-----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, Cy3V8abyYbRgB8wNrMzqY+QT//OkS3slyU2H84ojaVqbzORrnobP0Em0YZBvisZ3 LnvqqTVu0R0+bVlnfHxl+A== 0000009548-00-000004.txt : 20000228 0000009548-00-000004.hdr.sgml : 20000228 ACCESSION NUMBER: 0000009548-00-000004 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000225 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: SEC FILE NUMBER: 069-00206 FILM NUMBER: 552906 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 U-3A-2 BANGOR HYDRO ELECTRIC COMPANY 1999 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM U-3A-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 Maine and serves approximately 107,000 customers. Penobscot Natural Gas Company, Inc. ("Penobscot Gas") is a corporation organized under Maine law in 1998. It was formed to be a general partner whose sole function is to own Bangor Hydro's interest in Bangor Gas Company, LLC ("Bangor Gas"). Bangor Gas is a limited liability company organized under Maine law in 1997. It was formed to be a local natural gas distribution company in the greater Bangor, Maine area. Bangor Gas has obtained all necessary regulatory approvals to provide such service and is currently in the process of constructing a gas distribution system in the Bangor area with the expectation of providing natural gas service in 2000. Bangor Gas's address is 21 Main Street, Bangor, Maine. Penboscot Gas has the option to acquire through capital contribution up to fifty percent (50%) of Bangor Gas's capital stock, with the remainder held by Sempra Energy Utility Ventures. Bangor Energy Resale, Inc. ("Bangor Energy") is a corporation organized under Maine law in 1997. It was formed for a single purpose, to facilitate Bangor Hydro's use of a power sales agreement with Unitil Power Corp. (the "Unitil contract") as collateral for a bank loan. Under the arrangement (1) Bangor Hydro assigned the Unitil contract to Bangor Energy; (2) Bangor Energy purchases wholesale utility service from Bangor Hydro to allow Bangor Energy to perform the Unitil contract; (3) Bangor Energy borrowed money from lenders, assigning said lenders a security interest in the Unitil contract; and (4) Bangor Energy transferred the net proceeds of the loan to Bangor Hydro. The entire transaction was reviewed and approved by the Federal Energy Regulatory Commission and the Maine Public Utilities Commission. Bangor Energy's address is 33 State Street, Bangor, Maine. All of its capital stock is owned by Bangor Hydro. CareTaker, Inc. is a corporation organized under Maine law in 1997. It was formed to provide security alarm services on a retail basis to residential and commercial customers within Maine. CareTaker's address is 30 Industrial Plaza, Brewer, Maine. All of its capital stock is owned by Bangor Hydro. 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. Bangor Var Co.'s address is 33 State Street, Bangor, Maine. All of its capital stock is owned by Bangor Hydro. 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. Neither Bangor Energy Resale, Inc., CareTaker, Inc., 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. Bangor Gas Company, LLC is a natural gas utility, but did not provide service during 1999 to any customers. 2. Bangor Hydro owns four internal combustion generating plants and one inactive steam generating plant, all located within its service area in the State of Maine. It also owns approximately 600 miles of transmission lines and approximately 3,600 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, an inactive nuclear generating facility in the process of being decommissioned. As indicated above, MEPCO owns a 345 KV transmission line. 3. Bangor Hydro submits the following information with respect to its sales and purchases of electric energy during the calendar year 1999: (a) KWH of electric energy sold (at retail and wholesale): STATE KWH REVENUES ALL 1,898,119,700 $195,712,591 (b) KWH distributed at retail outside the State of Maine: None (c) KWH of electric energy sold at wholesale outside of Maine or at the State line sold through the New England Power Pool: STATE* KWH REVENUES Massachusetts 84,138,000 $1,315,218 New Hampshire 44,711,000 $11,626,531 Kentucky 160,000 $5,480 TOTAL 129,009,000 $12,947,230 (d) KWH purchased outside the State of Maine or at the State line: STATE* KWH EXPENSES Massachusetts 278,144,000 $10,702,328 New Hampshire 125,077,000 $3,502,888 New Brunswick 781,047,000 $21,484,207 Connecticut 252,456,000 $7,159,185 Pennsylvania 13,711,000 $352,107 TOTAL 1,450,435,000 $43,200,715 *-For purposes of this analysis, system purchases and sales are assumed to be made in the State that is the principal place of business of the wholesale purchaser or seller. 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 retained earnings of Bangor Hydro and its subsidiary companies for the calendar year 1999 together with consolidating balance sheets of Bangor Hydro and its subsidiary companies as of the close of the calendar year 1999 are attached hereto as Exhibit A. With the exception of MEPCO, Penobscot Gas and Bangor Var Co., Inc., during 1999 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, Bangor-Pacific and Bangor Gas, financial statements are not consolidated because Bangor Hydro or its wholly-owned subsidiaries do not own a majority interest. The 1999 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 1999 financial statements for MEPCO, the Chester SVC Partnership and Bangor Gas. 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 25th day of February, 2000. 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 Consolidating Statement of Income For the Twelve Months Ended December 31, 1999
Bangor Hydro PHC BVC Caretaker BERI Total Operating Revenue 187,494,919 865,173 0 0 0 Operating Expenses: Fuel for Generation and Purchased Power 73,893,414 0 0 0 (6,092,258) Other Operation & Maintenance 36,473,367 57 0 0 18,242 Depreciation and Amortization 8,063,939 0 0 0 0 Amortization of Seabrook Nuclear Unit 1,699,050 0 0 0 0 Amortization of Contract Buyouts 20,801,816 0 0 0 0 Taxes - Property and Payroll 5,059,140 0 0 0 0 Federal and State Income 7,024,683 353,285 (245,555) 0 1,876,082 Total Operating Expenses 153,015,409 353,342 (245,555) 0 (4,197,934) Operating Income 34,479,510 511,831 245,555 0 4,197,934 Other Income and (Deductions): Allowance for Equity Funds Used During Construction (326,026) 0 0 0 0 Other, Net of Applicable Income Taxes 3,333,925 0 2,929 (86,349) 43,709 3,007,899 0 2,929 (86,349) 43,709 Income Before Interest Expense 37,487,409 511,831 248,484 (86,349) 4,241,643 Interest Expense: Long-term Debt 17,636,022 0 0 0 1,368,602 Other 1,285,853 0 0 13 107,681 Allowance for Borrowed Funds Used During Construction 284,933 0 0 0 0 19,206,808 0 0 13 1,476,283 Net Income 18,280,601 511,831 248,484 (86,362) 2,765,360 Preferred Dividend Accrual ---------- ------- -------- -------- --------- Weighted Avg. No. of Shares Outstanding Earnings Per Common Share Penobscot BHE/BERI Gas Elim. Elim. Reclass Totals Total Operating Revenue 0 (460,648) (2,765,360) 12,860,712 197,994,796 Operating Expenses: Fuel for Generation and Purchased Power 0 0 0 12,947,229 80,748,385 Other Operation & Maintenance 0 0 0 0 36,491,666 Depreciation and Amortization 0 0 0 0 8,063,939 Amortization of Seabrook Nuclear Unit 0 0 0 0 1,699,050 Amortization of Contract Buyouts 0 0 0 0 20,801,816 Taxes - Property and Payroll 0 0 0 0 5,059,140 Federal and State Income 0 0 0 (35,329) 8,973,166 Total Operating Expenses 0 0 0 12,911,900 161,837,162 Operating Income 0 (460,648) (2,765,360) (51,188) 36,157,634 Other Income and (Deductions): Allowance for Equity Funds Used During Construction 0 0 0 0 (326,026) Other, Net of Applicable Income Taxes (147,178) (66,127) 0 51,188 3,132,097 (147,178) (66,127) 0 51,188 2,806,071 Income Before Interest Expense (147,178) (526,775) (2,765,360) 0 38,963,705 Interest Expense: Long-term Debt 0 0 0 0 19,004,624 Other 0 0 0 0 1,393,547 Allowance for Borrowed Funds Used During Construction 0 0 0 0 284,933 0 0 0 0 20,683,104 Net Income (147,178) (526,775) (2,765,360) 0 18,280,601 Preferred Dividend Accrual --------- --------- ---------- ---------- ----------- 945,396 17,335,205 Weighted Avg. No. of Shares Outstanding 7,363,424 Earnings Per Common Share 2.35 ==========
Bangor Hydro-Electric Company Consolidating Statement of Retained Earnings For the Twelve Months Ended December 31, 1998
Bangor Penobscot Bangor Penobscot Bangor Caretaker Energy Natural BHE/BERI Hydro Hydro Var Resale Gas Elimins. Elimins. Totals Retained Earnings Balance at Beginning of Year 22,992,769 1,547,882 62,721 0 2,225,871 (58,270) (3,778,204) 0 22,992,769 Add: Net Income Year to Date 18,280,601 511,831 248,484 (86,362) 2,765,360 (147,178) (526,775) (2,765,360) 18,280,601 ---------- --------- ------- -------- --------- --------- ----------- ----------- ---------- Total 41,273,370 2,059,713 311,205 (86,362) 4,991,231 (205,448) (4,304,979) (2,765,360) 41,273,370 ---------- --------- ------- -------- --------- ---------- ----------- ----------- ---------- Deduct: Dividends - Preferred Stock (899,718) 0 0 0 0 0 0 0 (899,718) Common Stock (3,313,541) 0 0 0 0 0 0 0 (3,313,541) Other (45,678) 0 0 0 0 0 0 0 (45,678) ----------- --------- ------- -------- ---------- --------- ----------- ----------- ----------- Total (4,258,937) 0 0 0 0 0 0 0 (4,258,937) ----------- --------- ------- --------- --------- --------- ----------- ---------- ----------- Retained Earnings at End of Period 37,014,433 2,059,713 311,205 (86,362) 4,991,231 (205,448) (4,304,979) (2,765,360) 37,014,433 ========== ========= ======= ======== ========= ========= ============ =========== ==========
BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999
Bangor Penobscot Bangor ASSETS Hydro Hydro Var Beri Caretaker INVESTMENT IN UTILITY PLANT: Electric Plant in Service 306,970,789 0 0 0 0 Less: Accumulated Depreciation & Amortization 84,825,432 0 0 0 0 222,145,357 0 0 0 0 Construction Work in Progress 5,670,448 0 0 0 (2,202) 227,815,805 0 0 0 (2,202) Investments in Corporate Joint Ventures: Maine Yankee Atomic Power Co. 5,441,697 0 0 0 0 Maine Electric Power Co. 533,065 0 0 0 0 233,790,567 0 0 0 (2,202) OTHER INVESTMENTS 9,182,034 0 0 0 96,836 FUNDS HELD BY TRUSTEE: 21,191,940 0 0 1,506,903 0 CURRENT ASSETS: Cash & Cash Equivalents 15,503,310 0 116,502 52,523 18,831 Accounts Receivable, Net 17,145,154 0 0 24,468,716 10,120 Unbilled Revenue Receivable 14,127,645 0 0 0 0 Inventories, at Average Cost: 0 0 0 0 0 Materials and Supplies 2,770,211 0 0 0 22,693 Fuel Oil 45,310 0 0 0 0 Prepaid Expenses 277,697 0 0 0 0 Deferred Maine Yankee Refueling Costs 0 0 0 0 0 Total Current Assets 49,869,327 0 116,502 24,521,239 51,644 DEFERRED CHARGES: Investment in Seabrook Nuclear Project 26,969,829 0 0 0 0 Costs to Terminate Purchased Power Contracts 118,565,234 0 0 0 0 Maine Yankee Decommissioning Costs 46,041,644 0 0 0 0 Deferred Regulatory Assets 293,868 0 0 0 0 Other 14,184,407 0 0 278,175 2 Total Deferred Charges 206,054,982 0 0 278,175 2 Total Assets 520,088,850 0 116,502 26,306,317 146,280 =========== =========== ========= ============ ============ Penobscot BHE/BERI Totals ASSETS Natural Gas Elimins. Elimins. Reclasses INVESTMENT IN UTILITY PLANT: Electric Plant in Service 0 0 0 0 306,970,789 Less: Accumulated Depreciation & Amortization 0 0 0 0 84,825,432 0 0 0 0 222,145,357 Construction Work in Progress 0 0 0 0 5,668,246 0 0 0 0 227,813,603 Investments in Corporate Joint Ventures: Maine Yankee Atomic Power Co. 0 0 0 (175,000) 5,266,697 Maine Electric Power Co. 0 0 0 (3,435) 529,630 0 0 0 (178,435) 233,609,930 OTHER INVESTMENTS 328,183 (986,390) (4,991,232) 0 3,629,431 FUNDS HELD BY TRUSTEE: 0 0 0 0 22,698,843 CURRENT ASSETS: Cash & Cash Equivalents 0 0 0 0 15,691,166 Accounts Receivable, Net 0 0 (23,532,753) 178,435 18,269,672 Unbilled Revenue Receivable 0 0 0 0 14,127,645 Inventories, at Average Cost: 0 0 0 0 0 Materials and Supplies 0 0 0 0 2,792,904 Fuel Oil 0 0 0 0 45,310 Prepaid Expenses 0 0 0 650,301 927,998 Deferred Maine Yankee Refueling Costs 0 0 0 0 0 Total Current Assets 0 0 (23,532,753) 828,736 51,854,695 DEFERRED CHARGES: Investment in Seabrook Nuclear Project 0 0 0 0 26,969,829 Costs to Terminate Purchased Power Contracts 0 0 0 0 118,565,234 Maine Yankee Decommissioning Costs 0 0 0 0 46,041,644 Deferred Regulatory Assets 0 0 0 36,631,797 36,925,665 Other 0 0 0 (10,807,575) 3,655,009 Total Deferred Charges 0 0 0 25,824,222 232,157,381 Total Assets 328,183 (986,390) (28,523,985) 26,474,523 543,950,280 ======= ========= ============ ========== ===========
BANGOR HYDRO-ELECTRIC COMPANY CONSOLIDATING BALANCE SHEET DECEMBER 31, 1999
Bangor Penobscot Bangor Hydro Hydro Var Beri Caretaker STOCKHOLDERS' INVESTMENT & LIABILITIES CAPITALIZATION: Common Stock Investment 132,721,895 0 311,205 4,991,232 205,383 Preferred Stock 4,734,000 0 0 0 0 Preferred Stock Subject to Mandatory Redemption Exclusive of Current Sinking Fund Requirements 0 0 0 0 0 Long-term Debt, Net of Current Portion 171,600,000 0 0 11,700,000 0 Total Capitalization 309,055,895 0 311,205 16,691,232 205,383 CURRENT LIABILITIES: Notes Payable-Banks 0 0 0 0 0 Other Current Liabilities- Current Portion of Long-term Debt and Sinking Fund Requirements on Preferred Stock 14,000,000 0 0 5,460,000 0 Accounts Payable 36,395,583 0 0 661,850 427 Dividends Payable 1,170,942 0 0 0 0 Accrued Interest 2,500,066 0 0 52,692 0 Customers' Deposits 398,897 0 0 0 0 Deferred Revenue 0 0 0 0 0 Current Income Taxes Payable 3,410,963 0 (2,772,788) 3,704,078 (64,090) Total Other Current Liabilities 57,876,451 0 (2,772,788) 9,878,620 (63,663) Total Current Liabilties 57,876,451 0 (2,772,788) 9,878,620 (63,663) DEFERRED CREDITS & RESERVES: Deferred Income Taxes - Seabrook 6,661,267 0 0 0 0 Other Accumulated Deferred Income Taxes 45,587,674 0 1,868,710 (263,535) 4,560 Maine Yankee Decommissioning Costs 46,041,644 0 0 0 0 Deferred Gain on Asset Sale 29,357,358 0 0 0 0 Deferred Regulatory Liability 0 0 0 0 0 Unamort. Invest. Tax Credits 882,352 0 709,375 0 0 Accrued Pension 1,094,808 0 0 0 0 Other 23,531,401 0 0 0 0 Total Deferred. Credits & Reserves 153,156,504 0 2,578,085 (263,535) 4,560 Total Stockholders' Investment. & Liabilities 520,088,850 0 116,502 26,306,317 146,280 =========== ========== ========== =========== ========= Penobscot BHE/BERI Totals STOCKHOLDERS' INVESTMENT & LIABILITIES Natural Gas Elimins. Elimins. Reclasses CAPITALIZATION: Common Stock Investment 469,802 (986,390) (4,991,232) 0 132,721,895 Preferred Stock 0 0 0 0 4,734,000 Preferred Stock Subject to Mandatory Redemption Exclusive of Current Sinking Fund Requirements 0 0 0 0 0 Long-term Debt, Net of Current Portion 0 0 0 0 183,300,000 Total Capitalization 469,802 (986,390) (4,991,232) 0 320,755,895 CURRENT LIABILITIES: Notes Payable-Banks 0 0 0 0 0 Other Current Liabilities- Current Portion of Long-term Debt and Sinking Fund Requirements on Preferred Stock 0 0 0 0 19,460,000 Accounts Payable 0 0 (23,532,753) 650,301 14,175,408 Dividends Payable 0 0 0 0 1,170,942 Accrued Interest 0 0 0 0 2,552,758 Customers' Deposits 0 0 0 0 398,897 Deferred Revenue 0 0 0 0 0 Current Income Taxes Payable (152,467) 0 0 0 4,125,696 Total Other Current Liabilities (152,467) 0 (23,532,753) 650,301 41,883,701 Total Current Liabilties (152,467) 0 (23,532,753) 650,301 41,883,701 DEFERRED CREDITS & RESERVES: Deferred Income Taxes - Seabrook 0 0 0 7,333,401 13,994,668 Other Accumulated Deferred Income Taxes 10,848 0 0 8,618,633 55,826,890 Maine Yankee Decommissioning Costs 0 0 0 0 46,041,644 Deferred Gain on Asset Sale 0 0 0 0 29,357,358 Deferred Regulatory Liability 0 0 0 9,872,188 9,872,188 Unamort. Invest. Tax Credits 0 0 0 0 1,591,727 Accrued Pension 0 0 0 10,206,249 11,301,057 Other 0 0 0 (10,206,249) 13,325,152 Total Deferred. Credits & Reserves 10,848 0 0 25,824,222 181,310,684 Total Stockholders' Investment. & Liabilities 328,183 (986,390) (28,523,985) 26,474,523 543,950,280 ========= ========= ============ ========== ===========
EAST BRANCH IMPROVEMENT COMPANY BALANCE SHEETS DECEMBER 31, 1999 AND 1998 1999 1998 ASSETS Current Assets: Cash and cash equivalents $22,886 $12,225 Accounts receivable 25,000 25,000 Prepaid taxes 16,274 14,573 ------------------------ Total Current Assets $64,160 $51,798 ------------------------ 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 $1,211,990 $1,211,990 Accumulated Depreciation (771,799) (746,354) ------------------------ Net Property and Equipment $440,191 $465,636 ------------------------ Total Assets $508,026 $521,109 ======================== LIABILITIES AND CAPITALIZATION Current Liabilities: Accounts Payable-Bangor Hydro-Electric Co. $16,228 $14,916 Other Accrued Expenses 908 908 ------------------------ Total Current Liabilities $17,136 $15,824 ------------------------ Long-term Liabilities: Deferred Federal and State Income Taxes $147,683 $150,173 ------------------------ Capitalization: Common Stock $302,925 $302,925 Retained Earnings 40,282 52,187 ------------------------ Total Capitalization $343,207 $355,112 ------------------------ $508,026 $521,109 ======================== Unaudited - For Management Discussion Purposes Only EAST BRANCH IMPROVEMENT COMPANY STATEMENTS OF OPERATIONS AND RETAINED EARNINGS FOR THE YEARS ENDED DECEMBER 31, 1999, 1998, AND 1997 1999 1998 1997 Revenues: Downstream Charges $100,000 $100,000 $100,000 ------------------------------------ Expenses: Operation and Maintenance $59,005 $58,665 $74,622 Depreciation Expense 25,445 25,894 25,904 Property and Payroll Taxes 30,495 29,260 31,189 Income Taxes (2,490) (4,202) (972) ------------------------------------ Total Expenses $112,455 $109,617 $130,743 ------------------------------------ Gross Loss ($12,455) ($9,617) ($30,743) ------------------------------------ Other Income: Interest and Rental Income $550 $550 $1,050 ------------------------------------ Net Loss ($11,905) ($9,067) ($29,693) Add: Retained Earnings Balance at Beginning of Year 52,187 61,254 90,947 ------------------------------------ Retained Earnings at End of Year $40,282 $52,187 $61,254 ==================================== Unaudited - For Management Discussion Purposes Only MAINE ELECTRIC POWER COMPANY STATEMENT OF INCOME FOR PERIOD ENDING DECEMBER 31, 1999 AND 1998 (Dollars in thousands except per share amounts) 1999 1998 OPERATING REVENUES OPERATING REVENUES $ 2,738 $ 3,514 OTHER NON-UTITLITY REVENUES 198 198 SUPPORT CHARGES AND OTHER 0 0 --------- --------- TOTAL OPERATING REVENUES $ 2,936 $ 3,712 OPERATING EXPENSES PURCHASED POWER $ 0 $ 0 OPERATION & MAINTENANCE 1,406 1,440 DEPRECIATION 326 364 TAXES FEDERAL/STATE INCOME 2,211 629 LOCAL PROPERTY/OTHER 528 457 --------- --------- TOTAL OPERATING EXPENSES $ 4,471 $ 2,890 OPERATING INCOME $ (1,535) $ 822 ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 25 4 OTHER INCOME AND DEDUCTIONS 325 202 GAIN ON SALE OF INVESTMENTS AND PROPERTIES 4,567 FEDERAL AND STATE TAXES 0 0 --------- --------- INCOME BEFORE INTEREST CHARGES $ 3,382 $ 1,028 --------- --------- INTEREST CHARGES SHORT-TERM DEBT $ 54 $ 43 LONG-TERM DEBT 18 34 OTHER INTEREST CHARGES-NET - - ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION - - --------- --------- TOTAL INTEREST CHARGES $ 72 $ 77 --------- --------- NET INCOME $ 3,310 $ 951 ========= ========= WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK OUTSTANDING 8,785 8,785 ========= ========= EARNINGS PER SHARE COMMON STOCK $ 107.93 $ 107.93 ========= ========= MAINE ELECTRIC POWER COMPANY BALANCE SHEET AT DECEMBER 31, 1999 AND 1998 (Dollars in thousands) 1999 1998 ELECTRIC PROPERTY, ORIGINAL COST $ 23,493 $ 23,633 LESS:ACCUMULATED DEPRECIATION 23,015 22,899 --------- --------- $ 478 $ 734 CONSTRUCTION WORK IN PROGRESS 2,271 0 --------- --------- NET ELECTRIC PROPERTY $ 2,749 $ 734 --------- --------- CURRENT ASSETS CASH AND CASH EQUIVALENTS $ 4,905 $ 3,494 ACCOUNTS RECEIVABLE 302 577 ACCRUED TAXES 0 0 OTHER CURRENT ASSETS 73 16 --------- --------- TOTAL CURRENT ASSETS $ 5,280 $ 4,087 --------- --------- DEFERRED CHARGES $ 38 $ 129 --------- --------- $ 8,067 $ 4,950 ========= ========= COMMON STOCK INVESTMENT AND LIABILITIES CAPITALIZATION COMMON STOCK, $100 PAR VALUE, AUTHORIZED 20,000 SHARES, OUTSTANDING 8,785. $ 878 $ 878 RETAINED EARNINGS 2,850 2,338 --------- --------- TOTAL COMMON STOCK EQUITY $ 3,728 $ 3,216 LONG TERM NOTES DUE IN ANNUAL INSTALLMENTS THROUGH JULY 1, 1997- LESS CURRENT SINKING FUND REQUIREMENT $ - $ 220 --------- --------- TOTAL CAPITALIZATION $ 3,728 $ 3,436 --------- --------- CURRENT LIABILITIES CURRENT SINKING FUND REQUIREMENT $ - $ 200 ACCOUNTS PAYABLE 2,506 728 DIVIDENDS PAYABLE 24 24 ACCRUED PURCHASED POWER - - ACCRUED INTEREST. TAXES AND OTHER 1,144 (79) --------- --------- TOTAL CURRENT LIABILITIES $ 3,674 $ 873 --------- --------- DEFERRED CREDITS ACCUMULATED DEFERRED INCOME TAXES $ (410) $ (555) UNAMORTIZED INVESTMENT TAX CREDITS 4 13 OTHER DEFERRED CREDITS 1,071 1,183 --------- --------- TOTAL DEFERRED CREDITS $ 665 $ 641 --------- --------- $ 8,067 $ 4,950 ========= ========= Chester SVC Partnership Statement of Income For the Years Ended December 31, 1999, 1998 and 1997 1999 1998 1997 Operating Revenues $4,406,377 $4,534,759 $4,642,147 ------------------------------------------ Operating Expenses: Operation & Maintenance $670,665 $687,419 $694,946 Depreciation 1,075,470 1,075,476 1,075,476 Taxes - Property 166,520 168,405 156,565 ------------------------------------------ Total Operating Expenses $1,912,655 $1,931,300 $1,926,987 ------------------------------------------ Operating Income $2,493,722 $2,603,459 $2,715,160 ------------------------------------------ Other Expense(Income) Interest Charges $2,615,798 $2,737,345 $2,858,677 Interest Income (122,076) (133,886) (143,517) ------------------------------------------ Total Other Expense(Income) $2,493,722 $2,603,459 $2,715,160 ------------------------------------------ Net Income $0 $0 $0 ========================================== Chester SVC Partnership Balance Sheets December 31, 1999 and 1998 1999 1998 ASSETS Electric Property, Original Cost $31,993,248 $31,993,248 Less: Accumulated Depreciation (9,597,993) (8,522,523) ---------------------------- Net Electric Property $22,395,255 $23,470,725 ---------------------------- Construction Work in Progress 85,402 0 ---------------------------- Current Assets Cash And Temporary Investments $401,786 $372,193 Temporary Investments 0 0 Accounts Receivable 262,079 382,297 Other Current Assets 13,937 5,299 ---------------------------- Total Current Assets $677,802 $759,789 ---------------------------- Other Assets Other Deferred Charges and Other Assets $2,143,298 $2,247,727 ---------------------------- Total Other Assets $2,143,298 $2,247,727 ---------------------------- TOTAL ASSETS $25,301,757 $26,478,241 ============================ LIABILITIES AND PARTNERS' CAPITAL Capitalization Partners' Capital $0 $0 Notes Payable, Less Current Portion 23,471,260 24,654,349 ---------------------------- Total Capitalization $23,471,260 $24,654,349 ---------------------------- Current Liabilities Notes Payable $1,183,090 $1,183,090 Accounts Payable 347,109 303,457 Accrued Interest 70,294 73,893 Advanced Billing - NHH 230,004 263,452 ---------------------------- Total Current Liabilities $1,830,497 $1,823,892 ---------------------------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $25,301,757 $26,478,241 ============================ Bangor Gas Company, LLC Statement of Operations For the Years Ended December 31, 1999 and 1998 1999 1998 Revenues from Sale of Gas $ 0 $ 0 -------------- -------------- Operating Expenses: Operation expenses $ 432,197 $ 184,218 Depreciation 14,723 4,947 General taxes 21,506 7,383 -------------- -------------- Total Operating Expenses $ 468,426 $ 196,548 -------------- -------------- Net Operating Expense $ (468,426) $ (196,548) Nonoperating Expense (28,836) (325) -------------- -------------- Net Loss $ (497,262) $ (196,873) ============== ============== Unauditied - For Management Discussion Purposes Only Bangor Gas Company, LLC Balance Sheet December 31, 1999 and 1998 1999 1998 ASSETS Investment in Utility Plant: Construction work in progress $ 12,195,376 $ 2,864,806 -------------- -------------- Electric plant in service $ 65,058 $ 34,626 Less: Accumulated depreciation (19,671) (4,947) -------------- -------------- 45,387 29,679 -------------- -------------- Net investment in utility plant $ 12,240,763 $ 2,894,485 -------------- -------------- Current Assets: Cash and cash equivalents $ 237,145 $ 31,194 Other current assets 676 0 -------------- -------------- Total current assets $ 237,821 $ 31,194 -------------- -------------- Total Assets $ 12,478,584 $ 2,925,679 ============== ============== PARTNERS' CAPITAL AND LIABILITIES Partners' Capital: Partners' contributions $ 1,350,250 $ 370,250 Accumulated deficit (694,135) (196,873) -------------- -------------- Total Partners' Capital 656,115 173,377 -------------- -------------- Current Liabilities: Accrued expenses $ 402,070 $ 25,696 Payable to Partner - Sempra Energy 11,420,399 2,726,606 -------------- -------------- Total Current Liabilities 11,822,469 2,752,302 -------------- -------------- Total Partners' Capital and Liabilities $ 12,478,584 $ 2,925,679 ============== ============== Unauditied - For Management Discussion Purposes Only EX-27 2 FINANCIAL DATA SCHEDULE
UT This schedule contains summary financial information extracted from Bangor Hydro Electric Company's U3A2 Report for 12/31/99 and is qualified in its entirety by reference to such U3A2 filing. 0000009548 BANGOR HYDRO-ELECTRIC COMPANY 1,000 12-MOS DEC-31-1999 DEC-31-1999 PER-BOOK 222,145 37,793 51,855 232,157 0 543,950 36,817 58,890 37,015 132,722 0 4,734 183,300 0 0 0 19,460 0 0 0 203,734 543,950 197,994 8,973 152,864 161,837 36,157 2,806 38,963 20,683 18,280 945 17,335 3,314 19,005 47,359 $2.35 $2.08
-----END PRIVACY-ENHANCED MESSAGE-----