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, 2004:
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, 2004, has the following subsidiaries other than any EWG:
----------------------------------------------------------------------------------------------------------------------------
Name and Location of Company State of Organization Nature of Business
----------------------------------------------------------------------------------------------------------------------------
1. Central Hudson Gas & New York Generation, transmission and distribution of electricity and
Electric Corporation, the transmission and distribution of natural gas in New York
Poughkeepsie, New York State. Central Hudson's "franchise territory" generally
("Central Hudson") 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.
----------------------------------------------------------------------------------------------------------------------------
1
----------------------------------------------------------------------------------------------------------------------------
2. Phoenix Development New York Real estate holding company for Central Hudson
Company, Inc., Poughkeepsie,
New York ("Phoenix")
----------------------------------------------------------------------------------------------------------------------------
3. Central Hudson Enterprises New York Markets heating oil and related products and services.
Corporation, Poughkeepsie, Invests in energy related businesses; currently owns,
New York ("CHEC") directly or indirectly, the affiliates referred to in 4 and
5 below.
----------------------------------------------------------------------------------------------------------------------------
4. SCASCO, Inc., Winsted, Connecticut Engages in the distribution of fuel oil, gasoline, diesel,
Connecticut ("Scasco") 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, New York Engages in the distribution of fuel oil, gasoline, diesel,
Inc., Poughkeepsie, New York kerosene, and propane and the installation and maintenance
("Griffith Energy") 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 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, 2004:
2
---------------------------------------------------------------------------------------------
Generating Station, Location and Net Capability (MW)
Percent Ownership Fuel Summer (2004) Winter (2003-4)
----------------- ---- ------------- ---------------
---------------------------------------------------------------------------------------------
Neversink Hydro Station, Neversink, Water 22.0 20.0
NY - Neversink Reservoir Aqueduct
Tunnel (100%)
---------------------------------------------------------------------------------------------
Dashville Hydro Station, Rifton, NY -- Water 5.5 5.5
Wallkill River (100%)
---------------------------------------------------------------------------------------------
Sturgeon Pool Hydro Station, Rifton, Water 15.8 15.5
NY - Wallkill River (100%)
---------------------------------------------------------------------------------------------
Groveville Mills Hydro Station, Water 0.8 0.8
Beacon, NY - Fishkill Creek (100%)
---------------------------------------------------------------------------------------------
High Falls Hydro Station, High Falls, Water 3.0 3.0
NY -- Rondout Creek (100%)
---------------------------------------------------------------------------------------------
Coxsackie Gas Turbine, Coxsackie, Kerosene or 19.6 24.4
(100%) Natural Gas
---------------------------------------------------------------------------------------------
South Cairo Gas Turbine, Cairo, Kerosene 15.6 22.4
(100%)
---------------------------------------------------------------------------------------------
TOTAL 82.3 91.6
---------------------------------------------------------------------------------------------
As of December 31, 2004, Central Hudson's electric transmission and
distribution systems were comprised of 86 substations with a rated transformer
capacity of approximately 4.6 million kVA, approximately 582 pole miles of
overhead transmission lines, approximately 4.0 trench miles of underground
transmission lines, approximately 7,769 pole miles of overhead distribution
lines and approximately 1,179 trench miles of underground distribution lines.
Only a part of such transmission and distribution lines is located on property
owned by Central Hudson. Central Hudson delivers electricity to approximately
289,000 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 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 69,000 industrial, commercial and
residential customers through a network of 161 miles of transmission pipeline
and 1,068 miles of distribution pipeline. 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
3
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, 2004:
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: 4,371,580,656 10,229,735
Wholesale: 265,145,480 213,732
--------------------------------------------------------------------------------
(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 (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.
4
--------------------------------------------------------------------------------
Electric (Kwhrs.) Gas (Mcf.)
--------------------------------------------------------------------------------
Claimant None None
--------------------------------------------------------------------------------
Central Hudson None 10,839,909
--------------------------------------------------------------------------------
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 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, 2004, Claimant had the 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.
5
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, 2004, are
attached hereto as Exhibit A.
The above-named claimant has caused this statement to be duly
executed on its behalf by its authorized officer on the 28th day of February
2005.
CH ENERGY GROUP, INC.
By: /s/ Steven V. Lant
--------------------------------
Steven V. Lant
Chairman of the Board, President and
Chief Executive Officer
Corporate Seal
Attest:
/s/ Lincoln E. Bleveans
-----------------------
Lincoln E. Bleveans
Secretary and Assistant Treasurer
6
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
Chairman of the Board, President and Chief Executive Officer
CH Energy Group, Inc.
284 South Avenue
Poughkeepsie, New York 12601-4879
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, 2004, is attached
hereto as Exhibit B.
7
EXHIBIT A
Consolidating Financial Statements of CH Energy Group, Inc.
as of December 31, 2004
i
Exhibit A
CH ENERGY GROUP, INC.
Consolidating Income Statement
Twelve Months Ended December 31, 2004
Holding Company Consolidated Consolidated
CH Energy Central CH Enterprises Consolidated
Group, Inc Hudson Corporation Eliminations CH Energy Group
---------- ------ ----------- ------------ ---------------
Operating Revenues
Electric 0 425,080,161 0 0 425,080,161
Natural Gas 0 123,966,898 123,966,898
Competitive Business Subsidiaries 0 235,706,724 235,706,724
------------------------------------------------------------------------
Total - own territory 0 549,047,059 235,706,724 0 784,753,783
Revenues from Electric sales to other utilities 0 5,494,770 5,494,770
Revenues from Nat. Gas sales to other utilities 0 1,263,637 1,263,637
------------------------------------------------------------------------
0 555,805,466 235,706,724 0 791,512,190
------------------------------------------------------------------------
Operating Expenses
Operation:
Fuel Used in electric generation 0 772,652 0 772,652
Purchased electricity 0 250,967,945 0 250,967,945
Purchased petroleum 0 168,699,188 168,699,188
Purchased natural gas 0 77,847,293 0 77,847,293
Other expenses of operation 0 78,283,986 53,665,299 131,949,285
Maintenance 0 20,464,296 0 20,464,296
Depreciation and amortization 0 28,407,859 6,232,587 34,640,446
Taxes, other than income tax 0 30,767,843 270,236 31,038,079
Federal/State income tax 0 5,036,000 1,792,208 6,828,208
Deferred income tax 0 19,729,000 0 19,729,000
------------------------------------------------------------------------
0 512,276,874 230,659,518 0 742,936,392
------------------------------------------------------------------------
Operating Income 0 43,528,592 5,047,206 0 48,575,798
------------------------------------------------------------------------
Other Income and Deductions
Equity Earnings-Subscos 41,143,699 226 0 (41,143,699) 226
Allowance for equity funds used during construction 0 151,410 0 151,410
Federal/State income tax (494,149) 679,000 (543,500) (358,649)
Deferred income tax - credit 0 (4,339,600) 0 (4,339,600)
Other income 3,523,474 0 0 (2,302,712) 1,220,762
Other - net (1,749,365) 16,479,978 1,358,960 1 16,089,574
------------------------------------------------------------------------
42,423,659 12,971,014 815,460 (43,446,410) 12,763,723
------------------------------------------------------------------------
Income Before Interest Charges 42,423,659 56,499,606 5,862,666 (43,446,410) 61,339,521
------------------------------------------------------------------------
Interest Charges
Interest on mortgage bonds 0 0 0
Interest on other long-term debt 0 11,488,084 11,488,084
Interest on short-term debt 0 171,478 171,478
Other interest 0 5,345,956 2,397,708 (2,302,712) 5,440,952
Allowance for borrowed funds used
during construction 0 (220,879) (220,879)
Amortization of premium & expense on debt 0 1,066,277 1,066,277
------------------------------------------------------------------------
0 17,850,916 2,397,708 (2,302,712) 17,945,912
------------------------------------------------------------------------
Net Income (Loss) from continuing operations 42,423,659 38,648,690 3,464,958 (41,143,698) 43,393,609
------------------------------------------------------------------------
Net Income (Loss) 42,423,659 38,648,690 3,464,958 (41,143,698) 43,393,609
Dividends on Preferred Stock 969,950 969,950
------------------------------------------------------------------------
Income Available for Common Stock 42,423,659 37,678,740 3,464,958 (41,143,698) 42,423,659
Dividends Declared on Common Stock 34,045,920 34,045,920
------------------------------------------------------------------------
Balance Retained in the Business 8,377,739 8,377,739
========================================================================
Exhibit A
C H Energy Group, Inc.
Consolidating Balance Sheet
December 31, 2004
Holding
Company Consolidated
C H Energy Central C H Enterprises Subsidiaries
ASSETS Group, Inc. Hudson Corporation Subtotal
------ ------------ -------------- --------------- --------------
Utility Plant
Electric $702,205,843 $702,205,843
Natural Gas 214,865,864 214,865,864
Common 104,840,689 104,840,689
-------------- -------------- -------------- --------------
0 1,021,912,396 0 1,021,912,396
Less: Accumulated Depreciation 315,691,270 315,691,270
-------------- -------------- -------------- --------------
0 706,221,126 0 706,221,126
Construction Work in Progress 38,845,785 38,845,785
-------------- -------------- -------------- --------------
Net Utility Plant 0 745,066,911 0 745,066,911
-------------- -------------- -------------- --------------
Other Property and Plant 69,583 962,261 22,106,837 23,069,098
-------------- -------------- -------------- --------------
Intangible Assets 0 0 28,779,672 28,779,672
Goodwill 0 0 50,461,991 50,461,991
Current Assets:
Cash 8,161,911 8,186,600 3,479,538 11,666,138
Cash Equivalents 99,248,004 40,773 40,773
Temporary Cash Investments 0
Other 5,106,267 5,106,267
Accounts Receivable from Customers 0 36,901,156 27,535,258 64,436,414
Accounts Receivable - Affiliates 205,523 330,183 420,415 750,598
Accrued Unbilled Utility Revenues 9,129,704 9,129,704
Other Receivables 1,717,998 2,829,700 4,547,698
Materials & Supplies:
Fuel 11,468,745 11,468,745
Construction & Operation 5,738,138 4,252,477 9,990,615
Regulatory Assets - Current 17,453,815 0 17,453,815
Fair Value of Derivatives - Current 0 1,478 1,478
Prepayments - Transfer Debit Balance from Accrued Taxes 0
Prepayments 111,500 15,247,507 1,491,756 16,739,263
Accumulated Deferred Income Tax 0 8,696,240 8,696,240
-------------- -------------- -------------- --------------
Total Current Assets 107,726,938 120,017,126 40,010,622 160,027,748
-------------- -------------- -------------- --------------
Other Investments (D&O Deferred Comp Investments) 0 5,551,621 5,551,621
Partnership Interests 3,647,618 3,647,618
Investment in Subsidiary - Cornhusker 2,703,000 2,703,000
Investment in Central Hudson 280,273,619 0 0 0
Investment in Central Hudson Enterprises Corp. 116,515,918 0 0
-------------- -------------- -------------- --------------
Total Other Investments 396,789,537 5,551,621 6,350,618 11,902,239
Deferred Charges and Other Assets
Prefunded Pension costs 0 0
Regulatory Assets - Related to Pension Costs 88,632,823 88,632,823
Intangible Asset Related to Pension Plan 22,290,559 22,290,559
Regulatory Assets 37,230,754 37,230,754
Fair Value of Derivatives 0 0
Deferred Debits 4,270,146 4,270,146
Clearing Accounts (A/C 184) 575,266 575,266
Unamortized Deferred Expense (A/C 181) 4,041,375 4,041,375
Other Assets 0 4,197,422 4,197,422
-------------- -------------- -------------- --------------
0 157,040,923 4,197,422 161,238,345
-------------- -------------- -------------- --------------
Accumulated Deferred Income Tax (Net) 0 2,211,758 2,211,758
-------------- -------------- -------------- --------------
Partnerships 0
Long Term Receivable from Affiliate 0
-------------- -------------- -------------- --------------
Total Assets $504,586,058 $1,028,638,842 $154,118,920 $1,182,757,762
============== ============== ============== ==============
Consolidated
C H Energy
ASSETS Eliminations Reclassifications Group, Inc.
------ ------------- ----------------- --------------
Utility Plant
Electric $702,205,843
Natural Gas 214,865,864
Common 104,840,689
-------------- ---------------------------------
0 0 1,021,912,396
Less: Accumulated Depreciation 315,691,270
---------------- ---------------------------------
0 0 706,221,126
Construction Work in Progress 38,845,785
-------------- ---------------------------------
Net Utility Plant 0 0 745,066,911
-------------- ---------------------------------
Other Property and Plant 23,138,681
-------------- ---------------------------------
Intangible Assets 28,779,672
Goodwill 50,461,991
Current Assets:
Cash 19,828,049
Cash Equivalents 99,288,777
Temporary Cash Investments 0
Other 5,106,267
Accounts Receivable from Customers 64,436,414
Accounts Receivable - Affiliates (956,121) 0
Accrued Unbilled Utility Revenues 9,129,704
Other Receivables 4,547,698
Materials & Supplies:
Fuel 11,468,745
Construction & Operation 9,990,615
Regulatory Assets - Current 17,453,815
Fair Value of Derivatives - Current (1,478) 0
Prepayments - Transfer Debit Balance from Accrued Taxes 3,234,662 3,234,662
Prepayments (4,425,003) 12,425,760
Accumulated Deferred Income Tax 757,633 9,453,873
---------------- ---------------------------------
Total Current Assets (956,121) (434,186) 266,364,379
-------------- ---------------------------------
Other Investments (D&O Deferred Comp Investments) 5,551,621
Partnership Interests 3,647,618
Investment in Subsidiary - Cornhusker 2,703,000
Investment in Central Hudson
Investment in Central Hudson Enterprises Corp. (437,933,236)
41,143,699 0
-------------- ---------------------------------
Total Other Investments (396,789,537) 11,902,239
Deferred Charges and Other Assets
Prefunded Pension costs 0
Regulatory Assets - Related to Pension Costs 88,632,823
Intangible Asset Related to Pension Plan 22,290,559
Regulatory Assets 37,230,754
Fair Value of Derivatives 0
Deferred Debits 4,270,146
Clearing Accounts (A/C 184) 575,266
Unamortized Deferred Expense (A/C 181) 4,041,375
Other Assets 51,500 4,248,922
---------------- ---------------------------------
0 51,500 161,289,845
-------------- ---------------------------------
Accumulated Deferred Income Tax (Net) (2,211,758) 0
-------------- ---------------------------------
Partnerships 0
Long Term Receivable from Affiliate 0 0 0
-------------- ---------------------------------
Total Assets ($397,745,658) ($2,594,444) $1,287,003,718
============== =================================
Exhibit A
C H Energy Group, Inc.
Consolidating Balance Sheet
December 31, 2004
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 45,609,009 220,588,697
Retained Earnings - Brought Forward 187,772,465 25,644,369 5,576,906 31,221,275
Other Comprehensive Income 0 (642,949) (642,949)
Treasury Stock (46,252,121) 0
Capital Stock Expense - Preferred (4,960,934) (4,960,934)
-------------- -------------- -------------- --------------
Total Shareholder's Equity 494,408,097 279,973,558 57,772,966 337,746,524
-------------- -------------- -------------- --------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 21,030,000 21,030,000
-------------- -------------- -------------- --------------
0 21,030,000 0 21,030,000
-------------- -------------- -------------- --------------
Long Term Debt 319,950,000 0 319,950,000
Unamortized Premium & Discount on Debt (67,381) (67,381)
Long Term Debt to Affiliate 58,100,000 58,100,000
-------------- -------------- -------------- --------------
0 319,882,619 58,100,000 377,982,619
-------------- -------------- -------------- --------------
494,408,097 620,886,177 115,872,966 736,759,143
-------------- -------------- -------------- --------------
Current Liabilities
Current Maturities of Long-term Debt 0 0 0
Notes Payable 0 12,000,000 12,000,000
Accounts Payable 25,300 32,949,901 10,442,539 43,392,440
Accounts Payable - CH Energy Group, Inc. 0 1,173 204,350 205,523
Accounts Payable - FIT - CHG&E 4,378,705 0 0 0
Accounts Payable - FIT - CH Enterprises Corp. 420,415 0
Accounts Payable - OTHER - CHG&E 155,001 175,053 175,053
Accounts Payable - NYS - CHG&E (5,202) 0 0
Accounts Payable - NYS - CH Enterprises Corp. (73,076) 73,076 73,076
Accounts Payable to Affiliates / Parent 0 0
Accrued FIT - CHG&E (1,984,102) 0 0
Accrued FIT - CH Enterprises Corp. 254,896 0
Accrued NYS - CHG&E 2,395,347 0 0
Accrued NYS - CH Enterprises Corp. 80,981 0
Accrued Taxes - FIT (3,553,974) 0
Accrued Taxes - NYS (461,947) 0
Accrued Taxes - Other (Excludes Sales & Use Taxes) 34,137 0
Accrued Taxes - Net Debit Balance CHEG to Prepayments 0
Accrued Interest 4,629,119 4,629,119
Accrued Vacation 3,787,800 3,787,800
Customer Deposits 6,358,689 137,000 6,495,689
Dividends Declared 242,489 242,489
Dividends Payable 8,511,480 0 0
Fair Value of Derivatives 0 907,551 907,551
Other (Includes Accrued Sales & Use Taxes CHG&E) 0 6,699,618 15,357,999 22,057,617
-------------- -------------- -------------- --------------
Total Current Liabilities 10,177,961 67,576,340 26,390,017 93,966,357
-------------- -------------- -------------- --------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 191,832 191,832
Other Deferred Credits (A/C 253) 61,976,171 61,976,171
Regulatory Liabilities (A/C 254) 156,339,347 156,339,347
Miscellaneous Reserves 5,969,229 5,969,229
Other 0 5,326,848 5,326,848
-------------- -------------- -------------- --------------
0 224,476,579 5,326,848 229,803,427
-------------- -------------- -------------- --------------
Accumulated Deferred Income Tax (Net) 0 115,699,746 6,529,089 122,228,835
-------------- -------------- -------------- --------------
Total Liabilities $504,586,058 $1,028,638,842 $154,118,920 $1,182,757,762
============== ============== ============== ==============
Consolidated
C H Energy
CAPITALIZATION and LIABILITIES Eliminations Reclassifications Group, Inc.
------------------------------ -------------- ----------------- --------------
Capitalization
Common Stock $91,540,435 $1,686,209
Paid in Capital 220,560,677 351,229,564
Retained Earnings - Brought Forward 31,221,275 187,772,465
Other Comprehensive Income (642,949)
Treasury Stock (46,252,121)
Capital Stock Expense - Preferred (4,632,842) (328,092)
-------------- --------------------------------
Total Shareholder's Equity 338,689,545 0 493,465,076
-------------- --------------------------------
Cumulative Preferred Stock
Not Subject to Mandatory Redemption 0 0 21,030,000
-------------- --------------------------------
0 0 21,030,000
-------------- --------------------------------
Long Term Debt 319,950,000
Unamortized Premium & Discount on Debt (67,381)
Long Term Debt to Affiliate 58,100,000 0
-------------- --------------------------------
58,100,000 0 319,882,619
-------------- --------------------------------
396,789,545 0 834,377,695
-------------- --------------------------------
Current Liabilities
Current Maturities of Long-term Debt 0
Notes Payable 12,000,000
Accounts Payable 43,417,740
Accounts Payable - CH Energy Group, Inc. 205,523 0
Accounts Payable - FIT - CHG&E 4,378,705 0
Accounts Payable - FIT - CH Enterprises Corp. 420,415 0
Accounts Payable - OTHER - CHG&E 330,054 0
Accounts Payable - NYS - CHG&E (5,202) 0
Accounts Payable - NYS - CH Enterprises Corp. 0
Accounts Payable to Affiliates / Parent 0
Accrued FIT - CHG&E (1,984,102)
Accrued FIT - CH Enterprises Corp. 254,896
Accrued NYS - CHG&E 2,395,347
Accrued NYS - CH Enterprises Corp. 80,981
Accrued Taxes - FIT (3,553,974)
Accrued Taxes - NYS (461,947)
Accrued Taxes - Other (Excludes Sales & Use Taxes) (4,373,511) 4,373,503 34,145
Accrued Taxes - Net Debit Balance CHEG to Prepayments (3,234,662) 3,234,662
Accrued Interest 4,629,119
Accrued Vacation 3,787,800
Customer Deposits 6,495,689
Dividends Declared 242,489
Dividends Payable 8,511,480
Fair Value of Derivatives 1,478 906,073
Other (Includes Accrued Sales & Use Taxes CHG&E) 129 546,091 21,511,397
-------------- --------------------------------
Total Current Liabilities 956,113 1,686,410 101,501,795
-------------- --------------------------------
Deferred Credits & Other Liabilities
Customer Advance for Construction 191,832
Other Deferred Credits (A/C 253) 61,976,171
Regulatory Liabilities (A/C 254) 156,339,347
Miscellaneous Reserves (546,091) 6,515,320
Other 5,326,848
-------------- --------------------------------
0 230,349,518
-------------- --------------------------------
Accumulated Deferred Income Tax (Net) 1,454,125 120,774,710
-------------- --------------------------------
Total Liabilities $397,745,658 $2,594,444 $1,287,003,718
============== ============== ==============
Exhibit A
Central Hudson Enterprises Corporation
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Income Statement
12 Months Ended December 31, 2004
Unconsolidated
----------------------------------------------------------------
CHEC SCASCO Griffith Total
----------------------------------------------------------------
Revenues $ 1,003,282 $ 29,364,512 $ 205,338,930 $ 235,706,724
----------------------------------------------------------------
Total Revenues 1,003,282 29,364,512 205,338,930 235,706,724
Costs of Goods Sold 674,911 19,680,726 155,471,406 175,827,043
----------------------------------------------------------------
Gross Profit 328,371 9,683,786 49,867,524 59,879,681
Other Income (Expense):
Equity in Parts. Income and Subs 3,854,933 -- -- 3,854,933
Interest Income 7,953 2,167 16,649 26,769
Interest Expense (85,632) (344,423) (1,836,294) (2,266,349)
Other Taxes -- -- -- --
Loss on the sale of assets (10,263) 39,703 29,440
Other Income 291,570 89,628 381,198
----------------------------------------------------------------
Total Other Income 3,777,254 (60,949) (1,690,314) 2,025,991
Expenses:
Operating Expenses -- 5,752,049 28,669,255 34,421,304
Other Expenses 247 -- -- 247
Employee Costs 52,139 399,937 2,668,309 3,120,385
Professional Fees 65,520 304,652 1,096,675 1,466,847
Marketing and Selling -- 529,952 2,461,486 2,991,438
Management Fees 66,349 389,918 1,628,886 2,085,153
Office Rent, Utilities, Supplies 10,721 -- -- 10,721
Insurance and Employee Benefits 61,587 258,329 1,028,090 1,348,006
Depreciation and Amortization Exp. 1,245,073 4,987,514 6,232,587
General and Administrative -- 131,551 1,363,387 1,494,938
----------------------------------------------------------------
Total Other Expenses 256,563 9,011,461 43,903,602 53,171,626
Income before Prov. for Income Taxes 3,849,062 611,376 4,273,608 8,734,046
Income Taxes 384,104 242,158 1,709,446 2,335,708
----------------------------------------------------------------
Net Income 3,464,958 369,218 2,564,162 6,398,338
Retained Earnings at Beginning 11,211,948 519,101 5,216,612 16,947,661
Dividends Paid
----------------------------------------------------------------
Retained Earnings at End $ 14,676,906 $ 888,319 $ 7,780,774 $ 23,345,999
================================================================
----------------------------------------------------------------
Eliminations / Reclassifications
----------------------------------------------------------------
CHEC SCASCO Griffith Eliminations
----------------------------------------------------------------
Revenues $ -- $ -- $ -- $ --
----------------------------------------------------------------
Total Revenues -- -- -- --
Costs of Goods Sold (131,359) (131,359)
----------------------------------------------------------------
Gross Profit 131,359 -- -- 131,359
Other Income (Expense):
Equity in Parts. Income and Subs (2,933,380) (2,933,380)
Interest Income --
Interest Expense (131,359) (131,359)
Other Taxes (69,782) (200,454) (270,236)
Loss on the sale of assets --
Other Income --
----------------------------------------------------------------
Total Other Income (3,064,739) (69,782) (200,454) (3,334,975)
Expenses:
Operating Expenses (59,654) (136,162) (195,816)
Other Expenses --
Employee Costs --
Professional Fees --
Marketing and Selling --
Management Fees --
Office Rent, Utilities, Supplies --
Insurance and Employee Benefits --
Depreciation and Amortization Exp. --
General and Administrative (10,128) (64,292) (74,420)
----------------------------------------------------------------
Total Other Expenses -- (69,782) (200,454) (270,236)
Income before Prov. for Income Taxes (2,933,380) -- -- (2,933,380)
Income Taxes --
----------------------------------------------------------------
Net Income (2,933,380) -- -- (2,933,380)
Retained Earnings at Beginning (519,101) (5,216,612) (5,735,713)
Dividends Paid
----------------------------------------------------------------
Retained Earnings at End $ (2,933,380) $ (519,101) $ (5,216,612) $ (8,669,093)
================================================================
----------------------------------------------------------------
Consolidated
----------------------------------------------------------------
CHEC SCASCO Griffith Total
----------------------------------------------------------------
Revenues $ 1,003,282 $ 29,364,512 $ 205,338,930 $ 235,706,724
----------------------------------------------------------------
Total Revenues 1,003,282 29,364,512 205,338,930 235,706,724
Costs of Goods Sold 543,552 19,680,726 155,471,406 175,695,684
----------------------------------------------------------------
Gross Profit 459,730 9,683,786 49,867,524 60,011,040
Other Income (Expense):
Equity in Parts. Income and Subs 921,553 -- -- 921,553
Interest Income 7,953 2,167 16,649 26,769
Interest Expense (216,991) (344,423) (1,836,294) (2,397,708)
Other Taxes -- (69,782) (200,454) (270,236)
Loss on the sale of assets -- (10,263) 39,703 29,440
Other Income -- 291,570 89,628 381,198
----------------------------------------------------------------
Total Other Income 712,515 (130,731) (1,890,768) (1,308,984)
Expenses:
Operating Expenses -- 5,692,395 28,533,093 34,225,488
Other Expenses 247 -- -- 247
Employee Costs 52,139 399,937 2,668,309 3,120,385
Professional Fees 65,520 304,652 1,096,675 1,466,847
Marketing and Selling -- 529,952 2,461,486 2,991,438
Management Fees 66,349 389,918 1,628,886 2,085,153
Office Rent, Utilities, Supplies 10,721 -- -- 10,721
Insurance and Employee Benefits 61,587 258,329 1,028,090 1,348,006
Depreciation and Amortization Exp -- 1,245,073 4,987,514 6,232,587
General and Administrative -- 121,423 1,299,095 1,420,518
----------------------------------------------------------------
Total Other Expenses 256,563 8,941,679 43,703,148 52,901,390
Income before Prov. for Income Taxes 915,682 611,376 4,273,608 5,800,666
Income Taxes 384,104 242,158 1,709,446 2,335,708
----------------------------------------------------------------
Net Income 531,578 369,218 2,564,162 3,464,958
Retained Earnings at Beginning 11,211,948 -- -- 11,211,948
Dividends Paid (9,100,000)
----------------------------------------------------------------
Retained Earnings at End $ 11,743,526 $ 369,218 $ 2,564,162 $ 5,576,906
================================================================
----------------------------------------------------------------
Exhibit A
Central Hudson Enterprises Corporation
(A wholly owned subsidiary of CH Energy Group, Inc.)
Consolidating Balance Sheet
December 31, 2004
Unconsolidated Balance Sheets - December 31, 2004
------------------------------------------------------------
CHEC SCASCO Griffith Total
Assets
Current assets:
Cash 657,841 598,349 2,223,348 3,479,538
Accounts receivable, less allowance
for doubtful accounts 55,778 5,073,631 22,781,484 27,910,893
Due from affiliates 42,629 42,629
Notes receivable -- 16,062 1,652,612 1,668,674
Installments receivable, net 1,161,026 -- -- 1,161,026
Inventory -- 1,296,581 2,955,896 4,252,477
Prepaid 4,660 287,290 1,201,284 1,493,234
Derivatives -- -- --
------------------------------------------------------------
Total current assets 1,921,934 7,271,913 30,814,624 40,008,471
Installments receivable 2,785,241 -- -- 2,785,241
Notes receivable 54,300,000 666,339 256,050 55,222,389
Deferred project costs, net 489,792 -- -- 489,792
Investments in partnerships 3,647,618 -- -- 3,647,618
Deferred income taxes 1,615,156 596,602 2,211,758
Due from parent-FIT -- 107,855 107,855
Fixed assets, net 5,852,414 16,254,423 22,106,837
Intangibles, net -- 8,949,292 70,292,371 79,241,663
Investments in subsidiaries 53,995,424 -- -- 53,995,424
------------------------------------------------------------
Total non current assets 116,833,231 15,575,900 87,399,446 219,808,577
------------------------------------------------------------
Total assets 118,755,165 22,847,813 118,214,070 259,817,048
============================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable 1,708 1,023,287 9,417,544 10,442,539
Accrued expenses 468,573 1,039,666 5,347,242 6,855,481
Deferred revenue -- 1,416,132 7,598,379 9,014,511
Due to affiliates -- --
Due to parent-FIT 510,026 (71,148) (751,438) (312,560)
Due to parent-NYSIT 73,076 -- -- 73,076
Due to parent 14,483 109,355 242,972 366,810
Due to CHG&E 55,222 55,222
Deferred income taxes -- 585,105 5,943,984 6,529,089
------------------------------------------------------------
Total current liabilities 1,123,088 4,102,397 27,798,683 33,024,168
------------------------------------------------------------
Other liabilities 1,760,000 -- 3,566,848 5,326,848
Notes Payable - Parent 58,100,000 9,100,000 45,200,000 112,400,000
------------------------------------------------------------
Total liabilities 60,983,088 13,202,397 76,565,531 150,751,016
------------------------------------------------------------
Shareholder's equity:
Capital stock 7,230,000 1,165 10 7,231,175
Additional paid-in capital 45,609,009 15,099,037 40,500,000 101,208,046
Retained earnings 5,576,906 (54,946) 1,148,529 6,670,489
Treasury stock -- (5,400,000) -- (5,400,000)
------------------------------------------------------------
Shareholder's equity before
other comprehensive income 58,415,915 9,645,256 41,648,539 109,709,710
Other comprehensive income (643,838) 160 -- (643,678)
------------------------------------------------------------
Total shareholder's equity 57,772,077 9,645,416 41,648,539 109,066,032
------------------------------------------------------------
Total liabilities and shareholder's equity 118,755,165 22,847,813 118,214,070 259,817,048
============================================================
Eliminations / Reclassifications
------------------------------------------------------------
CHEC SCASCO Griffith Eliminations
Assets
Current assets:
Cash --
Accounts receivable, less allowance
for doubtful accounts (375,635) (375,635)
Due from affiliates (42,629) (42,629)
Notes receivable --
Installments receivable, net --
Inventory --
Prepaid (265) (1,213) (1,478)
Derivatives 265 1,213 1,478
------------------------------------------------------------
Total current assets (42,629) -- (375,635) (418,264)
Installments receivable --
Notes receivable (54,300,000) (54,300,000)
Deferred project costs, net --
Investments in partnerships --
Deferred income taxes --
Due from parent-FIT (510,026) 71,148 751,438 312,560
Fixed assets, net --
Intangibles, net --
Investments in subsidiaries (51,292,424) (51,292,424)
------------------------------------------------------------
Total non current assets (106,102,450) 71,148 751,438 (105,279,864)
------------------------------------------------------------
Total assets (106,145,079) 71,148 375,803 (105,698,128)
============================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable --
Accrued expenses (290,402) (729) (291,131)
Deferred revenue (83,862) (83,862)
Due to affiliates -- -- --
Due to parent-FIT (510,026) 71,148 751,438 312,560
Due to parent-NYSIT --
Due to parent (78,955) (83,505) (162,460)
Due to CHG&E 37,858 81,973 119,831
Deferred income taxes --
------------------------------------------------------------
Total current liabilities (510,026) (260,351) 665,315 (105,062)
------------------------------------------------------------
Other liabilities --
Notes Payable - Parent (9,100,000) (45,200,000) (54,300,000)
------------------------------------------------------------
Total liabilities (510,026) (9,360,351) (44,534,685) (54,405,062)
------------------------------------------------------------
Shareholder's equity:
Capital stock (1,165) (10) (1,175)
Additional paid-in capital (15,099,037) (40,500,000) (55,599,037)
Retained earnings 54,946 (1,148,529) (1,093,583)
Treasury stock 5,400,000 -- 5,400,000
------------------------------------------------------------
Shareholder's equity before
other comprehensive income -- (9,645,256) (41,648,539) (51,293,795)
Other comprehensive income 729 729
------------------------------------------------------------
Total shareholder's equity -- (9,645,256) (41,647,810) (51,293,066)
------------------------------------------------------------
Total liabilities and shareholder's equity (510,026) (19,005,607) (86,182,495) (105,698,128)
============================================================
Consolidated December 31, 2004
--------------------------------------------------------------
CHEC SCASCO Griffith Total
Assets
Current assets:
Cash 657,841 598,349 2,223,348 3,479,538
Accounts receivable, less allowance
for doubtful accounts 55,778 5,073,631 22,405,849 27,535,258
Due from affiliates -- -- -- --
Notes receivable -- 16,062 1,652,612 1,668,674
Installments receivable, net 1,161,026 -- -- 1,161,026
Inventory -- 1,296,581 2,955,896 4,252,477
Prepaid 4,660 287,025 1,200,071 1,491,756
Derivatives -- 265 1,213 1,478
--------------------------------------------------------------
Total current assets 1,879,305 7,271,913 30,438,989 39,590,207
Installments receivable 2,785,241 -- -- 2,785,241
Notes receivable -- 666,339 256,050 922,389
Deferred project costs, net 489,792 -- -- 489,792
Investments in partnerships 3,647,618 -- -- 3,647,618
Deferred income taxes 1,615,156 -- 596,602 2,211,758
Due from parent-FIT (510,026) 179,003 751,438 420,415
Fixed assets, net -- 5,852,414 16,254,423 22,106,837
Intangibles, net 8,949,292 70,292,371 79,241,663
Investments in subsidiaries 2,703,000 -- -- 2,703,000
--------------------------------------------------------------
Total non current assets 10,730,781 15,647,048 88,150,884 114,528,713
--------------------------------------------------------------
Total assets 12,610,086 22,918,961 118,589,873 154,118,920
==============================================================
Liabilities and shareholder's equity
Current liabilities:
Accounts payable 1,708 1,023,287 9,417,544 10,442,539
Accrued expenses 468,573 749,264 5,346,513 6,564,350
Deferred revenue -- 1,416,132 7,514,517 8,930,649
Due to affiliates -- -- -- --
Due to parent-FIT -- -- -- --
Due to parent-NYSIT 73,076 -- -- 73,076
Due to parent 14,483 30,400 159,467 204,350
Due to CHG&E 55,222 37,858 81,973 175,053
Deferred income taxes -- 585,105 5,943,984 6,529,089
--------------------------------------------------------------
Total current liabilities 613,062 3,842,046 28,463,998 32,919,106
--------------------------------------------------------------
Other liabilities 1,760,000 -- 3,566,848 5,326,848
Notes Payable - Parent 58,100,000 -- -- 58,100,000
--------------------------------------------------------------
Total liabilities 60,473,062 3,842,046 32,030,846 96,345,954
--------------------------------------------------------------
Shareholder's equity:
Capital stock 7,230,000 -- -- 7,230,000
Additional paid-in capital 45,609,009 -- -- 45,609,009
Retained earnings 5,576,906 -- -- 5,576,906
-------------------------------------------
Treasury stock -- -- -- --
--------------------------------------------------------------
Shareholder's equity before
other comprehensive income 58,415,915 -- -- 58,415,915
Other comprehensive income (643,838) 160 729 (642,949)
--------------------------------------------------------------
Total shareholder's equity 57,772,077 160 729 57,772,966
--------------------------------------------------------------
Total liabilities and shareholder's equity 118,245,139 3,842,206 32,031,575 154,118,920
==============================================================
EXHIBIT B
Organization Chart
(as of December 31, 2004)
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