-----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, PFWi3QV/oINEbdYl3voeWbGe+CSq9EKxvXyr551lZS779y1OibYblVFuJxygVtL1 eTQkkyEpoMB3eafiEVtU/g== 0000009548-97-000005.txt : 19970228 0000009548-97-000005.hdr.sgml : 19970228 ACCESSION NUMBER: 0000009548-97-000005 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970227 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANGOR HYDRO ELECTRIC CO CENTRAL INDEX KEY: 0000009548 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 010024370 STATE OF INCORPORATION: ME FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: 1935 Act SEC FILE NUMBER: 069-00206 FILM NUMBER: 97545781 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-BANGOR HYDRO-ELECTRIC CO. (BODY) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM U3A-2 File No. 69-206 Statement by Holding Company Claiming Exemption Under Rule U-3A-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 2, its statement claiming exemption as a holding company from the provisions of the Public Utilities Holding Company Act of 1935, and submits the following information: 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 and east coastal Maine and serves approximately 103,000 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 the 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. 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. 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, Sebois Dam Company, nor Penobscot Hydro Co. Inc. 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 3500 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 is attached hereto. 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 1996: (a) 1,713,336,874 KWH of electric energy sold (at retail and wholesale). (b) None KWH distributed at retail outside the State of Maine. (c) 329,006,180 KWH of electric energy sold at wholesale outside of Maine or at the State line sold through the New England Power Pool. (d) 1,222,510,900 KWH purchased outside the State of Maine or at the State line. 4. Bangor Hydro has no direct or indirect interest in an EWG or a foreign utility company. EXHIBIT A The consolidating statements of income and surplus of Bangor Hydro and its subsidiary companies for the calendar year 1996 together with consolidating balance sheets of Bangor Hydro and its subsidiary companies as of the close of the calendar year 1996 are attached hereto as Exhibit A. 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, the Chester SVC Partnership, and Bangor-Pacific, financial statements are not consolidated because Bangor Hydro or its wholly-owned subsidiaries do not own a majority interest. The 1996 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 1996 financial statements for MEPCO, the Chester SVC Partnership and Bangor-Pacific. EXHIBIT B A Financial Data Schedule is attached as Exhibit B. EXHIBIT C No organizational chart is attached because Bangor Hydro has no relationship with any EWG or foreign utility company. Bangor Hydro has caused this statement to be executed on its behalf by its duly authorized officer this 27th day of February, 1997. BANGOR HYDRO-ELECTRIC COMPANY by /s/ Frederick S. Samp -------------------------- Frederick S. Samp Chief Financial Officer (Corporate Seal) Attest: /s/ Andrew Landry ------------------- Andrew Landry Corporate Clerk Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Frederick S. Samp Chief Financial Officer Bangor Hydro-Electric Company 33 State Street P.O. Box 932 Bangor, Maine 04402 BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 7 CONSOLIDATED STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996
CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS GENERAL RATE REVENUE (168,809,386.22) (1,373,804.87) 1,297,446.59 (168,885,744.50) FUEL CHARGE REVENUE 0.00 (18,487,884.74) (18,487,884.74) EQUITY EARNINGS (1,526,449.85) 1,526,449.85 0.00 ---------------------------------------------------------------------------------------------- TOTAL REVENUES (168,809,386.22) 0.00 (1,526,449.85) (18,335,239.76) 1,297,446.59 (187,373,629.24) ---------------------------------------------------------------------------------------------- FUEL FOR GENERATION 59,988,979.47 18,487,884.74 78,476,864.21 PURCHASED POWER 0.00 0.00 0.00 OPERATION & MAINT: OPERATION 24,104,241.17 37.50 MAINTENANCE 6,509,486.39 UNCOLL. REVENUE 1,826,883.88 ---------------------------------------------------------------------------------------------- TOTAL O&M 32,440,611.44 37.50 32,440,648.94 DEPRECIATION 7,429,719.25 7,429,719.25 SEABROOK AMORTIZATION 1,699,050.00 1,699,050.00 Q.F. BUYOUT AMORTIZATION 20,836,561.08 20,836,561.08 TAXES: PROPERTY & OTHER: GENERAL TAXES 5,367,045.27 0.00 5,367,045.27 INCOME: STATE-CURRENT 0.00 0.00 0.00 0.00 STATE-DEFERRED 1,009,766.00 2,084.00 123,055.20 0.00 FEDERAL-CURRENT 0.00 0.00 0.00 0.00 FEDERAL-DEFERRED 4,423,675.80 7,439.00 439,230.60 0.00 ITC-AMORTIZATION (175,464.00) ITC EARNED (407,377.00) (539,957.00) ---------------------------------------------------------------------------------------------- TOTAL INCOME TAXES 4,850,600.80 9,523.00 22,328.80 0.00 4,882,452.60 ---------------------------------------------------------------------------------------------- TOTAL OPERATING EXPS. 132,612,567.31 9,523.00 22,366.30 18,487,884.74 0.00 151,132,341.35 ---------------------------------------------------------------------------------------------- OPERATING INCOME (36,196,818.91) 9,523.00 (1,504,083.55) 152,644.98 1,297,446.59 (36,241,287.89) ---------------------------------------------------------------------------------------------- PAGE 2 OF 7 CONSOLIDATED STATEMENT CONSOLIDATED OF INCOME, CONTINUED BHE BVC PHC RECLASSES ELIMINS. TOTALS OTHER INCOME: AFUDC-EQUITY (368,056.41) (368,056.41) OTHER, NET: MISC. INTEREST INCOME (2,169,470.05) (23,337.78) MISC. INCOME 173,214.50 100,640.42 EQUITY EARNINGS-BVC (13,814.78) 13,814.78 EQUITY EARNINGS-PHC (144,160.76) 144,160.76 STATE TAXES 169,755.00 13,672.80 FEDERAL TAXES 588,790.00 48,803.40 0.00 ---------------------------------------------------------------------------------------------- TOTAL OTHER, NET (1,395,686.09) (23,337.78) 62,476.20 100,640.42 157,975.54 (1,097,931.71) ---------------------------------------------------------------------------------------------- TOTAL OTHER INCOME (1,763,742.50) (23,337.78) 62,476.20 100,640.42 157,975.54 (1,465,988.12) ---------------------------------------------------------------------------------------------- INTEREST EXPENSE: LONG-TERM DEBT 23,651,315.59 23,651,315.59 OTHER: MISC. INTEREST 2,938,647.71 0.00 DEBT DISCOUNT & EXP 590,354.34 MISCELLANEOUS 253,285.40 (253,285.40) ---------------------------------------------------------------------------------------------- TOTAL OTHER INTEREST 3,782,287.45 (253,285.40) 3,529,002.05 AFUDC-DEBT (755,707.79) (755,707.79) ---------------------------------------------------------------------------------------------- TOTAL INTEREST EXP. 26,677,895.25 0.00 0.00 (253,285.40) 26,424,609.85 ---------------------------------------------------------------------------------------------- NET INCOME (11,282,666.16) (13,814.78) (1,441,607.35) (0.00) 1,455,422.13 (11,282,666.16) ============================================================================================== PREFERRED DIVIDENDS 1,537,202.38 EARNINGS APPLICABLE TO ---------------- COMMON STOCK (9,745,463.78) ================ BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED STATEMENT OF RETAINED EARNINGS PAGE 3 OF 7 FOR THE TWELVE MONTHS ENDED DECEMBER 31, 1996 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS BEG. RETAINED EARNINGS: BANGOR HYDRO (10,073,347.14) (10,073,347.14) BANGOR VAR (577,346.70) 577,346.70 0.00 PENOBSCOT HYDRO (1,051,201.20) 1,051,201.20 0.00 ---------------------------------------------------------------------------------------------- (10,073,347.14) (577,346.70) (1,051,201.20) 1,628,547.90 (10,073,347.14) NET INCOME (11,282,666.16) (13,814.78) (1,441,607.35) (0.00) 1,455,422.13 (11,282,666.16) DIVIDENDS DECLARED- COMMON 5,284,292.94 0.00 0.00 5,284,292.94 DIVIDENDS DECLARED- PREFERRED 1,448,170.00 0.00 0.00 1,448,170.00 DIVS DECLARED-SUB 1,150,000.00 (1,150,000.00) 0.00 PENOBSCOT HYDRO OTHER DEBITS 89,032.38 89,032.38 ---------------------------------------------------------------------------------------------- END RETAINED EARNINGS (14,534,517.98) (591,161.48) (1,342,808.55) (0.00) 1,933,970.03 (14,534,517.98) ============================================================================================== (14,534,517.98) BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 4 OF 7 DECEMBER 31, 1996 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS INVEST. IN UTILITY PLANT: ELEC OPERATING PROP. 317,832,992.51 317,832,992.51 LESS: ACCUM DEPR. (87,736,284.57) (87,736,284.57) ---------------------------------------------------------------------------------------------- 230,096,707.94 230,096,707.94 CWIP BY COMPANY 14,305,435.61 4,248,718.48 18,554,154.09 ---------------------------------------------------------------------------------------------- 244,402,143.55 4,248,718.48 248,650,862.03 INVESTMENT IN MYAPCO 5,112,554.37 (98,773.71) 5,013,780.66 INVESTMENT IN MEPCO 128,647.00 (3,747.00) 124,900.00 ---------------------------------------------------------------------------------------------- 249,643,344.92 4,146,197.77 253,789,542.69 ---------------------------------------------------------------------------------------------- OTHER INVESTMENTS: FUNDS HELD BY TRUSTEE 21,199,004.42 21,199,004.42 INVESTMENT IN BVC 591,161.48 (591,161.48) 0.00 INVESTMENT IN PHC 1,342,808.55 (1,342,808.55) (0.00) INVESTMENT IN BPHA 3,452,671.41 3,452,671.41 SPECIAL DEPOSITS 529,983.33 529,983.33 INVESTMENT IN EBI 0.00 0.00 OTHER INVESTMENTS 395,205.18 395,205.18 NON-OPERATING PROP. 435,034.32 435,034.32 ---------------------------------------------------------------------------------------------- TOTAL OTHER INVESTMENTS 24,493,197.28 3,452,671.41 (1,933,970.03) 26,011,898.66 ---------------------------------------------------------------------------------------------- CASH & TEMP. INVESTS. 643,821.20 628,650.09 1,914.67 1,274,385.96 ---------------------------------------------------------------------------------------------- ACCOUNTS RECEIVABLE: NOTES RECEIVABLE 142,321.48 142,321.48 A/R CUSTOMER ACCTS. 18,536,524.58 102,520.71 (4,849.00) 18,634,196.29 MISCELLANEOUS 3,043,514.97 0.00 0.00 3,043,514.97 RES. FOR BAD DEBTS (1,450,000.00) (1,450,000.00) ---------------------------------------------------------------------------------------------- TOTAL ACCOUNTS RECEIV. 20,272,361.03 0.00 0.00 102,520.71 (4,849.00) 20,370,032.74 ---------------------------------------------------------------------------------------------- UNBILLED REVENUE 9,229,777.00 9,229,777.00 ---------------------------------------------------------------------------------------------- INCOME TAX REFUND RECEIVABLE 320,977.00 320,977.00 ---------------------------------------------------------------------------------------------- ADVANCES TO BPHA 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------- INVENTORIES: MATERIALS & SUPPLIES 3,376,344.06 (382,433.77) 2,993,910.29 ---------------------------------------------------------------------------------------------- FUEL OIL 0.00 302,851.56 302,851.56 ---------------------------------------------------------------------------------------------- PREPAID EXPENSES: INSURANCE 1,156,387.01 1,156,387.01 TAXES 515,576.67 515,576.67 ---------------------------------------------------------------------------------------------- TOTAL PREPAID EXPENSES 1,156,387.01 515,576.67 1,671,963.68 ---------------------------------------------------------------------------------------------- BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 5 OF 7 DECEMBER 31, 1996 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS DEFERRED FUEL COSTS 0.00 (1,008,402.35) (1,008,402.35) ---------------------------------------------------------------------------------------------- DEFERRED PURCH POWER 895,798.51 895,798.51 ---------------------------------------------------------------------------------------------- CURRENT DEF. TAXES 0.00 0.00 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 35,574,488.81 628,650.09 1,914.67 (148,910.18) (4,849.00) 36,051,294.39 ---------------------------------------------------------------------------------------------- INVEST. IN SEABROOK 32,066,978.65 32,066,978.65 ---------------------------------------------------------------------------------------------- DEFERRED FUEL: DEF. FUEL AND INTEREST COSTS (1,008,402.35) 1,008,402.35 0.00 0.00 0.00 ---------------------------------------------------------------------------------------------- TOTAL DEFERRED FUEL (1,008,402.35) 1,008,402.35 ---------------------------------------------------------------------------------------------- DEF. QF CONTRACT BUYOUT 171,703,690.95 171,703,690.95 ---------------------------------------------------------------------------------------------- DEF. REGULATORY ASSET 505,453.09 28,993,177.00 29,498,630.09 ---------------------------------------------------------------------------------------------- INVESTMENT IN BASIN MILLS 8,695,539.45 8,695,539.45 ---------------------------------------------------------------------------------------------- PREPAID PENSION 0.00 (640,328.00) (640,328.00) ---------------------------------------------------------------------------------------------- OTHER DEFERRED DEBITS: UNAMORT DEBT DISCOUNT 3,571,493.09 3,571,493.09 CLEARING ACCOUNTS 4,101,319.46 (3,988,116.10) 113,203.36 PRELIM. SURVEY 8,954,109.37 (8,954,109.37) 0.00 OTHER DEF. DEBITS (455,904.64) 638,295.54 182,390.90 ---------------------------------------------------------------------------------------------- TOTAL OTHER DEFERRED DEBITS 16,171,017.28 0.00 0.00 (12,303,929.93) 0.00 3,867,087.35 ---------------------------------------------------------------------------------------------- 0.00 DEMAND-SIDE MANAGEMENT COSTS 2,631,879.68 2,631,879.68 ---------------------------------------------------------------------------------------------- TOTAL DEFERRED CHARGES 222,070,617.30 0.00 0.00 25,752,860.87 0.00 247,823,478.17 ---------------------------------------------------------------------------------------------- TOTAL ASSETS 531,781,648.31 628,650.09 3,454,586.08 29,750,148.46 (1,938,819.03) 563,676,213.91 ============================================================================================== BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 6 OF 7 DECEMBER 31, 1996 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS CAPITALIZATION COMMON STOCK INVEST. COMMON STOCK BHE (36,817,120.00) (36,817,120.00) PAID IN CAPITAL (56,969,427.84) (56,969,427.84) RETAINED EARNINGS (14,534,517.98) (591,161.48) (1,342,808.55) 1,933,970.03 (14,534,517.98) ---------------------------------------------------------------------------------------------- (108,321,065.82) (591,161.48) (1,342,808.55) 1,933,970.03 (108,321,065.82) ---------------------------------------------------------------------------------------------- PREFERRED STOCK (16,998,085.08) 12,264,085.08 (4,734,000.00) ---------------------------------------------------------------------------------------------- PFD STOCK-MAND. RED. 1,593,914.30 (12,264,085.08) (10,670,170.78) ---------------------------------------------------------------------------------------------- LONG-TERM DEBT: LONG-TERM DEBT (288,074,966.00) (288,074,966.00) LESS: SINKING FUND REQ 13,853,515.00 13,853,515.00 ---------------------------------------------------------------------------------------------- TOTAL LONG-TERM DEBT (274,221,451.00) (274,221,451.00) ---------------------------------------------------------------------------------------------- TOTAL CAPITALIZATION (397,946,687.60) (591,161.48) (1,342,808.55) 1,933,970.03 (397,946,687.60) ---------------------------------------------------------------------------------------------- NOTES PAYABLE (32,500,000.00) (32,500,000.00) ---------------------------------------------------------------------------------------------- CURRENT MATUR. LTD AND PREFERRED (15,447,429.30) (15,447,429.30) ---------------------------------------------------------------------------------------------- ACCOUNTS PAYABLE: ACCOUNTS PAYABLE (INC WGS PAY.) (14,943,117.98) (4,849.00) 4,849.00 (14,943,117.98) WAGES PAYABLE 0.00 0.00 GENERAL TAXES 2,026,100.48 (515,576.67) 1,510,523.81 ---------------------------------------------------------------------------------------------- TOTAL ACCOUNTS PAYABLE (12,917,017.50) (4,849.00) (515,576.67) 4,849.00 (13,432,594.17) ---------------------------------------------------------------------------------------------- DIVIDENDS PAYABLE (1,687,495.12) (1,687,495.12) ---------------------------------------------------------------------------------------------- ACCRUED INTEREST: LONG-TERM DEBT AND MISC DEBT (3,719,386.60) (3,719,386.60) MISC. DEBT 0.00 0.00 ---------------------------------------------------------------------------------------------- TOTAL ACCRD. INTEREST (3,719,386.60) (3,719,386.60) ---------------------------------------------------------------------------------------------- CUSTOMER DEPOSITS (359,973.68) (359,973.68) ---------------------------------------------------------------------------------------------- INCOME TAXES PAYABLE: STATE-CURRENT 9,886,817.32 289,701.68 668,153.90 10,844,672.90 FEDERAL-CURRENT 33,776,580.67 1,044,688.38 2,805,842.37 37,627,111.42 ---------------------------------------------------------------------------------------------- TOTAL INC. TAXES PAY. 43,663,397.99 1,334,390.06 3,473,996.27 (48,471,784.32) 0.00 ---------------------------------------------------------------------------------------------- TOTALCURRENT LIABILITIES 9,532,095.79 1,334,390.06 3,469,147.27 (48,987,360.99) 4,849.00 (34,646,878.87) ---------------------------------------------------------------------------------------------- BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATED BALANCE SHEET PAGE 7 OF 7 DECEMBER 31, 1996 CONSOLIDATED BHE BVC PHC RECLASSES ELIMINS. TOTALS DEFERRED CREDITS & RES: DEF INC TAXES-SEABROOK (7,903,537.00) (8,747,849.00) (16,651,386.00) ---------------------------------------------------------------------------------------------- OTHER DEF INC TAXES (84,203,946.81)(1,371,878.67) (5,580,924.80) 36,351,121.32 (54,805,628.96) ---------------------------------------------------------------------------------------------- DEFERRED REG. LIABILITY (8,445,642.00) (8,445,642.00) ---------------------------------------------------------------------------------------------- BASIN MILLS RESERVE (8,695,539.45) (8,695,539.45) ---------------------------------------------------------------------------------------------- UNAMORTIZED ITC (2,178,588.00) (2,178,588.00) ---------------------------------------------------------------------------------------------- OTHER: CUSTOMER ADVANCES (778,544.71) (778,544.71) DEF. REVENUE SHARING 0.00 DEF. ESTAB. CHARGES 0.00 OTHER DEF. CREDITS (7,106,900.53) 79,582.21 (7,027,318.32) (INCLUDES ACCRD AUDIT) ACCRD AUDIT & TAX 0.00 0.00 ---------------------------------------------------------------------------------------------- (7,885,445.24) 79,582.21 (7,805,863.03) ---------------------------------------------------------------------------------------------- TOTAL DEF CREDITS & RES. (110,867,056.50)(1,371,878.67) (5,580,924.80) 19,237,212.53 (98,582,647.44) ---------------------------------------------------------------------------------------------- TOTAL LIABS & CAPITAL. (531,781,648.31) (628,650.09) (3,454,586.08) (29,750,148.46) 1,938,819.03 (563,676,213.91) ============================================================================================== TOTAL ASSETS 531,781,648.31 628,650.09 3,454,586.08 29,750,148.46 (1,938,819.03) 563,676,213.91
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 3 RECLASSIFICATION ENTRIES FOR THE TWELVE MONTHS ENDED 12/31/96
NUM DESCRIPTION DEBIT CREDIT BANGOR HYDRO RECLASSIFICATIONS 1 CONST WORK IN PROGRESS 4,248,718.48 CLEARING ACCOUNTS (3,988,116.10) OTHER DEFERRED CHARGES (2,032.46) PRELIMINARY SURVEY & INVEST. (258,569.92) TO RECLASSIFY CWIP PROJECTS 2 ACCOUNTS RECEIVABLE 102,520.71 INVESTMENT IN MYAPCO (98,773.71) INVESTMENT IN MEPCO (3,747.00) TO RECLASSIFY DIVIDENDS RECEIVABLE 3 OTHER RESERVES 79,582.21 MATERIALS & SUPPLIES (79,582.21) TO RECLASSIFY OBSO INVENT. RESERVE 4 FUEL OIL INVENTORIES 302,851.56 MATERIALS & SUPPLIES (302,851.56) TO SEPARATELY BREAK-OUT FUEL OIL 5 ACCOUNTS RECEIVABLE 0.00 CLEARING ACCOUNTS 0.00 TO BREAK-OUT ADVANCES TO BPHA 6 INVESTMENT IN BASIN MILLS 8,695,539.45 PRELIMINARY SURVEY & INVEST. (8,695,539.45) CONSTRUCTION WORK IN PROGRESS 0.00 RECLASS BASIN MILLS INVESTMENT 7 DEFERRED FUEL-CURRENT (1,008,402.35) DEFERRED FUEL-NONCURRENT 1,008,402.35 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 (640,328.00) OTHER DEFERRED CHARGES 640,328.00 TO RECLASS PREPAID PENSION COST 10 PREPAID EXPENSES 515,576.67 GENERAL TAXES (A/P) (515,576.67) TO RECLASS GENERAL TAXES DEBIT BAL. 11 RECEIVABLE-FED TAXES (A/R) 320,977.00 CURRENT DEF. TAX ASSETS 0.00 OTHER ACCUM DEF. INCOME TAXES 48,150,807.32 CURRENT INCOME TAXES PAYABLE (48,471,784.32) ENTRY TO CORRECT DEFD & CURRENT TAXES 12 PREFERRED STOCK 12,264,085.08 PRFD STOCK-MANDATORY RED. (12,264,085.08) RECLASS MAND RED. PRFD STOCK BANGOR HYDRO-ELECTRIC COMPANY RECLASSIFICATION ENTRIES PAGE 2 OF 3 FOR THE TWELVE MONTHS ENDED 12/31/96 NUM DESCRIPTION DEBIT CREDIT BANGOR HYDRO RECLASSIFICATIONS 13 DEF REGULATORY ASSET 28,993,177.00 DEF INC TAXES-SEABROOK (8,747,849.00) OTHER DEF INC TAXES (11,799,686.00) DEFERRED REGULATORY LIABILITY (8,445,642.00) 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 18,487,884.74 PURCHASED POWER EXPENSE 0.00 FUEL CHARGE REVENUE (18,487,884.74) 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 0.00 FUEL CHARGE REVENUE 0.00 RECLASS INTEREST ON DEFERRED FUEL 18 MISCELLANEOUS INCOME 253,285.40 MISCELLANEOUS OTHER (253,285.40) RECLASS MISC INCOME TO NON-OPERATING 19 MISCELLANEOUS INCOME 0.00 GENERAL TAXES 0.00 RECLASS BELOW-THE-LINE PROPERTY TAXES PHC AND BANGOR VAR RECLASSIFS. 20 EQUITY EARNINGS IN BPHA 1,526,449.85 BASE RATE REVENUE (1,373,804.87) MISCELLANEOUS INCOME (152,644.98) --------------------------------- 122,292,725.12 (122,292,725.12) BANGOR HYDRO-ELECTRIC COMPANY RECLASSIFICATION ENTRIES PAGE 3 OF 3 FOR THE TWELVE MONTHS ENDED 12/31/96 DEBITS CREDITS SUMMARY OF IMPACT OF RECLASSIFICATIONS INCOME STATEMENT ACCOUNTS: BASE RATE REVENUE (1,373,804.87) FUEL CHARGE REVENUE (18,487,884.74) EQUITY EARNINGS IN BPHA 1,526,449.85 FUEL EXPENSE 18,487,884.74 PURCHASED POWER EXPENSE 0.00 GENERAL TAXES 0.00 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 100,640.42 STATE INCOME TAXES ON OTHER INCOME 0.00 FEDERAL INCOME TAXES ON OTHER INCOME 0.00 MISCELLANEOUS INTEREST 0.00 MISCELLANEOUS OTHER (253,285.40) --------------------------------- TOTAL INCOME STATEMENT ACCOUNTS 20,114,975.01 (20,114,975.01) --------------------------------- BALANCE SHEET ACCOUNTS: CONSTRUCTION WORK IN PROGRESS, NET 4,248,718.48 INVESTMENT IN MYAPCO (98,773.71) INVESTMENT IN MEPCO (3,747.00) ACCOUNTS RECEIVABLE 102,520.71 ACCOUNTS RECEIVABLE MISCELLANEOUS 0.00 INCOME TAX REFUNDS RECEIVABLE 320,977.00 ADVANCES TO BPHA MATERIALS AND SUPPLIES INVENTORIES (382,433.77) FUEL OIL INVENTORIES 302,851.56 PREPAID EXPENSES 515,576.67 DEFERRED FUEL-CURRENT (1,008,402.35) CURRENT DEFERRED INCOME TAXES 0.00 DEFERRED FUEL COSTS-NONCURRENT 1,008,402.35 DEF. REGULATORY ASSET 28,993,177.00 PRELIMINARY SURVEY & INVESTIGATION (8,954,109.37) INVESTMENT IN BASIN MILLS 8,695,539.45 PREPAID PENSION COSTS (640,328.00) OTHER DEFERRED CHARGES, NET (3,349,820.56) PREFERRED STOCK 12,264,085.08 PRFD STOCK-MANDATORY RED. (12,264,085.08) GENERAL TAXES (A/P) (515,576.67) INCOME TAXES PAYABLE, NET (48,471,784.32) DEFERRED INC. TAXES-SEABROOK (8,747,849.00) OTHER DEF INC TAXES, NET 48,150,807.32 (11,799,686.00) DEFERRED REG. LIABILITY (8,445,642.00) OTHER RESERVES, NET 79,582.21 --------------------------------- BALANCE SHEET TOTALS 102,025,105.13 (102,025,105.13) --------------------------------- GRAND TOTALS 122,140,080.14 (122,140,080.14) =================================
BANGOR HYDRO-ELECTRIC COMPANY PAGE 1 OF 1 ELIMINATING ENTRIES FOR THE TWELVE MONTHS ENDED 12/31/96
NUM DESCRIPTION DEBIT CREDIT 1 GENERAL RATE REVENUES 1,297,446.59 MISCELLANEOUS INCOME 144,160.76 INVESTMENT IN PENOBSCOT HYDRO (1,441,607.35) TO ELIMINATE PHC P&L ACTIVITY 2 MISC. INTEREST INCOME 13,814.78 INVESTMENT IN BANGOR VAR (13,814.78) TO ELIMINATE BVC P&L ACTIVITY 3 RETAINED EARNINGS-PHC 1,051,201.20 INVESTMENT IN PHC (1,051,201.20) ELIMINATE BHE INVESTMENT IN PHC 4 RETAINED EARNINGS-BANGOR VAR 577,346.70 INVESTMENT IN BVC (577,346.70) 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 0.00 A/R-PHC TAX BENEFITS 0.00 A/R-BVC TAX BENEFITS 0.00 ELIMINATE INTERCO. TAX ALLOCATION 7 INVESTMENT IN SUB.-PHC 1,150,000.00 DIVIDENDS DECLARED-SUB. PHC (1,150,000.00) 4,238,819.03 (4,238,819.03) SUMMARY OF IMPACT OF ELIMINATIONS DEBIT CREDIT INVESTMENT IN BANGOR VAR (591,161.48) INVESTMENT IN PHC, NET (1,342,808.55) ACCOUNTS RECEIVABLE (4,849.00) RETAINED EARNINGS-BANGOR VAR 577,346.70 RETAINED EARNINGS-PHC 1,051,201.20 DIVIDENDS DECLARED-PHC (1,150,000.00) ACCOUNTS PAYABLE 4,849.00 BASE RATE REVENUES 1,297,446.59 EQUITY EARNINGS-PHC 144,160.76 EQUITY EARNINGS-BVC 13,814.78 3,088,819.03 (3,088,819.03)
EAST BRANCH IMPROVEMENT COMPANY BALANCE SHEETS DECEMBER 31, 1996 AND 1995 1996 1995 ASSETS Current Assets: Cash and cash equivalents $8,536 $8,310 Accounts receivable 37,500 37,500 Prepaid taxes 16,127 17,023 ------------------------ Total Current Assets $62,163 $62,833 ------------------------ Investments: Godfrey Falls Dam Company $2,850 $2,850 Sawtelle Brook Dam and Improvement Company 825 825 ------------------------ Total Investments $3,675 $3,675 ------------------------ Property and Equipment: Dams, Builds., Equip., Land & Land Rights $1,217,103 $1,216,197 Accumulated Depreciation (699,669) (673,810) ------------------------ Net Property and Equipment $517,434 $542,387 ------------------------ Total Assets $583,272 $608,895 ======================== LIABILITIES AND CAPITALIZATION Current Liabilities: Accounts Payable-Bangor Hydro-Electric Co. $33,291 $83,305 Other Accrued Expenses 761 908 ------------------------ Total Current Liabilities $34,052 $84,213 ------------------------ Long-term Liabilities: Deferred Federal and State Income Taxes $155,348 $160,996 ------------------------ Capitalization: Common Stock $302,925 $302,925 Retained Earnings 90,947 60,761 ------------------------ Total Capitalization $393,872 $363,686 ------------------------ $583,272 $608,895 ======================== Unaudited - For Management Discussion Purposes Only EAST BRANCH IMPROVEMENT COMPANY STATEMENTS OF OPERATIONS AND RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1996, 1995, AND 1994 1996 1995 1994 Revenues: Downstream Charges $150,000 $150,000 $105,000 ------------------------------------ Expenses: Operation and Maintenance $65,549 $74,441 $76,981 Depreciation Expense 25,859 28,169 26,721 Property and Payroll Taxes 34,104 29,288 41,822 Income Taxes (5,648) (2,220) (6,568) ------------------------------------ Total Expenses $119,864 $129,678 $138,956 ------------------------------------ Gross Profit (Loss) $30,136 $20,322 ($33,956) ------------------------------------ Other Income: Interest and Rental Income $50 $550 $420 ------------------------------------ Net Income (Loss) $30,186 $20,872 ($33,536) Add: Retained Earnings Balance at Beginning of Year 60,761 39,889 73,425 ------------------------------------ Retained Earnings at End of Year $90,947 $60,761 $39,889 ==================================== MAINE ELECTRIC POWER COMPANY STATEMENT OF INCOME FOR PERIOD ENDING DECEMBER 31, 1996 AND 1995 ( Dollars in thousands except per share amounts ) 1996 1995 OPERATING REVENUES SALES FOR RESALE $ 52,580 $ 46,697 WHEELING 2,852 2,491 SUPPORT CHARGES AND OTHER (41) 511 --------- --------- TOTAL OPERATING REVENUES $ 55,391 $ 49,699 OPERATING EXPENSES PURCHASED POWER $ 52,580 $ 46,697 OPERATION 754 759 MAINTENANCE 498 442 DEPRECIATION 845 1,383 TAXES FEDERAL/STATE INCOME 200 0 LOCAL PROPERTY/OTHER 483 250 --------- --------- TOTAL OPERATING EXPENSES $ 55,360 $ 49,531 OPERATING INCOME $ 31 $ 168 ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME AND DEDUCTIONS 250 33 --------- --------- INCOME BEFORE INTEREST CHARGES $ 281 $ 201 --------- --------- INTEREST CHARGES SHORT-TERM DEBT $ 23 $ LONG-TERM DEBT 38 96 OTHER INTEREST CHARGES-NET ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION --------- --------- TOTAL INTEREST CHARGES $ 61 $ 96 --------- --------- NET INCOME $ 220 $ 105 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 8,785 8,785 ========= ========= EARNINGS PER SHARE COMMON STOCK $ 25.06 $ 12.00 ========= ========= MAINE ELECTRIC POWER COMPANY BALANCE SHEET AT DECEMBER 31, 1996 AND 1995 ( Dollars in thousands ) 1996 1995 ELECTRIC PROPERTY, ORIGINAL COST $ 23,146 $ 23,135 LESS:ACCUMULATED DEPRECIATION 22,545 21,777 --------- --------- $ 601 $ 1,358 CONSTRUCTION WORK IN PROGRESS 210 12 --------- --------- NET ELECTRIC PROPERTY $ 811 $ 1,370 --------- --------- CURRENT ASSETS CASH $ 2 $ 2 TEMPORARY INVESTMENTS, ETC. 1,280 420 ACCOUNTS RECEIVABLE 7,344 3,268 REFUND DUE FROM PARTICIPANTS - 76 OTHER CURRENT ASSETS 149 145 --------- --------- TOTAL CURRENT ASSETS $ 8,775 $ 3,911 --------- --------- DEFERRED CHARGES $ 1,141 $ 744 --------- --------- $ 10,727 $ 6,025 ========= ========= COMMON STOCK INVESTMENT AND LIABILITIES CAPITALIZATION COMMON STOCK, $100 PAR VALUE, AUTHORIZED 20,000 SHARES, OUTSTANDING 8,785. $ 878 $ 878 RETAINED EARNINGS 119 - --------- --------- TOTAL COMMON STOCK EQUITY $ 997 $ 878 LONG TERM NOTES DUE IN ANNUAL INSTALLMENTS THROUGH JULY 1, 1996- LESS CURRENT SINKING FUND REQUIREMENT $ 620 $ 870 --------- --------- TOTAL CAPITALIZATION $ 1,617 $ 1,748 --------- --------- CURRENT LIABILITIES CURRENT SINKING FUND REQUIREMENT $ 200 $ 860 ACCOUNTS PAYABLE 577 211 BANK CHECKS OUTSTANDING - 12 DIVIDENDS PAYABLE 24 26 ACCRUED PURCHASED POWER 6,989 2,906 REFUND DUE TO PARTICIPANTS - - ACCRUED INTEREST. TAXES AND OTHER 181 40 --------- --------- TOTAL CURRENT LIABILITIES $ 7,971 $ 4,055 --------- --------- DEFERRED CREDITS ACCUMULATED DEFERRED INCOME TAXES $ 29 $ 53 UNAMORTIZED INVESTMENT TAX CREDITS 243 106 OTHER DEFERRED CREDITS - 31 UNAMORTIZED GAIN ON REAQUIRED DEBT 867 32 --------- --------- TOTAL DEFERRED CREDITS $ 1,139 $ 222 --------- --------- $ 10,727 $ 6,025 ========= ========= BANGOR-PACIFIC HYDRO ASSOCIATES AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS DECEMBER 31, 1996 AND 1995 ASSETS 1996 1995 Current Assets: Cash and Cash Equivalents $1,727,434.15 $2,055,651.70 Accounts Receivable 1,368,181.65 1,326,254.37 Prepaid Expenses 18,845.72 16,912.50 ------------------------------ Total Current Assets $3,114,461.52 $3,398,818.57 ------------------------------ Property, Plant and Equipment, at Cost $44,042,793.25 $44,035,110.54 Less: Accumulated Depreciation (7,293,156.47) (6,426,943.47) ------------------------------ $36,749,636.78 $37,608,167.07 ------------------------------ TOTAL ASSETS $39,864,098.30 $41,006,985.64 ============================== LIABILITIES AND PARTNERS' CAPITAL Current Liabilities: Current Portion of Long-term Debt $2,000,000.00 $1,900,000.00 Accrued Expenses 69,606.24 51,630.76 Accrued Interest 289,149.26 302,911.83 ------------------------------ Total Current Liabilities $2,358,755.50 $2,254,542.59 Long-term Debt, Net of Current Portion 30,599,999.98 32,599,999.98 ------------------------------ Total Liabilities $32,958,755.48 $34,854,542.57 Partners' Capital 6,905,342.82 6,152,443.07 ------------------------------ TOTAL LIABILITIES AND PARTNERS' CAPITAL $39,864,098.30 $41,006,985.64 ============================== UNAUDITED-FOR MANAGEMENT DISCUSSION PURPOSES ONLY BANGOR-PACIFIC HYDRO ASSOCIATES AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME AND PARTNERS' CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1996, 1995 and 1994 1996 1995 1994 REVENUES: Sale of Power $8,252,355.39 $7,276,621.59 $6,880,409.36 --------------------------------------------- EXPENSES: Operation and Maintenance $358,853.00 $282,291.53 $623,456.63 Depreciation expense 866,213.00 862,279.00 855,365.00 Property Taxes 416,689.97 403,941.64 380,878.11 Prop., Personal, & Liab. Insur. 73,449.78 29,682.63 76,632.86 Royalty Expense 85,452.70 67,444.15 59,886.25 G & A Expenses-Pacific Energy 4,851.29 11,455.60 9,107.37 G & A Expenses-Bangor Hydro 10,871.79 18,615.37 61,243.40 --------------------------------------------- Total Expenses $1,816,381.53 $1,675,709.92 $2,066,569.62 --------------------------------------------- Operating Income $6,435,973.86 $5,600,911.67 $4,813,839.74 --------------------------------------------- OTHER INCOME AND (EXPENSE): Interest Expense ($3,501,016.66)($3,657,357.35)($3,790,585.15) Investment and Other Income 117,942.55 107,032.28 76,942.94 --------------------------------------------- ($3,383,074.11)($3,550,325.07)($3,713,642.21) --------------------------------------------- NET INCOME $3,052,899.75 $2,050,586.60 $1,100,197.53 Partners' Capital Beginning of Year 6,152,443.07 4,641,856.47 4,341,658.94 Less: Partners' Distributions (2,300,000.00) (540,000.00) (800,000.00) --------------------------------------------- Partners' Capital End of Year $6,905,342.82 $6,152,443.07 $4,641,856.47 ============================================= UNAUDITED-FOR MANAGEMENT DISCUSSION PURPOSES ONLY Chester SVC Partnership Statement of Income For the Years Ended December 31, 1996, 1995 and 1994 1996 1995 1994 Operating Revenues $4,782,131 $5,016,259 $5,173,287 ------------------------------------------ Operating Expenses: Operation & Maintenance $709,345 $829,974 $883,006 Depreciation 1,075,476 1,075,038 1,074,951 Taxes - Property 156,640 156,716 148,570 ------------------------------------------ Total Operating Expenses $1,941,461 $2,061,728 $2,106,527 ------------------------------------------ Operating Income $2,840,670 $2,954,531 $3,066,760 ------------------------------------------ Other Expense(Income) Interest Charges $2,987,954 $3,114,299 $3,226,808 Interest Income (147,284) (159,768) (160,048) ------------------------------------------ Total Other Expense(Income) $2,840,670 $2,954,531 $3,066,760 ------------------------------------------ Net Income $0 $0 $0 ========================================== Chester SVC Partnership Balance Sheets December 31, 1996 and 1995 1996 1995 ASSETS Electric Property, Original Cost $31,993,248 $31,993,248 Less: Accumulated Depreciation (6,371,571) (5,296,095) ---------------------------- Net Electric Property $25,621,677 $26,697,153 ---------------------------- Current Assets Cash $180,775 $95,651 Temporary Investments 200,000 200,000 Accounts Receivable 380,756 426,558 Other Current Assets 96,209 101,164 ---------------------------- Total Current Assets $857,740 $823,373 ---------------------------- Other Assets Deferred Charges $606,822 $639,842 Special Funds 1,811,668 1,887,682 ---------------------------- Total Other Assets $2,418,490 $2,527,524 ---------------------------- TOTAL ASSETS $28,897,907 $30,048,050 ============================ LIABILITIES AND PARTNERS' CAPITAL Capitalization Partners' Capital $0 $0 Notes Payable, Less Current Portion 27,020,529 28,203,619 ---------------------------- Total Capitalization $27,020,529 $28,203,619 ---------------------------- Current Liabilities Notes Payable $1,183,090 $1,183,090 Accounts Payable 209,692 205,445 Accrued Interest 80,661 84,045 Advanced Billing - NHH 403,935 371,851 ---------------------------- Total Current Liabilities $1,877,378 $1,844,431 ---------------------------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $28,897,907 $30,048,050 ============================ EX-27 2 FINANCIAL DATA SCHEDULE FOR FORM U3A2
UT This schedule contains summary financial information extracted from Form U3A2 for 1996 for Bangor Hydro-Electric Company and is qualified in its entirety by reference to such U3A2. 0000009548 BANGOR HYDRO-ELECTRIC COMPANY 1,000 YEAR DEC-31-1996 DEC-31-1996 PER-BOOK 230,097 49,705 37,060 239,767 0 556,629 36,817 56,969 14,535 108,321 10,670 4,734 274,221 0 32,500 0 13,853 1,594 0 0 110,736 556,629 187,374 4,882 146,250 151,132 36,242 1,466 37,708 26,425 11,283 1,537 9,746 6,319 23,651 44,842 1.33 1.33
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