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 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, 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 approximately 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. 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.
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4. Steam House Leasing LLC ("SHL"), a Delaware limited liability
company, a wholly owned subsidiary of Con Edison that leases a steam generating
plant that produces steam for Con Edison's steam distribution business. Its
principal place of business is 4 Irving Place New York, N.Y. 10003.
B. Orange and Rockland Utilities, Inc. ("O&R") is a public utility organized and
existing as a corporation under the laws of New York. O&R provides service to
over 200,000 electric and almost 120,000 gas customers in New York in a service
area covering all of Rockland County, most of Orange County, and part of
Sullivan County. All of O&R's Common Stock is held by Claimant. O&R's principal
place of business is One Blue Hill Plaza, Pearl River, N.Y. 10965. O&R has the
following subsidiaries:
1. Rockland Electric Company ("RECO") is a public utility organized and
existing as a corporation under the laws of a New Jersey. RECO supplies electric
service to about 70,000 customers in New Jersey in the northern parts of Bergen
and Passaic Counties and small areas in northern Sussex County. All of RECO's
Common Stock is held by O&R. RECO's principal place of business is 82 East
Allendale Avenue, Saddle River, N. J. 07458. RECO has the following
subsidiaries:
a. Enserve Holdings, Inc. ("Enserve"), a wholly-owned subsidiary of RECO,
organized and existing as a corporation under the laws of Delaware. All of
Enserve's Common Stock is held by RECO. Enserve is currently inactive. Enserve's
principal place of business is One Blue Hill Plaza, Pearl River, N.Y. 10965.
2. Pike County Light & Power Company ("Pike"), a public utility
organized and existing as a corporation under the laws of Pennsylvania. Pike
supplies electricity to about 4,200 customers and gas to about 1,000 customers
in the northeastern corner of Pike County, Pennsylvania. All of Pike's Common
Stock is held by O&R. Pike's principal place of business is 219 1/2 Broad
Street, Milford, Pennsylvania 18337.
3. Clove Development Corporation ("Clove") is an inactive real estate
sales company, organized and existing as a corporation under the laws of New
York. Clove no longer owns any real estate; its sole assets are cash and
mortgage receivables. All of Clove's common stock is held by O&R. Clove's
principal place of business is One Blue Hill Plaza, Pearl River, N.Y. 10965.
4. O&R Development, Inc. ("ORDEVCO"), commercial real estate development
company, organized and existing as a corporation under the laws of Delaware,
whose principal asset is land located at the Interchange Commerce Center in
Harriman, New York. All of ORDEVCO's common stock is held by O&R. ORDEVCO's
principal place of business is One Blue Hill Plaza, Pearl River, N.Y. 10965.
C. 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. CES has the following
subsidiaries:
1. CES has a 50% 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. IMD is in the process of being
dissolved. It's results of operation and financial position were not
consolidated with those of Claimant for 2001.
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D. Consolidated Edison Development, Inc. ("CEDI") is organized and existing
as a corporation under the laws 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:
a. Energy Finance 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 an electric power project in Guatemala. CEDG owns an
approximately 99.99% 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 the following subsidiary
(i) EPCA has a 49% interest in Generadora Electrica del Norte, S.R.L.,
("GENOR") a foreign utility company. See Item 4, below.
2. Consolidated Edison Leasing, Inc. ("CEL"), a corporation organized and
existing under the laws 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.
3. Con Edison Leasing, LLC. ("CELLLC"), a limited liability company
organized and existing under the laws of Delaware. CELLLC is a wholly-owned
subsidiary of CEDI which has an investment in a leveraged lease transaction.
CELLLC'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, a wholly-owned subsidiary of CEDI, 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 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 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 is
currently inactive.
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6. CED/SCS Newington, LLC ("CED/SCS"), a Delaware limited liability
company, approximately 95% of which is owned by CEDI. CED/SCS's principal place
of business is c/o Consolidated Edison Development, 111 Broadway, 16th Floor,
New York, New York 10006. CED/SCS has the following subsidiary:
a. Newington Energy, LLC ("NELLC") a Delaware limited liability
company wholly-owned by CED/SCS. NELLC is currently developing a 525 MW electric
generating facility in Newington, New Hampshire, which will qualify as an exempt
wholesale generator ("EWG"). See Item 4. NELLC's principal place of business is
c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New
York 10006
7. CED Generation Holding Company, LLC, a Delaware limited liability
company ("CED Holding") wholly-owned by CEDI. CED Holding's principal place of
business is c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New
York, New York 10006. CED Holding has the following subsidiaries:
a. CED Management Company, Inc., a Delaware corporation ("CED Management")
wholly-owned by CED Holding. CED Management owns 1% of CED Operating. CED
Management's principal place of business is c/o Consolidated Edison Development,
111 Broadway, 16th Floor, New York, New York 10006.
b. CED Operating Company, L.P., a Delaware limited partnership
("CED Operating") in which CED Holding owns a 99% limited partners interest. CED
Management owns a 1% limited partners interest in CED Operating and serves as
its general partner. CED Operating provides operating and administrative
services to Lakewood Cogeneration, L.P., a Delaware limited partnership
("Lakewood Cogen"), which owns a 236MW power plant located in Lakewood New
Jersey. CED Operating's principal place of business is c/o Consolidated Edison
Development, 111 Broadway, 16th Floor, New York, New York 10006.
c. CED-Lakewood, Inc., a New York corporation ("CEDL")
wholly-owned by CED Holding, which in turn owns 100% of CED Generation Lakewood
Company, a Delaware corporation ("CGLC"). CEDL and CGLC each owns a 1% general
partners interest in Lakewood Cogen. CEDL and CGLC's principal place of business
is c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New
York 10006 principal place of business is c/o Consolidated Edison Development,
111 Broadway, 16th Floor, New York, New York 10006.
d. Lakewood Cogen, a Delaware limited partnership ("Lakewood") in
which CED Holding has a 78% limited partner interest and CEDL and CGLC each owns
a 1% general partner interest. Lakewood owns a 236 MW power plant located in
Lakewood, New Jersey. Lakewood Cogen's principal place of business is c/o
Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New York
10006. Lakewood is an EWG. See Item 4.
8. Ocean Peaking Power Management, Inc. ("OPPM") and Ocean Peaking Power
Investors, Inc. ("OPPI"), each of which is a corporation organized and existing
under the laws of Delaware, wholly-owned by CEDI. OPPM owns a 1% general partner
interest, and OPPI owns a 99% limited partner interest, in Ocean Peaking Power,
L.P., a Delaware limited partnership ("OPPLP" and, together with OPPM and OPPI,
"OP"). OPPLP was formed in connection with the development of a 333 MW peaking
power plant located on the site of the Lakewood generating plant. OP's principal
place of business is c/o Consolidated Edison Development, 111 Broadway, 16th
Floor, New York, New York 10006.
9. Consolidated Edison Energy Massachusetts, Inc. ("CEEMI"), a
corporation organized and existing under the laws of Delaware, wholly-owned by
CEDI. CEEMI was established for the purpose of owning and operating 290 MW of
generation facilities acquired from Western Massachusetts Electric Company.
CEEMI's principal place of business is c/o Consolidated Edison Development, 111
Broadway, 16th Floor, New York, New York 10006. See Item 4.
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10. CED-GTM 1, LLC ("CED/GTM"), a Delaware limited liability company,
wholly-owned by CEDI. CED/GTM's principal place of business is c/o Consolidated
Edison Development, 111 Broadway, 16th Floor, New York, New York 10006. CED/GTM
has the following subsidiary:
a. GTM Energy LLC ("GTM Energy"), a Delaware limited liability
company in which CED/GTM has an approximately one-half interest. GTM Energy was
formed to pursue opportunities to develop electric generating facilities. GTM
Energy is currently inactive. GTM Energy's principal place of business is c/o
Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New York
10006.
11. CEDST, LLC ("CEDST"), a Delaware limited liability company,
wholly-owned by CEDI. CEDST principal place of business is c/o Consolidated
Edison Development, 111 Broadway, 16th Floor, New York, New York 10006. CEDST
has the following subsidiary:
a. CED 42, LLC ("CED42"), a Delaware limited liability company,
wholly-owned by CEDST. CED42 and CEDST were formed to invest in a low-income
housing transaction, which will generate tax credits under Section 42 of the
Internal Revenue Code of 1986, as amended. CED42's principal place of business
is c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New
York 10006
12. CED Rock Springs, Inc. ("CEDRS"), a corporation organized and
existing under the laws of Delaware, wholly-owned by CEDI. CEDRS was formed in
connection with the development of a 333 MW electric generating facility to be
located in Rock Springs, Maryland. CEDRS' principal place of business is c/o
Consolidated Edison Development, 111 Broadway, 16th Floor, New York, New York
10006.
13. Con Edison Development Guatemala Acquisition and Finance, Ltd.
("CEDGAF") a corporation organized under the laws of the Cayman Islands,
wholly-owned by CEDI. CEDAF owns a .01% interest in EPCA. CEDGAF's principal
place of business is Maples and Calder, Attorneys-at-Law, Ugland House, South
Church Street, P.O. Box 309, George Town, Grand Cayman, Cayman Islands British
West Indies.
14. Con Edison El Salvador One, Ltd ("CEES"), a corporation organized
under the laws of the Cayman Islands, wholly-owned by CEDI. CEES, which has no
assets or operations, was organized in connection with a potential investment in
El Salvador, which was never made. CEES' 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.
E. Consolidated Edison Energy, Inc. ("CEEI"), a corporation organized and
existing under the laws of the State of New York. CEEI is an energy trading
company that markets specialized energy supply services to wholesale customers.
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.
F. Consolidated Edison Communications Holding Company, Inc. ("CEC Holding")
is organized and existing as a corporation under the laws of New York. Its
principal place of business is 132 W. 31 Street, New York, N.Y. 10001. CEC
Holding has the following subsidiaries:
1. CEC Holding Member, Inc., ("CEC Member") a corporation organized and
existing under the laws of New York, wholly-owned by CEC Holding. CEC Member is
the non-managing member of CECLLC. Its principal place of business is 132 W. 31
Street, New York, N.Y. 10001.
2. Con Edison Communications, Inc. ("CECI") a corporation organized and
existing under the laws of New York, wholly-owned by CEC Holding. CECI is the
managing member of CECLLC. Its principal place of business is 132 W. 31 Street,
New York, N.Y. 10001.
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3. Consolidated Edison Communications, LLC ("CECLLC"), a limited liability
company organized and existing under the laws of the State of New York. CECI
owns, leases, operates or invests in facilities used for telecommunications or
otherwise competes in the telecommunications industry. CEC Member has a 99%
interest and CECI has a 1% interest in CECLLC. Its principal place of business
is 132 W. 31 Street, New York, N.Y. 10001. CECLLC has the following subsidiary:
a. CECLLC has an 11.6% interest in NEON Communications Inc., a corporation
organized and existing under the laws of Delaware, which owns all the
outstanding shares of capital stock of NEON Optica, Inc., a corporation
organized and existing under the laws of Delaware, (together with Neon
Communications, Inc., "NEON"). NEON operates a fiber optic network ("NEON").
NEON's principal place of business is 2200 West Park Drive, Westborough,
Massachusetts 01581.
G. Consolidated Edison, Inc. (originally incorporated as CWB Holdings, Inc.), a
corporation organized and existing under the laws of Delaware and wholly-owned
by Claimant which owns a 99% interest in each of N Acquisition LLC and X Holding
LLC, each of which is a limited liability company organized and existing under
the laws of Massachusetts. N Acquisition LLC owns the remaining 1% interest in X
Holding LLC and X Holding LLC owns the remaining 1% interest in N Acquisition
LLC. These entities were established in connection with Claimant's October 1999
agreement to acquire Northeast Utilities and are collectively referred to herein
as the "Merger Subs." The Merger Subs' principal place of business is c/o
Consolidated Edison, Inc., 4 Irving Place, New York, N.Y. 10003.
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.
Claimant is organized and existing under the laws of New York and does not own
any such utility properties. Claimant's subsidiary public utility companies are
Con Edison, O&R, RECO and Pike. Con Edison and O&R are organized and existing
under the laws of New York. RECO and Pike are organized and existing under the
laws of New Jersey and Pennsylvania, respectively.
Con Edison owns approximately 629 MW of electric generating facilities,
consisting of steam-electric generating plants located in New York City, New
York.
At December 31, 2001, Con Edison's transmission system had approximately 432
miles of overhead circuits operating at 138, 230, 345 and 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. The company's transmission substations, supplied by
circuits operated at 69 kilovolts and above, have a total transformer capacity
of approximately 15,731 megavolt amperes. The company's transmission facilities
are located in New York City and Westchester, Orange, Rockland, Putnam and
Dutchess counties in New York State.
Con Edison has transmission interconnections with Niagara Mohawk, Central Hudson
Gas & Electric Corporation, O&R, New York State Electric and Gas Corporation,
Connecticut Light and Power Company, Long Island Lighting Company, NYPA and
Public Service Electric and Gas Company.
Con Edison owns various distribution substations and facilities located
throughout New York City and Westchester County. At December 31, 2001, the
company's distribution system had a transformer capacity of approximately 20,300
megavolt amperes, approximately 32,657 miles of overhead distribution lines and
approximately 89,392 miles of underground distribution lines.
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Natural gas is delivered by pipeline to Con Edison at various points in its
service territory and is distributed to customers by the company through
approximately 4,241 miles of mains and 369,603 service lines. The company owns a
natural gas liquefaction 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. The company has about 1,230
mdth of additional natural gas storage capacity at a field in upstate New York,
owned and operated by Honeoye Storage Corporation, a corporation 28.8 percent
owned by Con Edison.
O&R, RECO and Pike own, in whole or in part, transmission and distribution
facilities which include 602 circuit miles of transmission lines, 14
transmission substations (with a total transformer capacity of 3,762 megavolt
amperes), 58 distribution substations (with a total transformer capacity of
1,867 megavolt amperes), 90,826 in-service line transformers, 5,085 pole miles
of overhead distribution lines and 2,574 miles of underground distribution
lines. O&R and Pike own their gas distribution systems, which include 1,782
miles of mains.
3. The following information for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of kwh. of electric energy sold (at retail or wholesale), and Mcf. of
natural or manufactured gas distributed at retail.
Electric Electric
(kwhrs) (kwhrs) Gas (Dth)
Retail Wholesale Retail
-----------------------------------------------------
Claimant None None None
Con Edison 31,999,746,000 496,925,000 223,344,305
O&R 2,927,591,041 None 40,359,874
RECO 1,460,674,877 None N/A
Pike 61,345,154 None 125,829
(b) Number of kwh. of electric energy and Mcf. 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 None
O&R None None
RECO None N/A
Pike None None
(c) Number of kwh. of electric energy and Mcf. 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 9,580,000 3,686,317*
O&R None** 958,529**
RECO None N/A
Pike None None
---------------
* Includes gas sold to energy service companies at the pipeline metering
facilities in New York.
**Excludes energy purchased sold to RECO or Pike.
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(d ) Number of kwh. of electric energy and Mcf. of natural or manufactured gas
purchased outside the State in which each such company is organized or at
the State line.
Electric (kwhrs) Gas (Dth)
Claimant None None
Con Edison 220,406,000 263,830,008*
O&R None *
RECO 1,588,229,330** N/A
Pike 68,396,557** **
---------------
* Includes gas purchased from energy service companies operating in New
York pursuant to balancing obligations and gas purchased at the pipeline's
metering facilities in New York. Gas is purchased jointly for Con Edison and O&R
with costs allocated based upon throughput and other factors.
** RECO and Pike purchase energy from O&R at state line.
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 amounts 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. The company's principal place of business is
Edificio Murona Center, Oficina 1001, 14 Calle 3-51, Zona 10,
Guatemala, CA 01010.
Newington Energy, LLC, ("NELLC"), a Delaware limited liability
company, which is currently developing a 525 MW electric generating
facility in Newington, New Hampshire, which will qualify as an EWG.
The company's principal place of business is c/o Consolidated Edison
Development, 111 Broadway, 16th Floor, New York, New York 10006.
Consolidated Edison Energy Massachusetts, Inc. ("CEEMI"), a
corporation organized and existing under the laws of Delaware,
wholly-owned by CEDI. CEEMI was established for the purpose of owning
and operating 290 MW of generation facilities acquired from Western
Massachusetts Electric Company. CEEMI's principal place of business
is c/o Consolidated Edison Development, 111 Broadway, 16th Floor, New
York, New York 10006.
Lakewood Cogen, a Delaware limited partnership ("Lakewood") in which
CED Holding has a 78% limited partner interest and CEDL and CGLC each
owns a 1% general partner interest. Lakewood owns a 236 MW power
plant located in Lakwood, New Jersey. Lakewood Cogen's principal
place of business is c/o Consolidated Edison Development, 111
Broadway, 16th Floor, New York, New York 10006.
(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. CEDI owns 100% of CEDG, which owns 99.99%
of EPCA. CEDI owns 100% of CEDGAF, which owns 0.01% of EPCA. EPCA
owns 49% of GENOR.
Claimant owns 100% of CEDI, which owns 95% of CED/SCS, which owns
100% of NELLC.
Claimant owns 100% of CEDI, which owns 100% of CEEMI.
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Claimant owns 100% of CEDI, which owns 100% of CED Holding, which
owns 80% of Lakewood (78% directly and 2% indirectly through 100%
ownership in CEDL and CGLC which own 1% each).
(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, 2001, Claimant, directly or indirectly, had capital
invested, including loans, in GENOR, NELLC, CEEMI and Lakewood of
$11.9 million, $0, $52.2 million and $102.6 million, respectively.
Claimant's investment in GENOR is in the form of an Aporaciones de
Capital interest (similar to a limited liability company interest).
Claimant's investment in NELLC is in the form of a limited liability
company investment. Claimant's investment in CEMI is that of a
stockholder. Claimant's investment in Lakewood is in the form of a
limited partnership interest.
NELLC entered into an operating lease arrangement with a limited
partnership (Lessor) to finance the purchase, installation, assembly
and construction of a 525 MW gas-fired electric generating facility
under construction in Newington, New Hampshire (Newington Project).
The limited partnership is a special-purpose entity and has an
aggregate financing commitment from third-party equity and debt
participants of approximately $353 million. In accordance with SFAS
No. 13 "Accounting for Leases" and related EITF issues (including
EITF Issue No. 90-15, "Impact of Non-substantive Lessors, Residual
Value Guarantees, and Other Provisions in Leasing Transactions" and
EITF Issue No. 97-10, "The Effect of Lessee Involvement in Asset
Construction"), the Newington Project and the related lease
obligations are not included on Con Edison's consolidated balance
sheet. The Lessor has appointed NELLC as construction agent
responsible for completing construction of the Project by no later
than June 2003. The initial lease term is approximately eight years,
beginning at the date of construction completion, which is expected
to be July 2002. At the end of the lease term (June 2010), NELLC has
the option to extend the lease or purchase the project for the then
outstanding amounts expended by the Lessor for the project. If the
NELLC chooses not to extend the lease or acquire the project, then
Claimant will guarantee a residual value of the Newington Project for
an amount not to exceed $239.7 million. NELLC would also have
contingent payment obligations to the Lessor if an event of default
should occur during either the construction period or the lease
period. If NELLC defaults, then its obligation would equal up to 100%
of the Lessor's investment in the Newington Project, which could
exceed the aforementioned residual value guarantee. At December 31,
2001, project costs were approximately $305 million. NELLC's payment
and performance obligations relating to the Newington Project are
fully and unconditionally guaranteed by Claimant.
Future minimum rental payments as of December 31, 2001 are
approximately as follows:
(Millions of Dollars)
2002 $ 16.6
2003 33.2
2004 33.2
2005 33.2
2006 33.2
Thereafter 116.1
Total $265.4
10
CEDI issued standby/documentary letters of credit to support certain
obligations relating to the operations of the Lakewood project. These
letters of credit which are payable on demand, collateralize the
company's obligations to third parties and are irrevocable and
non-renewable. The outstanding letters of credit as of December 31,
2001 was $7 million.
CEDG has issued a guarantee to support certain obligations relating
to the operations of the GENOR project. This guarantee has a maximum
amount that cannot exceed $2.0 million, is payable on demand, and
supports GENOR's obligations to a third party.
(d) Capitalization and earnings of the EWG or foreign utility company during
the reporting period.
GENOR's capitalization was $48.8 million at September 30, 2001 and it
had net loss of $13,000 for the twelve months ended September 30,
2001. Claimant does not have more recent such information.
NELLC's capitalization was $2.5 million at December 31, 2001 and it
had net income of $2.5 milion for the year then ended.
CEEMI's capitalization was $48.8 million at December 31, 2001 and it
had net income of $2.5 for the year then ended.
Lakewood's capitalization was $247.8 million at December 31, 2001 and
it had net income of $5.6 million for the year then ended
(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
agreement(s).
CEEI markets electricity generated by CEEMI andCEDI and certain other
companies provide certain services to CEMI. The fees and revenues
from such arrangements are not material to Claimant.
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
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 B.
11
The above-named claimant has caused this statement to be duly executed on its
behalf by its authorized officer on this 28th day of February 2002.
CONSOLIDATED EDISON, INC.
By:/s/ Edward J. Rasmussen
Edward J. Rasmussen
Vice President and Controller
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Peter A. Irwin
Vice President - Legal Services
Consolidated Edison Company of New York, Inc.
4 Irving Place
New York, N.Y. 10003
Consolidated Edison, Inc.
Consolidated Balance Sheet - December 31, 2001
CEI CECoNY ORU Communications
ASSETS
Utility Plant
Electric $ - $10,441,778,854.74 $703,620,609.27 $ -
Gas - 2,113,664,662.44 292,066,433.88 -
Steam - 758,599,664.75 - -
General - 1,241,746,260.63 112,352,679.68 -
- -----------------------------------------------------------------------------------------------------------------------------------
Total - 14,555,789,442.56 1,108,039,722.83 -
Accumulated depreciation-utility plant - (4,083,760,307.41) (389,233,718.36) -
- -----------------------------------------------------------------------------------------------------------------------------------
Net - 10,472,029,135.15 718,806,004.47 -
Construction Work in Progress - 626,835,319.59 27,271,455.54 -
Nuclear fuel assemblies less amortization - 0.00 - -
- -----------------------------------------------------------------------------------------------------------------------------------
Net Utility Plant - 11,098,864,454.74 746,077,460.01 -
- -----------------------------------------------------------------------------------------------------------------------------------
Non-utility Plant
Unregulated generating assets - - - -
Accumulated depreciation-Non-Utility plant - - - -
- -----------------------------------------------------------------------------------------------------------------------------------
Total - - - -
Non-utility property less accumulated depreciation - 29,408,261.76 2,620,572.92 72,798,696.32
- -----------------------------------------------------------------------------------------------------------------------------------
Net Plant - 11,128,272,716.50 748,698,032.93 72,798,696.32
- -----------------------------------------------------------------------------------------------------------------------------------
Cash 182,742.13 55,856,363.35 1,636,517.46 (3,964,144.04)
Temporary cash investments 239,753.90 208,919,652.50 148,413.07 326,425.74
Restricted Cash - 69,823,000.00 - -
Accounts receivable - customers - 557,035,431.38 46,996,459.90 -
Allowance for uncollectible accounts - (29,400,000.00) (2,625,000.00) -
Accounts receivable - other 3,065,995.45 91,814,469.38 5,166,045.17 611,317.68
Materials and supplies - fuel - 16,718,709.04 - -
Materials and supplies - other - 82,301,408.19 5,562,870.27 -
Natural gas in storage - 85,533,674.24 21,226,894.38 -
Prepayments - taxes - 9,570,274.39 16,267,910.34 -
Prepayments - other - 49,057,532.18 1,500,725.00 600,234.56
Special deposits - 30,879,437.18 7,000.00 -
Other current and accrued assets 69,822,779.26 (67,455,690.70) 11,532,293.80 36,000.00
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current Assets 73,311,270.74 1,160,654,261.13 107,420,129.39 (2,390,166.06)
- -----------------------------------------------------------------------------------------------------------------------------------
Non-utility property less accumulated depreciation - - - -
Nuclear decommissioning trust fund - 0.00 - -
Other Investments - other 6,434,480,003.39 4,950,064.70 5,803.46 9,198,293.81
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investments 6,434,480,003.39 4,950,064.70 5,803.46 9,198,293.81
- -----------------------------------------------------------------------------------------------------------------------------------
Unamortized debt expense - 144,768,718.63 8,932,695.60 -
Accrued pension credits - 697,807,000.00 - -
Regulatory study costs - - - -
Preliminary survey and investigation charges - - 71,230.29 -
Clearing accounts - - 0.00 -
Deferred charges - 757,740,103.48 234,946,496.23 -
Goodwill 409,404,213.00 - - -
Non-current assets - other - - - -
Regulatory asset - future federal income taxes - 624,625,000.00 35,265,572.00 -
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $6,917,195,487.13 $14,518,817,864.44 $1,135,339,959.90 $79,606,824.07
===================================================================================================================================
LIABILITIES
Common Equity
Common Stock Issued $ 23,548,809.40 $ 588,720,235.00 $ 5,000.00 $ 5,000,000.00
Other Paid-in Capital, Premium on Common Stock 1,444,849,541.34 879,678,115.74 194,498,789.81 87,763,010.00
Gain on Resale of Reacquired Capital Stock - 13,943,328.01 - -
Accumulated other comprehensive income (27,556,173.93) (4,471,753.56) (10,904,777.03) -
Capital Stock Expense - Common Stock (31,755,003.79) (31,755,003.79) - -
Capital Stock Expense - Preferred Stock - (3,791,935.50) - -
Treasury Stock (31,162,390.78) (965,447,491.50) - -
Retained Earnings 5,254,619,890.06 4,185,574,586.87 151,792,475.93 (17,897,812.92)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Common Equity 6,632,544,672.30 4,662,450,081.27 335,391,488.71 74,865,197.08
Preferred Stock - 249,612,527.00 - -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings 6,632,544,672.30 4,912,062,608.27 335,391,488.71 74,865,197.08
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Debt - 5,037,060,000.00 337,200,000.00 -
Unamortized Premium (Discount) - (25,308,155.74) (1,429,402.38) -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt - 5,011,751,844.26 335,770,597.62 -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Capitalization 6,632,544,672.30 9,923,814,452.53 671,162,086.33 74,865,197.08
- -----------------------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - 41,088,000.00 - -
Accumulated Provision for Injuries & Damages - 163,632,144.09 12,032,523.09 -
Provision for Rate Refunds - - 6,586,324.91 -
Minority interest in consolidated subsidiaries - - - -
Pension and Benefits Reserve - 101,758,688.00 85,607,406.81 -
Uranium Decommissioning Fund - 12,187,344.60 - -
Other - - - 2,924,675.40
- -----------------------------------------------------------------------------------------------------------------------------------
Total Noncurrent Liabilities - 318,666,176.69 104,226,254.81 2,924,675.40
- -----------------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year - 300,000,000.00 - -
Notes Payable-commercial paper 159,174,643.13 - 16,600,000.00 -
Notes Payable-other 48,959,289.71 - - -
Accounts Payable 77,168,858.93 601,490,577.68 55,931,830.28 702,316.27
Customer Deposits - 204,872,735.81 9,247,876.68 -
Accrued Income Taxes (2,149,008.00) 125,221,665.64 130,648.94 (2,500,191.02)
Other Accrued Taxes 267,341.19 16,037,724.32 3,171,055.33 -
Interest Accrued (274,073.54) 73,311,112.27 6,967,743.06 -
Dividends Declared - 6,776,841.72 - -
Matured Long-Term Debt and Interest - 275,562.31 - -
Miscellaneous Current and Accrued Liabilities 4,084,800.90 334,233,866.76 45,294,769.26 3,458,455.34
- -----------------------------------------------------------------------------------------------------------------------------------
Total Current Liabilities 287,231,852.32 1,662,220,086.51 137,343,923.55 1,660,580.59
- -----------------------------------------------------------------------------------------------------------------------------------
Accumulated Deferred Federal Income Tax (2,582,929.00) 1,467,923,322.59 89,842,092.33 -
Deferred Tax Liability - Future Federal Income Taxes - 554,716,000.00 35,265,572.00 156,371.00
- -----------------------------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax (2,582,929.00) 2,022,639,322.59 125,107,664.33 156,371.00
Accumulated Deferred Investment Tax Credits - 111,925,000.00 6,425,361.00 -
Other Deferred Credits 1,891.51 479,552,826.12 91,074,669.88 -
- -----------------------------------------------------------------------------------------------------------------------------------
Total Future FIT & Other Deferred Credits (2,581,037.49) 2,614,117,148.71 222,607,695.21 156,371.00
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $6,917,195,487.13 $14,518,817,864.44 $1,135,339,959.90 $79,606,824.07
===================================================================================================================================
Asset vs. Liability Variation 0.00 0.00 0.00 0.00
Development Energy Solutions
ASSETS
Utility Plant
Electric $ - $ - $ -
Gas - - -
Steam - - -
General - - -
- ----------------------------------------------------------------------------------------------------------------
Total - - -
Accumulated depreciation-utility plant - - -
- ----------------------------------------------------------------------------------------------------------------
Net - - -
Construction Work in Progress - - -
Nuclear fuel assemblies less amortization - - -
- ----------------------------------------------------------------------------------------------------------------
Net Utility Plant - - -
- ----------------------------------------------------------------------------------------------------------------
Non-utility Plant
Unregulated generating assets 312,328,382.93 - -
Accumulated depreciation-Non-Utility plant (21,289,166.64) - -
- ----------------------------------------------------------------------------------------------------------------
Total 291,039,216.29 - -
Non-utility property less accumulated depreciation 252,268.30 1,005,792.74 6,308,045.57
- ----------------------------------------------------------------------------------------------------------------
Net Plant 291,291,484.59 1,005,792.74 6,308,045.57
- ----------------------------------------------------------------------------------------------------------------
Cash 5,640,916.44 (1,132,584.10) (231,348.00)
Temporary cash investments - 3,525,295.28 208,542.80
Restricted Cash - - -
Accounts receivable - customers - - 44,509,251.62
Allowance for uncollectible accounts - - (2,750,000.00)
Accounts receivable - other 39,507,861.32 71,852,742.54 47,930,119.45
Materials and supplies - fuel 1,496,979.38 - -
Materials and supplies - other 3,111,792.86 - -
Natural gas in storage - - 4,745,986.31
Prepayments - taxes - - -
Prepayments - other 852,293.23 206,455.79 1,631,723.99
Special deposits - 887,621.43 -
Other current and accrued assets - 3,869,634.17 875,521.03
- ----------------------------------------------------------------------------------------------------------------
Total Current Assets 50,609,843.23 79,209,165.11 96,919,797.20
- ----------------------------------------------------------------------------------------------------------------
Non-utility property less accumulated depreciation - - -
Nuclear decommissioning trust fund - - -
Other Investments - other 196,620,314.69 - 165,253.61
- ----------------------------------------------------------------------------------------------------------------
Total Investments 196,620,314.69 - 165,253.61
- ----------------------------------------------------------------------------------------------------------------
Unamortized debt expense - - -
Accrued pension credits - - -
Regulatory study costs - - -
Preliminary survey and investigation charges - - -
Clearing accounts - - -
Deferred charges 85,782,550.89 731,598.21 1,308,687.07
Goodwill 34,142,606.12 - -
Non-current assets - other 68,737,590.16 - -
Regulatory asset - future federal income taxes - - -
- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 727,184,389.68 $ 80,946,556.06 $104,701,783.45
================================================================================================================
LIABILITIES
Common Equity
Common Stock Issued $ 20,000.00 $ 10.00 $ 20,000.00
Other Paid-in Capital, Premium on Common Stock 285,653,331.97 15,000,000.00 115,180,000.00
Gain on Resale of Reacquired Capital Stock - - -
Accumulated other comprehensive income (3,353,944.96) - (10,705,698.38)
Capital Stock Expense - Common Stock - - -
Capital Stock Expense - Preferred Stock - - -
Treasury Stock - - -
Retained Earnings 37,899,389.75 8,708,306.56 (49,864,327.65)
- ----------------------------------------------------------------------------------------------------------------
Total Common Equity 320,218,776.76 23,708,316.56 54,629,973.97
Preferred Stock - - -
- ----------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings 320,218,776.76 23,708,316.56 54,629,973.97
- ----------------------------------------------------------------------------------------------------------------
Long-Term Debt 153,695,001.00 - -
Unamortized Premium (Discount) - - -
- ----------------------------------------------------------------------------------------------------------------
Total Long-Term Debt 153,695,001.00 - -
- ----------------------------------------------------------------------------------------------------------------
Total Capitalization 473,913,777.76 23,708,316.56 54,629,973.97
- ----------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - - -
Accumulated Provision for Injuries & Damages - - -
Provision for Rate Refunds - - -
Minority interest in consolidated subsidiaries 9,521,877.99 - -
Pension and Benefits Reserve - - 372,982.01
Uranium Decommissioning Fund - - -
Other 8,461,037.61 - -
- ----------------------------------------------------------------------------------------------------------------
Total Noncurrent Liabilities 17,982,915.60 - 372,982.01
- ----------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year 10,950,000.00 - -
Notes Payable-commercial paper - - -
Notes Payable-other 119,262,000.00 - -
Accounts Payable 7,943,844.44 30,060,717.46 22,164,624.46
Customer Deposits - - -
Accrued Income Taxes (5,941,517.76) 3,877,659.37 5,383,762.89
Other Accrued Taxes - - 3,157,753.17
Interest Accrued - - -
Dividends Declared - - -
Matured Long-Term Debt and Interest - - -
Miscellaneous Current and Accrued Liabilities 4,419,339.17 23,299,862.67 27,671,692.74
- ----------------------------------------------------------------------------------------------------------------
Total Current Liabilities 136,633,665.85 57,238,239.50 58,377,833.26
- ----------------------------------------------------------------------------------------------------------------
Accumulated Deferred Federal Income Tax 98,654,030.47 - (8,679,005.79)
Deferred Tax Liability - Future Federal Income Taxes - - -
- ----------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax 98,654,030.47 - (8,679,005.79)
Accumulated Deferred Investment Tax Credits - - -
Other Deferred Credits - - -
- ----------------------------------------------------------------------------------------------------------------
Total Future FIT & Other Deferred Credits 98,654,030.47 - (8,679,005.79)
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 727,184,389.68 $ 80,946,556.06 $104,701,783.45
================================================================================================================
Asset vs. Liability Variation 0.00 0.00 0.00
Eliminations Purchase Acctg Total
ASSETS
Utility Plant
Electric $ - $ - $ 11,145,399,464.01
Gas - - 2,405,731,096.32
Steam - - 758,599,664.75
General - - 1,354,098,940.31
- -------------------------------------------------------------------------------------------------------------------------
Total - - 15,663,829,165.39
Accumulated depreciation-utility plant - - (4,472,994,025.77)
- -------------------------------------------------------------------------------------------------------------------------
Net - - 11,190,835,139.62
Construction Work in Progress - - 654,106,775.13
Nuclear fuel assemblies less amortization - - 0.00
- -------------------------------------------------------------------------------------------------------------------------
Net Utility Plant - - 11,844,941,914.75
- -------------------------------------------------------------------------------------------------------------------------
Non-utility Plant
Unregulated generating assets - - 312,328,382.93
Accumulated depreciation-Non-Utility plant - - (21,289,166.64)
- -------------------------------------------------------------------------------------------------------------------------
Total - - 291,039,216.29
Non-utility property less accumulated depreciation - - 112,393,637.61
- -------------------------------------------------------------------------------------------------------------------------
Net Plant - - 12,248,374,768.65
- -------------------------------------------------------------------------------------------------------------------------
Cash - - 57,988,463.24
Temporary cash investments - - 213,368,083.29
Restricted Cash - - 69,823,000.00
Accounts receivable - customers (32,973.89) - 648,508,169.01
Allowance for uncollectible accounts - - (34,775,000.00)
Accounts receivable - other (135,606,043.17) - 124,342,507.82
Materials and supplies - fuel - - 18,215,688.42
Materials and supplies - other - - 90,976,071.32
Natural gas in storage - - 111,506,554.93
Prepayments - taxes - - 25,838,184.73
Prepayments - other - - 53,848,964.75
Special deposits - - 31,774,058.61
Other current and accrued assets - - 18,680,537.56
- -------------------------------------------------------------------------------------------------------------------------
Total Current Assets (135,639,017.06) - 1,430,095,283.68
- -------------------------------------------------------------------------------------------------------------------------
Non-utility property less accumulated depreciation - - -
Nuclear decommissioning trust fund - - 0.00
Other Investments - other (6,428,439,933.34) - 216,979,800.32
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (6,428,439,933.34) - 216,979,800.32
- -------------------------------------------------------------------------------------------------------------------------
Unamortized debt expense - - 153,701,414.23
Accrued pension credits - - 697,807,000.00
Regulatory study costs - - -
Preliminary survey and investigation charges - - 71,230.29
Clearing accounts - - 0.00
Deferred charges - (3,602,672.94) 1,076,906,762.94
Goodwill - - 443,546,819.12
Non-current assets - other - - 68,737,590.16
Regulatory asset - future federal income taxes - - 659,890,572.00
- -------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ (6,564,078,950.40) $ (3,602,672.94) $ 16,996,111,241.39
=========================================================================================================================
LIABILITIES
Common Equity
Common Stock Issued $ (593,765,245.00) $ - $ 23,548,809.40
Other Paid-in Capital, Premium on Common Stock (1,577,773,247.52) - 1,444,849,541.34
Gain on Resale of Reacquired Capital Stock - - 13,943,328.01
Accumulated other comprehensive income 27,556,173.93 - (29,436,173.93)
Capital Stock Expense - Common Stock 31,755,003.79 - (31,755,003.79)
Capital Stock Expense - Preferred Stock - - (3,791,935.50)
Treasury Stock - - (996,609,882.28)
Retained Earnings (4,316,212,618.54) (3,602,672.94) 5,251,017,217.12
- -------------------------------------------------------------------------------------------------------------------------
Total Common Equity (6,428,439,933.34) (3,602,672.94) 5,671,765,900.37
Preferred Stock - - 249,612,527.00
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Stock and Retained Earnings (6,428,439,933.34) (3,602,672.94) 5,921,378,427.37
- -------------------------------------------------------------------------------------------------------------------------
Long-Term Debt - - 5,527,955,001.00
Unamortized Premium (Discount) - - (26,737,558.12)
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt - - 5,501,217,442.88
- -------------------------------------------------------------------------------------------------------------------------
Total Capitalization (6,428,439,933.34) (3,602,672.94) 11,422,595,870.25
- -------------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities
Obligations Under Capital Leases - - 41,088,000.00
Accumulated Provision for Injuries & Damages - - 175,664,667.18
Provision for Rate Refunds - - 6,586,324.91
Minority interest in consolidated subsidiaries - - 9,521,877.99
Pension and Benefits Reserve - - 187,739,076.82
Uranium Decommissioning Fund - - 12,187,344.60
Other - - 11,385,713.01
- -------------------------------------------------------------------------------------------------------------------------
Total Noncurrent Liabilities - - 444,173,004.51
- -------------------------------------------------------------------------------------------------------------------------
Current Liabilities
Long-Term Debt Due Within One Year - - 310,950,000.00
Notes Payable-commercial paper - - 175,774,643.13
Notes Payable-other - - 168,221,289.71
Accounts Payable (135,617,742.69) - 659,845,026.83
Customer Deposits - - 214,120,612.49
Accrued Income Taxes - - 124,023,020.06
Other Accrued Taxes - - 22,633,874.01
Interest Accrued (40,716.87) - 79,964,064.92
Dividends Declared 19,442.50 - 6,796,284.22
Matured Long-Term Debt and Interest - - 275,562.31
Miscellaneous Current and Accrued Liabilities - - 442,462,786.84
- -------------------------------------------------------------------------------------------------------------------------
Total Current Liabilities (135,639,017.06) - 2,205,067,164.52
- -------------------------------------------------------------------------------------------------------------------------
Accumulated Deferred Federal Income Tax - - 1,645,157,510.60
Deferred Tax Liability - Future Federal Income Taxes - - 590,137,943.00
- -------------------------------------------------------------------------------------------------------------------------
Total Accumulated Deferred Federal Income Tax - - 2,235,295,453.60
Accumulated Deferred Investment Tax Credits - - 118,350,361.00
Other Deferred Credits - - 570,629,387.51
- -------------------------------------------------------------------------------------------------------------------------
Total Future FIT & Other Deferred Credits - - 2,924,275,202.11
- -------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ (6,564,078,950.40) $ (3,602,672.94) $ 16,996,111,241.39
=========================================================================================================================
Asset vs. Liability Variation 0.00 0.00 0.00
CONSOLIDATED BALANCE SHEET - ORANGE AND ROCKLAND UTILITIES
FOR THE YEAR ENDED 12/31/2001
Rockland Electric Pike County
Orange & Rockland Company Light and Power Company
------------------ ----------------- -----------------------
NET UTILITY PLANT
Utility Plant 929,944,338.43 169,258,821.31 9,064,090.80
Accumulated Depreciation (323,619,666.82) (62,944,623.98) (2,669,427.56)
CWIP 25,892,937.27 1,333,458.82 45,059.45
- ---------------------------------------------------------------------------------------------------------------------
Net Utility Plant 632,217,608.88 107,647,656.15 6,439,722.69
- ---------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash 820,823.47 792,976.84 22,717.15
Temporary Investments 19,425,107.02 611,988.64 1,685.80
Accounts Receivable - Customers 37,886,056.61 8,428,017.47 682,385.82
Allowance for Uncollectible Accounts - Customer (2,450,000.00) (125,000.00) (50,000.00
Other Accounts Receivable 5,035,495.95 995,866.85 831.27
Allowance for Uncollectible Accounts - Other (625,000.00) (235,000.00) (325.00)
Unbilled Revenues 15,515,422.45 4,698,194.44 441,580.81
Receivables from Associated Companies 21,877,993.22 4,715,281.00 145,470.00
Other M & S Stock 4,362,365.17 1,123,781.28 76,723.82
Gas in Storage 21,226,894.38 0.00 0.00
Prepaid Property Taxes 9,581,714.70 30,755.62 3,443.70
Other Prepaid Taxes 1,534,741.83 4,925,096.49 192,158.00
Other Prepayments 1,328,798.86 166,851.16 5,074.98
Special Deposits 1,000.00 6,000.00 0.00
Other Current and Accrued Assets 11,532,293.80 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
Total Current Assets 147,053,707.46 26,134,809.79 1,521,746.35
- ---------------------------------------------------------------------------------------------------------------------
Other Property and Investments 142,341,078.71 2,810.30 21,186.37
DEFERRED DEBITS
Deferred Fuel Costs 10,313,129.45 77,091,861.15 108,655.07
Unamortized Debt Expense 7,673,870.95 1,028,581.50 230,243.15
Miscellaneous Work in Progress 4,001,652.56 399,073.64 22,869.08
Preliminary Survey 59,149.89 0.00 12,080.40
Recoverable Income Tax 27,575,679.00 7,119,944.00 569,949.00
Extraordinary Property Loss - 1,427,403.03 0.00
Deferred Revenue Taxes 3,762,347.63 3,089,467.13 0.00
Deferred Pension and OPEB 26,233,840.80 13,086,735.01 278,334.40
R & D Investment (435,467.09) 99,522.50 0.00
Deferred Environmental Remediation Costs 40,473,708.55 0.00 0.00
Other_Regulatory_Assets 14,369,703.48 12,903,228.51 108,332.45
Clearing Accounts 0.00 0.00 0.00
Hedges on Energy Trading 1,002,400.00 0.00 0.00
Misc Deferred Debits 5,954,500.68 - 0.50
- ---------------------------------------------------------------------------------------------------------------------
Total Deferred Debits 140,984,515.90 116,245,816.47 1,330,464.05
- ---------------------------------------------------------------------------------------------------------------------
Total Assets 1,062,596,910.95 250,031,092.71 9,313,119.46
=====================================================================================================================
Consolidated
Total Eliminations Orange & Rockland
----- ------------ -----------------
NET UTILITY PLANT
Utility Plant 1,108,267,250.54 (227,527.71) 1,108,039,722.83
Accumulated Depreciation (389,233,718.36) 0.00 (389,233,718.36)
CWIP 27,271,455.54 0.00 27,271,455.54
- -------------------------------------------------------------------------------------------------------------------
Net Utility Plant 746,304,987.72 (227,527.71) 746,077,460.01
- -------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash 1,636,517.46 0.00 1,636,517.46
Temporary Investments 20,038,781.46 (19,890,368.39) 148,413.07
Accounts Receivable - Customers 46,996,459.90 0.00 46,996,459.90
Allowance for Uncollectible Accounts - Customer (2,625,000.00) 0.00 (2,625,000.00)
Other Accounts Receivable 6,032,194.07 (5,823.90) 6,026,370.17
Allowance for Uncollectible Accounts - Other (860,325.00) 0.00 (860,325.00)
Unbilled Revenues 20,655,197.70 0.00 20,655,197.70
Receivables from Associated Companies 26,738,744.22 (26,738,744.22) -
Other M & S Stock 5,562,870.27 0.00 5,562,870.27
Gas in Storage 21,226,894.38 0.00 21,226,894.38
Prepaid Property Taxes 9,615,914.02 0.00 9,615,914.02
Other Prepaid Taxes 6,651,996.32 0.00 6,651,996.32
Other Prepayments 1,500,725.00 0.00 1,500,725.00
Special Deposits 7,000.00 0.00 7,000.00
Other Current and Accrued Assets 11,532,293.80 0.00 11,532,293.80
- -------------------------------------------------------------------------------------------------------------------
Total Current Assets 174,710,263.60 (46,634,936.51) 128,075,327.09
- -------------------------------------------------------------------------------------------------------------------
Other Property and Investments 142,365,075.38 (139,738,699.00) 2,626,376.38
DEFERRED DEBITS
Deferred Fuel Costs 87,513,645.67 0.00 87,513,645.67
Unamortized Debt Expense 8,932,695.60 0.00 8,932,695.60
Miscellaneous Work in Progress 4,423,595.28 0.00 4,423,595.28
Preliminary Survey 71,230.29 0.00 71,230.29
Recoverable Income Tax 35,265,572.00 0.00 35,265,572.00
Extraordinary Property Loss 1,427,403.03 0.00 1,427,403.03
Deferred Revenue Taxes 6,851,814.76 0.00 6,851,814.76
Deferred Pension and OPEB 39,598,910.21 0.00 39,598,910.21
R & D Investment (335,944.59) 0.00 (335,944.59)
Deferred Environmental Remediation Costs 40,473,708.55 0.00 40,473,708.55
Other Regulatory Assets 27,381,264.44 0.00 27,381,264.44
Clearing Accounts 0.00 0.00 0.00
Hedges on Energy Trading 1,002,400.00 0.00 1,002,400.00
Misc Deferred Debits 5,954,501.18 0.00 5,954,501.18
- -------------------------------------------------------------------------------------------------------------------
Total Deferred Debits 258,560,796.42 - 258,560,796.42
- -------------------------------------------------------------------------------------------------------------------
Total Assets 1,321,941,123.12 (186,601,163.22) 1,135,339,959.90
===================================================================================================================
CONSOLIDATED BALANCE SHEET - ORANGE AND ROCKLAND UTILITIES
FOR THE YEAR ENDED 12/31/2001
Rockland Electric Pike County
Orange & Rockland Company Light and Power Company
------------------ ----------------- -----------------------
COMMON EQUITY
Common Stock 32,550.00 11,200,000.00 137,000.00
Premium on Stock 194,498,786.94 - 0.00
Retained Earnings 168,664,951.67 109,511,608.27 2,217,695.47
Other Comprehensive Income (10,904,777.03) 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------
Common Equity 352,291,511.58 120,711,608.27 2,354,695.47
- ---------------------------------------------------------------------------------------------------------------------
LONG-TERM DEBT
Long-Term Debt - 20,000,000.00 3,200,000.00
Other Long-Term Debt 314,000,000.00 - 0.00
Unamortized Premium (Discount) (1,411,610.91) (17,791.47) 0.00
- ---------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt 312,588,389.09 19,982,208.53 3,200,000.00
- ---------------------------------------------------------------------------------------------------------------------
Total Capitalization 664,879,900.67 140,693,816.80 5,554,695.47
- ---------------------------------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES
Provision for Injuries and Damages 11,987,523.09 45,000.00 0.00
Provision for Rate Refunds 6,558,324.91 0.00 28,000.00
Pension and Benefits Reserve 73,286,274.55 12,056,906.91 264,225.35
- ---------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities 91,832,122.55 12,101,906.91 292,225.35
- ---------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Accounts Payable 51,803,845.71 960,454.26 53,671.72
Accounts Payable From Associated Companies 8,440,777.68 20,373,622.18 1,043,926.95
Notes Payable 36,490,368.39 0.00 0.00
Customer Deposits 7,139,699.05 1,813,964.43 294,213.20
Accrued FIT 130,648.94 (0.00) (0.00)
Other Accrued Taxes 2,889,521.35 237,074.00 44,459.98
Interest Accrued 6,247,971.73 653,975.48 65,795.85
Accrued Environmental Cost 38,416,970.77 0.00 0.00
Other Current Liabilities 6,877,798.49 - 0.00
- ---------------------------------------------------------------------------------------------------------------------
Current Liabilities 158,437,602.11 24,039,090.35 1,502,067.70
- ---------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated Deferred Income Taxes 48,818,449.37 40,606,331.96 417,311.00
Deferred Tax Liabilities-Future Income Taxes 27,575,679.00 7,119,944.00 569,949.00
Deferred ITC 4,751,862.00 1,623,940.00 49,559.00
Pension and other Benefits 2,187,213.18 3,985,968.40 0.00
Fuel Recoveries 27,688,945.58 17,123,380.72 195,719.09
Competition Enhancement Funds 10,148,560.00 0.00 0.00
Gain on Divesture 4,464,010.06 1,683,516.69 98,607.57
Other Regulatory Liabilities 7,475,227.95 996,000.00 526,662.37
Other Deferred Credits 14,337,338.48 57,196.88 106,322.91
- ---------------------------------------------------------------------------------------------------------------------
Deferred Credits 147,447,285.62 73,196,278.65 1,964,130.94
- ---------------------------------------------------------------------------------------------------------------------
Total Capital and Liabilities 1,062,596,910.95 250,031,092.71 9,313,119.46
=====================================================================================================================
Includes Clove Includes Enserve
and ORDEVCO and SRH
Consolidated
Total Eliminations Orange & Rockland
----- ------------ -----------------
COMMON EQUITY
Common Stock 11,369,550.00 (1 1,364,550.00) 5,000.00
Premium on Stock 194,498,786.94 2.87 194,498,789.81
Retained Earnings 280,394,255.41 (128,601,779.48) 151,792,475.93
Other Comprehensive Income (10,904,777.03) 0.00 (10,904,777.03)
- ------------------------------------------------------------------------------------------------------------------
Common Equity 475,357,815.32 (139,966,326.61) 335,391,488.71
- ------------------------------------------------------------------------------------------------------------------
LONG-TERM DEBT
Long-Term Debt 23,200,000.00 0.00 23,200,000.00
Other Long-Term Debt 314,000,000.00 0.00 314,000,000.00
Unamortized Premium (Discount) (1,429,402.38) 0.00 (1,429,402.38)
- ------------------------------------------------------------------------------------------------------------------
Total Long-Term Debt 335,770,597.62 - 335,770,597.62
- ------------------------------------------------------------------------------------------------------------------
Total Capitalization 811,128,412.94 (139,966,326.61) 671,162,086.33
- ------------------------------------------------------------------------------------------------------------------
NONCURRENT LIABILITIES
Provision for Injuries and Damages 12,032,523.09 0.00 12,032,523.09
Provision for Rate Refunds 6,586,324.91 0.00 6,586,324.91
Pension and Benefits Reserve 85,607,406.81 0.00 85,607,406.81
- ------------------------------------------------------------------------------------------------------------------
Noncurrent Liabilities 104,226,254.81 - 104,226,254.81
- ------------------------------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Accounts Payable 52,817,971.69 0.00 52,817,971.69
Accounts Payable From Associated Companies 29,858,326.81 (26,744,468.22) 3,113,858.59
Notes Payable 36,490,368.39 (19,890,368.39) 16,600,000.00
Customer Deposits 9,247,876.68 0.00 9,247,876.68
Accrued FIT 130,648.94 0.00 130,648.94
Other Accrued Taxes 3,171,055.33 0.00 3,171,055.33
Interest Accrued 6,967,743.06 0.00 6,967,743.06
Accrued Environmental Cost 38,416,970.77 0.00 38,416,970.77
Other Current Liabilities 6,877,798.49 0.00 6,877,798.49
- ------------------------------------------------------------------------------------------------------------------
Current Liabilities 183,978,760.16 (46,634,836.61) 137,343,923.55
- ------------------------------------------------------------------------------------------------------------------
DEFERRED CREDITS
Accumulated Deferred Income Taxes 89,842,092.33 0.00 89,842,092.33
Deferred Tax Liabilities-Future Income Taxes 35,265,572.00 0.00 35,265,572.00
Deferred ITC 6,425,361.00 0.00 6,425,361.00
Pension and other Benefits 6,173,181.58 0.00 6,173,181.58
Fuel Recoveries 45,008,045.39 0.00 45,008,045.39
Competition Enhancement Funds 10,148,560.00 0.00 10,148,560.00
Gain on Divesture 6,246,134.32 0.00 6,246,134.32
Other Regulatory Liabilities 8,997,890.32 0.00 8,997,890.32
Other Deferred Credits 14,500,858.27 0.00 14,500,858.27
- ------------------------------------------------------------------------------------------------------------------
Deferred Credits 222,607,695.21 - 222,607,695.21
- ------------------------------------------------------------------------------------------------------------------
Total Capital and Liabilities 1,321,941,123.12 (186,601,163.22) 1,135,339,959.90
==================================================================================================================
Consolidated Edison Development, Inc.
Consolidating Balance Sheet
For The Period Ended December 31, 2001
CONSOLIDATED EDISON, INC. CONSOLIDATING INCOME STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 2001 CEI CECONY ORU COMMUNICATIONS --------------- ---------------- ----------------- --------------- Operating revenues Line011* Electric $ - 6,350,360,590.58 $ 538,374,523.82 $ - Line012* Gas - 1,268,094,644.90 197,861,839.34 - Line013* Steam - 503,735,876.34 - - Line0400 Non-utility - - 104,237.38 376,621.47 -------------------------------------------------------------------------------------------------------------------- Total - Operating Revenues - 8,122,191,111.82 736,340,600.54 376,621.47 -------------------------------------------------------------------------------------------------------------------- Operating expenses Line1200 Purchased power - 2,818,936,376.57 290,333,377.39 - Line1100 Fuel - 350,619,498.93 - - Line130? Gas purchased for resale - 665,963,974.66 128,547,756.71 - Line140? Other operations - 868,091,670.68 115,162,432.88 20,501,855.10 Line1410 Maintenance - 404,158,420.35 26,132,689.52 - Line2000 Depreciation & amortization 10,917,445.68 465,163,745.59 32,780,226.14 628,738.52 Line2200 Taxes, other than federal Income - 1,067,370,315.47 53,911,018.42 398,267.54 LIne3005 State income tax - 68,533,747.00 2,157,413.13 (2,033,822.12) Line3105 Federal income tax - 366,766,294.00 6,798,309.57 (6,720,662.25) Line3010 State income tax deferred - net - 68,899,828.00 4,624,896.00 29,521.00 Line3110 Federal Income tax deferred - net - (61,836,450.93) 13,026,490.94 126,850.00 Line3120 Investment tax credit deferred - net - (7,000,000.00) (135,698.00) - -------------------------------------------------------------------------------------------------------------------- Total - Operating Expenses 10,917,445.68 7,075,667,420.32 673,338,912.70 12,930,747.79 -------------------------------------------------------------------------------------------------------------------- OPERATING INCOME (10,917,445.68) 1,046,523,691.50 63,001,687.84 (12,554,126.32) Other Income (Deductions) Line4000 Investment income 272,874.92 4,230,289.01 1,597,695.25 53,014.75 Line4200 AFDC-equity - 1,293,810.92 (12,768.09) - Line460? Other income less income deductions 687,790,173.19 (12,035,633.40) (796,904.41) (53,150.68) Line4701 State income tax 5,472,293.00 (1,341,806.00) (28,288.71) - Line4702 State income tax - deferred 202,000.00 (139,302.00) (134,670.00) - Line4801 Federal income tax 6,884,000.00 1,502,000.00 296,685.74 - Line4802 Federal income tax - deferred 634,000.00 8,175,000.00 399,181.41 - -------------------------------------------------------------------------------------------------------------------- Total Other Income 701,255,341.11 1,684,358.53 1,320,931.19 (135.93) -------------------------------------------------------------------------------------------------------------------- Income Before Interest Charges 690,337,895.43 1,048,208,050.03 64,322,619.03 (12,554,262.25) Interest Charges Line6000 Interest on long term debt - 359,787,085.04 21,854,917.80 - Line6100 Other Interest 8,192,157.79 32,323,109.76 3,213,135.00 - Line6200 AFDC-borrowed - (6,962,800.03) (927,749.07) - -------------------------------------------------------------------------------------------------------------------- Net Interest Charges 8,192,157.79 385,147,394.77 24,140,303.73 - -------------------------------------------------------------------------------------------------------------------- Net Income 682,145,737.64 663,060,655.26 40,182,315.30 (12,554,262.25) Line7000 Preferred stock dividend requirements - (13,592,569.60) - - -------------------------------------------------------------------------------------------------------------------- NET INCOME APPLICABLE TO COMMON STOCK $ 682,145,737.64 $ 649,468,085.66 $ 40,182,315.30 $ (12,554,262.25) ==================================================================================================================== DEVELOPMENT ENERGY SOLUTIONS -------------- ----------------- -------------- Operating revenues Line011* Electric $ - $ - $ - Line012* Gas - - - Line013* Steam - - - Line0400 Non-utility 133,959,144.29 260,243,618.00 391,055,221.75 ----------------------------------------------------------------------------------------------------------- Total - Operating Revenues 133,959,144.29 260,243,618.00 391,055,221.75 ----------------------------------------------------------------------------------------------------------- Operating expenses Line1200 Purchased power - 245,247,718.88 276,163,120.66 Line1100 Fuel 43,211,030.30 - - Line130? Gas purchased for resale - - 66,182,481.43 Line140? Other operations 28,377,624.53 7,778,792.38 30,183,025.45 Line1410 Maintenance - - - Line2000 Depreciation & amortization 13,965,943.32 381,273.32 2,493,475.56 Line2200 Taxes, other than federal Income 2,377,825.17 48,286.68 15,021,238.68 LIne3005 State income tax (4,148,171.99) 708,305.87 48,610.81 Line3105 Federal income tax (27,105,640.84) 2,231,163.85 446,925.04 Line3010 State income tax deferred - net 9,833,810.39 59,144.00 (445,482.00) Line3110 Federal Income tax deferred - net 30,874,046.76 186,303.60 (1,373,089.00) Line3120 Investment tax credit deferred - net - - - ------------------------------------------------------------------------------------------------------------ Total - Operating Expenses 97,386,467.64 256,640,988.58 388,720,306.63 ------------------------------------------------------------------------------------------------------------ OPERATING INCOME 36,572,676.65 3,602,629.42 2,334,915.12 Other Income (Deductions) Line4000 Investment income 2,074,533.92 - 1,206,986.69 Line4200 AFDC-equity - - - Line460? Other income less income deductions (1,968,681.54) 886,000.82 (3,805,703.77) Line4701 State income tax - - - Line4702 State income tax - deferred - - - Line4801 Federal income tax - 951.37 - Line4802 Federal income tax - deferred - - - ------------------------------------------------------------------------------------------------------------ Total Other Income 105,852.38 886,952.19 (2,598,717.08) ------------------------------------------------------------------------------------------------------------ Income Before Interest Charges 36,678,529.03 4,489,581.61 (263,801.96) Interest Charges Line6000 Interest on long term debt 15,306,536.22 - - Line6100 Other Interest - - 1,554,660.64 Line6200 AFDC-borrowed - - - ------------------------------------------------------------------------------------------------------------ Net Interest Charges 15,306,536.22 - 1,554,660.64 ------------------------------------------------------------------------------------------------------------ Net Income 21,371,992.81 4,489,581.61 (1,818,462.60) Line7000 Preferred stock dividend requirements - - - ------------------------------------------------------------------------------------------------------------ NET INCOME APPLICABLE TO COMMON STOCK $ 21,371,992.81 $ 4,489,581.61 $ (1,818,462.60) ========================================================================================================== ELIMINATIONS PURCH ACCTG ADJ. TOTAL --------------- --------------- ----------------- Operating revenues Line011* Electric $ (871,654.92) $ - $6,887,863,459.48 Line012* Gas - - 1,465,956,484.24 Line013* Steam - - 503,735,876.34 Line0400 Non-utility (9,333,031.06) - 776,405,811.83 ------------------------------------------------------------------------------------------------------------------------ Total - Operating Revenues (10,204,685.98) - 9,633,961,631.89 ------------------------------------------------------------------------------------------------------------------------ Operating expenses Line1200 Purchased power (138,134.93) - 3,630,542,458.57 Line1100 Fuel - - 393,830,529.23 Line130? Gas purchased for resale (733,519.99) - 859,960,692.81 Line140? Other operations (8,145,910.83) - 1,061,949,490.19 Line1410 Maintenance - - 430,291,109.87 Line2000 Depreciation & amortization - (96,032.88) 526,234,815.25 Line2200 Taxes, other than federal Income - - 1,139,126,951.96 LIne3005 State income tax - - 65,266,082.70 Line3105 Federal income tax - - 342,416,389.37 Line3010 State income tax deferred - net - - 83,001,717.39 Line3110 Federal Income tax deferred - net - - (18,995,848.63) Line3120 Investment tax credit deferred - net - - (7,135,698.00) ------------------------------------------------------------------------------------------------------------------------ Total - Operating Expenses (9,017,565.75) (96,032.88) 8,506,488,690.71 ------------------------------------------------------------------------------------------------------------------------ OPERATING INCOME (1,187,120.23) 96,032.88 1,127,472,941.18 Other Income (Deductions) Line4000 Investment income - - 9,435,394.54 Line4200 AFDC-equity - - 1,281,042.83 Line460? Other income less income deductions (703,412,228.92) - (33,396,128.71) Line4701 State income tax - - 4,102,198.29 Line4702 State income tax - deferred - - (71,972.00) Line4801 Federal income tax - - 8,683,637.11 Line4802 Federal income tax - deferred - - 9,208,181.41 ------------------------------------------------------------------------------------------------------------------------ Total Other Income (703,412,228.92) - (757,646.53) ------------------------------------------------------------------------------------------------------------------------ Income Before Interest Charges (704,599,349.15) 96,032.88 1,126,715,294.65 Interest Charges Line6000 Interest on long term debt - - 396,948,539.06 Line6100 Other Interest (3,460,098.62) - 41,822,964.57 Line6200 AFDC-borrowed - - (7,890,549.10) ------------------------------------------------------------------------------------------------------------------------ Net Interest Charges (3,460,098.62) - 430,880,954.53 ------------------------------------------------------------------------------------------------------------------------ Net Income (701,139,250.53) 96,032.88 695,834,340.12 Line7000 Preferred stock dividend requirements - - (13,592,569.60) ------------------------------------------------------------------------------------------------------------------------ NET INCOME APPLICABLE TO COMMON STOCK $ (701,139,250.53) $ 96,032.88 $ 682,241,770.52 ======================================================================================================================== EARNINGS PER SHARE $ 3.22 COMMON SHARES OUTSTANDING - AVERAGE 212,146,750
CONSOLIDATED INCOME STATEMENT - ORANGE AND ROCKLAND UTILITIES
FOR THE YEAR ENDED 12/31/2001
Rockland Electric Pike County
Orange & Rockland Company Light and Power Company
----------------- ----------------- -----------------------
OPERATING REVENUES
Electric Operating Revenues 520,388,252.38 134,853,558.68 5,744,268.00
Gas Operating Revenues 197,706,533.05 0.00 1,047,675.02
Diversified Revenues 42,421.88 61,815.50 0.00
- --------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 718,137,207.31 134,915,374.18 6,791,943.02
- --------------------------------------------------------------------------------------------------------------------
OPERATING AND MAITENANCE EXPENSES
Purchased Power 327,923,786.04 77,564,712.60 4,527,727.59
Gas Purchases 128,616,223.38 0.00 789,870.06
Other Production Expenses 1,924,251.41 0.00 0.00
Other Power Supply Expenses 315,939.48 691,846.10 6,179.91
Other Gas Supply Expenses 274,739.64 0.00 0.00
Transmission Expenses 5,376,735.80 1,071,965.12 0.00
Distribution Expenses 16,328,909.36 3,364,156.95 349,566.46
Customer Accounts Expenses 20,178,627.55 3,782,171.11 269,745.51
Customer Service Expenses 8,085,296.08 3,456,503.50 61,100.26
Sales Promotion Expenses 38,849.70 11,120.56 603.20
Administrative and General Expenses 39,081,481.29 12,829,589.61 625,792.68
Maintenance 21,579,406.72 4,405,154.08 148,128.72
Miscellaneous Amortizations - 315,212.96 0.00
- --------------------------------------------------------------------------------------------------------------------
Total Operating and Maintenance Expenses 569,724,246.45 107,492,432.59 6,778,714.39
- --------------------------------------------------------------------------------------------------------------------
OTHER OPERATING EXPENSES
Depreciation 27,689,376.85 4,526,708.43 248,927.90
Taxes Other than Income 46,469,865.72 7,068,216.06 372,936.64
Current SIT 4,827,961.77 (2,566,389.00) (104,159.64)
Deferred SIT 241,268.00 4,383,628.00 0.00
Current FIT 17,010,806.57 (9,846,008.00) (366,489.00)
Deferred FIT (559,300.06) 13,523,562.00 62,229.00
Investment Tax Credit - (131,273.00) (4,425.00)
- --------------------------------------------------------------------------------------------------------------------
Other Operating Expenses 95,679,978.85 16,958,444.49 209,019.90
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 665,404,225.30 124,450,877.08 6,987,734.29
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Operating Income 52,732,982.01 10,464,497.10 (195,791.27)
- --------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Equity In Earnings of Subsidiaries 9,089,978.95 - 0.00
Investment Income 2,243,262.96 867,116.38 4,807.24
AFDC - Other (17,611.65) 4,843.56 0.00
Other Income (163,187.63) 247,378.72 (921.60)
Income Deductions (536,181.55) (113,026.90) (7,944.73)
Taxes Other Than Income - Non-Operating (120,127.96) (101,783.48) (1,109.28)
Non-Operating FIT 433,602.49 (140,790.56) 3,873.81
Non-Operating SIT (28,288.71) 0.00 0.00
Non-Operating Deferred SIT (134,670.00) 0.00 0.00
Non-Operating Deferred FIT 70,637.41 (7,586.00) 0.00
Non-Operating Investment Tax Credit 336,130.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
Other Income and Deductions 11,173,544.31 756,151.72 (1,294.56)
- --------------------------------------------------------------------------------------------------------------------
INTEREST CHARGES
Interest on Long Term Debt 19,988,198.37 1,630,843.92 235,875.51
Other Interest 4,301,681.54 377,589.43 51,355.36
Allowance for Borrowed Funds (919,980.79) (7,503.58) (264.70)
- --------------------------------------------------------------------------------------------------------------------
Interest Expense 23,369,899.12 2,000,929.77 286,966.17
- --------------------------------------------------------------------------------------------------------------------
Net Income 40,536,627.20 9,219,719.05 (484,052.00)
Common Stock Dividends (28,000,000.00) 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------
Net Changes in Retained Earnings 12,536,627.20 9,219,719.05 (484,052.00)
====================================================================================================================
Consolidated
Total Eliminations Orange and Rockland
-------------- --------------- -------------------
OPERATING REVENUES
Electric Operating Revenues 660,986,079.06 (122,611,555.24) 538,374,523.82
Gas Operating Revenues 198,754,208.07 (892,368.73) 197,861,839.34
Diversified Revenues 104,237.38 0.00 104,237.38
- --------------------------------------------------------------------------------------------------------------------
Total Operating Revenues 859,844,524.51 (123,503,923.97) 736,340,600.54
- --------------------------------------------------------------------------------------------------------------------
OPERATING AND MAITENANCE EXPENSES
Purchased Power 410,016,226.23 (119,682,848.84) 290,333,377.39
Gas Purchases 129,406,093.44 (858,336.73) 128,547,756.71
Other Production Expenses 1,924,251.41 0.00 1,924,251.41
Other Power Supply Expenses 1,013,965.49 0.00 1,013,965.49
Other Gas Supply Expenses 274,739.64 0.00 274,739.64
Transmission Expenses 6,448,700.92 (164,611.41) 6,284,089.51
Distribution Expenses 20,042,632.77 (1,384,970.99) 18,657,661.78
Customer Accounts Expenses 24,230,544.17 0.00 24,230,544.17
Customer Service Expenses 11,602,899.84 0.00 11,602,899.84
Sales Promotion Expenses 50,573.46 0.00 50,573.46
Administrative and General Expenses 52,536,863.58 (1,413,156.00) 51,123,707.58
Maintenance 26,132,689.52 0.00 26,132,689.52
Miscellaneous Amortizations 315,212.96 0.00 315,212.96
- --------------------------------------------------------------------------------------------------------------------
Total Operating and Maintenance Expenses 683,995,393.43 (123,503,923.97) 560,491,469.46
- --------------------------------------------------------------------------------------------------------------------
OTHER OPERATING EXPENSES
Depreciation 32,465,013.18 0.00 32,465,013.18
Taxes Other than Income 53,911,018.42 0.00 53,911,018.42
Current SIT 2,157,413.13 0.00 2,157,413.13
Deferred SIT 4,624,896.00 0.00 4,624,896.00
Current FIT 6,798,309.57 0.00 6,798,309.57
Deferred FIT 13,026,490.94 0.00 13,026,490.94
Investment Tax Credit (135,698.00) 0.00 (135,698.00)
- --------------------------------------------------------------------------------------------------------------------
Other Operating Expenses 112,847,443.24 - 112,847,443.24
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Total Operating Expenses 796,842,836.67 (123,503,923.97) 673,338,912.70
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Operating Income 63,001,687.84 - 63,001,687.84
- --------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND DEDUCTIONS
Equity In Earnings of Subsidiaries 9,089,978.95 (9,089,978.95) -
Investment Income 3,115,186.58 (1,517,491.33) 1,597,695.25
AFDC - Other (12,768.09) 0.00 (12,768.09)
Other Income 83,269.49 0.00 83,269.49
Income Deductions (657,153.18) 0.00 (657,153.18)
Taxes Other Than Income - Non-Operating (223,020.72) 0.00 (223,020.72)
Non-Operating FIT 296,685.74 0.00 296,685.74
Non-Operating SIT (28,288.71) 0.00 (28,288.71)
Non-Operating Deferred SIT (134,670.00) 0.00 (134,670.00)
Non-Operating Deferred FIT 63,051.41 0.00 63,051.41
Non-Operating Investment Tax Credit 336,130.00 0.00 336,130.00
- --------------------------------------------------------------------------------------------------------------------
Other Income and Deductions 11,928,401.47 (10,607,470.28) 1,320,931.19
- --------------------------------------------------------------------------------------------------------------------
INTEREST CHARGES
Interest on Long Term Debt 21,854,917.80 0.00 21,854,917.80
Other Interest 4,730,626.33 (1,517,491.33) 3,213,135.00
Allowance for Borrowed Funds (927,749.07) 0.00 (927,749.07)
- --------------------------------------------------------------------------------------------------------------------
Interest Expense 25,657,795.06 (1,517,491.33) 24,140,303.73
- --------------------------------------------------------------------------------------------------------------------
Net Income 49,272,294.25 (9,089,978.95) 40,182,315.30
Common Stock Dividends (28,000,000.00) 0.00 (28,000,000.00)
- --------------------------------------------------------------------------------------------------------------------
Net Changes in Retained Earnings 21,272,294.25 (9,089,978.95) 12,182,315.30
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