACCOUNTS RECEIVABLE 1,165 798 OTHER CURRENT ASSETS 138 129 --------- --------- TOTAL CURRENT ASSETS $ 1,766 $ 1,082 --------- --------- DEFERRED CHARGES $ 648 $ 537 --------- --------- $ 6,363 $ 6,839 ========= ========= COMMON STOCK INVESTMENT AND LIABILITIES CAPITALIZATION COMMON STOCK, $100 PAR VALUE, AUTHORIZED 20,000 SHARES, OUTSTANDING 8,785. $ 878 $ 878 RETAINED EARNINGS - - --------- --------- TOTAL COMMON STOCK EQUITY $ 878 $ 878 LONG TERM NOTES DUE IN ANNUAL INSTALLMENTS THROUGH JULY 1, 1996- LESS CURRENT SINKING FUND REQUIREMENT $ 2,590 $ 3,450 --------- --------- TOTAL CAPITALIZATION $ 3,468 $ 4,328 --------- --------- CURRENT LIABILITIES CURRENT SINKING FUND REQUIREMENT $ 860 $ 860 ACCOUNTS PAYABLE 252 470 BANK CHECKS OUTSTANDING - - DIVIDENS PAYABLE 26 26 ACCRUED PURCHASED POWER 796 11 ACCRUED INTEREST. TAXES AND OTHER 78 29 --------- --------- TOTAL CURRENT LIABILITIES $ 2,012 $ 1,396 --------- --------- DEFERRED CREDITS ACCUMULATED DEFERRED INCOME TAXES $ 593 $ 700 UNAMORTIZED INVESTMENT TAX CREDITS 124 160 OTHER DEFERRED CREDITS 14 44 UNAMORTIZED GAIN ON REAQUIRED DEBT 152 211 --------- --------- TOTAL DEFERRED CREDITS $ 883 $ 1,115 --------- --------- $ 6,363 $ 6,839 ========= ========= -----END PRIVACY-ENHANCED MESSAGE-----