SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM U-3A-2/A
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, 2001:
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, 2001, has the following subsidiaries other than any EWG:
NAME AND LOCATION STATE OF
OF COMPANY ORGANIZATION NATURE OF BUSINESS
--------------------------------------------------------------------------------
1. Central Hudson Gas & New York Generation, transmission and
Electric Corporation, distribution of electricity and
Poughkeepsie, New York the transmission and
("Central Hudson") distribution of 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 New York Real estate holding company for
Company, Inc., Poughkeepsie, Central Hudson.
New York ("Phoenix")
--------------------------------------------------------------------------------
3. Central Hudson Energy New York Invests in energy related
Services, Inc., Poughkeepsie, business; currently owns,
New York ("Services") directly or indirectly, the
affiliates referred to in 4-10
below.
--------------------------------------------------------------------------------
4. Central Hudson Enterprises New York Markets electric, gas and oil
Corporation, Poughkeepsie, related services, and conducts
New York ("CHEC") energy audits and provides
related services.
--------------------------------------------------------------------------------
5. Greene Point Development New York Develops and evaluates business
Corporation, Poughkeepsie, opportunities for Services.
New York ("Greene Point")
--------------------------------------------------------------------------------
6. Prime Industrial Energy New York Engages in project construction
Services, Inc., Poughkeepsie, and providing services for
New York ("Prime Industrial") electric generation and HVAC
equipment.
--------------------------------------------------------------------------------
7. Scasco, Inc., Winsted, Connecticut Engages in the distribution of
Connecticut ("Scasco") fuel oil, gasoline, diesel,
kerosene, propane and natural
gas and the installation and
maintenance of electrical
services and HVAC equipment in
the States of Connecticut,
Massachusetts and Rhode Island.
--------------------------------------------------------------------------------
(2)
--------------------------------------------------------------------------------
8. Griffith Energy Services, New York Engages in the distribution of
Inc., Poughkeepsie, New York fuel oil, gasoline, diesel,
("Griffith Energy") kerosene, propane, natural gas
and the installation and
maintenance of HVAC equipment in
the states of Virginia, West
Virginia, Maryland, Delaware,
and Pennsylvania and in
Washington, D.C.
--------------------------------------------------------------------------------
9. CH Niagara Properties, New York Owns real property interests on
Inc., Niagara Falls, New York which an affiliate (CH
("CH Niagara") Resources, Inc.), an EWG,
operates an "eligible facility".
--------------------------------------------------------------------------------
10. CH Syracuse Properties, New York Owns real property interests on
Inc., Syracuse, New York which an affiliate (CH
("CH Syracuse") Resources, Inc.), an EWG,
operates an "eligible facility".
--------------------------------------------------------------------------------
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, 2001:
GENERATING STATION, LOCATION (MW)
AND PERCENT OWNERSHIP FUEL NET CAPABILITY (2000-2001)
SUMMER WINTER
--------------------------------------------------------------------------------
Neversink Hydro Station, Neversink, NY Water 21 22
-- Neversink Reservoir Aqueduct Tunnel
(100%)
--------------------------------------------------------------------------------
Dashville Hydro Station, Rifton, NY Water 5.5 4
-- Wallkill River (100%)
--------------------------------------------------------------------------------
(3)
--------------------------------------------------------------------------------
Sturgeon Pool Hydro Station, Rifton, NY Water 16 16
-- Wallkill River (100%)
--------------------------------------------------------------------------------
Groveville Mills Hydro Station, Beacon, Water 0.8 0.8
NY - Fishkill Creek (100%)
--------------------------------------------------------------------------------
High Falls Hydro Station, High Falls, NY Water 3 3
-- Rondout Creek (100%)
--------------------------------------------------------------------------------
Coxsackie Gas Turbine, Coxsackie, kerosene or 19 24
New York (100%) natural gas
--------------------------------------------------------------------------------
South Cairo Gas Turbine, Cairo, kerosene or
New York (100%) natural gas 18 22
--------------------------------------------------------------------------------
TOTAL 83.3 91.8
--------------------------------------------------------------------------------
As of December 31, 2001, Central Hudson's electric transmission and
distribution systems were comprised of 88 substations with a rated transformer
capacity of approximately 4.6 million kVA, approximately 593 circuit miles of
overhead transmission lines, approximately 4.2 cable miles of underground
transmission lines, approximately 7,385 conductor miles of overhead distribution
lines and approximately 933 cable miles of underground distribution cables. Only
a part of such transmission and distribution lines is located on property owned
by Central Hudson. 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 Conductor 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"). Natural gas is distributed to approximately 63,852 industrial,
commercial and residential customers through a network of 161 miles of
transmission pipeline and 1,026 miles of distribution mains. Central Hudson owns
and operates propane-air peaking facilities at Poughkeepsie and Newburgh, NY
which are each nominally rated at 8,000 MCF 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, and Texas
Eastern and CNG Transmission Corporations for a maximum total of 3.3 BCF of
storage, located in various fields in the eastern United States.
(4)
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, 2001:
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: 4,999,564,000 10,562,623
Wholesale: 371,221,000 378,255
(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
(5)
(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 11,494,252
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:
CH Resources, Inc. ("CH Resources"), a New York corporation, with offices
at 110 Main Street, Poughkeepsie, New York, is an EWG because it owns and
operates the following "eligible facilities" and the electricity generated
thereat is sold to wholesale customers:
(i) A 100 MW combined cycle gas turbine located at 300 Belle
Isle Road, Solvay, New York.
(ii) A 100 MW combined cycle gas turbine located at 3 Main
Street, Beaver Falls, New York.
(iii) A 50 MW coal-burning fluidized bed cogeneration plant
located at 5300 Frontier Avenue, Niagara Falls, New York.
On December 21, 2001, Services entered into an agreement to sell all of
its stock ownership interest in CH Resources and its subsidiaries, CH Syracuse
and CH Niagara, to WPS Power Development, Inc., a Wisconsin corporation. The
closing on this sale is expected to occur during the second quarter of 2002,
subject to obtaining regulatory approvals.
(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 CH Resources.
(6)
(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 had capital invested in CH Resources of
$25,825,003 comprised of the following:
Debt: $ - 0 -
Equity: $25,825,003
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY
DURING THE REPORTING PERIOD.
CH Resources' capitalization and earnings were $25,825,003 and
$(808,103) at December 31, 2001, respectively.
(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.
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, 2001, 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, 2001, 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 22nd day of February, 2002.
CH ENERGY GROUP, INC.
By: /s/ Steven V. Lant
--------------------------------
Steven V. Lant
Chief Operating Officer
and Chief Financial Officer
Corporate Seal
Attest:
/s/ Gladys L. Cooper
----------------------------
Gladys L. Cooper
Corporate Secretary
Name, title and address of officer to whom notices and correspondence concerning
this statement should be addressed:
Steven V. Lant
Chief Operating Officer and
Chief Financial 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, 2001
CONSOLIDATED BALANCE SHEET
(In Thousands)
December 31,
ASSETS 2001 2000
---------- ----------
Utility Plant
Electric ........................................... $ 584,831 $1,277,617
Gas ................................................ 180,673 172,242
Common ............................................. 97,124 99,353
Nuclear fuel ....................................... -- 46,688
---------- ----------
862,628 1,595,900
Less: Accumulated depreciation ..................... 354,010 668,168
Nuclear fuel amortization .................... -- 40,762
---------- ----------
508,618 886,970
Construction work in progress ...................... 53,139 43,882
---------- ----------
Net Utility Plant ................................ 561,757 930,852
---------- ----------
Other Property and Plant ............................. 48,202 42,979
---------- ----------
Prefunded Pension Costs and Other Investments
Prefunded pension costs ............................ 78,743 63,390
Other Investments .................................. 6,300 23,201
---------- ----------
Total Prefunded Pension Costs and
Other Investments .............................. 85,043 86,591
---------- ----------
Intangible Assets .................................... 79,587 68,458
---------- ----------
Current Assets
Cash and cash equivalents .......................... 132,395 28,318
Accounts receivable from customers -
net of allowance for doubtful accounts;
$3.8 million in 2001 and $3.4 million in 2000 .... 61,540 109,403
Accrued unbilled utility revenues .................. 11,765 19,751
Other receivables .................................. 8,968 5,352
Fuel, materials and supplies, at average cost ...... 18,402 30,629
Special deposits and prepayments ................... 53,582 21,608
---------- ----------
Total Current Assets ............................. 286,652 215,061
---------- ----------
(i)
EXHIBIT A (CONT'D)
CONSOLIDATED BALANCE SHEET(CONT'D)
(In Thousands)
December 31,
ASSETS 2001 2000
---------- ----------
Deferred Charges and Other Assets
Regulatory assets .................................. 35,094 155,230
Unamortized debt expense ............................. 3,545 4,869
Fair value of derivative instruments ............... 28,591 --
Other Assets ....................................... 60,171 26,933
---------- ----------
Total Deferred Charges and Other Assets .......... 127,401 187,032
---------- ----------
TOTAL ASSETS .............................. $1,188,642 $1,530,973
========== ==========
(ii)
EXHIBIT A (CONT'D)
CONSOLIDATED BALANCE SHEET (CONT'D)
(In Thousands)
CAPITALIZATION AND LIABILITIES December 31,
2001 2000
---------- ----------
Capitalization
Common Stock Equity
Common stock, $.10 par value .................... $ 1,686 $ 1,686
Paid-in capital ................................. 351,230 351,230
Retained earnings ............................... 163,317 147,824
Treasury stock .................................. (18,766) (18,766)
Capital stock expense ........................... (1,158) (1,232)
---------- ----------
Total Common Stock Equity ..................... 496,309 480,742
---------- ----------
Cumulative Preferred Stock
Not subject to mandatory redemption ............. 21,030 21,030
Subject to mandatory redemption ................. 35,000 35,000
---------- ----------
Total Cumulative Preferred Stock .............. 56,030 56,030
---------- ----------
Long-term Debt .................................... 216,124 320,369
---------- ----------
Total Capitalization .......................... 768,463 857,141
---------- ----------
Current Liabilities
Current maturities of long-term debt .............. 20,000 62,610
Notes payable ..................................... 250 165,000
Accounts payable .................................. 62,535 63,845
Accrued interest .................................. 2,538 7,256
Dividends payable ................................. 9,643 9,643
Accrued vacation .................................. 3,900 4,472
Customer deposits ................................. 5,032 4,637
Other ............................................. 11,545 11,092
---------- ----------
Total Current Liabilities ..................... 115,443 328,555
---------- ----------
Deferred Credits and Other Liabilities
Regulatory liabilities ............................ 235,960 118,574
Operating reserves ................................ 4,853 4,755
Other ............................................. 42,563 27,120
---------- ----------
Total Deferred Credits and
Other Liabilities .............................. 283,376 150,449
---------- ----------
Accumulated Deferred Income Tax ..................... 21,360 194,828
---------- ----------
TOTAL CAPITALIZATION AND LIABILITIES .............. $1,188,642 $1,530,973
========== ==========
(iii)
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF INCOME
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Operating Revenues
Electric .................................. $428,416 $531,820 $427,809
Gas ....................................... 110,717 107,039 94,131
Unregulated Subsidiary .................... 189,298 111,027 45,157
-------- -------- --------
Total Operating Revenues ................ 728,431 749,886 567,097
-------- -------- --------
Operating Expenses
Operation:
Fuel used in electric
generation and purchased
electricity ........................... 248,949 249,338 149,016
Purchased natural gas ................... 72,314 75,624 61,548
Purchased petroleum ..................... 89,173 35,485 4,347
Other expenses of operation ............. 106,751 137,800 126,768
Other expenses of operation -
unregulated subsidiaries .............. 56,482 30,343 14,373
Depreciation and amortization ............. 35,637 51,453 48,246
Taxes, other than income tax ............ 50,402 54,151 64,510
Federal/State income tax ................ 21,043 37,229 27,772
-------- -------- --------
Total Operating Expenses .............. 680,751 671,423 496,580
-------- -------- --------
Operating Income .......................... 47,680 78,463 70,517
-------- -------- --------
Other Income
Allowance for equity funds
used during construction .............. 429 -- --
Federal/State income tax ................ 24,381 (986) (371)
Other - net ............................. 11,100 10,626 12,051
-------- -------- --------
Total Other Income .................... 35,910 9,640 11,680
-------- -------- --------
Income before Interest Charges .............. 83,590 88,103 82,197
-------- -------- --------
(iv)
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF INCOME (CONT'D)
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Interest Charges
Interest on mortgage bonds ................ $ 5,211 $11,342 $13,057
Interest on other long-term debt .......... 10,446 12,864 11,094
Other interest ............................ 14,187 10,473 6,633
Allowance for borrowed
funds used during
construction ............................ (319) (779) (390)
------- ------- -------
Total Interest Charges ................ 29,525 33,900 30,394
------- ------- -------
Cumulative Preferred Stock Dividends
of Central Hudson ......................... 3,230 3,230 3,230
------- ------- -------
Net Income .................................. $50,835 $50,973 $48,573
======= ======= =======
Dividends Declared on Common Stock .......... 35,342 35,945 36,422
Balance Retained in the Business ............ $15,493 $15,028 $12,151
======= ======= =======
Common Stock:
Average shares outstanding (000s) ......... 16,362 16,716 16,862
Earnings per share (basic and diluted) .... $ 3.11 $ 3.05 $ 2.88
Dividends Declared per share .............. $ 2.16 $ 2.16 $ 2.16
(v)
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Net Income .................................. $ 50,835 $ 50,973 $ 48,573
Other comprehensive income, net of tax:
FAS 133 transition adjustment -
cumulative effect of unrealized
losses at implementation date of
January 1, 2001 ......................... (1,896) -- --
Less: reclassification adjustment
for gains realized in net
income ......................... 795 -- --
Plus: change in fair value for
transition adjustment amounts .. 2,691
-------- -------- --------
Balance of FAS 133 transition
adjustment at December 31, 2001 ....... -- -- --
-------- -------- --------
Comprehensive Income ........................ $ 50,835 $ 50,973 $ 48,573
======== ======== ========
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Balance at beginning of year ............... $147,824 $132,796 $133,287
Net Income .................................. 50,835 50,973 48,573
Common Stock Retirement
(cancellation) ............................ -- -- (12,642)
Dividends declared:
On common stock ($2.16 per
share in 2001, 2000 and 1999) ............. (35,342) (35,945) (36,422)
-------- -------- --------
Balance at end of year ...................... $163,317 $147,824 $132,796
======== ======== ========
(vi)
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF CASH FLOWS
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Operating Activities
Net Income ................................ $ 50,835 $ 50,973 $ 48,573
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, amortization and
nuclear fuel amortization ........... 39,138 55,297 51,186
Deferred income taxes, net ............ 2,545 2,940 4,219
Nine Mile 2 Plant deferred
finance charges, net ................ 22 (3,286) (4,855)
Provisions for uncollectibles ......... 2,614 3,935 2,930
Accrued/deferred pension costs ........ (17,304) (13,789) (10,968)
Deferred gas costs/gas refunds ........ (3,388) (4,769) 3,061
Other - net ........................... 16,043 10,231 9,423
Changes in current assets and
liabilities, net:
Accounts receivable and unbilled
utility revenues ...................... 54,951 (60,422) (15,474)
Fuel, materials and supplies ............ (6,034) 856 (7,898)
Special deposits and prepayments ........ (12,652) (6,216) 17,291
Accounts payable ........................ 12,764 27,099 13,155
Accrued taxes and interest .............. (61,628) 10,209 (6,665)
Deferred taxes related to sale of
plants and Nine Mile 2 Plant
write-off ............................. (259,494) -- --
Other, net .............................. 3,666 780 (175)
-------- -------- --------
Net cash (used in) provided by
operating activities .................... (177,922) 73,838 103,803
-------- -------- --------
(vii)
EXHIBIT A (CONT'D)
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT'D)
(In Thousands)
Year ended December 31,
2001 2000 1999
-------- -------- --------
Investing Activities
Proceeds from sale of fossil
generation plants and nuclear plant ..... 770,835 -- --
Issuance of mortgage receivable - sale
of Nine Mile 2 Plant .................... (29,688) -- --
Additions to plant ........................ (67,818) (58,656) (46,495)
Acquisitions made by unregulated
subsidiaries ............................ (17,908) (77,543) (11,945)
Nine Mile 2 Plant decommissioning
trust fund .............................. (737) (868) (868)
Other - net ............................... 17,409 (855) (589)
-------- -------- --------
Net cash provided by (used in)
investing activities .................... 672,093 (137,922) (59,897)
-------- -------- --------
Financing Activities
Proceeds from issuance of:
long-term debt .......................... -- 47,500 176,250
(Repayments) borrowings of
short-term debt, net ................. (164,250) 115,000 32,000
Repayment of long-term debt ............. (147,880) (35,100) (201,318)
Dividends paid on common stock .......... (35,342) (36,215) (36,422)
Issuance and redemption costs ........... (3,341) (403) (4,530)
Defeasance of long-term debt ............ (39,281) -- --
Purchase of treasury stock ................ -- (18,765) --
-------- -------- --------
Net cash (used in) provided by
financing activities .................. (390,094) 72,017 (34,020)
-------- -------- --------
Net Change in Cash and Cash
Equivalents ............................. 104,077 7,933 9,886
Cash and Cash Equivalents at
Beginning of Year ....................... 28,318 20,385 10,499
-------- -------- --------
Cash and Cash Equivalents at
End of Year ............................. $132,395 $ 28,318 $ 20,385
======== ======== ========
Supplemental Disclosure of Cash
Flow Information
Interest paid ......................... $ 22,144 $ 25,904 $ 26,307
Federal/State income taxes paid ....... 263,005 24,300 29,025
(viii)
EXHIBIT B
ORGANIZATION CHART
(AS OF DECEMBER 31, 2001)
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 Services
Hudson |
| - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - | | |
Phoenix CHEC Resources* Greene
| | Point
- - - - - - - - - - - - - - - - - - -
| | | | |
Scasco Griffith Prime CH CH
Energy Industrial Niagara Syracuse
--------
* EWG
(ix)