SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
Form U-3A-2
Statement by Holding Company Claiming Exemption Under
Rule U-3A-2 from the Provisions of the
Public Utility Holding Company Act of 1935
To be Filed Annually Prior to March 1
CONSOLIDATED EDISON, INC.
hereby files with the Securities and Exchange Commission, pursuant to Rule 2,
its statement claiming exemption as a holding company from the provisions of the
Public Utility Holding Company Act of 1935 (the "Act"), and submits the
following information:
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT AND
EVERY SUBSIDIARY THEREOF, OTHER THAN ANY EXEMPT WHOLESALE GENERATOR (EWG) OR
FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY HOLDS AN
INTEREST.
Consolidated Edison, Inc. ("Claimant") is a corporation organized and existing
under the laws of the State of New York. Claimant is a holding company, which
acquires and hold securities of other corporations. Claimant's principal place
of business is 4 Irving Place, New York, New York 10003. Claimant has the
following subsidiaries:
A. Consolidated Edison Company of New York, Inc. ("Con Edison") is a public
utility organized and existing as a corporation under the laws of the State of
New York. Con Edison supplies electric service in all of New York City (except
part of Queens) and most of Westchester County, New York, an approximate 660
square mile service area with a population of more than 8 million. It also
supplies gas in Manhattan, The Bronx and parts of Queens and Westchester, and
steam in part of Manhattan. All of Con Edison's Common Stock is held by
Claimant. Con Edison's principal place of business is 4 Irving Place, New York,
N.Y. 10003. Con Edison has the following subsidiaries:
1. Davids Island Development Corp. ("DIDCO") is organized and existing as
a corporation under the laws of the State of New York. It owns real property,
acquired as a possible site for an electric generating plant, in Dutchess and
Columbia Counties in New York State. It is in the process of disposing of the
property. It is a wholly-owned subsidiary of Con Edison. Its principal place of
business is 4 Irving Place, New York, N.Y. 10003.
- 2 -
2. D.C.K. Management Corp. ("DCK") is a corporation organized and
existing as a corporation under the laws of the State of New York. It owns
real property in the City of New York. It is a wholly-owned subsidiary
of Con Edison. Its principal place of business is 4 Irving Place New York,
N.Y. 10003.
3. Honeoye Storage Corporation ("Honeoye") a corporation organized and
existing under the laws of the State of New York. It was incorporated to own and
operate a gas storage facility in upstate New York. It is 28.81 percent owned by
Con Edison.
B. Consolidated Edison Solutions, Inc. ("CES") is organized and existing as a
corporation under the laws of the State of New York. It is in the business of
providing wholesale and retail energy and related services. It is a wholly-owned
subsidiary of Claimant. Its principal place of business is 701 Westchester
Avenue, Suite 201 West, White Plains, N.Y. 10604.
1. CES has a 33 1/3% interest in Inventory Management & Distribution
Company, Inc. ("IMD"), an energy marketing company, organized and existing as a
corporation under the laws of Delaware. IMD's principal place of business is
5599 San Felipe, Suite 870, Houston, TX 77056.
2. CES has a 14.4% interest in Remote Source Lighting International, Inc.
("RSLI"), a lighting technology company, organized and existing as a corporation
under the laws of Delaware. RSLI's principal place of business is 120
Southcenter Court, Suite 200, Morrisville NC 27560.
C. Consolidated Edison Development, Inc. ("CEDI") is organized and existing as a
corporation under the laws of the State of New York. It is in the business of
investing in foreign and domestic energy and other infrastructure projects and
marketing of Con Edison's technical services. It is a wholly-owned subsidiary of
Claimant. Its principal place of business is 111 Broadway, 16th Floor, New York,
N.Y. 10006. CEDI has the following subsidiaries:
1. Con Edison Development Guatemala, Ltd. ("CEDG") a corporation organized
and existing under the laws of the Cayman Islands. It is in the business of
investing in energy projects in Central America. It is a wholly-owned subsidiary
of CEDI. Its principal place of business is c/o Maples and Calder,
Attorneys-at-Law, Ugland House, South Church Street, P.O. Box 309, George Town,
Grand Cayman, Cayman Islands, British West Indies. CEDG has the following
subsidiary:
- 3 -
a. Energy Partners of Central America ("EPCA") is a limited
partnership organized and existing under the laws of the Cayman Islands. It was
organized to invest in a electric power project in Guatemala. CEDG owns an
approximately 92.27% interest in EPCA. EPCA's principal place of business is c/o
Maples and Calder, Attorneys-at-Law, Ugland House, South Church Street, P.O. Box
309, George Town, Grand Cayman, Cayman Islands, British West Indies. EPCA has a
49% interest in Generadora Electrica del Norte, Limitada, a foreign utility
company. See Item 4, below.
2. IEP Global Development, LLC ("IGD") a limited liability company
organized and existing under the laws of Delaware. It is in the business of
developing and acquiring electric power generation, transmission and
distribution projects outside the United States. CEDI owns a 50% interest in IGD
(after receipt of its capital investment and a preferred return). IGD's
principal office is 4800 Hampden Lane, Suite 910, Bethesda, Maryland 20814.
3. Consolidated Edison Leasing, Inc. ("CEL"), a corporation organized and
existing under the laws of the state of Delaware. CEL is a wholly-owned
subsidiary of CEDI which has an investment in a leveraged lease transaction.
CEL's principal place of business is c/o Consolidated Edison Development, 111
Broadway, 16th Floor, New York, New York 10006.
4. CED Ada, Inc. ("CEDA"), a corporation organized and existing under the
laws of the state of Delaware. CEDA was organized to invest in a power plant in
Michigan. CEDA's principal place of business is c/o Consolidated Edison
Development, 111 Broadway, 16th Floor, New York, New York 10006. CEDA has the
following subsidiary:
a. CED/DELTA Ada, LLC. ("CDA"), a limited liability company
organized and existing under the laws of the state of Delaware. CEDA owns an
approximate 96 percent interest in CDA. CDA's principal place of business is
c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New
York 10006. CDA has the following subsidiary:
(i) CDA owns a 49.5 percent limited partnership interest and a
0.5 percent general partnership interest in Ada Cogeneration Limited Partnership
("ACLP") which owns a 30 megawatt gas-fired qualifying cogeneration facility
under the Public Utility Regulatory Policy Act of 1977 in Ada, Michigan.
5. Carson Acquisition, Inc. ("CAI"), a corporation organized and existing
under the laws of the state of Delaware. CAI was organized to invest in a power
plant in California. CAI's principal place of business is c/o Consolidated
Edison Development, 111 Broadway, 16th Floor, New York, New
York 10006. CAI has the following subsidiaries:
a. CMD Carson GP, LLC and CMD Carson, LLC (the "CARLS"), each a
limited liability company organized and existing under the laws of the state of
Delaware. CAI owns an approximate 47.75 percent interest in each of the CARLS.
The CARLS' principal place of business is 150 W. Jefferson, Suite 1600, Detroit,
MI 48226. The CARLS have the following subsidiary:
- 4 -
(i) the CARLS own, in the aggregate, all of the limited
partnership and general partnership interest in Carson Cogeneration Company
("CCC"), a limited partnership organized and existing under the laws of the
state of California, which is a lessee of a leasehold interest in a 42 megawatt
qualifying cogeneration facility in Carson, California.
6. Con Edison Development Guatemala Acquisition and Finance, Ltd.
("CEDGAF"), a corporation organized under the laws of the Cayman Islands.
CEDGAF, which has no assets or operations, was organized in connection with a
potential investment that was not made.
D. Consolidated Edison Energy, Inc. ("CEEI"), a corporation organized and
existing under the laws of the State of New York. CEEI was incorporated in
November 1997 to invest in, operate and market the output of electric energy
supply facilities in the United States and provide specialized wholesale energy
services in the electric power and natural gas markets. CEEI is a wholly-owned
subsidiary of Claimant. CEEI's principal place of business is 701 Westchester
Avenue, Suite 201 West, White Plains, N.Y. 10604.
E. Consolidated Edison Communications, Inc. ("CECI"), a corporation organized
and existing under the laws of the State of New York. CECI was incorporated in
November 1997 to own, lease, operate or invest in facilities used for
telecommunications or otherwise compete in the telecommunications industry. CECI
is a wholly-owned subsidiary of Claimant. CECI's principal place of business is
111 Broadway, 16th Floor, New York, N.Y. 10006.
F. C Acquisition Corp. ("CAC"), a corporation organized an existing under the
laws of the State of New York. CAC was incorporated in 1998 in connection with
the Agreement and Plan of Merger, dated May 10, 1998, among Orange and Rockland
Utilities, Inc.("O&R"), Claimant and CAC. Pursuant to the Agreement and Plan of
Merger CAC will merge with O&R, and, as a result of the merger O&R's corporate
existence will continue as a wholly-owned subsidiary of Claimant and the
separate corporate existence of CAC will cease. CAC's principal place of
business is 4 Irving Place, New York, NY 10003. On February 3, 1999, pursuant to
Sections 9(a)(2) and 10 of the Act, Claimant filed with the Securities and
Exchange Commission a Form U-1 relating to its acquisition of O&R.
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS
SUBSIDIARY PUBLIC UTILITY COMPANIES USED FOR THE GENERATION,
TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE
PRODUCTION, TRANSMISSION, AND DISTRIBUTION OF NATURAL OR MANUFACTURED
GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING PLANTS,
TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND
ELECTRIC AND GAS DISTRIBUTION FACILITIES, INCLUDING ALL SUCH PROPERTIES
WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS SUBSIDIARIES ARE
ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR RECEIVE
ELECTRIC ENERGY OR GAS AT THE BORDERS OF SUCH STATE.
- 5 -
Claimant and its subsidiaries other than Con Edison are not "public utility
companies" for the purposes of the Act. Claimant does not own any such utility
properties. Claimant and Con Edison are organized under the laws of, and all of
Con Edison's utility properties are located in, New York State.
Con Edison owns the following electric generating facilities:
Generating Station Net Generating Capacity
12/31/98 (MWs - Summer Rating)
Fossil
Ravenswood (3 Units) 1,742
Astoria (3 Units) 1,075
Arthur Kill (2 Units) 826
East River (2 Units) 300
Bowline Point (2 Units - 2/3 interest) 810
Roseton (2 Units- 40% interest) 482
Other (4 Units) 187
Nuclear (1 Unit) 931
Gas Turbines (39 Units) 1,925
-----
Total 8,278
Con Edison's electric generating stations are located in New York City with the
exception of the Indian Point nuclear station in Westchester County, New York;
the Bowline Point station in Rockland County, New York; and the Roseton station
in Orange County, New York. The generating stations are held in fee with the
following exceptions: (i) O&R has a one-third interest and the Company has a
two-thirds interest as tenants in common in the Bowline Point station, which is
operated by O&R; and (ii) Central Hudson Gas & Electric Corporation has a 35
percent interest, Niagara Mohawk Power Corporation has a 25 percent interest and
Con Edison has a 40 percent interest as tenants in common in the Roseton station
(which is operated by Central Hudson) with Central Hudson having the right to
acquire Con Edison's interest in 2004.
Con Edison has entered into agreements to sell 3,624 MW of its fossil-fueled
electric generating capacity, including the Ravenswood and Arthur Kill
generating stations, and its two-thirds interest in the Bowline Point generating
station. Con Edison is in the process of selling additional generating capacity,
including the Astoria generating station.
- 6 -
Con Edison has transmission interconnections with Niagra Mohawk Power
Corporation, Central Hudson, Orange and Rockland Utilities, Inc., New York State
Electric and Gas Corporation, Connecticut Light and Power Company, Long Island
Power Authority, the Power Authority of the State of New York and Public Service
Electric and Gas Company. Con Edison's electric transmission facilities are
located in New York City and Westchester, Orange, Rockland Putnam and Dutchess
counties in New York State. At December 31, 1998, the Company's transmission
system had approximately 432 miles of overhead circuits operating at 138, 230,
345, 500 kilovolts and approximately 381 miles of underground circuits operating
at 138 and 345 kilovolts. There are approximately 267 miles of radial
subtransmission circuits operating at 138 kilovolts. Con Edison's 14
transmission substations, supplied by circuits operated at 69 kilovolts and
above, have a total transformer capacity of 15,731 megavolt amperes. None of Con
Edison's electric transmission facilities are outside New York State. Con Edison
maintains the following six interconnections with Public Service Electric and
Gas Corporation of New Jersey (PSE&G) at the New York-New Jersey state line: a
230 KV overhead transmission line between PSE&G's Linden substation in Linden,
New Jersey and Con Edison's Goethals substation on Staten Island; two
underground-underwater 345 kV transmission lines between PSE&G's Hudson
generating station in Jersey City, New Jersey and Con Edison's Farragut
substation in Brooklyn, New York; a 500 kV overhead transmission line between
Con Edison's Ramapo substation in Rockland County, New York and PSE&G's
facilities in Branchburg, New Jersey and two 345 kV transmission lines between
the Ramapo substation and PSE&G's facilities in Waldwick, New Jersey (via the
South Mahwah substation). Con Edison also maintains an overhead 345 kv
transmission line from its Pleasant Valley Substation in Dutchess County, New
York which interconnects with the facilities of the Connecticut Light & Power
Corporation at the New York-Connecticut state line.
Con Edison owns various electric distribution substations and facilities located
throughout New York City and Westchester County, New York. At December 31, 1998,
Con Edison's distribution system had 290 distribution substations, with a
transformer capacity of 20,168 megavolt amperes, 32,429 miles of overhead
distribution lines and 87,910 miles of underground distribution lines.
Natural gas is delivered by pipeline to Con Edison at various points in its
service territory and is distributed to customers by Con Edison through
approximately 4,130 miles of mains and 362,400 service lines. Con Edison owns a
natural gas liquification facility and storage tank at its Astoria property in
Queens, New York. The plant can store approximately 1,000 mdth of which a
maximum of about 250 mdth can be withdrawn per day. Con Edison has about 1,230
mdth of additional natural gas storage capacity at a field in upstate New York
owned and operated by Honeoye.
3. INFORMATION FOR CALENDAR YEAR 1998 WITH RESPECT TO CLAIMANT AND EACH OF
ITS SUBSIDIARY PUBLIC UTILITY COMPANIES.
Claimant and its subsidiaries other than Con Edison are not "public utility
companies" for the purposes of the Public Utilities Holding Company Act of 1935.
Claimant and Con Edison are organized under the laws of New York State.
- 7 -
For the year 1998, all of Con Edison's sales of electric energy at retail, and
most of Con Edison's sales of electric energy at wholesale, were in New York
State. For the year 1998, Con Edison's revenues from the sale of electricity at
wholesale (in and outside New York State) were $65.9 million, representing 1.2 %
of Con Edison's $5.7 billion of total electric revenues.
For the year 1998, substantially all of Con Edison's sales of gas at retail were
in, and substantially all of Con Edison's sales of gas at wholesale were
outside, New York State. For the year 1998, Con Edison's revenues from the sale
(at retail and at wholesale) of gas outside New York State was $59.8 million
(see Item 3 (b) and (c), below), representing 6.3 % of Con Edison's $952.9
million of total gas revenues.
(a) Number of Kilowatt Hours of Electric Energy Sold (At Retail or
Wholesale), and Dekatherms of Natural or Manufactured Gas Distributed at
Retail.
Electric (kwhrs) Gas (Dth)
Claimant None None
Con Edison Retail: 36,374,017,000 93,254,480*
Wholesale: 2,353,623,000** N/A
- ------
*Does not include 8,634,659 Dth of firm transportation and 17,462,901 Dth of
other transportation for Con Edison customers, including those participating in
its Retail Choice gas program, who purchased gas from suppliers other than Con
Edison.
** Does not include 1,601,473,000 kwhrs sold by Con Edison to CES.
(b) Number of Kilowatt Hours of Electric Energy and Dekatherms of Natural
or Manufactured Gas Distributed at Retail Outside the State in which Each Such
Company is Organized.
Electric (kwhrs) Gas (Dth)
Claimant None None
Con Edison None 11,749
c. Number of Kwh of Electric Energy and Dekatherms of Natural or
Manufactured Gas Sold at Wholesale Outside the State in which Each Such Company
is Organized, or at the State line.
Electric (kwhrs) Gas (Dth)
Claimant None None
Con Edison 141,000,000* 25,970,451
- ---------------
* Does not include return to Hydro Quebec of 522,800,000 kwhrs received by Con
Edison in excess of the "basic amount" of energy Con Edison is entitled to
purchase under an agreement with the New York Power Authority (which has a
contract with Hydro-Quebec).
- 8 -
d. Number of Kilowatt Hours of Electric Energy and Dekatherms of Natural
or Manufactured Gas Purchased Outside the State in which Each Such Company is
Organized or at the State line.
Electric (kwhrs) Gas (Mdth)
Claimant None None
Con Edison 10,931,000,000 232,560,023
4. THE FOLLOWING INFORMATION FOR THE REPORTING PERIOD WITH RESPECT TO CLAIMANT
AND EACH INTEREST IT HOLDS DIRECTLY OR INDIRECTLY IN AN EWG OR A FOREIGN
UTILITY COMPANY, STATING MONETARY AMOUNT IN UNITED STATES DOLLARS.
a) Name, location, business address and description of the facilities used
by the EWG or foreign utility company for the generation, transmission and
distribution of electric energy for sale or for the distribution at retail of
natural or manufactured gas.
Generadora Electrica del Norte, Limitada ("GENOR") is a foreign utility
company, organized and existing as a Sociedad de Responsabilidad Limitada
under the laws of Guatemala. GENOR owns and operates a 40 megawatt
electric generating facility in the city of Puerto Barrios, Department of
Izabel, Republic of Guatemala. Electric energy generated by the facility
is sold to industrial and wholesale customers in Guatemala.
b) Name of each system company that holds an interest in such EWG or
foreign utility company and description of the interest held.
Claimant owns 100% of CEDI, which owns 100% of CEDG, which owns 97% of
EPCA, which owns 49% of GENOR.
c) Type and amount of capital invested, directly or indirectly, by the
holding company claiming exemption; any direct or indirect guarantee of the
security of the EWG or foreign utility company by the holding company claiming
exemption; and any debt or other financial obligation for which there is
recourse, directly or indirectly, to the holding company claiming exemption or
another system company other than the EWG or foreign utility company.
At December 31, 1998, Claimant (through CEDI, CEDG and EPCA) had capital
invested, including loans, in GENOR of $13.8 million. Claimant (through CEDI,
CEDG and EPCA) has a 49% Aporaciones de Capital interest (similar to a limited
liability company interest).
- 9 -
d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
GENOR's capitalization was $39.3 million at September 30, 1998. GENOR
commenced operations in the fourth quarter of 1998 and had no
net income for the twelve months ended September 30, 1998.
Claimant does not have more recent such information.
e) Identify any service, sales or construction contract(s) between the EWG
or foreign utility company and a system company, and describe the services to be
rendered or goods sold and fees or revenues under such agreements.
None.
EXHIBIT A
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE CLAIMANT AND ITS
SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR, TOGETHER WITH A CONSOLIDATING
BALANCE SHEET OF CLAIMANT AND ITS SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH
CALENDAR YEAR.
The consolidating financial statements are attached hereto as Exhibit A.
EXHIBIT B
FINANCIAL DATA SCHEDULE.
Item No. Caption Heading
1 Total Assets
2 Total Operating Revenues
3 Net Income
The financial data schedule for Claimant is filed herewith as a separate
document (Exhibit 27 to the Form U-3A-2).
EXHIBIT C
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG OR FOREIGN UTILITY
COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING COMPANY SYSTEM.
An organization chart is attached hereto as Exhibit C.
- 10 -
The above-named claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 26th day of February, 1999.
Consolidated Edison, Inc.
By: HYMAN SCHOENBLUM
Hyman Schoenblum
Vice President and Controller
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Archie M. Bankston
Secretary
Consolidated Edison, Inc.
4 Irving Place
New York, N.Y. 10003
Exhibit A
CONSOLIDATED EDISON, INC.
CONSOLIDATED BALANCE SHEET WORKSHEET
December 31, 1998
ASSETS CON EDISON, INC. CECONY
------ ----------------- -------
Utility Plant $ - $ 15,686,655,322.95
Less: Accumulated Depreciation - 4,726,211,062.79
- -----------------------------------------------------------------------------------------------------------------------------
Net - 10,960,444,260.16
Construction Work in Progress - 347,261,615.94
Nuclear Fuel Assemblies & Components Less
Accum. Amortization - 98,837,340.22
- -----------------------------------------------------------------------------------------------------------------------------
NET UTILITY PLANT - 11,406,543,216.32
- -----------------------------------------------------------------------------------------------------------------------------
Cash 61,313.16 11,928,112.71
Temporary Cash Investments 47,064,392.78 18,098,088.36
Accounts Receivable - Customers - 507,860,011.84
Allowance for Uncollectible Accounts - (22,600,000.00)
Intercompany - Con Edison Solutions - 6,232,684.73
Accounts Receivable - Other 219,309.58 41,971,980.40
Intercompany Receivable
Consolidated Edison, Inc. - 1,682,181.79
Con Edison Company of New York, Inc. (CECONY) 10,673,812.95 -
Con Edison Communications - 762,266.03
Con Edison Development 3,272.50 68,031.75
Con Edison Energy 1,132.09 583,831.07
Con Edison Solutions 13,437.30 271,251.12
Regulatory Accounts Receivable - 3,519,123.38
Materials and Supplies
Fuel - 33,289,114.56
Other - 184,916,195.96
Natural Gas in Storage - 46,801,351.83
Prepayments
Taxes - 21,435,169.20
Pension & Retiree Health Funding - 62,000,000.00
Other - 46,762,518.07
Intercompany - -
Special Deposits - 17,391,977.40
Intercompany - -
Funds Held For Refunding of Securities - -
Other Current and Accrued Assets - 595,020.91
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 58,036,670.36 983,568,911.11
- -----------------------------------------------------------------------------------------------------------------------------
Nonutility Property - 3,616,566.01
Less: Accumulated Depreciation - -
Investment in Subsidiary Companies
Con Edison Company of New York, Inc. (CECONY) 5,954,172,397.10 -
Con Edison Communications 1,243,974.24 -
Con Edison Development 77,224,394.26 -
Con Edison Energy 13,086,481.12 -
Con Edison Solutions 38,487,167.28 -
Other Investments
External Decommissioning Fund - 265,062,772.43
Other - 11,133,310.54
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS AND NONUTILITY PROPERTY 6,084,214,414.00 279,812,648.98
- -----------------------------------------------------------------------------------------------------------------------------
Deferred Charges
Recoverable Fuel Charges Deferred - 22,013,420.82
Regulatory Study Costs - 15,261,329.41
Unamortized Debt Expense - 135,897,368.56
Other Work in Progress - 7,839,725.79
Clearing Accounts - -
Take or Pay Deferrals - (31,807.84)
Preliminary Survey and Investigation Charges - 4,507,432.34
Enlightened Energy Program - 68,380,860.00
Pension Early Retirement Costs - 20,464,800.00
Uranium Enrichment Decontamination and
Decommissioning Fund - 24,542,169.59
Hudson Farragut Interconnection - 6,450,724.67
Accrued Unbilled Gas Revenues - 43,594,000.00
MTA Business Tax Surcharge - 66,274,272.27
Power Contract Termination Costs - 70,620,708.87
Miscellaneous - 66,041,098.36
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES - 551,856,102.84
- -----------------------------------------------------------------------------------------------------------------------------
Regulatory Asset - Future Federal Income Taxes - 951,016,000.00
-----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 6,142,251,084.36 $ 14,172,796,879.25 $
=============================================================================================================================
ASSETS COMMUNICATIONS DEVELOPMENT ENERGY
------ --------------- ------------ -------
Utility Plant $ - $ - $ -
Less: Accumulated Depreciation - - -
- -------------------------------------------------------------------------------------------------------------------------------
Net - - -
Construction Work in Progress - - -
Nuclear Fuel Assemblies & Components Less
Accum. Amortization - - -
- -------------------------------------------------------------------------------------------------------------------------------
NET UTILITY PLANT - - -
- -------------------------------------------------------------------------------------------------------------------------------
Cash - - -
Temporary Cash Investments 2,057,315.27 5,708,094.40 9,018,799.10
Accounts Receivable - Customers - - -
Allowance for Uncollectible Accounts - - -
Intercompany - Con Edison Solutions - - -
Accounts Receivable - Other - 130,048.37 23,930.81
Intercompany Receivable
Consolidated Edison, Inc. - - -
Con Edison Company of New York, Inc. (CECONY) - - -
Con Edison Communications - - -
Con Edison Development - - -
Con Edison Energy - 14,951.47 -
Con Edison Solutions - - 11,188,978.34
Regulatory Accounts Receivable - - -
Materials and Supplies
Fuel - - -
Other - - -
Natural Gas in Storage - - -
Prepayments
Taxes - - -
Pension & Retiree Health Funding - - -
Other - 3,940.48 33,165.84
Intercompany - - -
Special Deposits - 51,325.00 21,385.30
Intercompany - - -
Funds Held For Refunding of Securities - - -
Other Current and Accrued Assets - - -
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 2,057,315.27 5,908,359.72 20,286,259.39
- -------------------------------------------------------------------------------------------------------------------------------
Nonutility Property - 302,285.58 825,991.80
Less: Accumulated Depreciation - (53,876.70) (19,667.08)
Investment in Subsidiary Companies
Con Edison Company of New York, Inc. (CECONY) - - -
Con Edison Communications - - -
Con Edison Development - - -
Con Edison Energy - - -
Con Edison Solutions - - -
Other Investments
External Decommissioning Fund - - -
Other - 81,424,737.01 -
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS AND NONUTILITY PROPERTY - 81,673,145.89 806,324.72
- -------------------------------------------------------------------------------------------------------------------------------
Deferred Charges
Recoverable Fuel Charges Deferred - - -
Regulatory Study Costs - - -
Unamortized Debt Expense - - -
Other Work in Progress - - -
Clearing Accounts - - -
Take or Pay Deferrals - - -
Preliminary Survey and Investigation Charges - - -
Enlightened Energy Program - - -
Pension Early Retirement Costs - - -
Uranium Enrichment Decontamination and
Decommissioning Fund - - -
Hudson Farragut Interconnection - - -
Accrued Unbilled Gas Revenues - - -
MTA Business Tax Surcharge - - -
Power Contract Termination Costs - - -
Miscellaneous - - -
- -------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES - - -
- -------------------------------------------------------------------------------------------------------------------------------
Regulatory Asset - Future Federal Income Taxes - - -
-------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 2,057,315.27 $ 87,581,505.61 $ 21,092,584.11
===============================================================================================================================
ASSETS SOLUTIONS ELIMINATIONS TOTAL
------ ---------- ------------- -----
Utility Plant $ - $ - $ 15,686,655,322.95
Less: Accumulated Depreciation - - 4,726,211,062.79
- -----------------------------------------------------------------------------------------------------------------------------------
Net - - 10,960,444,260.16
Construction Work in Progress - - 347,261,615.94
Nuclear Fuel Assemblies & Components Less
Accum. Amortization - - 98,837,340.22
- -----------------------------------------------------------------------------------------------------------------------------------
NET UTILITY PLANT - - 11,406,543,216.32
- -----------------------------------------------------------------------------------------------------------------------------------
Cash 50,000.00 - 12,039,425.87
Temporary Cash Investments 8,309,002.87 - 90,255,692.78
Accounts Receivable - Customers 38,745,122.85 - 546,605,134.69
Allowance for Uncollectible Accounts (2,357,271.96) - (24,957,271.96)
Intercompany - Con Edison Solutions - (6,232,684.73) -
Accounts Receivable - Other 6,440,634.33 - 48,785,903.49
Intercompany Receivable
Consolidated Edison, Inc. - (1,682,181.79) -
Con Edison Company of New York, Inc. (CECONY) 40,716.87 (10,714,529.82) -
Con Edison Communications - (762,266.03) -
Con Edison Development - (71,304.25) -
Con Edison Energy 6,446,704.90 (7,046,619.53) -
Con Edison Solutions - (11,473,666.76) -
Regulatory Accounts Receivable - - 3,519,123.38
Materials and Supplies
Fuel - - 33,289,114.56
Other - - 184,916,195.96
Natural Gas in Storage 2,854,634.56 - 49,655,986.39
Prepayments
Taxes - - 21,435,169.20
Pension & Retiree Health Funding - - 62,000,000.00
Other 1,139,299.60 - 47,938,923.99
Intercompany 547,900.00 (547,900.00) -
Special Deposits - - 17,464,687.70
Intercompany - - -
Funds Held For Refunding of Securities - - -
Other Current and Accrued Assets - - 595,020.91
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 62,216,744.02 (38,531,152.91) 1,093,543,106.96
- -----------------------------------------------------------------------------------------------------------------------------------
Nonutility Property 8,577,526.18 - 13,322,369.57
Less: Accumulated Depreciation (1,104,376.43) - (1,177,920.21)
Investment in Subsidiary Companies
Con Edison Company of New York, Inc. (CECONY) - (5,954,172,397.10) -
Con Edison Communications - (1,243,974.24) -
Con Edison Development - (77,224,394.26) -
Con Edison Energy - (13,086,481.12) -
Con Edison Solutions - (38,487,167.28) -
Other Investments
External Decommissioning Fund - - 265,062,772.43
Other 8,679,267.08 - 101,237,314.63
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS AND NONUTILITY PROPERTY 16,152,416.83 (6,084,214,414.00) 378,444,536.42
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred Charges
Recoverable Fuel Charges Deferred - - 22,013,420.82
Regulatory Study Costs - - 15,261,329.41
Unamortized Debt Expense - - 135,897,368.56
Other Work in Progress - - 7,839,725.79
Clearing Accounts - - -
Take or Pay Deferrals - - (31,807.84)
Preliminary Survey and Investigation Charges - - 4,507,432.34
Enlightened Energy Program - - 68,380,860.00
Pension Early Retirement Costs - - 20,464,800.00
Uranium Enrichment Decontamination and
Decommissioning Fund - - 24,542,169.59
Hudson Farragut Interconnection - - 6,450,724.67
Accrued Unbilled Gas Revenues - - 43,594,000.00
MTA Business Tax Surcharge - - 66,274,272.27
Power Contract Termination Costs - - 70,620,708.87
Miscellaneous - - 66,041,098.36
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL DEFERRED CHARGES - - 551,856,102.84
- -----------------------------------------------------------------------------------------------------------------------------------
Regulatory Asset - Future Federal Income Taxes - - 951,016,000.00
-----------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 78,369,160.85 $ (6,122,745,566.91) $ 14,381,402,962.54
===================================================================================================================================
CONSOLIDATED EDISON, INC.
CONSOLIDATED BALANCE SHEET WORKSHEET
December 31, 1998
Con Edison, Inc. CECONY
----------------- -------
LIABILITIES
Capitalization
Capital Stock and Retained Earnings
Common Equity
Common Stock $ 23,548,809.40 $ 588,720,235.00
Other Paid-In Capital 1,444,849,541.34 879,678,115.74
Gain on Resale/Cancellation of Reacquired Capital Stock - 13,943,328.01
Capital Stock Expense, Common Stock (31,702,108.30) (31,702,108.30)
Capital Stock Expense, Preferred Stock - (4,601,107.86)
Retained Earnings
Opening Balance 4,484,649,940.03 4,286,288,336.38
Reacquired Capital Stock - (120,789,740.25)
Restricted Stock Purchase Plan (90,262.50) -
Equity in Earnings of Subsidiary Companies 709,699,602.19 -
Net Income 3,042,345.78 745,139,824.08
Dividends Declared, Common Stock (496,944,821.14) (496,944,821.14)
Dividends Declared, Preferred Stock - (17,007,184.66)
------------------------------------------------------------------------------------------------------------------------
Total Common Equity 6,137,053,046.80 5,842,724,877.00
Preferred Stock - 249,612,527.00
----------------------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings 6,137,053,046.80 6,092,337,404.00
----------------------------------------------------------------------------------------------------------------------------
Long-Term Debt
Tax Exempt Debt Issued Through NYSERDA - 1,104,910,000.00
Debentures - 2,695,000,000.00
Junior Subordinated Debt - 275,000,000.00
Other - 867,900.00
Unamortized Premium (Discount) - (25,670,114.30)
----------------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt - 4,050,107,785.70
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION 6,137,053,046.80 10,142,445,189.70
- ---------------------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - 37,295,000.00
Accumulated Provision for Injuries and Damages - 81,951,670.09
Pension and Benefits Reserve - 101,957,000.00
Uranium Enrichment Decontamination and Decommissioning Fund - 19,633,735.66
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL NONCURRENT LIABILITIES - 240,837,405.75
- ---------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year - 225,000,000.00
Accounts Payable 35,130.00 346,971,632.65
Intercompany Payable
Consolidated Edison, Inc. - 10,342,973.74
Con Edison Company of New York, Inc. (CECONY) 2,013,021.00 -
Con Edison Communications - -
Con Edison Development 0.20 -
Con Edison Energy - -
Con Edison Solutions - -
Notes Payable - -
Customer Deposits - 181,236,169.49
Intercompany - Con Edison Solutions - -
Accrued Income Taxes (842,521.00) (13,595,948.50)
Other Accrued Taxes 225,962.00 31,217,446.02
Interest Accrued - 76,466,328.74
Intercompany - 40,716.87
Dividends Declared, Preferred Stock - 3,398,142.11
Dividends Declared, Common Stock 3,744,258.60 -
Matured Long-Term Debt and Interest - 557,941.20
Miscellaneous Current and Accrued Liabilities
Power Contract Termination Costs - -
Accrued Wages - 83,555,456.77
Obligations Under Capital Leases - 2,584,000.00
Other - 177,900,386.39
Intercompany - 547,900.00
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 5,175,850.80 1,126,223,145.48
- ---------------------------------------------------------------------------------------------------------------------------------
Provisions Related to Future FIT and Other Deferred Credits
Accumulated Deferred Federal Income Tax - 1,431,257,000.00
Deferred Tax Liability - Future Federal Income Taxes - 951,016,000.00
----------------------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax - 2,382,273,000.00
Accumulated Deferred Investment Tax Credits - 154,970,000.00
Other Deferred Credits 22,186.76 126,048,138.32
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FUTURE FIT & OTHER DEFERRED CREDITS 22,186.76 2,663,291,138.32
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $6,142,251,084.36 $ 14,172,796,879.25 $
=================================================================================================================================
Communications Development Energy
--------------- ------------ -------
LIABILITIES
Capitalization
Capital Stock and Retained Earnings
Common Equity
Common Stock $ 10.00 $ 20,000.00 $ 10.00
Other Paid-In Capital 25,000.00 83,950,175.20 15,000,000.00
Gain on Resale/Cancellation of Reacquired Capital Stock - - -
Capital Stock Expense, Common Stock - - -
Capital Stock Expense, Preferred Stock - - -
Retained Earnings
Opening Balance - (5,397,807.43) -
Reacquired Capital Stock - - -
Restricted Stock Purchase Plan - - -
Equity in Earnings of Subsidiary Companies - - -
Net Income 1,218,964.24 (1,347,973.51) (1,913,528.88)
Dividends Declared, Common Stock - - -
Dividends Declared, Preferred Stock - - -
------------------------------------------------------------------------------------------------------------------------
Total Common Equity 1,243,974.24 77,224,394.26 13,086,481.12
Preferred Stock - - -
----------------------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings 1,243,974.24 77,224,394.26 13,086,481.12
----------------------------------------------------------------------------------------------------------------------------
Long-Term Debt
Tax Exempt Debt Issued Through NYSERDA - - -
Debentures - - -
Junior Subordinated Debt - - -
Other - - -
Unamortized Premium (Discount) - - -
----------------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt - - -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION 1,243,974.24 77,224,394.26 13,086,481.12
- ---------------------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - - -
Accumulated Provision for Injuries and Damages - - -
Pension and Benefits Reserve - - -
Uranium Enrichment Decontamination and Decommissioning Fund - - -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL NONCURRENT LIABILITIES - - -
- ---------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year - - -
Accounts Payable 95,075.00 2,245,448.41 1,193,396.35
Intercompany Payable
Consolidated Edison, Inc. - 3,272.30 1,132.09
Con Edison Company of New York, Inc. (CECONY) 762,266.03 68,031.75 583,831.07
Con Edison Communications - - -
Con Edison Development - - 14,951.47
Con Edison Energy - - -
Con Edison Solutions - - 6,446,704.90
Notes Payable - - -
Customer Deposits - - -
Intercompany - Con Edison Solutions - - -
Accrued Income Taxes (44,000.00) (2,498,865.11) (285,000.00)
Other Accrued Taxes - - 50,545.72
Interest Accrued - - -
Intercompany - - -
Dividends Declared, Preferred Stock - - -
Dividends Declared, Common Stock - - -
Matured Long-Term Debt and Interest - - -
Miscellaneous Current and Accrued Liabilities
Power Contract Termination Costs - - -
Accrued Wages - - -
Obligations Under Capital Leases - - -
Other - 100.00 541.39
Intercompany - - -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 813,341.03 (182,012.65) 8,006,102.99
- ---------------------------------------------------------------------------------------------------------------------------------
Provisions Related to Future FIT and Other Deferred Credits
Accumulated Deferred Federal Income Tax - 10,539,124.00 -
Deferred Tax Liability - Future Federal Income Taxes - - -
----------------------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax - 10,539,124.00 -
Accumulated Deferred Investment Tax Credits - - -
Other Deferred Credits - - -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FUTURE FIT & OTHER DEFERRED CREDITS - 10,539,124.00 -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 2,057,315.27 $ 87,581,505.61 $ 21,092,584.11
=================================================================================================================================
Solutions Eliminations Total
---------- ------------- -----
LIABILITIES
Capitalization
Capital Stock and Retained Earnings
Common Equity
Common Stock $ 20,000.00 $ (588,760,255.00) $ 23,548,809.40
Other Paid-In Capital 60,180,000.00 (1,038,833,290.94) 1,444,849,541.34
Gain on Resale/Cancellation of Reacquired Capital Stock - - 13,943,328.01
Capital Stock Expense, Common Stock - 31,702,108.30 (31,702,108.30)
Capital Stock Expense, Preferred Stock - - (4,601,107.86)
Retained Earnings
Opening Balance (5,322,333.64) (4,275,568,195.31) 4,484,649,940.03
Reacquired Capital Stock - - (120,789,740.25)
Restricted Stock Purchase Plan - - (90,262.50)
Equity in Earnings of Subsidiary Companies - - 709,699,602.19
Net Income (16,390,499.08) (726,706,786.85) 3,042,345.78
Dividends Declared, Common Stock - 496,944,821.14 (496,944,821.14)
Dividends Declared, Preferred Stock - 17,007,184.66 -
------------------------------------------------------------------------------------------------------------------------
Total Common Equity 38,487,167.28 (6,084,214,414.00) 6,025,605,526.70
Preferred Stock - - 249,612,527.00
----------------------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings 38,487,167.28 (6,084,214,414.00) 6,275,218,053.70
----------------------------------------------------------------------------------------------------------------------------
Long-Term Debt
Tax Exempt Debt Issued Through NYSERDA - - 1,104,910,000.00
Debentures - - 2,695,000,000.00
Junior Subordinated Debt - - 275,000,000.00
Other - - 867,900.00
Unamortized Premium (Discount) - - (25,670,114.30)
----------------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt - - 4,050,107,785.70
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CAPITALIZATION 38,487,167.28 (6,084,214,414.00) 10,325,325,839.40
- ---------------------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - - 37,295,000.00
Accumulated Provision for Injuries and Damages - - 81,951,670.09
Pension and Benefits Reserve - - 101,957,000.00
Uranium Enrichment Decontamination and Decommissioning Fund - - 19,633,735.66
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL NONCURRENT LIABILITIES - - 240,837,405.75
- ---------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year - - 225,000,000.00
Accounts Payable 20,733,783.62 - 371,274,466.03
Intercompany Payable
Consolidated Edison, Inc. 13,437.30 (10,360,815.43) -
Con Edison Company of New York, Inc. (CECONY) 6,503,935.85 (9,931,085.70) -
Con Edison Communications - - -
Con Edison Development - (14,951.67) -
Con Edison Energy 11,188,978.34 (11,188,978.34) -
Con Edison Solutions - (6,446,704.90) -
Notes Payable - - -
Customer Deposits - - 181,236,169.49
Intercompany - Con Edison Solutions - - -
Accrued Income Taxes (1,197,444.00) - (18,463,778.61)
Other Accrued Taxes 2,639,302.46 - 34,133,256.20
Interest Accrued - - 76,466,328.74
Intercompany - (40,716.87) -
Dividends Declared, Preferred Stock - - 3,398,142.11
Dividends Declared, Common Stock - - 3,744,258.60
Matured Long-Term Debt and Interest - - 557,941.20
Miscellaneous Current and Accrued Liabilities
Power Contract Termination Costs - - -
Accrued Wages - - 83,555,456.77
Obligations Under Capital Leases - - 2,584,000.00
Other - - 177,901,027.78
Intercompany - (547,900.00) -
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES 39,881,993.57 (38,531,152.91) 1,141,387,268.31
- ---------------------------------------------------------------------------------------------------------------------------------
Provisions Related to Future FIT and Other Deferred Credits
Accumulated Deferred Federal Income Tax - - 1,441,796,124.00
Deferred Tax Liability - Future Federal Income Taxes - - 951,016,000.00
----------------------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax - - 2,392,812,124.00
Accumulated Deferred Investment Tax Credits - - 154,970,000.00
Other Deferred Credits - - 126,070,325.08
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL FUTURE FIT & OTHER DEFERRED CREDITS - - 2,673,852,449.08
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 78,369,160.85 $ (6,122,745,566.91) $ 14,381,402,962.54
=================================================================================================================================
CONSOLIDATED EDISON, INC.
CONSOLIDATED INCOME STATEMENT
Twelve Months Ended December 31,1998
Con Edison, Inc. CECONY
---------------- ------
Revenue from Sales of Electric Energy, Gas and Steam $ - $6,580,786,360.85
Intercompany - 42,484,911.83
Other Operating Revenues
NYPA & Other Delivery Revenues - 258,888,485.55
Municipal Agency Revenues - 36,920,548.88
All Other Revenues - 79,391,101.22
Intercompany - 189,258.00
Non Utility Revenues - -
Intercompany - -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues - 6,998,660,666.33
- -----------------------------------------------------------------------------------------------------------------------------------
Operation and Maintenance
Fuel - 579,006,960.43
Purchased Power - 1,252,034,835.42
Intercompany - -
Gas Purchased for Resale - 370,103,001.73
Intercompany - -
Other Production Expenses - 424,498,384.26
Transmission and Distribution Expenses - 513,544,353.97
Customer Accounts Expenses - 199,822,976.38
Intercompany - 289,640.00
Customer Service Expenses - 61,849,367.35
Sales Promotion Expenses - 1,529,427.75
Administrative and General Expenses - 393,664,194.21
- -----------------------------------------------------------------------------------------------------------------------------------
Total Operation and Maintenance Expenses - 3,796,343,141.50
Depreciation - 516,389,305.20
Miscellaneous Amortizations - 1,436,497.92
Taxes, Other than Federal Income 139,600.00 1,202,609,418.92
Federal Income Tax - 329,430,000.00
Federal Income Tax Deferred - Net - 94,090,000.00
Investment Tax Credit Deferred - Net - (8,710,000.00)
Gains and Losses from Disposition of Utility Plant - -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 139,600.00 5,931,588,363.54
- -----------------------------------------------------------------------------------------------------------------------------------
Operating Income (139,600.00) 1,067,072,302.79
- -----------------------------------------------------------------------------------------------------------------------------------
Other Income (Deductions)
Investment Income 4,281,445.78 6,162,239.60
Allowance for Equity Funds Used During Construction - 2,430,845.92
Equity in Earnings of Subsidiaries 709,699,602.19 -
Other Income - 4,419,261.96
Income Deductions - (9,694,798.25)
Federal Income Tax (1,099,500.00) 1,624,500.00
Federal Income Tax Deferred - (1,050,000.00)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Other Income 712,881,547.97 3,892,049.23
- -----------------------------------------------------------------------------------------------------------------------------------
Income Before Interest Charges 712,741,947.97 1,070,964,352.02
- -----------------------------------------------------------------------------------------------------------------------------------
Interest Charges
Interest on Long Term Debt - 308,670,901.85
Other Interest - 18,400,008.89
Allowance for Borrowed Funds Used During Construction - (1,246,382.80)
- -----------------------------------------------------------------------------------------------------------------------------------
Net Interest Charges - 325,824,527.94
Preferred Stock Dividend Requirements - (17,007,184.66)
Gain on Refunding of Preferred Stock - -
- -----------------------------------------------------------------------------------------------------------------------------------
Net Income Applicable to Common Stock $ 712,741,947.97 $ 728,132,639.42
- -----------------------------------------------------------------------------------------------------------------------------------
Communications Development Energy
-------------- ----------- ------
Revenue from Sales of Electric Energy, Gas and Steam $ - $ - $ -
Intercompany - - -
Other Operating Revenues
NYPA & Other Delivery Revenues - - -
Municipal Agency Revenues - - -
All Other Revenues - - -
Intercompany - - -
Non Utility Revenues - 8,096,792.00 6,256,119.25
Intercompany - - -
- --------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues - 8,096,792.00 6,256,119.25
- --------------------------------------------------------------------------------------------------------------------------
Operation and Maintenance
Fuel - - -
Purchased Power - - 614,597.57
Intercompany - - -
Gas Purchased for Resale - - 5,339,069.02
Intercompany - - -
Other Production Expenses - 7,121,671.93 -
Transmission and Distribution Expenses - - -
Customer Accounts Expenses - - -
Intercompany - - -
Customer Service Expenses - - -
Sales Promotion Expenses - - -
Administrative and General Expenses 682,079.27 3,337,904.11 3,598,777.19
- --------------------------------------------------------------------------------------------------------------------------
Total Operation and Maintenance Expenses 682,079.27 10,459,576.04 9,552,443.78
Depreciation - 37,006.38 19,667.08
Miscellaneous Amortizations - - -
Taxes, Other than Federal Income - 87,810.78 92,174.55
Federal Income Tax (218,000.00) (726,000.00) (1,031,000.00)
Federal Income Tax Deferred - Net - - -
Investment Tax Credit Deferred - Net - - -
Gains and Losses from Disposition of Utility Plant - - -
- -------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 464,079.27 9,858,393.20 8,633,285.41
- --------------------------------------------------------------------------------------------------------------------------
Operating Income (464,079.27) (1,761,601.20) (2,377,166.16)
- --------------------------------------------------------------------------------------------------------------------------
Other Income (Deductions)
Investment Income 58,043.51 413,627.69 463,637.28
Allowance for Equity Funds Used During Construction - - -
Equity in Earnings of Subsidiaries - - -
Other Income 2,500,000.00 - -
Income Deductions - - -
Federal Income Tax (875,000.00) - -
Federal Income Tax Deferred - - -
- --------------------------------------------------------------------------------------------------------------------------
Total Other Income 1,683,043.51 413,627.69 463,637.28
- --------------------------------------------------------------------------------------------------------------------------
Income Before Interest Charges 1,218,964.24 (1,347,973.51) (1,913,528.88)
- --------------------------------------------------------------------------------------------------------------------------
Interest Charges
Interest on Long Term Debt - - -
Other Interest - - -
Allowance for Borrowed Funds Used During Construction - - -
- --------------------------------------------------------------------------------------------------------------------------
Net Interest Charges - - -
Preferred Stock Dividend Requirements - - -
Gain on Refunding of Preferred Stock - - -
- --------------------------------------------------------------------------------------------------------------------------
Net Income Applicable to Common Stock $ 1,218,964.24 $ (1,347,973.51) $ (1,913,528.88)
- --------------------------------------------------------------------------------------------------------------------------
Solutions Eliminations Total
--------- ------------ -----
Revenue from Sales of Electric Energy, Gas and Steam $ - $ - $6,580,786,360.85
Intercompany - (42,484,911.83) -
Other Operating Revenues -
NYPA & Other Delivery Revenues - - 258,888,485.55
Municipal Agency Revenues - - 36,920,548.88
All Other Revenues - - 79,391,101.22
Intercompany - (189,258.00) -
Non Utility Revenues 122,708,304.95 - 137,061,216.20
Intercompany 289,640.00 (289,640.00) -
- ---------------------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 122,997,944.95 (42,963,809.83) 7,093,047,712.70
- ---------------------------------------------------------------------------------------------------------------------------------
Operation and Maintenance
Fuel - - 579,006,960.43
Purchased Power 1,133,113.95 - 1,253,782,546.94
Intercompany 42,665,950.83 (42,665,950.83) -
Gas Purchased for Resale 61,866,302.18 - 437,308,372.93
Intercompany - - -
Other Production Expenses 93,621.00 - 431,713,677.19
Transmission and Distribution Expenses - - 513,544,353.97
Customer Accounts Expenses 1,952,793.92 - 201,775,770.30
Intercompany 8,219.00 (297,859.00) -
Customer Service Expenses 4,212,174.64 - 66,061,541.99
Sales Promotion Expenses - - 1,529,427.75
Administrative and General Expenses 19,461,953.07 - 420,744,907.85
- ---------------------------------------------------------------------------------------------------------------------------------
Total Operation and Maintenance Expenses 131,394,128.59 (42,963,809.83) 3,905,467,559.35
Depreciation 631,450.05 - 517,077,428.71
Miscellaneous Amortizations - - 1,436,497.92
Taxes, Other than Federal Income 5,172,839.91 - 1,208,101,844.16
Federal Income Tax (5,196,000.00) - 322,259,000.00
Federal Income Tax Deferred - Net - - 94,090,000.00
Investment Tax Credit Deferred - Net - - (8,710,000.00)
Gains and Losses from Disposition of Utility Plant - - -
- ---------------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 132,002,418.55 (42,963,809.83) 6,039,722,330.14
- ---------------------------------------------------------------------------------------------------------------------------------
Operating Income (9,004,473.60) - 1,053,325,382.56
- ---------------------------------------------------------------------------------------------------------------------------------
Other Income (Deductions)
Investment Income 421,888.92 - 11,800,882.78
Allowance for Equity Funds Used During Construction - - 2,430,845.92
Equity in Earnings of Subsidiaries - (709,699,602.19) -
Other Income - - 6,919,261.96
Income Deductions (11,436,914.40) - (21,131,712.65)
Federal Income Tax 3,629,000.00 - 3,279,000.00
Federal Income Tax Deferred - - (1,050,000.00)
- ---------------------------------------------------------------------------------------------------------------------------------
Total Other Income (7,386,025.48) (709,699,602.19) 2,248,278.01
- ---------------------------------------------------------------------------------------------------------------------------------
Income Before Interest Charges (16,390,499.08) (709,699,602.19) 1,055,573,660.57
- ---------------------------------------------------------------------------------------------------------------------------------
Interest Charges
Interest on Long Term Debt - - 308,670,901.85
Other Interest - - 18,400,008.89
Allowance for Borrowed Funds Used During Construction - - (1,246,382.80)
- ---------------------------------------------------------------------------------------------------------------------------------
Net Interest Charges - - 325,824,527.94
Preferred Stock Dividend Requirements - - (17,007,184.66)
Gain on Refunding of Preferred Stock - - -
- ---------------------------------------------------------------------------------------------------------------------------------
Net Income Applicable to Common Stock $ (16,390,499.08) $ (709,699,602.19) $ 712,741,947.97
- ---------------------------------------------------------------------------------------------------------------------------------
Common Shares Outstanding - Average 234,307,767
Exhibit C
ORGANIZATION CHART
REFERENCE IS MADE TO ITEMS 1 AND 4 OF THIS FORM U-3A-2 FOR A DESCRIPTION OF THE
COMPANIES IN CLAIMANT'S HOLDING COMPANY SYSTEM, INCLUDING INTERESTS IN
SUBSIDIARIES.
CLAIMANT
-------------------------------------/-------------------------------------
/ / / / / /
A. Con Edison B. CES C. CEDI D. CEEI E. CECI F. CAC
/ / /
A.1 - DIDCO B.1 - IMD C.1 - CEDG
A.2 - DCK B.2 - RSLI C.1.a - EPCA
A.3 - Honeoye C.1.a.(i) - GENOR (FUCO)
C.2 - IGD
C.2 - CEL
C.4 - CEDA
C.4.a. - CDA
C.4.a.(i) - ACLP
C.5 - CAI
C.5.a - CARLS
C.5.a.(i) - CCC
C.6 - CEDGAF
OPUR3 0001047862 Consolidated Edison, Inc. 1,000 12-MOS Dec-31-1998 Jan-01-1998 Dec-31-1998 Per-Book 14,381,403 7,093,048 712,742