Post-Effective Amendment to a U-1 — Form U-1
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1: POS AMC Pleasants Post-Effective Amendment No. 7 3 9K
2: EX-99 Maryland Application 13 29K
6: EX-99 Maryland Order 2 12K
3: EX-99 Ohio Application 17 57K
7: EX-99 Ohio Order 3 14K
8: EX-99 Pennsylvania Order 2 11K
4: EX-99 Pennsylvania Securities Certificate (Application) 39 111K
5: EX-99 Virginia Application 7 25K
9: EX-99 Virginia Order 2 11K
EX-99 — Ohio Application
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Exhibit D-2(a)
B E F O R E
THE PUBLIC UTILITIES COMMISSION OF OHIO
In the Matter of the Application
of Monongahela Power Company for
authority to issue and sell
additional shares of Cumulative 93- -EL-AIS
Preferred Stock, additional
First Mortgage Bonds and to enter
into other evidences of indebtedness.
To the Honorable
The Public Utilities Commission of Ohio
The Application respectfully shows:
I
The Applicant, Monongahela Power Company (hereinafter called
"Company" or "Applicant"), is an Ohio corporation, having its principal
office in the City of Marietta in said State, and a public utility as
defined in Section 4905.02 of the Ohio Revised Code. The Company is
engaged in the generation, transmission, distribution and sale of
electricity in Washington, Monroe, Morgan, Athens, Noble and Meigs
Counties, Ohio, and elsewhere, including the northern half of West
Virginia, and in the ownership and operation of an undivided interest in
a power generating station (Hatfield's Ferry Station) in Pennsylvania.
The name and mailing address of the Company is:
Monongahela Power Company
1310 Fairmont Avenue
P.O. Box 1392
Fairmont, WV 26555-1392
II
The Applicant is a wholly owned subsidiary of Allegheny Power System,
Inc., (hereinafter called "Allegheny"), a Maryland corporation, and a
holding company registered under the Public Utility Holding Company Act of
1935. Allegheny as a registered holding company, and the Company as a
subsidiary of a registered holding company, are subject to the
jurisdiction of the Securities and Exchange Commission under the Public
Utility Holding Company Act of 1935. In addition, the Applicant is
subject as to certain aspects of its operations to the jurisdiction of the
Federal Energy Regulatory Commission and the West Virginia Public Service
Commission.
III
The authorized capital stock of Applicant totals 9,500,000 shares
having a total par value of $550,000,000, represented by 1,500,000 shares
of $100 par value Cumulative Preferred Stock, 640,000 of which are now
outstanding, and 8,000,000 shares of $50 par value Common Stock, of which
5,891,000 shares are now outstanding and owned by Allegheny. Outstanding
First Mortgage Bonds of the Applicant total $373,000,000 principal amount.
IV
1994 FINANCING PROGRAM
The Applicant expects to engage in a number of financial activities
in 1994 that will enable the Company to meet its needs for new capital and
to engage in extensive refunding of higher cost debt and equity if market
conditions are favorable. The refunding, which would only be done if a
net present worth savings of 3% or more of the principal amount of each
issue redeemed can be realized, may include regular and optional
redemptions or tender offers in selected circumstances. As the Commission
knows, the financial markets can change quickly and it is the Company's
desire to be in a position to take action quickly when it appears in our
customers' best interest to do so. Interest rates are at their lowest
level in years and the Company wants to take advantage of this and feels
it has put together a financing plan that will enable it to do so. More
specifically, Applicant anticipates that in 1994 its long-term financing
requirements will be met with a combination of new and refunding money and
that this will be accomplished through a combination of equity and debt
financing expected to include the following:
1) Up to $50 million of new money through the sale of preferred
stock to the public or private investors,
2) Up to $35 million of refunding preferred stock to redeem up to
$35 million of higher cost preferred,
3) Up to $225 million of refunding first mortgage bonds to redeem
up to $225 million of higher cost bonds by way of a call or
tender offer,
4) Up to $25 million of refunding pollution control revenue notes
to redeem $25 million of higher cost notes, and
5) Solid waste disposal revenue notes under authority previously
granted by this Commission in its Order of April 9, 1992, in
Case No. 92-376-EL-AIS. That Order authorized Monongahela's
issuance of up to $45 million of solid waste disposal notes, $5
million of which were issued on May 6, 1992 and $10.675 million
of which were issued on May 26, 1993.
Therefore,
V
PREFERRED STOCK
Applicant seeks authorization to issue and sell additional shares of
Cumulative Preferred Stock (the "Stock") in the amount of up to $85
million. Up to $50 million of new Stock will be used to pay and prepay
short-term indebtedness used for general corporate purposes and to pay for
Applicant's construction program including construction of scrubbers at
the Harrison Power Station to comply with the Clean Air Act Amendments of
1990 ("CAAA") and up to $35 million will be used for refunding high
dividend preferred currently outstanding, if market conditions warrant.
Applicant desires to have available sufficient flexibility to adjust
its financing program to developments in the market for preferred stock
securities when and as they occur, in order to obtain the best possible
price or prices and dividend rate for the Stock. This flexibility should
include the right to issue traditional perpetual cumulative preferred
stock with a par value of up to $100 along with the right to issue Market
Auction Preferred Stock ("MAPS"). If the Company chooses to issue
preferred with a par value of other than $100 or if MAPS is determined to
be the appropriate vehicle for the preferred financing the Company's
Charter will be amended before any such transactions are consummated and
any such Charter Amendments will be filed by amendment with the
Commission. It is not known at the present time whether it would be more
advantageous to Applicant to sell the Stock with or without a sinking
fund. If the terms of the Stock include sinking fund provisions, a
description of such provisions will be filed by amendment with the
Commission. The Company anticipates that the Stock will be redeemable at
any time at the option of the Company.
It is presently contemplated that the Stock will be sold at
competitive bidding to be carried out in accordance with the requirements
of Rule 50 of the Rules and Regulations of the Securities and Exchange
Commission under the Public Utility Holding Company Act of 1935, and that
the dividend rate and the price to be paid to Applicant, or if the price
to the Applicant and the initial price to the public are fixed at par, the
compensation per share to be paid to underwriter, will be determined by
such competitive bidding. In the event, however, that market or other
conditions make competitive bidding impractical or undesirable, Applicant
proposes to negotiate either with institutional investors to privately
place or with underwriters for the offering of the said Stock, and the
dividend rate, the price paid to Applicant, and the compensation paid to
the underwriters will be determined by such negotiation. Consequently,
your Applicant will not know the dividend rate, price per share, and net
proceeds available until the bids are received and accepted or
negotiations concluded. If the Company invites proposals and at least two
independent bids for the purchase of the Stock are received, the Company
proposes to proceed to issue and sell the Cumulative Preferred Stock
without further authorization from this Commission. If only one bid for
the purchase of the Cumulative Preferred Stock is received, or if the
Company determines to issue and sell the Cumulative Preferred Stock in a
private placement or in a negotiated underwritten public offering, the
Company will not, without a further order of this Commission, proceed to
issue and sell the Cumulative Preferred Stock at a price to be paid to the
Company of less than 98% or more than 102-3/4% of par value per share, a
dividend rate of more than 300 basis points above the yield to maturity of
30-year U.S. Treasury Bonds as of the date of issue and fees and
commissions of more than 1.2% of the principal amount of each series of
the $100 par value Cumulative Preferred Stock.
Monongahela will use the proceeds realized from the issuance and sale
of up to $50 million of the Stock to pay and prepay short-term
indebtedness used for general corporate purposes and to pay for
Applicant's construction program including construction of scrubbers at
the Harrison Power Station to comply with the CAAA. $35 million of the
Stock will be used to effect the optional redemption, if market conditions
warrant, of any one or more of four series of its currently outstanding
Cumulative Preferred Stock issues as follows:
Current
Principal Optional
Shares Amount Redemption Date of
Series Outstanding Outstanding Price Issue
$8.80G 50,000 $5 million 104.20 1971
$7.92H 50,000 $5 million 103.52 1972
$7.92I 100,000 $10 million 103.52 1973
$8.60J 150,000 $15 million 103.33 1976
VI
FIRST MORTGAGE BONDS
Monongahela proposes, if market conditions warrant, to issue and sell
up to $225,000,000 aggregate principal amount of its refunding First
Mortgage Bonds (the "New Bonds"), in one or more series, each such series
to have a term or maturity not to exceed 30 years. Said New Bonds shall
have, at the option of the Applicant, either (1) an up to ten (10) year no
call provision, or (2) an up to ten (10) year non-refundable provision.
Thereafter they shall be redeemable at any time, at the option of the
Applicant.
The annual interest rate to be borne by each series and the price to
be paid to the Applicant (which, unless otherwise authorized by the
Securities and Exchange Commission, shall not be less than 98% and shall
not exceed 101.75% of principal amount), and, the compensation to be paid
to the underwriters, will be determined (1) by competitive bidding, (2) by
negotiations between the Applicant and private investors or (3) by
negotiations with underwriters for the sale of such series. It is
expected that the successful bidders or, in the event of a negotiated
transaction, the underwriters, will make a public offering of the bonds,
unless the size of any series offered makes such public offering
impracticable.
It is presently contemplated that the proposed New Bonds will be sold
at competitive bidding to be carried out in accordance with the
requirements of Rule 50 of the Rules and Regulations of the Securities and
Exchange Commission under the Public Utility Holding Company Act of 1935,
and that the interest rate and the price to be paid to Applicant will be
determined by such competitive bidding. If Applicant invites proposals
and at least two independent bids for the purchase of the New Bonds are
received, Applicant may proceed to issue and sell the New Bonds without
further authorization from the Commission. If only one such bid is
received, or if market or other conditions make competitive bidding
impractical or undesirable, and Applicant determines to issue and sell the
New Bonds in a negotiated underwritten public offering or in a private
placement then the interest rate and the price to be paid to Applicant
will be determined by such negotiation. Consequently, your Applicant will
not know the interest rate and net proceeds available to Applicant until
bids are received and opened or negotiations concluded. Applicant will
not, however, without a further order of the Commission, proceed to issue
and sell the New Bonds if the terms of such sale provide for an interest
rate of more than 200 basis points above the yield to maturity of U.S.
Treasury Bonds of comparable maturity.
The refunding First Mortgage Bonds will be issued under and secured,
together with Monongahela's presently outstanding First Mortgage Bonds,
and any Bonds of other series hereafter authorized and issued subject to
the Mortgage Indenture, by the Mortgage Indenture dated August 1, 1945, as
supplemented and amended and as to be further supplemented and amended by
one or more Supplemental Indentures, each to be dated as of the first day
of the month in which the New Bonds issued thereunder are issued and sold.
Monongahela will use the proceeds to be realized from the issuance
and sale of the New Bonds either to make a tender offer for or to effect
the optional redemption prior to maturity, if market conditions warrant,
of any one or of all of the currently outstanding First Mortgage Bonds
series as follows:
Current Next
Optional Change
Principal Redemp- In Re-
Amount tion demption
Series Maturity Outstanding Price Price
8-7/8% 2019 $70 million 106.70 8-1-94
8-5/8% 2021 $50 million 107.96 11-1-93
8-1/2% 2022 $65 million 107.37 6-1-94
8-3/8% 2022 $40 million No call 7-1-02
VII
OTHER EVIDENCES OF INDEBTEDNESS
Monongahela proposes to enter into transactions involving the
refinancing of certain tax exempt revenue bonds issued by Pleasants
County, West Virginia, the proceeds of which were used to finance the cost
of installation of certain pollution control equipment at the Company's
Pleasants generating station. The pollution control equipment was
installed in order to meet state and Federal pollution control standards.
This Commission previously authorized Monongahela's issuance and sale of
certain evidences of indebtedness concerning this financings.
These pollution control bonds are presently subject to an optional
redemption price of principal amount plus accrued interest. It is
expected that the County will issue a new series of Bonds (the New Bonds)
for the purpose of providing a portion of the funds required to redeem the
County's outstanding Bonds. The New Bonds will be in an aggregate
principal amount equal to the aggregate principal amount of the County's
Bonds outstanding at the time of the refinancing. The New Bonds will be
sold at such time in such principal amount, at such interest rate, and for
such price as shall be approved by Monongahela. The timing of any such
financing will depend on a subjective determination by Monongahela of
market conditions.
Monongahela has been informed that the County has the legal authority
to issue tax exempt revenue bonds and Monongahela understands that legal
opinions to that effect will be delivered to appropriate parties at, or
prior to, the closing. The New Bonds, which will be in registered form,
will bear interest semi-annually at a rate to be determined and will be
issued pursuant to the appropriate Trust Indenture. The Trust Indentures
provide for a mandatory redemption of the Bonds under certain
circumstances and, in addition, the New Bonds will be subject to
redemption at the option of the County exercised at the direction of
Monongahela in accordance with the provisions contained in the form of
Bond.
The proceeds of the sale of the outstanding Bonds by the County were
applied to purchase and complete construction of certain pollution control
equipment and, by virtue of title retention provisions of the Purchase
Agreements and Indentures, the New Bonds will be secured by a second lien
on the pollution control equipment owned by Monongahela. The Trust
Indenture requires that such pollution control equipment be free of any
lien or encumbrance except for certain liens permitted by the Purchase
Agreement. The New Bonds will be issued pursuant to a supplemental
indenture with specific provisions to be determined at the time of
issuance. The supplemental indenture will also provide that all the
proceeds of the sale of the New Bonds by the County must be applied to the
cost of the refinancing of the outstanding Bonds.
The proceeds to be realized from the issuance of the evidences of
indebtedness to the County will be used to effect the optional redemption
prior to maturity, if market conditions warrant, of the following
outstanding Pollution Control Bonds as follows:
Current Next
Optional Change
Principal Redemp- In Re-
Amount tion demption
County Series Maturity Outstanding Price Price
Pleasants WV "B" 7.750% 2009 $25 million 101.00 2-1-94
VIII
Monongahela has attached hereto a copy of the financial statements of
Applicant as of June 30, 1993, as Exhibit A.
IX
CONCLUSION
Monongahela desires to consummate some or all of the proposed
transactions in order to provide for the permanent financing of capital
facilities constructed and being constructed and to reduce its cost of
long-term financing and thereby help maintain its position as a low cost
producer of electric energy.
WHEREFORE, the Applicant prays, consistent with the Application and
Exhibits filed herein, that an Order be issued by the Commission without
hearing as follows:
(1) authorizing Applicant to invite bids for the purchase of up to
$85 million of its Preferred Stock hereinabove described,
subject to the conditions and terms set forth herein;
(2) authorizing Applicant, in the event a bid for said Preferred
Stock is acceptable to Applicant, and falls within the
parameters herein set forth to execute and deliver to the
successful bidder or bidders an acceptance in writing thereof,
without further authorization by your Honorable Commission;
(3) authorizing Applicant, in the event a bid for said Preferred
Stock is accepted, and falls within the parameters herein set
forth, to issue and sell said Preferred Stock, on or before
December 31, 1994, pursuant to the purchase contract therefor
consisting of the bid and its exhibits, without further
authorization by your Honorable Commission;
(4) authorizing Applicant, in the event competitive bidding is
impractical or undesirable, to negotiate with institutional
investors to privately place or underwriters for the offering of
the Preferred Stock, to enter into a purchase contract with such
investors or underwriters upon completion of such negotiations
and to sell said Preferred Stock to and through such investors
or underwriters, on or before December 31, 1994, without further
authorization from your Honorable Commission so long as the
negotiations are concluded within the parameters set out herein;
and
(5) authorizing Applicant to invite bids for the purchase of up to
$225 million of First Mortgage bonds for the purpose of
refunding higher cost first mortgage bonds as hereinabove
described;
(6) authorizing Applicant, in the event a bid for the said bonds is
acceptable to Applicant, to execute and deliver to the
successful bidder or bidders an acceptance in writing thereof,
without further authorization by your Honorable Commission;
(7) authorizing Applicant, in the event a bid for said bonds is
accepted, to issue and sell said First Mortgage Bonds on or
before December 31, 1994, pursuant to the purchase contract
therefor consisting of the bid and its exhibits, without further
authorization by your Honorable Commission;
(8) authorizing Applicant, in the event competitive bidding is
impractical or undesirable, and subject to obtaining other
requisite regulatory authority, to negotiate with private
investors or with underwriters for the offering by such
underwriters of the bonds, to enter into a purchase contract
with such investors or underwriters upon completion of such
negotiations and to sell said bonds to and through such
investors or underwriters, without further authorization by your
Honorable Commission;
(9) authorizing that the total of the Preferred Stock and First
Mortgage Bonds to be sold on or before December 31, 1994 for the
purpose of refunding outstanding issues under the authorizations
sought above shall not exceed $35 million and $225 million
respectively;
(10) authorizing Applicant to issue evidences of indebtedness in the
principal amount of up to $25 million on or before December 31,
1994, for the purpose of refinancing an issue of Pleasants
County West Virginia tax-exempt revenue bonds;
(11) authorizing Applicant to execute and deliver to the Pleasants
County Commission the Second Supplemental Agreement to the Trust
Agreement;
(12) authorizing all other and further relief necessary or
appropriate in the premises.
Respectfully submitted,
MONONGAHELA POWER COMPANY
By T. A. BARLOW
T. A. Barlow
Vice President
(SEAL)
ATTEST:
THOMAS C. SHEPPARD, JR.
Thomas C. Sheppard, Jr.
Assistant Secretary
GARY A. JACK
Gary A. Jack
Attorney for Applicant
Monongahela Power Company
1310 Fairmont Avenue
P.O. Box 1392
Fairmont, West Virginia 26555-1392
STATE OF WEST VIRGINIA,
, SS:
COUNTY OF MARION ,
T. A. Barlow and Thomas C. Sheppard, Jr., being first duly sworn,
depose and state that they are the Vice President and Assistant Secretary,
respectively, of Monongahela Power Company, the Applicant in the foregoing
Application, and that the statements and allegations contained therein are
true to the best of their knowledge, information and belief.
T. A. BARLOW
T. A. Barlow
Vice President
THOMAS C. SHEPPARD, JR.
Thomas C. Sheppard, Jr.
Assistant Secretary
Sworn to and subscribed before me this 27th day of October, 1993.
MARCIA F. JOHNSTON
Marcia F. Johnston
Notary Public
(NOTARY SEAL)
My Commission expires January 20, 2001
EXHIBIT A
MONONGAHELA POWER COMPANY
STATEMENT OF FINANCIAL CONDITION
June 30, 1993
(a) Amount and classes of stock authorized:
(1) 8 000 000 shares Common Stock - par value $50
(2) 1 500 000 shares Cumulative Preferred Stock - par value $100
(b) Amount and classes of stock issued and outstanding as of June 30,
1993:
5 891 000 shares Common Stock
640 000 shares Cumulative Preferred Stock, as follows:
4.40% Series - 90 000 shares
4.80% Series B - 40 000 shares
4.50% Series C - 60 000 shares
$6.28 Series D - 50 000 shares
$7.36 Series E - 50 000 shares
$8.80 Series G - 50 000 shares
$7.92 Series H - 50 000 shares
$7.92 Series I - 100 000 shares
$8.60 Series J - 150 000 shares
(c) Terms of preference of all preferred stock:
All series of preferred stock entitle the holders thereof to prefer-
ence over holders of common stock in the distribution of dividends
and assets. In the event of any voluntary liquidation, dissolution
or winding up of the affairs of the applicant, the holders of pre-
ferred stock shall be entitled to be paid an amount per share equal
to the then current redemption price thereof, and the amount so
payable in the event of any involuntary liquidation, dissolution or
winding up of the affairs of the applicant shall be the par value
($100) of such shares. The preferred stock has no voting power,
except that if four or more quarterly dividends are in default, the
holders of the preferred stock, voting as a class, are entitled to
elect the smallest number of directors necessary to constitute a
majority of the full Board. The preferred stock of any series may
be redeemed, in whole or in part, at any time by vote of the Board
at the applicable redemption price therefor.
- 2 -
(d) Brief description of each mortgage upon any property of the corpora-
tion, giving date of execution, name of trustee, amount of indebted-
ness authorized to be secured thereby, amount of indebtedness actually
secured and brief description of the mortgaged property or collateral:
There is presently in effect a mortgage indenture dated August 1,
1945, and indentures supplemental thereto, executed by the applicant
upon all its property under which Citibank, N. A., 111 Wall Street,
New York, New York, is the trustee. Said mortgage indenture secures
bonds issued thereunder by the applicant for the purpose of
borrowing money for its corporate purposes and authorizes the
issuance of an initial series of bonds for the aggregate principal
amount of $22 000 000. Thereafter from time to time, upon a showing
that the consolidated net earnings of the applicant and its
subsidiaries available for interest for 12 out of the 15 preceding
months, after provision for depreciation, have been in the aggregate
equal to not less than twice the amount of annual interest charges
on the principal amount of all bonds and prior lien bonds then
outstanding or applied for, additional bonds of any series may be
issued in an aggregate principal amount equal to 60% of the net
bondable value of property additions plus the amount of any cash
deposited with the Trustee, and also in substitution for any
refundable bonds. The amount of indebtedness accrued and principal
outstanding is $373 000 000. There is no interest due and unpaid.
(e) Number and amount of bonds authorized and issued under each mortgage,
describing each class separately, giving date of issue, par value,
rate of interest, date of maturity and how secured:
Monongahela Power Company has bonds issued and outstanding under the
above-mentioned Indenture consisting of series, all of which are
First Mortgage Bonds, as follows:
Amount
Series Issued Par Value Outstanding
______ ______ _________ ___________
5-1/2% Series Due 1996 1966 $1 000 $ 18 000 000
6-1/2% Series Due 1997 1967 1 000 15 000 000
8-7/8% Series Due 2019 1989 1 000 70 000 000
8-5/8% Series Due 2021 1991 1 000 50 000 000
8-1/2% Series Due 2022 1992 1 000 65 000 000
7-3/8% Series Due 2002 1992 1 000 25 000 000
8-3/8% Series Due 2022 1992 1 000 40 000 000
7-1/4% Series Due 2007 1992 1 000 25 000 000
5-5/8% Series Due 2000 1993 1 000 65 000 000
____________
$373 000 000
____________
____________
- 3 -
(f) Other indebtedness of all kinds, giving same by classes and
describing security, if any:
Amount
Indebtedness Outstanding
____________ ___________
(1) Secured notes for pollution control
facilities $65 225 000
(2) Unsecured notes for pollution control
facilities 7 560 000
(3) Instalment purchase obligations for
pollution control facilities 19 100 000
___________
$91 885 000
___________
___________
(g) Amount of interest PAID during twelve months ended June 30, 1993, and
rate thereof; if different rates were paid, the amount paid at each
rate:
Twelve Months Ended
June 30, 1993
_____________
(1) First Mortgage Bonds
5-1/2% Series Due 1996 $ 990 000
6-1/2% Series Due 1997 975 000
7-1/2% Series Due 1998 1 500 000
8-1/8% Series Due 1999 812 500
8-7/8% Series Due 2001 522 639
7-7/8% Series Due 2002 2 756 250
8-5/8% Series Due 2007 718 750
9-5/8% Series Due 2017 2 416 944
8-7/8% Series Due 2019 6 212 500
8-5/8% Series Due 2021 4 312 500
8-1/2% Series Due 2022 5 525 000
7-3/8% Series Due 2002 921 875
8-3/8% Series Due 2022 1 675 000
7-1/4% Series Due 2007 906 250
___________
30 245 208
___________
___________
(2) Secured Notes
$17 500 000 @ 6.375% 1 115 625
25 000 000 @ 7.75% 1 937 500
7 050 000 @ 9.50% 723 697
5 000 000 @ 6.875% 343 750
___________
4 120 572
(3) Unsecured Notes
$ 3,560,000 @ 6.30% 224 280
4,000,000 @ 6.40% 256 000
___________
480 280
(4) Instalment Purchase Obligations
$19 100 000 @ 6.875% 1 313 125
___________
- 4 -
Total interest on long-term debt $36 159 185
(h) Amount of dividends paid upon each class of stock during previous
five years:
12 Months 12 Months 12 Months 12 Months
Class of Stock 6/30/93 12/31/92 12/31/91 12/31/90
______________ _________ _________ __________ _________
Cumulative Preferred:
4.40% Series $ 396 000 $ 396 000 $ 396 000 $ 396 000
4.80% Series B 192 000 192 000 192 000 192 000
4.50% Series C 270 000 270 000 270 000 270 000
$6.28 Series D 314 000 314 000 314 000 314 000
$7.36 Series E 368 000 368 000 368 000 368 000
$9.64 Series F 146 500 387 500 482 000 482 000
$8.80 Series G 440 000 440 000 440 000 440 000
$7.92 Series H 396 000 396 000 396 000 396 000
$7.92 Series I 792 000 792 000 792 000 792 000
$8.60 Series J 1 290 000 1 290 000 1 290 000 1 290 000
$ 4 604 500 $ 4 845 500 $ 4 940 000 $ 4 940 000
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
12 Months
Class of Stock 12/31/89
______________ _________
4.40% Series $ 396 000
4.80% Series B 192 000
4.50% Series C 270 000
$6.28 Series D 314 000
$7.36 Series E 368 000
$9.64 Series F 482 000
$8.80 Series G 440 000
$7.92 Series H 396 000
$7.92 Series I 792 000
$8.60 Series J 1 290 000
___________
$ 4 940 000
___________
___________
12 Months 12 Months 12 Months 12 Months
Class of Stock 6/30/93 12/31/92 12/31/91 12/31/90
______________ _________ _________ __________ _________
Common Stock:
Dividends $48 365 110 $46 532 410 $45 309 900 $45 401 910
Rate per share
(avg.) $8.21 $7.90 $8.90 $8.92
12 Months
Class of Stock 12/31/89
______________ _________
Common Stock:
Dividends $44,459,190
Rate per share
(avg.) $9.09
(i) Financial Statements - June 30, 1993
- 5 -
(1) Income Statement
(2) Balance Sheet
- 6 -
MONONGAHELA POWER COMPANY
_________________________
Balance Sheet - June 30, 1993
_____________________________
(Thousands of Dollars)
ASSETS
PROPERTY, PLANT AND EQUIPMENT:
At original cost, including $127 943 000 and
$99 177 000 under construction $1 620 708
Accumulated depreciation (649 995)
__________
970 713
__________
INVESTMENTS AND OTHER ASSETS:
Allegheny Generating Company - common stock at equity 62 297
Other 2 359
__________
64 656
__________
CURRENT ASSETS:
Cash 152
Accounts receivable:
Electric service 39 867
Affiliated and other 11 213
Allowance for uncollectible accounts (1 113)
Materials and supplies - at average cost:
Operating and construction 22 810
Fuel 32 574
Property taxes 9 368
Deferred power costs 9 780
Other 5 922
__________
130 573
__________
DEFERRED CHARGES:
Regulatory assets 153 885
Unamortized loss on reacquired debt 12 594
Other 10 284
__________
176 763
__________
TOTAL ASSETS $1 342 705
__________
__________
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock $ 294 550
Other paid-in capital 2 994
Retained earnings 180 936
__________
478 480
Preferred stock - not subject to mandatory redemption 64 000
Long-term debt 451 054
__________
993 534
__________
CURRENT LIABILITIES:
Short-term debt 39 560
Accounts Payable 20 324
Accounts payable to affiliates 5 340
- 7 -
Taxes accrued:
Federal and state income -
Other 15 692
Interest accrued 10 545
Other 21 310
__________
112 771
__________
DEFERRED CREDITS AND OTHER LIABILITIES:
Unamortized investment credit 27 981
Deferred income taxes 181 261
Regulatory liabilities 20 682
Other 6 476
__________
236 400
__________
TOTAL CAPITALIZATION AND LIABILITIES $1 342 705
__________
__________
- 8 -
MONONGAHELA POWER COMPANY
Statement of Income
for Twelve Months Ended June 30, 1993
_____________________________________
(Thousands of Dollars)
ELECTRIC OPERATING REVENUES $634 069
________
OPERATING EXPENSES:
Operation:
Fuel 150 164
Interchange and purchased power, net 148 905
Deferred power costs, net (3 798)
Other 65 407
Maintenance 64 647
Depreciation 54 969
Taxes other than income taxes 36 701
Federal and state income taxes 30 127
________
Total Operating Expenses 547 122
________
Operating Income 86 947
________
OTHER INCOME AND DEDUCTIONS:
Allowance for other than borrowed funds
used during construction 3 080
Other income, net 8 221
________
Total Other Income and Deductions 11 301
________
Income before Interest Charges 98 248
________
INTEREST CHARGES:
Interest on long-term debt 36 595
Other interest 1 363
Allowance for borrowed funds used during
construction (2 141)
________
Total Interest Charges 35 817
________
NET INCOME $ 62 431
________
________
Dates Referenced Herein and Documents Incorporated by Reference
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