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
CH ENERGY GROUP, 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 ("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.
The following response is as of December 31, 2003:
CH Energy Group, Inc. ("Claimant") is a corporation organized and existing
under the laws of the State of New York. Claimant is a holding company which
acquires businesses and holds securities and/or interests in other corporations,
partnerships and/or businesses. Claimant's principal place of business is 284
South Avenue, Poughkeepsie, New York 12601-4879. Claimant, as of December 31,
2003, has the following subsidiaries other than any EWG:
Name and Location State of
----------------- --------
of Company Organization Nature of Business
---------- ------------ ------------------
--------------------------------------------------------------------------------------------------------------------
1. Central Hudson Gas & Electric New York Generation, transmission and distribution of
Corporation, Poughkeepsie, New York electricity and the transmission and distribution of
("Central Hudson") natural gas in New York State. Central Hudson's
"franchise territory" generally extends about 85
miles along the Hudson River and about 25 to 40
miles east and west of such River. The southern end
of that territory is about 25 miles north of New
York City and the northern end is about 10 miles
south of the City of Albany, N.Y.
--------------------------------------------------------------------------------------------------------------------
2. Phoenix Development Company, Inc., New York Real estate holding company for Central Hudson.
Poughkeepsie, New York ("Phoenix")
--------------------------------------------------------------------------------------------------------------------
3. Central Hudson Enterprises New York Markets heating oil and related products and
Corporation, Poughkeepsie, New York services. Invests in energy related businesses;
("CHEC") currently owns, directly or indirectly, the
affiliates referred to in 4 and 5 below.
--------------------------------------------------------------------------------------------------------------------
4. SCASCO, Inc., Winsted, Connecticut Connecticut Engages in the distribution of fuel oil, gasoline,
("Scasco") diesel, kerosene, and propane and the installation
and maintenance of electrical services and heating,
ventilation, and cooling ("HVAC") equipment in the
States of Connecticut, Massachusetts and New York.
--------------------------------------------------------------------------------------------------------------------
5. Griffith Energy Services, Inc., New York Engages in the distribution of fuel oil, gasoline,
Poughkeepsie, New York ("Griffith diesel, kerosene, and propane and the installation
Energy") and maintenance of HVAC equipment in the states of
Virginia, West Virginia, Maryland, Delaware, and
Pennsylvania and in Washington, D.C.
--------------------------------------------------------------------------------------------------------------------
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
(2)
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.
The following response is as of December 31, 2003:
Generating Station, Location Fuel Net Capability (MW)
----------------------------- ---- Summer (2003) Winter (2002-3)
and Percent Ownership ------------- ---------------
---------------------
-----------------------------------------------------------------------------------------------------------------------
Neversink Hydro Station, Neversink, NY -- Neversink Water 20.5 20.0
Reservoir Aqueduct Tunnel (100%)
-----------------------------------------------------------------------------------------------------------------------
Dashville Hydro Station, Rifton, NY -- Wallkill River Water 5.25 5.5
(100%)
-----------------------------------------------------------------------------------------------------------------------
Sturgeon Pool Hydro Station, Rifton, NY -- Wallkill Water 15.75 15.5
River (100%)
-----------------------------------------------------------------------------------------------------------------------
Groveville Mills Hydro Station, Beacon, NY - Fishkill Water 0.8 0.8
Creek (100%)
-----------------------------------------------------------------------------------------------------------------------
High Falls Hydro Station, High Falls, NY -- Rondout Water 3.25 3
Creek (100%)
-----------------------------------------------------------------------------------------------------------------------
Coxsackie Gas Turbine, Coxsackie, New York (100%) kerosene or 19.6 24.4
natural gas
-----------------------------------------------------------------------------------------------------------------------
South Cairo Gas Turbine, Cairo, New York (100%) kerosene 15.6 22.4
-----------------------------------------------------------------------------------------------------------------------
TOTAL 80.75 91.6
-----------------------------------------------------------------------------------------------------------------------
As of December 31, 2003, Central Hudson's electric transmission and
distribution systems were comprised of 86 substations with a rated transformer
capacity of approximately 4.5 million kVA, approximately 618 pole miles of
overhead transmission lines, approximately 4.2 trench miles of underground
transmission lines, approximately 7,694 circuit miles of overhead distribution
lines and approximately 1,338 cable miles of underground distribution cables.
Only a part of such transmission and distribution lines is located on property
owned by Central Hudson. Central Hudson delivers electricity to approximately
286,000 customers. The electric system of Central Hudson is directly
interconnected with other electric utility systems in New York, Connecticut, and
New Jersey, and indirectly interconnected with most of the electric utility
systems in the United States. Transmission Circuit Miles include: 345, 115 and
69 kV. Distribution Circuit Miles include: 34.5, 14.4, 13.2, 4.8 and 4.16 kV.
The transformer kVA
(3)
value is the summation of transformers' top nameplate ratings; the summation of
Summer Normal ratings would be higher. Generator step-up transformers are
included; spare transformers and generation station auxiliary transformers are
excluded.
Natural gas is delivered by transmission pipeline to Central Hudson at
four locations: the Cedar Hill (NY) Gate Station interconnection with Tennessee
Gas Pipeline Company ("Tennessee"), the Pleasant Valley (NY) Gate Station
interconnection with Iroquois Gas Transmission System, L.P., the Mahopac (NY)
Gate Station interconnection with Duke Energy Gas Transmission Company and the
Tuxedo (NY) Gate Station interconnection with Columbia Gas Transmission Company
("Columbia"). Central Hudson is also interconnected with New York State Electric
& Gas Corporation ("NYSEG") at two locations: natural gas is normally received
from NYSEG at Hamptonburg (NY) and delivered to NYSEG at Walden (NY). Natural
gas is distributed to approximately 68,000 industrial, commercial and
residential customers through a network of 161 miles of transmission pipeline
and 1,051 miles of distribution mains. Central Hudson owns and operates
propane-air injection peaking facilities at Poughkeepsie and Newburgh, NY which
are each nominally rated at 8,000 dekatherms per day of injection capability
into the distribution system. In addition, Central Hudson has entered into
long-term contracts with National Fuel Gas Corporation, Columbia, Tennessee,
Texas Eastern and Dominion Transmission Corporations for a maximum total of 3.3
BCF of storage, located in various fields in the eastern United States.
3. THE FOLLOWING INFORMATION FOR THE LAST CALENDAR YEAR WITH RESPECT TO
CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES:
The following responses are as of December 31, 2003:
Claimant and its subsidiaries, other than Central Hudson, are not "public
utility companies" for the purposes of the Act.
(a) NUMBER OF KWH. OF ELECTRIC ENERGY SOLD (AT RETAIL OR WHOLESALE), AND
MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL.
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson Retail: 4,465,923,762 10,733,639
Wholesale: 260,747,755 152,803
(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.
(4)
Electric (Kwhrs.) Gas (Mcf.)
----------------- ----------
Claimant None None
Central Hudson 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 (Mcf.)
----------------- ----------
Claimant None None
Central Hudson None None
(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 (Mcf.)
----------------- ----------
Claimant None None
Central Hudson None 11,081,776
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:
None.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR
FOREIGN UTILITY COMPANY; AND DESCRIPTION OF THE INTEREST HELD.
None.
(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
(5)
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, 2003, Claimant had following capital invested in the EWG:
Debt: $ -0-
Equity: $ -0-
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
None.
(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).
None.
(6)
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, as of December 31, 2003, 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.
The Organizational Chart, as of December 31, 2003, is attached hereto as
Exhibit B.
(7)
The above-named claimant has caused this statement to be duly executed on
its behalf by its authorized officer on the 24th day of February 2004.
CH ENERGY GROUP, INC.
By: /s/ Steven V. Lant
------------------------------------------
Steven V. Lant
President and Chief Executive Officer
Corporate Seal
Attest:
/s/ Lincoln E. Bleveans
-----------------------------------
Lincoln E. Bleveans
Secretary and Assistant Treasurer
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
President and Chief Executive Officer
CH Energy Group, Inc.
284 South Avenue
Poughkeepsie, New York 12601-4879
(8)
EXHIBIT A
Consolidating Financial Statements of CH Energy Group, Inc.
as of December 31, 2003
Note: The Consolidating Financial Statements must show the consolidation with
all of the subsidiaries' financial statements as of 12/31/2003.
(i)
Exhibit A
CH ENERGY GROUP, INC.
Consolidated Income Statement
Twelve Months Ending December 31, 2003
Holding Company Consolidated Consolidated
CH Energy Central CH Enterprises Reclassifications/ Consolidated
Group, Inc Hudson Corporation Eliminations CH Energy Group
---------- ------ ----------- ------------ ---------------
Operating Revenues
Electric 0 451,534,736 451,534,736
Natural Gas 0 122,652,470 122,652,470
Other 0 228,036,170 (2,052,950) 225,983,220
-----------------------------------------------------------------------------------------
Total - own territory 0 574,187,206 228,036,170 0 800,170,426
Revenues from Electric sales to
other utilities 0 5,860,333 5,860,333
Revenues from Nat. Gas sales to
other utilities 0 653,588 653,588
-----------------------------------------------------------------------------------------
0 580,701,127 228,036,170 0 806,684,347
-----------------------------------------------------------------------------------------
Operating Expenses
Operation:
Fuel Used in electric generation 0 841,039 0 841,039
Purchased electricity 0 267,916,310 0 267,916,310
Purchased petroleum 0 146,044,628 (2,052,950) 143,991,678
Purchased natural gas 0 76,451,785 12,314,937 88,766,722
Other expenses of operation 0 82,081,644 56,195,360 138,277,006
Maintenance 0 25,023,283 0 25,023,283
Depreciation and amortization 0 27,274,846 6,336,308 33,611,154
Taxes, other than income tax 0 31,725,449 230,606 31,956,055
Federal/State income tax 0 (5,945,000) 1,800,879 (4,144,121)
Deferred income tax 0 31,423,000 0 31,423,000
-----------------------------------------------------------------------------------------
0 536,792,356 222,922,718 (2,052,950) 757,662,126
-----------------------------------------------------------------------------------------
Operating Income 0 43,908,771 5,113,452 2,052,950 49,022,221
-----------------------------------------------------------------------------------------
Other Income and Deductions
Equity Earnings-Subscos. 40,716,552 (236) 0 (40,716,552) (236)
Allow. for equity funds used
during constr. 0 436,127 0 436,127
Federal/State income tax (1,261,335) 1,243,000 (391,500) (409,835)
Deferred income tax - credit 0 (2,746,400) 0 (2,746,400)
Other income 4,887,980 0 0 (2,462,057) 2,425,923
Other - net (358,697) 17,998,530 969,007 (1) 18,608,839
-----------------------------------------------------------------------------------------
43,984,500 16,931,021 577,507 (43,178,610) 18,314,418
-----------------------------------------------------------------------------------------
Income Before Interest Charges 43,984,500 60,839,792 5,690,959 (41,125,660) 67,336,639
-----------------------------------------------------------------------------------------
Interest and Other Charges
Interest on mortgage bonds 0 570,083 570,083
Interest on other long-term debt 0 10,698,755 10,698,755
Interest on short-term debt 0 100,988 100,988
Other interest 0 9,726,511 2,462,208 (2,462,057) 9,726,662
Allowance for borrowed funds used
during construction 0 (290,752) (290,752)
Amortization of premium & exp on debt 0 1,158,953 1,158,953
Dividends on Preferred Stock 1,387,450 1,387,450
-----------------------------------------------------------------------------------------
0 23,351,988 2,462,208 (2,462,057) 23,352,139
-----------------------------------------------------------------------------------------
Net Income (Loss) fr. continuing
operations 43,984,500 37,487,804 3,228,751 (38,663,603) 43,984,500
Net Loss fr. discontinued
operations 0 0
Gain on disposal of discontinued
operations 0 0
Net Income (Loss) 43,984,500 37,487,804 3,228,751 (38,663,603) 43,984,500
-----------------------------------------------------------------------------------------
Income Avail for Common Stock 43,984,500 37,487,804 3,228,751 (38,663,603) 43,984,500
Dividends Declared on Common Stock 34,093,116 34,093,116
-----------------------------------------------------------------------------------------
Balance Retained in the Business 9,891,384 9,891,384
=========================================================================================
Exhibit A
C H Energy Group, Inc.
Consolidated Balance Sheet
December 31, 2003
Holding
Company Consolidated
C H Energy Central C H Enterprises Subsidiaries
ASSETS Group, Inc. Hudson Corporation Subtotal
------ ------------ -------------- --------------- --------------
Utility Plant
Electric $ 656,192,406 $ 656,192,406
Gas 199,221,122 199,221,122
Common 104,531,688 104,531,688
------------ -------------- ------------ --------------
0 959,945,216 0 959,945,216
Less: Accumulated Depreciation 309,207,946 309,207,946
------------ -------------- ------------ --------------
0 650,737,270 0 650,737,270
Construction Work in Progress 56,764,490 56,764,490
------------ -------------- ------------ --------------
Net Utility Plant 0 707,501,760 0 707,501,760
------------ -------------- ------------ --------------
Other Property and Plant 71,283 964,704 20,553,056 21,517,760
------------ -------------- ------------ --------------
Intangible Assets 0 0 81,980,247 81,980,247
Current Assets:
Cash 11,847,991 2,328,127 4,145,345 6,473,472
Cash Equivalents 97,121,198 10,392,024 10,392,024
Temporary Cash Investments 0
Other 4,968,237 4,968,237
Accounts Receivable from Customers 2,536 37,486,746 23,733,992 61,220,738
Accounts Receivable - Affiliates 210,156 402,610 402,610
Accrued Unbilled Utility Revenues 7,617,959 7,617,959
Other Receivables 0 9,163,144 3,052,512 12,215,656
Materials & Supplies:
Fuel 10,306,513 10,306,513
Construction & Operation 5,851,939 3,688,942 9,540,881
Fair Value of Derivatives - Current 722,158 146,831 868,989
Prepayments 171,500 9,245,516 2,491,981 11,737,497
------------ -------------- ------------ --------------
Total Current Assets 109,353,381 98,484,973 37,259,603 135,744,576
------------ -------------- ------------ --------------
Other Investments 0 3,693,041 3,693,041
Partnership Interest 4,409,035 4,409,035
Investment in CHG&E 268,094,877 0 0
Investments in C H Services 118,347,960 0 0
------------ -------------- ------------ --------------
Total Other Investments 386,442,837 3,693,041 4,409,035 8,102,076
Deferred Charges and Other Assets
Regulatory Assets - Related to Pension Plan 124,209,664 124,209,664
Intangible Assets Related to Pension Plan 24,447,185 24,447,185
Regulatory Assets 67,474,359 67,474,359
Fair Value of Derivatives 0 0
Deferred Debits 3,911,247 3,911,247
Prelim Survey & Investigation (A/C 183) 0 0
Clearing Accounts (A/C 184) 495,910 495,910
Unamortized Deferred Expense (A/C 181) 3,901,095 3,901,095
Other Assets 0 5,957,249 5,957,249
------------ -------------- ------------ --------------
0 224,439,460 5,957,249 230,396,709
------------ -------------- ------------ --------------
Accumulated Deferred Income Tax (Net) 0 2,138,027 2,138,027
------------ -------------- ------------ --------------
Partnerships 0
Long Term Receivable from Affiliate 0
------------ -------------- ------------ --------------
Total Assets $495,867,501 $1,035,083,938 $152,297,217 $1,187,381,155
============ ============== ============ ==============
Consolidated
C H Energy
ASSETS Eliminations Reclassifications Group, Inc.
------ ------------- ----------------- ----------------
Utility Plant
Electric $ 656,192,406
Gas 199,221,122
Common 104,531,688
------------- ---------- --------------
0 0 959,945,216
Less: Accumulated Depreciation 309,207,946
------------- ---------- --------------
0 0 650,737,270
Construction Work in Progress 56,764,490
------------- ---------- --------------
Net Utility Plant 0 0 707,501,760
------------- ---------- --------------
Other Property and Plant 21,589,043
------------- ---------- --------------
Intangible Assets 81,980,247
Current Assets:
Cash 18,321,463
Cash Equivalents 107,513,222
Temporary Cash Investments 0
Other (4,968,237) 0
Accounts Receivable from Customers 61,223,274
Accounts Receivable - Affiliates (612,766) 0
Accrued Unbilled Utility Revenues 7,617,959
Other Receivables 12,215,656
Materials & Supplies:
Fuel 10,306,513
Construction & Operation 9,540,881
Fair Value of Derivatives - Current 868,989
Prepayments 0 11,405,893 23,314,890
------------- ---------- --------------
(612,766) 6,437,656 250,922,847
Total Current Assets ------------- ---------- --------------
Other Investments (3,693,041) 0
Partnership Interest (4,409,035) 0
Investment in CHG&E (427,159,389)
Investments in C H Services 40,716,552 0 0
------------- ---------- --------------
Total Other Investments (386,442,837) (8,102,076) 0
Deferred Charges and Other Assets
Regulatory Assets - Related to Pension Plan 124,209,664
Intangible Assets Related to Pension Plan 24,447,185
Regulatory Assets 67,474,359
Fair Value of Derivatives 0
Deferred Debits (3,911,247) 0
Prelim Survey & Investigation (A/C 183) 0
Clearing Accounts (A/C 184) (495,910) 0
Unamortized Deferred Expense (A/C 181) 3,901,095
Other Assets 12,509,233 18,466,482
------------- ---------- --------------
0 8,102,076 238,498,785
------------- ---------- --------------
Accumulated Deferred Income Tax (Net) (2,138,027) 0 0
------------- ---------- --------------
Partnerships 0
Long Term Receivable from Affiliate 0 0 0
------------- ---------- --------------
Total Assets ($389,193,630) $6,437,656 $1,300,492,682
============= ========== ==============
C H Energy Group, Inc.
Consolidated Balance Sheet
December 31, 2003
Holding
Company Consolidated
C H Energy Central C H Enterprises Subsidiaries
CAPITALIZATION and LIABILITIES Group, Inc. Hudson Corporation Subtotal
------------------------------ ------------ -------------- ---------------- --------------
Capitalization
Common Stock $ 1,686,209 $ 84,310,435 $ 7,230,000 $ 91,540,435
Paid in Capital 351,201,544 174,979,688 42,906,009 217,885,697
Retained Earnings - Brought Forward 179,394,625 13,465,629 11,211,948 24,677,577
Other Comprehensive Income 0 (307,029) (307,029)
Treasury Stock (46,252,121) 0
Capital Stock Expense - Preferred (4,960,934) (4,960,934)
------------ -------------- ------------ --------------
Total Shareholder's Equity 486,030,257 267,794,818 61,040,928 328,835,746
------------ -------------- ------------ --------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000 21,030,000
Subject to Mandatory Redemption 0 0
------------ -------------- ------------ --------------
0 21,030,000 0 21,030,000
------------ -------------- ------------ --------------
Long Term Debt 278,950,000 0 278,950,000
Unamortized Premium & Discount on Debt (70,357) (70,357)
Long Term Debt to Affiliate 57,000,000 57,000,000
------------ -------------- ------------ --------------
0 278,879,643 57,000,000 335,879,643
------------ -------------- ------------ --------------
486,030,257 567,704,461 118,040,928 685,745,389
------------ -------------- ------------ --------------
Current Liabilities
Current Maturities of Long-term Debt 15,000,000 15,000,000
Notes Payable 16,000,000 16,000,000
Accounts Payable 31,625 33,069,061 7,501,704 40,570,765
Accounts Payable - CH Energy Group, Inc. 14,909 195,246 210,155
Accounts Payable - FIT - CHG&E 6,866,054 (6,866,054) (6,866,054)
Accounts Payable - FIT - CH Enterprises (619,452) 619,452 619,452
Accounts Payable - NYS - CHG&E 1,423,483 (1,423,483) (1,423,483)
Accounts Payable - NYS - CH Enterprises (50,401) 50,401 50,401
Accounts Payable to Affiliates / Parent 112,120 290,490 290,490
Accrued FIT - CHG&E (8,372,668) 0
Accrued FIT - CH Enterprises 3,674,893 0
Accrued NYS - CHG&E (1,555,576) 0
Accrued NYS - CH Enterprises 1,171,126 0
Accrued Taxes - FIT (2,343,312) 0
Accrued Taxes - NYS 899,574 0
Accrued Taxes - Other 88,298 0
Accrued Interest 4,273,971 4,273,971
Accrued Vacation 3,904,100 3,904,100
Customer Deposits 5,689,653 5,689,653
Dividends Payable - Preferred 242,488 242,488
Dividends Payable - Common 8,511,480 0
Other 8,006,687 17,788,813 25,795,500
------------ -------------- ------------ --------------
Total Current Liabilities 9,837,244 77,911,332 26,446,106 104,357,438
------------ -------------- ------------ --------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 151,494 151,494
Other Deferred Credits (A/C 253) 62,095,180 62,095,180
Regulatory Liabilities (A/C 254) 228,058,069 228,058,069
Miscellaneous Reserves 5,042,980 5,042,980
Other 3,744,372 3,744,372
------------ -------------- ------------ --------------
0 295,347,723 3,744,372 299,092,095
------------ -------------- ------------ --------------
Accumulated Deferred Income Tax (Net) 0 94,120,422 4,065,811 98,186,233
------------ -------------- ------------ --------------
Total Liabilities $495,867,501 $1,035,083,938 $152,297,217 $1,187,381,155
============ ============== ============ ==============
Consolidated
C H Energy
CAPITALIZATION and LIABILITIES Eliminations Reclassifications Group, Inc.
------------------------------ ------------ ----------------- --------------
Capitalization
Common Stock $ 91,540,435 $ 1,686,209
Paid in Capital 217,857,677 351,229,564
Retained Earnings - Brought Forward 24,677,577 179,394,625
Other Comprehensive Income (307,029)
Treasury Stock (46,252,121)
Capital Stock Expense - Preferred (4,632,842) (328,092)
------------ ---------- --------------
Total Shareholder's Equity 329,442,847 0 485,423,156
------------ ---------- --------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000
Subject to Mandatory Redemption 0
------------ ---------- --------------
0 0 21,030,000
------------ ---------- --------------
Long Term Debt 278,950,000
Unamortized Premium & Discount on Debt (70,357)
Long Term Debt to Affiliate 57,000,000 0
------------ ---------- --------------
57,000,000 0 278,879,643
------------ ---------- --------------
386,442,847 0 785,332,799
------------ ---------- --------------
Current Liabilities
Current Maturities of Long-term Debt 15,000,000
Notes Payable 16,000,000
Accounts Payable 40,602,390
Accounts Payable - CH Energy Group, Inc. 210,155 0
Accounts Payable - FIT - CHG&E 0 0
Accounts Payable - FIT - CH Enterprises 0 0
Accounts Payable - NYS - CHG&E 0 0
Accounts Payable - NYS - CH Enterprises 0 0
Accounts Payable to Affiliates / Parent 402,610 0
Accrued FIT - CHG&E 8,372,668 0
Accrued FIT - CH Enterprises (3,674,893) 0
Accrued NYS - CHG&E 1,555,576 0
Accrued NYS - CH Enterprises (1,171,126) 0
Accrued Taxes - FIT 2,343,312 0
Accrued Taxes - NYS (899,574) 0
Accrued Taxes - Other (9) (88,307) 0
Accrued Interest 4,273,971
Accrued Vacation 3,904,100
Customer Deposits 5,689,653
Dividends Payable - Preferred 242,488
Dividends Payable - Common 8,511,480
Other 25,795,500
------------ ---------- --------------
Total Current Liabilities 612,756 6,437,656 120,019,582
------------ ---------- --------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 151,494
Other Deferred Credits (A/C 253) 62,095,180
Regulatory Liabilities (A/C 254) 228,058,069
Miscellaneous Reserves 5,042,980
Other 3,744,372
------------ ---------- --------------
0 0 299,092,095
------------ ---------- --------------
Accumulated Deferred Income Tax (Net) 2,138,027 0 96,048,206
------------ ---------- --------------
Total Liabilities $389,193,630 $6,437,656 $1,300,492,682
============ ========== ==============
Exhibit A
Central Hudson Enterprises Corporation
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Income Statement
12 Months Ending December 31, 2003
Unconsolidated
-----------------------------------------------------------------------
CHEC SCASCO Griffith Total
-----------------------------------------------------------------------
Revenues $ 1,175,454 $ 42,833,459 $ 184,027,257 $ 228,036,170
-----------------------------------------------------------------------
Total Revenues 1,175,454 42,833,459 184,027,257 228,036,170
Costs of Goods Sold 742,007 31,137,542 133,262,304 165,141,853
-----------------------------------------------------------------------
Gross Profit 433,447 11,695,917 50,764,953 62,894,317
Other Income (Expense):
Equity in Parts. Income and Subs 3,694,337 -- -- 3,694,337
Interest Income 15,111 16,054 31,165
Interest Expense (119,475) (401,983) (1,800,277) (2,321,735)
Other Taxes -- -- -- --
Loss on the sale of assets (20,195) (106,387) 11,490 (115,092)
Management Fees 169,017 -- -- 169,017
Other Income 1,444 236,297 181,022 418,763
-----------------------------------------------------------------------
Total Other Income 3,740,239 (272,073) (1,591,711) 1,876,455
Expenses:
Operating Expenses -- 7,422,233 29,820,572 37,242,805
Employee Costs 275,533 505,213 2,637,889 3,418,635
Professional Fees 215,567 338,941 919,053 1,473,561
Marketing and Selling -- 414,186 2,690,157 3,104,343
Management Fees 103,294 434,777 1,816,667 2,354,738
Office Rent, Utilities, Supplies 28,283 -- -- 28,283
Insurance and Employee Benefits 180,922 127,318 863,857 1,172,097
Depreciation and Amortization Exp 39,283 1,532,320 4,764,705 6,336,308
General and Administrative -- 105,851 1,487,011 1,592,862
Payroll Taxes 12,381 -- -- 12,381
Allowance for Doubtful Accounts (219,568) -- -- (219,568)
Travel Expenses 3,636 -- -- 3,636
-----------------------------------------------------------------------
Total Other Expenses 639,331 10,880,839 44,999,911 56,520,081
Income before Prov. for Income Taxes 3,534,355 543,005 4,173,331 8,250,691
Income Taxes 305,604 217,560 1,669,215 2,192,379
-----------------------------------------------------------------------
Net Income 3,228,751 325,445 2,504,116 6,058,312
Retained Earnings at Beginning 7,983,197 193,656 2,712,496 10,889,349
-----------------------------------------------------------------------
Retained Earnings at End $ 11,211,948 $ 519,101 $ 5,216,612 $ 16,947,661
========================================================================
Eliminations/Reclassifications
-----------------------------------------------------------------------
CHEC SCASCO Griffith Total
-----------------------------------------------------------------------
Revenues $ -- $ -- $ -- $ --
-----------------------------------------------------------------------
Total Revenues -- -- -- --
Costs of Goods Sold (140,473) (140,473)
-----------------------------------------------------------------------
Gross Profit 140,473 -- -- 140,473
Other Income (Expense):
Equity in Parts. Income and Subs (2,829,561) (2,829,561)
Interest Income --
Interest Expense (140,473) (140,473)
Other Taxes (66,066) (164,540) (230,606)
Loss on the sale of assets --
Management Fees (169,017) (169,017)
Other Income --
-----------------------------------------------------------------------
Total Other Income (3,139,051) (66,066) (164,540) (3,369,657)
Expenses:
Operating Expenses (222,502) (117,593) (340,095)
Employee Costs --
Professional Fees --
Marketing and Selling --
Management Fees --
Office Rent, Utilities, Supplies --
Insurance and Employee Benefits --
Depreciation and Amortization Exp --
General and Administrative (12,581) (46,947) (59,528)
Payroll Taxes --
Allowance for Doubtful Accounts --
Travel Expenses --
-----------------------------------------------------------------------
Total Other Expenses -- (235,083) (164,540) (399,623)
Income before Prov. for Income Taxes (2,998,578) 169,017 -- (2,829,561)
Income Taxes --
-----------------------------------------------------------------------
Net Income (2,998,578) 169,017 -- (2,829,561)
Retained Earnings at Beginning (193,656) (2,712,496) (2,906,152)
-----------------------------------------------------------------------
Retained Earnings at End $ (2,998,578) $ (24,639) $ (2,712,496) $ (5,735,713)
=======================================================================
Consolidated
-----------------------------------------------------------------------
CHEC SCASCO Griffith Total
-----------------------------------------------------------------------
Revenues $ 1,175,454 $ 42,833,459 $ 184,027,257 $ 228,036,170
-----------------------------------------------------------------------
Total Revenues 1,175,454 42,833,459 184,027,257 228,036,170
Costs of Goods Sold 601,534 31,137,542 133,262,304 165,001,380
-----------------------------------------------------------------------
Gross Profit 573,920 11,695,917 50,764,953 63,034,790
Other Income (Expense):
Equity in Parts. Income and Subs 864,776 -- -- 864,776
Interest Income 15,111 -- 16,054 31,165
Interest Expense (259,948) (401,983) (1,800,277) (2,462,208)
Other Taxes -- (66,066) (164,540) (230,606)
Loss on the sale of assets (20,195) (106,387) 11,490 (115,092)
Management Fees -- -- -- --
Other Income 1,444 236,297 181,022 418,763
-----------------------------------------------------------------------
Total Other Income 601,188 (338,139) (1,756,251) (1,493,202)
Expenses:
Operating Expenses -- 7,199,731 29,702,979 36,902,710
Employee Costs 275,533 505,213 2,637,889 3,418,635
Professional Fees 215,567 338,941 919,053 1,473,561
Marketing and Selling -- 414,186 2,690,157 3,104,343
Management Fees 103,294 434,777 1,816,667 2,354,738
Office Rent, Utilities, Supplies 28,283 -- -- 28,283
Insurance and Employee Benefits 180,922 127,318 863,857 1,172,097
Depreciation and Amortization Exp 39,283 1,532,320 4,764,705 6,336,308
General and Administrative -- 93,270 1,440,064 1,533,334
Payroll Taxes 12,381 -- -- 12,381
Allowance for Doubtful Accounts (219,568) -- -- (219,568)
Travel Expenses 3,636 -- -- 3,636
-----------------------------------------------------------------------
Total Other Expenses 639,331 10,645,756 44,835,371 56,120,458
Income before Prov. for Income Taxes 535,777 712,022 4,173,331 5,421,130
Income Taxes 305,604 217,560 1,669,215 2,192,379
-----------------------------------------------------------------------
Net Income 230,173 494,462 2,504,116 3,228,751
Retained Earnings at Beginning 7,983,197 -- -- 7,983,197
-----------------------------------------------------------------------
Retained Earnings at End $ 8,213,370 $ 494,462 $ 2,504,116 $ 11,211,948
=======================================================================
Exhibit A
Central Hudson Enterprises Corporation
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Balance Sheet
December 31, 2003
Unconsolidated Balance Sheets - December 31, 2003
----------------------------------------------------------------------
CHEC SCASCO Griffith Total
----------------------------------------------------------------------
Assets
Current Assets:
Cash $ 670,004 $ 1,414,860 $ 1,335,078 $ 3,419,942
Accounts receivable, less
allowance for doubtful accounts 49,776 4,605,380 19,078,836 23,733,992
Due from affiliates -- -- --
Notes receivable -- -- 2,044,092 2,044,092
Installment receivables, net 1,008,420 -- -- 1,008,420
Inventory -- 968,039 2,720,903 3,688,942
Prepaid 10,577 939,786 1,688,449 2,638,812
Derivatives -- -- -- --
----------------------------------------------------------------------
Total current assets 1,738,777 7,928,065 26,867,358 36,534,200
Installment receivable 3,834,461 -- -- 3,834,461
Notes receivable 51,000,000 916,083 348,200 52,264,283
Deferred projects 858,505 -- -- 858,505
Investments in partnerships 4,409,035 -- -- 4,409,035
Deferred income taxes 1,531,172 7,623 599,232 2,138,027
Due from parent-FIT -- 116,042 -- 116,042
Due from parent-NYSIT -- -- -- --
Fixed assets, net -- 5,850,196 14,702,860 20,553,056
Intangibles, net -- 9,418,964 72,561,283 81,980,247
Investments in subsidiaries 58,659,045 -- -- 58,659,045
----------------------------------------------------------------------
Total non current assets 120,292,218 16,308,908 88,211,575 224,812,701
----------------------------------------------------------------------
Total assets $ 122,030,995 $ 24,236,973 $115,078,933 $ 261,346,901
======================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ 15,062 $ 1,170,872 $ 5,588,991 $ 6,774,925
Accrued expenses 3,407,722 1,409,185 4,817,917 9,634,824
Deferred revenue -- 1,537,576 6,660,168 8,197,744
Due to affiliates -- -- -- --
Due to parent-FIT 491,966 84,038 159,490 735,494
Due to parent-NYSIT 50,401 -- -- 50,401
Due to parent 20,580 29,167 145,500 195,247
Due to CHG&E 92,434 50,333 147,723 290,490
Deferred income taxes -- 35,422 4,030,389 4,065,811
----------------------------------------------------------------------
Total current liabilities 4,078,165 4,316,593 21,550,178 29,944,936
----------------------------------------------------------------------
Notes Payable - Banks -- -- -- --
Other liabilities -- -- 3,744,372 3,744,372
Notes Payable - Affiliated Companies 57,000,000 7,500,000 43,500,000 108,000,000
----------------------------------------------------------------------
Total liabilities 61,078,165 11,816,593 68,794,550 141,689,308
----------------------------------------------------------------------
Shareholder's equity:
Capital stock 7,230,000 1,165 10 7,231,175
Additional paid-in capital 42,906,009 17,148,835 40,500,000 100,554,844
Retained earnings 11,211,948 626,037 5,784,373 17,622,358
Treasury stock -- (5,400,000) -- (5,400,000)
----------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 61,347,957 12,376,037 46,284,383 120,008,377
Other comprehensive income (395,127) 44,343 -- (350,784)
----------------------------------------------------------------------
Total shareholder's equity 60,952,830 12,420,380 46,284,383 119,657,593
----------------------------------------------------------------------
Total liabilities and
shareholder's equity $ 122,030,995 $ 24,236,973 $115,078,933 $ 261,346,901
======================================================================
Eliminations/Reclassifications
----------------------------------------------------------------------
CHEC SCASCO Griffith Total
----------------------------------------------------------------------
Assets
Current Assets:
Cash $ 725,403 $ 725,403
Accounts receivable, less
allowance for doubtful accounts --
Due from affiliates -- -- -- --
Notes receivable --
Installment receivables, net --
Inventory --
Prepaid $ -- $ (85,662) $ (61,169) (146,831)
Derivatives 85,662 61,169 146,831
----------------------------------------------------------------------
Total current assets -- -- 725,403 725,403
Installment receivable --
Notes receivable (51,000,000) (51,000,000)
Deferred projects --
Investments in partnerships --
Deferred income taxes --
Due from parent-FIT (116,042) (116,042)
Due from parent-NYSIT --
Fixed assets, net --
Intangibles, net --
Investments in subsidiaries (58,659,045) (58,659,045)
----------------------------------------------------------------------
Total non current assets (109,659,045) (116,042) -- (109,775,087)
----------------------------------------------------------------------
Total assets $(109,659,045) $ (116,042) $ 725,403 $(109,049,684)
======================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ -- $ 1,376 $ 725,403 $ 726,779
Accrued expenses (7,054) (36,701) (43,755)
Deferred revenue --
Due to affiliates -- -- -- --
Due to parent-FIT (116,042) (116,042)
Due to parent-NYSIT --
Due to parent (1) (1)
Due to CHG&E --
Deferred income taxes --
----------------------------------------------------------------------
Total current liabilities -- (121,721) 688,702 566,981
----------------------------------------------------------------------
Notes Payable - Banks --
Other liabilities --
Notes Payable - Affiliated Companies (7,500,000) (43,500,000) (51,000,000)
----------------------------------------------------------------------
Total liabilities -- (7,621,721) (42,811,298) (50,433,019)
----------------------------------------------------------------------
Shareholder's equity:
Capital stock (1,165) (10) (1,175)
Additional paid-in capital (17,148,835) (40,500,000) (57,648,835)
Retained earnings (626,037) (5,784,373) (6,410,410)
Treasury stock 5,400,000 -- 5,400,000
----------------------------------------------------------------------
Shareholder's equity before
other comprehensive income -- (12,376,037) (46,284,383) (58,660,420)
Other comprehensive income 7,054 36,701 43,755
----------------------------------------------------------------------
Total shareholder's equity -- (12,368,983) (46,247,682) (58,616,665)
----------------------------------------------------------------------
Total liabilities and
shareholder's equity $ -- $(19,990,704) $(89,058,980) $(109,049,684)
======================================================================
Consolidated
--------------------------------------------------- December 31, 2003
CHEC SCASCO Griffith Total
-----------------
Assets
Current Assets:
Cash $ 670,004 $ 1,414,860 $ 2,060,481 $ 4,145,345
Accounts receivable, less
allowance for doubtful accounts 49,776 4,605,380 19,078,836 23,733,992
Due from affiliates -- -- -- --
Notes receivable -- -- 2,044,092 2,044,092
Installment receivables, net 1,008,420 -- -- 1,008,420
Inventory -- 968,039 2,720,903 3,688,942
Prepaid 10,577 854,124 1,627,280 2,491,981
Derivatives -- 85,662 61,169 146,831
----------------------------------------------------------------------
Total current assets 1,738,777 7,928,065 27,592,761 37,259,603
Installment receivable 3,834,461 -- -- 3,834,461
Notes receivable -- 916,083 348,200 1,264,283
Deferred projects 858,505 -- -- 858,505
Investments in partnerships 4,409,035 -- -- 4,409,035
Deferred income taxes 1,531,172 7,623 599,232 2,138,027
Due from parent-FIT -- -- -- --
Due from parent-NYSIT -- -- -- --
Fixed assets, net -- 5,850,196 14,702,860 20,553,056
Intangibles, net -- 9,418,964 72,561,283 81,980,247
Investments in subsidiaries -- -- -- --
----------------------------------------------------------------------
Total non current assets 10,633,173 16,192,866 88,211,575 115,037,614
----------------------------------------------------------------------
Total assets $ 12,371,950 $ 24,120,931 $115,804,336 $ 152,297,217
======================================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable $ 15,062 $ 1,172,248 $ 6,314,394 $ 7,501,704
Accrued expenses 3,407,722 1,402,131 4,781,216 9,591,069
Deferred revenue -- 1,537,576 6,660,168 8,197,744
Due to affiliates -- -- -- --
Due to parent-FIT 491,966 (32,004) 159,490 619,452
Due to parent-NYSIT 50,401 -- -- 50,401
Due to parent 20,580 29,166 145,500 195,246
Due to CHG&E 92,434 50,333 147,723 290,490
Deferred income taxes -- 35,422 4,030,389 4,065,811
----------------------------------------------------------------------
Total current liabilities 4,078,165 4,194,872 22,238,880 30,511,917
----------------------------------------------------------------------
Notes Payable - Banks -- -- -- --
Other liabilities -- -- 3,744,372 3,744,372
Notes Payable - Affiliated Companies 57,000,000 -- -- 57,000,000
----------------------------------------------------------------------
Total liabilities 61,078,165 4,194,872 25,983,252 91,256,289
----------------------------------------------------------------------
Shareholder's equity:
Capital stock 7,230,000 -- -- 7,230,000
Additional paid-in capital 42,906,009 -- -- 42,906,009
Retained earnings 11,211,948 -- -- 11,211,948
Treasury stock -- -- -- --
----------------------------------------------------------------------
Shareholder's equity before
other comprehensive income 61,347,957 -- -- 61,347,957
Other comprehensive income (395,127) 51,397 36,701 (307,029)
----------------------------------------------------------------------
Total shareholder's equity 60,952,830 51,397 36,701 61,040,928
----------------------------------------------------------------------
Total liabilities and
shareholder's equity $ 122,030,995 $ 4,246,269 $ 26,019,953 $ 152,297,217
======================================================================
EXHIBIT B
Organization Chart
(as of December 31, 2003)
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. Claimant, directly or
indirectly, owns 100% of all affiliated companies.
Claimant
|
- - - - - - - - - - - - - - - - - - - - - -
| |
Central CHEC
Hudson |
| |
| - - - - - - - - - - -
Phoenix | |
| |
Scasco Griffith
Energy
(ii)