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Monongahela Power Co/OH – ‘POS AMC’ on 4/4/94 – EX-99

As of:  Monday, 4/4/94   ·   Accession #:  67646-94-20   ·   File #:  70-06179

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  As Of                Filer                Filing    For·On·As Docs:Size

 4/04/94  Monongahela Power Co/OH           POS AMC                9:136K

Post-Effective Amendment to a U-1   —   Form U-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 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   —   Pennsylvania Securities Certificate (Application)
Exhibit Table of Contents

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11st Page   -   Filing Submission
36Note
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BEFORE THE PENNSYLVANIA PUBLIC UTILITY COMMISSION Securities Certificate of WEST PENN ) SECURITIES CERTIFICATE POWER COMPANY in respect of the proposed ) No. 1993 issuance of secured non-negotiable ) solid waste disposal notes not to exceed ) $11,535,000 and non-negotiable pollution ) control refunding notes) not to ) exceed $31,500,000 ) TO THE PENNSYLVANIA PUBLIC UTILITY COMMISSION: 1. Name and address of the public utility filing this Securities Certificate: West Penn Power Company 800 Cabin Hill Drive Greensburg, Pennsylvania 15601 2. Name and address of West Penn Power Company attorneys: Peter J. Dailey and John L. Munsch 800 Cabin Hill Drive Greensburg, Pennsylvania 15601 3. West Penn Power Company ("West Penn") is a corporation organized under the laws of the Commonwealth of Pennsylvania on March 1, 1916. Its charter provides that the term of existence of the Company shall be perpetual. It is vested with lawful authority to render electric service for light, heat and power, and is now rendering such service to the public in Adams, Allegheny, Armstrong, Bedford, Butler, Cameron, Centre, Clarion, Clinton, Elk, Fayette, Franklin, Fulton, Greene, Huntingdon, Indiana, Jefferson, Lycoming, McKean, Potter, Somerset, Washington and Westmoreland Counties, Pennsylvania.
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4. West Penn is a wholly owned subsidiary of Allegheny Power System, Inc.("APS"). Monongahela Power Company and The Potomac Edison Company are also wholly owned subsidiaries of APS. (Monongahela Power Company, The Potomac Edison Company and West Penn are hereinafter sometimes collectively referred to as the "APS Companies".) 5. This Securities Certificate includes the following proposed financings: $11.535 MILLION OF SOLID WASTE DISPOSAL NOTES (HARRISON POWER STATION) West Penn desires to fund its ownership share of certain solid waste handling and disposal facilities and associated land and equipment (hereinafter referred to as the "Facilities") which are required to comply with the Clean Air Act Amendments of 1990 (the "CAAA") as applicable to the Harrison Power Station ("Harrison") located in Harrison County, West Virginia through tax exempt financing. Such financing shall be implemented through the issuance by West Penn of a secured solid waste disposal note to support the issuance of each series of solid waste disposal revenue bonds by the County Commission of Harrison County, West Virginia (the "Commission"). West Penn's undivided interest in the jointly owned Harrison Station is 42.24%. West Penn currently expects to finance its share of the installation of the Facilities through a combination of sources, including internally-generated funds, first mortgage bond and preferred stock issues, short-term debt, the sale of its common stock to APS, and, to the extent possible, the issuance of solid waste
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disposal notes to secure the Commission's sale of tax exempt solid waste disposal revenue bonds. To date, the West Virginia Economic Development Authority ("Authority") has allocated up to $62.705 million of tax exempt bonds to finance the installation of the proposed Facilities. Pursuant to the terms of the Authority's notice, the Commission issued and sold the approved $62.705 million in Bonds on May 6, 1992 and May 26, 1993. West Penn's share of the $62.705 million of tax exempt financing that was allocated by the Authority and issued and sold by the Commission was $26.49 million. The total amount of solid waste disposal revenue bonds (the "Bonds") which have been registered with the Securities Exchange Commission is $180 million through December 31, 1995 in one or more series with maturities of not more than thirty (30) years. It is expected that the total issue by the Commission in respect of West Penn's interest will not exceed $38.025 million through December 31, 1994. Therefore, since West Penn has already issued $26.49 million in Bonds, West Penn expects that the principal amount of additional Bonds to be allocated by the Authority and issued by the Commission on behalf of West Penn will not exceed $11.535 million through December 31, 1994. The Bonds in respect of West Penn will be issued under a separate trust indenture with a corporate trustee, approved by but not affiliated with West Penn (expected to be Mellon Bank, N.A.) and shall be sold at such times (within the time period or periods
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specified by the Authority), in such principal amounts, at such interest rates, for such prices, and with such other terms as shall be approved by West Penn. West Penn will deliver concurrently with the issuance of each series of Bonds its non-negotiable secured solid waste disposal note (the "Note") corresponding to such series of Bonds in respect of principal amount, interest rates (which may be "floating"), and redemption provisions (which may include a special right of the holder to require the redemption or repurchase of the Bond at stated intervals) and having installments of principal corresponding to any mandatory sinking fund payments and stated maturities. Payments on the Notes will be made to the trustee pursuant to the trust indenture and applied by the trustee to pay the maturing principal and redemption prices of and interest and other costs on the Bonds with respect to West Penn as the same become due. West Penn also proposes to pay any trustees' fees or other expenses incurred by the Commission, on West Penn's behalf. The obligations of West Penn to pay for its portion of the Facilities is several and not joint, and the Notes delivered by West Penn are the obligations solely of West Penn. West Penn intends to accomplish by the proposed transactions a permanent long-term financing of its ownership share of the Facilities. Market conditions prevailing at the time of the offering may warrant the issuance of the Notes and Bonds with "floating" interest rates during all or a portion of the stated life of the Notes and Bonds based on a specified index as well as provisions
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permitting the Bondholders to require the repurchase of the Bonds at stated intervals. The Bonds will be in registered form and will bear interest semi-annually at rates to be determined. The Bonds will be issued pursuant to the indenture with specific provisions to be determined prior to issuance. The indenture will also provide that all the proceeds of the sale of the Bonds by the Commission must be applied to the cost of the Facilities. $31.5 MILLION OF POLLUTION CONTROL REFUNDING NOTES In 1978, West Penn issued securities described as secured non-negotiable pollution control notes registered with the Pennsylvania Public Utility Commission in the amount of $20 million and of $11.5 million under Securities Certificate No. S-78064384. Other regulatory authorities vested with authority granted to Pleasants County (the "County") the rights to sell $31.5 million of pollution control bonds ("Pollution Control Bonds") to finance the construction of certain air pollution facilities at the company's Pleasants Power Station. The Bonds may be redeemed beginning August 1, 1993 at 100.1/2% and beginning August 1, 1994 at 100%. In view of current and prospective market conditions, particularly interest rates, West Penn believes that the optional redemption of the $31.5 million Series B Bonds after January 1, 1994 will be advantageous to its ratepayers and shareholders by reducing the annual interest cost of its outstanding pollution control notes. The financing plan would include the sale by the "County"
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of its tax exempt pollution control refunding revenue bonds (the "Refunding Bonds") in one or more series with maturities and other terms to be determined. It is expected that the total amount of the Refunding Bonds to be issued will not exceed $31.5 million. The Refunding Bonds will be in registered form under a trust indenture and will be sold in one or more series, at such times, in such principal amounts, at such interest rates, with such maturities, for such prices, and with such other terms as shall be approved by West Penn. The Refunding Bonds will be issued under a separate trust indenture with a corporate trustee, approved by West Penn and expected to be Mellon Bank, N.A., and shall be sold at such times (within the time period or periods specified by the "County"), in such principal amounts, at such interest rates, for such prices, and with such other terms as shall be approved by West Penn. West Penn will deliver its non-negotiable secured refunding notes (the "Refunding Notes") corresponding to such series of the Refunding Bonds in respect of principal amount, interest rates and redemption provisions and having installments of principal corresponding to any mandatory sinking fund payments and stated maturities. Payments on the Refunding Notes will be made to the trustee pursuant to the trust indenture and applied by the trustee to pay the maturing principal and redemption prices of and interest and other costs on the Refunding Bonds with respect to West Penn as the same become due. West Penn also proposes to pay any trustees' fees, call premium, or other expenses incurred by the "County", on West
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Penn's behalf. The obligations of West Penn to pay the Refunding Notes are several and not joint and are the obligations solely of West Penn. The Refunding Bonds will bear interest semi-annually at rates to be determined and the Refunding Bonds will be issued pursuant to the indenture which may provide for redemption, sinking funds, no- call and other appropriate provisions to be determined. The indenture will also provide that all the proceeds of the sale of the Refunding Bonds by the "County" must be applied to the cost of redeeming the "Pollution Control Bonds". 6. West Penn will deliver concurrently with the issuance of each series of Bonds its non-negotiable secured Notes corresponding to such series of Bonds. Payments on such Notes will be made to the Trustees under the trust indentures described above and applied by the Trustees to pay the maturing principal and redemption prices of and interest and other costs on the Bonds as the same become due. West Penn also proposes to pay any Trustees' fees or other expenses incurred by the "County" with respect to West Penn. 7. The purpose for which West Penn proposes to issue the Notes are: To provide an economic source of financing by the County Commission of Harrison County for non-revenue producing solid waste disposal equipment which is required at Harrison Station to comply with Phase I of the CAAA. To provide for the optional redemption of the Pleasants County non-revenue producing pollution control bonds.
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West Penn has been advised that the annual interest rate on tax exempt bonds has been 1% to 3% lower than the interest rate on taxable obligations of comparable quality, depending upon the type to be sold. 8. West Penn has filed an application, Form U-1, with the Federal Securities and Exchange Commission with respect to the proposed Harrison transactions under the Public Utility Company Act of 1935, and will be filing Form U-2 with regard to the Pleasants refundings. 9. There are appended hereto and made a part hereof the following exhibits: A. Balance Sheet of West Penn at August 31, 1993. B. Statements of Income and Retained Earnings of West Penn for twelve months ended August 31, 1993. C. Statement with respect to utility plant accounts of West Penn as of August 31, 1993. D. Statement of securities of other corporations owned by West Penn as of August 31, 1993. E. Statement showing the status of funded debt of West Penn outstanding as of August 31, 1993. F. Statement showing the status of the outstanding capital stock of West Penn as of August 31, 1993. G. None. No Registration Statement has been or will be filed with the Securities and Exchange Commission under the Securities Act of 1933 in respect of the proposed transactions.
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H. Copy of Application, Form U-1, for Harrison filed with the Securities and Exchange Commission pursuant to the Public Utility Holding Company Act of 1935. (Pleasants to be filed by amendment.) I. Copy of resolution of the Board of Directors of West Penn authorizing the proposed transactions. (To be supplied by amendment.) J. Copy of Forms of Note. (To be supplied by amendment.) K. Statement showing, in journal entry form, all charges or credits proposed to be made on the books of account of West Penn as a result of the proposed issuance of the notes, covered by this Securities Certificate. L. Proposed form of Financing Agreements. (To be filed by amendment). M. Mortgage and Security Agreements. (To be filed by amendment). WHEREFORE, West Penn Power Company requests that the Pennsylvania Public Utility Commission register this Securities Certificate pursuant to Chapter 19 of the Public Utility Code. Respectfully submitted, WEST PENN POWER COMPANY /s/ Charles V. Burkley Date: November 4, 1993 Charles V. Burkley, Comptroller
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A F F I D A V I T COMMONWEALTH OF PENNSYLVANIA ) : COUNTY OF WESTMORELAND ) CHARLES V. BURKLEY, being duly sworn according to law, deposes and says that he is Comptroller of WEST PENN POWER COMPANY; that he is authorized to and does make this affidavit for it; and that the facts set forth above are true and correct to the best of his knowledge, information and belief, and he expects the said WEST PENN POWER COMPANY to be able to prove the same at the hearing hereof. /s/ Charles V. Burkley (Signature of affiant) Sworn to and subscribed before me this 4th day of November, 1993. /s/ Kathryn L. Hibbert Notary Public
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EXHIBIT A WEST PENN POWER COMPANY BALANCE SHEET AUGUST 31, 1993 Assets and Other Debits Utility Plant Electric plant In service $2,143,170,244 Plant purchased 351,000 Held for future use 78,625,730 Completed construction not classified 224,700,039 Construction work in progress 258,349,867 Acquisition adjustment 179,163 Accumulated provision for depreciation of electric plant-in-service (940,463,561) Accumulated provision for amortization (1,797,725) Total utility plant $1,763,114,757 Other Property and Investments Nonutility property $ 3,124,779 Accumulated provision for depreciation of nonutility property (406,586) Investment in associated companies 107,396,516 Investment in subsidiary companies 2,691,660 Other investments 82,685 Special funds 1,723,384 Total other property and investments $ 114,612,438 Current and Accrued Assets Cash $ - Special deposits 37,086,308 Working funds 469,189 Temporary cash investments - Customer accounts receivable 89,091,154 Other accounts receivable 3,363,841 Accumulated provision for uncollectible accounts (899,354) Receivables from affiliated companies 13,008,700 Fuel stock 43,301,282 Plant materials and operating supplies 36,337,596 Stores expense undistributed 385,100 Prepayments 2,325,564 Interest, dividends, and rents receivable 201,054 Accrued utility revenues 1,651,200 Miscellaneous current and accrued assets 11,115,223 Total current and accrued assets $ 237,436,857 Deferred Debits Unamortized debt expense $ 2,843,246 Regulatory assets 335,360,969 Preliminary survey charges 17,562,166 Clearing account (1,906) Temporary facilities (20,393) Unamortized loss on reacquired debt 11,803,156 Miscellaneous deferred debits 4,277,941 Total deferred debits $ 371,825,179 Total assets & other debits $2,486,989,231
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EXHIBIT A (continued) WEST PENN POWER COMPANY BALANCE SHEET AUGUST 31, 1993 Liabilities and other Credits Proprietary Capital Common capital stock $ 325,994,104 Preferred capital stock 149,707,700 Premium and discount, net on capital stock - preferred 835,197 Reduction in par or stated value of capital stock (No change during twelve months ended August 31, 1993) 431,948 Miscellaneous paid-in capital 54,564,663 Appropriated retained earnings 414,777 Unappropriated retained earnings 418,750,348 Total proprietary capital $ 950,698,737 Long-term Debt First mortgage bonds $ 614,000,000 Other long-term obligations 202,075,000 Unamortized premium on debt 15,216 Unamortized discount on debt (7,227,777) Total long-term debt $ 808,862,439 Current and Accrued Liabilities Notes payable $ 6,350,000 Accounts payable 106,094,778 Notes payable to affiliated companies 8,750,000 Payable to affiliated companies 7,759,598 Customer deposits 1,348,688 Taxes accrued 9,448,596 Interest accrued 15,926,188 Tax collections payable 1,201,971 Miscellaneous current and accrued liabilities 18,152,129 Total current and accrued liabilities $ 175,031,948 Deferred Credits Customer advances for construction - electric $ 3,225,928 Other deferred credits 2,369,437 Regulatory liabilities 42,540,873 Accumulated deferred investment tax credit 56,387,893 Total deferred credits $ 104,524,131 Obligations under capital leases $ 3,406,393 Miscellaneous reserves 8,353,039 Accumulated deferred income tax 436,112,544 Total liabilities and other credits $2,486,989,231
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EXHIBIT B WEST PENN POWER COMPANY STATEMENT OF INCOME TWELVE MONTHS ENDED AUGUST 31, 1993 Utility Operation Income Operating revenues $1,069,356,932 Operating expenses: Operating expense $ 633,772,995 Maintenance expense 97,255,762 Deferred power costs (5,808,247) Depreciation expense 77,695,000 Taxes other than income taxes 89,244,370 Federal income tax 35,933,224 State income tax 7,922,430 Income taxes deferred (5,737,483) Investment credit amortization (2,592,000) Amortization of deferred income taxes 8,743,575 Total operating expenses $ 936,429,626 Operating income $ 132,927,306 Other Income and Deductions Other income and deductions, net $ 13,885,645 Allowance for other funds used during construction 5,845,074 Total other income and deductions $ 19,730,719 Gross income $ 152,658,025 Interest Charges Interest on first mortgage bonds $ 45,888,110 Interest on other long-term obligations 13,921,878 Amortization of debt discount and expense 1,167,590 Amortization of premium on debt - (credit) (36,942) Interest on debt to affiliates 70,869 Other interest expense 790,298 Allowance for borrowed funds used during construction(4,290,529) Total interest charges $ 57,511,274 Net income $ 95,146,751
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EXHIBIT B (continued) WEST PENN POWER COMPANY STATEMENT OF RETAINED EARNINGS TWELVE MONTHS ENDED AUGUST 31, 1993 Balance at September 1, 1992 $413,992,947 Add: Net Income 95,146,751 Total $509,139,698 Deduct: Dividend appropriations 4-1/2% Preferred $ 1,336,853 4.20% Preferred, Series B 210,000 4.10% Preferred, Series C 205,001 $7.00 Preferred, Series D 700,000 $7.12 Preferred, Series E 712,000 $8.08 Preferred, Series G 808,000 $7.60 Preferred, Series H 760,000 $7.64 Preferred, Series I 764,000 $8.20 Preferred, Series J 1,640,000 Market Auction 892,033 Common 81,946,686 Total $ 89,974,573 Balance at August 31, 1993 $419,165,125
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EXHIBIT C WEST PENN POWER COMPANY STATEMENT WITH RESPECT TO UTILITY PLANT ACCOUNTS AUGUST 31, 1993 Balance August 31, 1992 (per statements filed on October 15, 1992) Certificate No. S920281 S920282 Account S920283 Number Utility S920290 Additions Retirements 101 Electric plant in service $2,079,740,871 $ 82,204,473 $18,135,838 102 Plant purchased - 351,000 - 105 Held for future use 76,434,054 2,023,485 (164,769) 106 Completed construction not classified 204,246,629 20,453,410 - 107 Construction work in progress 142,001,330 116,348,537 - 114 Acquisition adjustment 319,977 - - Total utility plant $2,502,742,861 $221,380,905 $17,971,069
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EXHIBIT C (continued) WEST PENN POWER COMPANY STATEMENT WITH RESPECT TO UTILITY PLANT ACCOUNTS AUGUST 31, 1993 Account Balance Number Utility Adjustments August 31, 1993 101 Electric plant in service $ (639,262) $2,143,170,244 102 Plant purchased - 351,000 105 Held for future use 3,422 78,625,730 106 Completed construction not classified - 224,700,039 107 Construction work in progress - 258,349,867 114 Acquisition adjustment (140,814) 179,163 Total utility plant $ (776,654) $2,705,376,043
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EXHIBIT D WEST PENN POWER COMPANY SECURITIES OF OTHER CORPORATIONS OWNED AUGUST 31, 1993 Name of Title of Amount Date Issuer Security Owned Acquired Price Paid Book Value Allegheny Pittsburgh Capital 5,000 Coal Company Stock Shares 1918 $ 250 $ 263,241 (A) West Virginia Power and Transmission Capital 30,000 Company Stock Shares 1926 4,500,000 $ 2,691,660(A) Allegheny Generating Capital 450 Company Stock Shares 1982 33,750,000(B) $106,078,174(A) 1983 4,500,000(B) 1984 4,500,000(B) 1985 51,750,000(B) (A) Market values are not applicable, as West Penn Power Company owns 100% of the capital stock of West Virginia Power and Transmission Company, 50% of Allegheny Pittsburgh Coal Company, the remaining 50% of whose stock is owned by Monongahela Power Company and The Potomac Edison Company, associated companies, and 45% of Allegheny Generating Company, the remaining 55% of whose stock is owned by Monongahela Power Company and The Potomac Edison Company, associated companies. (B) Represents capital contributions.
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EXHIBIT E WEST PENN POWER COMPANY STATUS OF FUNDED DEBT OUTSTANDING AUGUST 31, 1993 Total Dates Principal Description Interest Term Date of Amount of Obligation Rate Payable (Years) Maturity Authorized (a) (b) (c) (d) (e) (f) First Mortgage Bonds Series U 4-7/8 JD-1 30 12-1-1995 * (1) Series V 7 MN-1 30 11-1-1997 * Series EE 9 JD-1 30 6-1-2019 * Series FF 8-7/8 FA-1 30 2-1-2021 * Series GG 7-7/8 JD-1 13 12-1-2004 * Series HH 7-3/8 FA-1 15 8-1-2007 * Series II 7-7/8 MS-1 30 9-1-2022 * (1) Series JJ 5-1/2 JD-1 5 6-1-1998 * (1) Series KK 6-3/8 JD-1 10 6-1-2003 * * The amount of bonds authorized is unlimited except that additional bonds may be issued only under terms of the Indenture. Additional amounts of any series may be issued. (1) In June 1993, the Company sold $102 million of 5-1/2% First Mortgage Bonds maturing in 1998 (Series JJ) and $80 million of 6-3/8% First Mortgage Bonds maturing in 2003 (Series KK) in substitution for and in place of $35 million principal amount of 7-5/8% First Mortgage Bonds (Series AA) which the Company redeemed and caused to mature on June 29, 1993; $52 million principal amount of 7-1/8% First Mortgage Bonds (Series W), $25 million principal amount of 7-7/8% First Mortgage Bonds (Series X), and $40 million principal amount of 8-1/8% First Mortgage Bonds (Series Z) which the Company redeemed and caused to mature on July 1, 1993; and $25 million principal amount of 7% First Mortgage Bonds (Series V) which the Company plans to redeem and cause to mature on November 1, 1993.
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EXHIBIT E (continued) WEST PENN POWER COMPANY STATUS OF FUNDED DEBT OUTSTANDING AUGUST 31, 1993 Total Principal Amount Held by the Public Utility Total Principal In Amount Out- Reacquired Sinking standing (Not and or Description Held by the Held in Other of Obligation Public Utility) Treasury Pledged Funds (a) (g) (h) (i) (j) First Mortgage Bonds Series U $ 27,000,000 None None None (1) Series V 25,000,000 None None None Series EE 30,000,000 None None None Series FF 100,000,000 None None None Series GG 70,000,000 None None None Series HH 45,000,000 None None None Series II 135,000,000 None None None (1) Series JJ 102,000,000 None None None (1) Series KK 80,000,000 None None None $614,000,000 *The amount of bonds authorized is unlimited except that additional bonds may be issued only under terms of the Indenture. Additional amounts of any series may be issued. (1) In June 1993, the Company sold $102 million of 5-1/2% First Mortgage Bonds maturing in 1998 (Series JJ) and $80 million of 6-3/8% First Mortgage Bonds maturing in 2003 (Series KK) in substitution for and in place of $35 million principal amount of 7-5/8% First Mortgage Bonds (Series AA) which the Company redeemed and caused to mature on June 29, 1993; $52 million principal amount of 7-1/8% First Mortgage Bonds (Series W), $25 million principal amount of 7-7/8% First Mortgage Bonds (Series X), and $40 million principal amount of 8-1/8% First Mortgage Bonds (Series Z) which the Company redeemed and caused to mature on July 1, 1993; and $25 million principal amount of 7% First Mortgage Bonds (Series V) which the Company plans to redeem and cause to mature on November 1, 1993.
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EXHIBIT F WEST PENN POWER COMPANY STATUS OF OUTSTANDING CAPITAL STOCK AUGUST 31, 1993 Number Amount Out- of Par standing (Not Designated by Kind Shares Value Amount Held by the and Class Authorized Per Share Authorized Public Utility) (a) (b) (c) (d) (e) Common 28,902,923 No Par 17,361,586 Shares Preferred Stock - Cumulative: 4-1/2% Preferred 297,077 $100 $ 29,707,700 $ 29,707,700 4.20% Preferred, Series B 50,000 100 5,000,000 5,000,000 4.10% Preferred, Series C 50,000 100 5,000,000 5,000,000 $7.00 Preferred, Series D 100,000 100 10,000,00 10,000,000 $7.12 Preferred, Series E 100,000 100 10,000,000 10,000,000 $8.08 Preferred, Series G 100,000 100 10,000,000 10,000,000 $7.60 Preferred, Series H 100,000 100 10,000,000 10,000,000 $7.64 Preferred, Series I 100,000 100 10,000,000 10,000,000 $8.20 Preferred, Series J 200,000 100 20,000,000 20,000,000 Market Auction Preferred 400,000 100 40,000,000 40,000,000 1,497,077 $149,707,700 $149,707,700
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EXHIBIT F (continued) WEST PENN POWER COMPANY STATUS OF OUTSTANDING CAPITAL STOCK AUGUST 31, 1993 Book Value Held by the Public Utility Outstanding Reacquired In Stock Having Designated and Sinking No Par Value by Kind Held by or Other as of Date of and Class Treasury Pledged Funds Balance Sheet (a) (f) (g) (h) (i) Common None None None $325,994,104 Preferred Stock - Cumulative: 4-1/2% Preferred None None None - 4.20% Preferred, Series B None None None - 4.10% Preferred, Series C None None None - $7.00 Preferred, Series D None None None - $7.12 Preferred, Series E None None None - $8.08 Preferred, Series G None None None - $7.60 Preferred, Series H None None None - $7.64 Preferred, Series I None None None - $8.20 Preferred, Series J None None None - Market Auction Preferred None None None - Common Stock Preferred Stock (Shares) (Shares) as of as of August 31, 1993 August 31, 1993 Five largest holders of capital stock: Class Cede & Co. New York, NY 10274 168,627 $8.20 Cede & Co. New York, NY 10274 83,352 4-1/2% Cede & Co. New York, NY 10274 74,476 $7.12 Cede & Co. New York, NY 10274 68,551 $8.08 Cede & Co. New York, NY 10274 76,984 $7.64 Allegheny Power System, Inc. New York, NY 10017 17,361,586
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EXHIBIT H SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM U-1 APPLICATION OR DECLARATION UNDER THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 Monongahela Power Company 1310 Fairmont Avenue Fairmont, WV 26554 The Potomac Edison Company 10435 Downsville Pike Hagerstown, MD 21740-1766 West Penn Power Company 800 Cabin Hill Drive Greensburg, PA 15601 ________________________________________________________________________ (Name of company or companies filing this statement and addresses of principal executive offices) Allegheny Power System, Inc. ________________________________________________________________________ (Name of top registered holding company parent of each applicant or declarant) Nancy H. Gormley, Esquire Vice President Allegheny Power Service Corporation 12 East 49th Street New York, NY 10017 ________________________________________________________________________ (Name and address of agent for service) Previously filed with the Securities and Exchange Commission at File #70-8259
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EXHIBIT K WEST PENN POWER COMPANY PRO FORMA JOURNAL ENTRIES Debit Credit 1A. Cash - a/c 131 $ 11,535,000 Unamortized Debt Discount and Expense - a/c 181 $ Standby/Competitive Loans - a/c 224 $ 11,535,000 To reflect the issuance, for cash, of $11,535,000 principal amount of Tax-Exempt Bonds. The entry also reflects any payment of expense of issuance of issuance of the Tan-Exempt Bonds. 1B. Amortization of Debt Discount and Expense - a/c 428 $ Unamortized Debt Discount and Expense - a/c 181 $ To amortize any expense of issuance of the Tax-Exempt Bonds over the life of the Bonds.
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EXHIBIT K (cont'd) WEST PENN POWER COMPANY PRO FORMA JOURNAL ENTRIES 2A. Debit Credit Cash - a/c 131 $31,500,000 The REPLACEMENT Bonds - a/c $31,500,000 To reflect the issuance and sale to underwriters, for cash, of $31,500,000 principal amount of new Tax-Exempt Bonds (REPLACEMENT Bonds) to refund $31,500,000 principal amount of EXISTING Tax-Exempt Bonds bearing high coupon rates. Interest rate and price have been estimated for purpose of this entry. 2B. EXISTING Bonds - a/c 224 $ Unamortized Loss on Reacquired Debt a/c 189 $31,500,000 Unamortized Debt Discount and Expense - a/c 181 $ Cash - a/c 131 $31,500,000 To reflect the reacquisition and redemption of $31,500,000 principal amount of EXISTING Tax-Exempt Bonds refinanced and replaced by the issuance and sale of $31,500,000 principal amount of REPLACEMENT Bonds in entry 2A. above. Entry also reflects any call premium and other expense incurred in the refunding and replacement process. 2C. Amortization of Debt Discount and Expense - a/c 428 $ Unamortized Loss on Reacquired Debt - a/c 189 $ Unamortized Debt Discount and Expense - a/c 181 $ To amortize loss on reacquired debt and other expense incurred in the refunding and replacement process over the life of the REPLACEMENT Bonds.
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ELECTRIC UTILITY 1. What is the specific purpose of the issuance? The purpose for which West Penn proposes to issue the Notes is (1) to provide an economic source of financing for non-revenue producing solid waste disposal equipment which is required at Harrison Station to comply with phase 1 of the CAAA. (2) provide an economic source of financing for issuance of $31.5 million Pleasants County pollution control refunding notes. 2. If the issuance will be utilized to finance future construction needs, how were those needs determined? The issuances will be utilized solely to finance construction of solid waste disposal facilities at Harrison Station, to issue pollution control refunding notes at Pleasants Station or to pay outstanding short-term debt used for those purposes. 3. What are the forecasted customer and load growths as well as projected reserve margins, for the Company? See attached Exhibit I. 4. For each major project to be financed: a. When was the project initiated? b. When will the project be completed? c. What is the estimated final cost? d. What will be the estimated amount of AFUDC charged to the project? The construction of the solid waste disposal facilities is part of the flue-gas desulfurization system at Harrison necessary to comply with the 1990 CAAA initiated in 1991. The solid waste disposal facilities are scheduled for completion
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in the latter part of 1994 at a cost not to exceed $180 million. The estimated amount of AFUDC that will be charged to the solid waste disposal facilities upon their completion cannot be determined prior to West Penn's receiving rate orders of the Pennsylvania Public Utilities Commission deciding the timing and allowance of the Facilities' Construction Work in Progress in rate base which will impact the amount of AFUDC charged to these facilities. 5. How does the cost of the securities compare with the costs of similar securities currently being issued within the industry? The answer to the question cannot be determined until the transactions are completed. 6. How does the cost of this type of security compare with other types of securities currently being issued within the industry? Generally speaking, the annual interest rate on tax-exempt bonds has been lower by approximately one to three full percentage points than the interest rate on taxable obligations of comparable quality, depending upon the type to be sold. 7. What restrictive conditions are included in the agreements? The bonds will be issued pursuant to trust indentures and shall be sold in one or more series, at such times, in such principal amounts at such interest rates, with such maturities, for such prices, and with such other terms as shall be determined and approved by West Penn. The indentures will also provide that substantially all the proceeds of the sale of the bonds must be applied to the cost of the Facilities with respect to Harrison and to the costs of the refunding with respect to Pleasants.
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8. What effects will these issuances have upon the capital structure of the Company? Please see attached Exhibit II. 9. What are the projected financing needs for the next five years? Please see attached Exhibit III. 10. How does the Company plan to meet its projected future financing needs? Please see attached Exhibit III. 11. What is the amount of debt which will fall due in each of the future five-year periods? Please see attached Exhibit IV. 12. How does the Company anticipate meeting each of the obligations as they fall due? The long-term obligations will be met as they fall due through internal cash generation or with short-term borrowings which will eventually be retired either by internal cash generation or by issuance from time to time of first mortgage bonds, preferred stock, common stock and such other securities as this Commission and other regulatory bodies having jurisdiction may authorize.
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EXHIBIT I WEST PENN POWER COMPANY FORECAST OF TOTAL REGULAR CUSTOMERS AT YEAR END 1993 645007 1994 651334 1995 657974 1996 664778 1997 671400 1998 677874 1999 684461 2000 691004 2001 697309 2002 703504 2003 709712 2004 715896 2005 722075 2006 728213 2007 734214 2008 739993 FROM THE 1993 FORECAST OF PEAKS AND NET POWER SUPPLY (LF9308)
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Exhibit I (cont'd) [Enlarge/Download Table] ALLEGHENY POWER SYSTEM INTERIM INTEGRATED RESOURCE PLAN Based Upon August 1993 Mean-Value Forecast for Winter Peak Period 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 DEMAND-SIDE MW Gross Winter Peak Demand 7162 7345 7520 7673 7802 7946 8097 8207 8359 8494 Demand-Side Management Previous Year -360 -375 -399 -415 -446 -477 -510 -533 -561 -584 Change -14 -24 -17 -31 -31 -33 -23 -28 -23 -23 Total Demand-Side Management -375 -399 -415 -446 -477 -510 -533 -561 -584 -606 Total Winter Peak Demand[a][b] 6787 6946 7105 7227 7325 7436 7564 7646 7775 7888 SUPPLY-SIDE MW PURPA Generation [c] Previous Year 210 290 290 290 290 290 290 470 470 470 Change 80 0 0 0 0 0 180 0 0 0 Total PURPA Generation 290 290 290 290 290 290 470 470 470 470 Owned Active Capacity Previous Year 7981 7981 7981 7981 8102 8223 8309 8309 8484 8659 Change 0 0 0 121 121 86 0 175 175 175 Total Owned Active Capacity 7981 7981 7981 8102 8223 8309 8309 8484 8659 8834 Non-Affiliated Transactions 300 300 300 300 300 320 290 220 200 200 Total Supply-Side Resources 8571 8571 8571 8692 8813 8919 9069 9174 9329 9504 RESERVE MARGIN [e] 26.5% 23.5% 20.8% 20.4% 20.4% 20.1% 20.0% 20.1% 20.1% 20.6% a. Allegheny Power System Forecast of Peak Demands and Net Power Supply (August 1993). Actual peak hour demands have equal probability of being over or under the forecast values due to weather variations. The winter peak is assumed to occur in December of a given year or in January or February of the following year and reflects the impact of load diversity among the operating companies. Included in the Total Winter Peak demand are projected interruptible loads totaling 43 MW. Capacity to serve these interruptible loads is included in the supply-side resources shown above; however, a reserve margin is not provided as this load may be interrupted for short term resource deficiencies. b. Eastalco, whose contractual obligations could expire on March 31, 2000, is assumed to continue normal operations through the forecast interval. Eastalco has a winter peak demand contribution of about 130 MW. c. PURPA Generation represents the capacity expected to be purchased from small power production and cogeneration qualifying facilities pursuant to the Public Utility Regulatory Policies Act of 1978 (PURPA). d. Non-affiliated transactions on an APS basis include: 1) the exchange of capacity with Duquesne Light Company (DLCO) with APS receiving 100 MW over the winter peak period and providing DLCO with up to 200 MW during selected periods in the spring and fall to equalize the exchange. This transaction is currently in effect through 1998/99 2) a peak diversity exchange with Virginia Power (VP) of 200 MW beginning in 1993 and continuing through the planning period with VP providing capacity to APS during the winter months and APS providing capacity to VP during the summer months. Either party can terminate the diversity schedule with a minimum 34 months notice; and 3) supplemental capacity of 20 MW, 90 MW, and 20 MW in the winter peak periods of 1998/99 through 2000/01, respectively. Some potential sources for this capacity are limited term purchases from a non-affiliated utility or additional capacity exchange with DLCO and VP by extending and/or increasing contracted capacity. e. Reserve Margin is calculated in the following manner in accordance with Note a: [("Total Supply-Side Resources" - "Interruptible Load") / ("Total Winter Peak Demand" - "Interruptible Load")] - 1. In order to sustain the 20% minimum APS reserve margin, the System must be able to maintain its generating facilities to achieve an equivalent availability of not less than 80%. f. Some values may not sum exactly due to rounding. August 20, 1993
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Exhibit I (cont'd) ALLEGHENY POWER SYSTEM INTERIM INTEGRATED RESOURCE PLAN EXISTING GENERATION CAPACITY Allegheny Power System Existing Generation Capacity - January Net Seasonal Operating Capacity Station MW Unit MW Unit MW Unit MW Albright 292 Unit 1 76 Unit 2 76 Unit 3 140 Armstrong 352 Unit 1 176 Unit 2 176 Fort Martin 831 Unit 1 276 Unit 2 555 Harrison 1920 Unit 1 640 Unit 2 640 Unit 3 640 Hatfield's Ferry 1660 Unit 1 555 Unit 2 555 Unit 3 550 Mitchell 438 Unit 1 77 Unit 2 77 Unit 3 284 Pleasants 1242 Unit 1 621 Unit 2 621 Rivesville 141 Unit 5 48 Unit 6 93 Smith 114 Unit 3 27 Unit 4 87 Springdale 207 Unit 7 86 Unit 8 121 Willow Island 243 Unit 1 55 Unit 2 188 Bath County PS 840 APS's 40% Share of Bath County Capacity Lake Lynn 52 4 Units 13 MW each PE Hydro 10 8 Stations at different locations 8342 MW January Net Seasonal Operating Capacity 361 MW Cold Reserve Capacity 7981 MW Total Owned Active Capacity PURPA Existing Generation Capacity January Net Seasonal Operating Capacity AES Beaver Valley 120 Allegheny L/D 5 6 Allegheny L/D 6 7 Grant Town 80 Hannibal 27 West Virginia Univ 50 290 MW Total PURPA August 20, 1993 ALLEGHENY POWER SYSTEM INTERIM INTEGRATED RESOURCE PLAN GENERATION CAPACITY CHANGES [a] Yearly Yearly Owned Planning Change in Generation Capacity PURPA Capacity Year Date Unit/Project Description MW Change Change 1993/94 No Change 0 0 0 1994/95 Dec 1994 Harrison 1-2-3 Scrubber Rerate -51 Dec 1994 Mitchell 1-2 (one boiler) Reactivate 51 0 0 1995/96 No Change 0 0 0 1996/97 Oct 1996 Mitchell 1-2 (two add'l boilers Reactivate 103 Mitchell 1-2 (boiler modification Rerate 18 0 121 1997/98 Oct 1997 Springdale 8 Reactivate 121 0 121 1998/99 Oct 1998 Springdale 7 Reactivate 86 0 86 1999/00 Oct 1999 AES Cumberland (PURPA) Addition 180 180 0 2000/01 Oct 2000 Combustion Turbine 1 Addition 175 0 175 2001/02 Oct 2001 Combustion Turbine 2 Addition 175 0 175 2002/03 Oct 2002 Combustion Turbine 3 Addition 175 0 175 a. This plan does not include the additions of the Milesburg (43 MW), Burgettstown (80 MW), or Shannopin (80 MW) PURPA projects which are terminated but are currently still in litigation. August 20, 1993
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Exhibit I (cont'd) ALLEGHENY POWER SYSTEM INTERIM INTEGRATED RESOURCE PLAN PEAK DEMAND REDUCTION GOALS (Megawatts) PREVIOUS ACCOMPLISHMENTS [a] ACTIVITY MW Time-of-Use Rates 72.90 Load Management Program (1984-85) 62.42 Load Modification Plan (1986-92) 224.69 TOTAL 360.01 [Enlarge/Download Table] PROJECTED PROGRAM RESULTS [b] PROGRAMS 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 RESIDENTIAL MW Thermal Treatment: New 4.81 3.88 5.02 6.61 6.76 7.63 7.69 7.75 7.80 7.87 Thermal Treatment: Existing 2.46 2.55 2.57 2.60 2.62 2.64 2.60 2.54 2.50 2.48 Water Heating Conservation 0.51 0.38 0.39 0.41 0.42 0.44 0.44 0.44 0.44 0.44 Add-on Heat Pump 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Heat Pump Maintenance 0.55 0.67 0.68 0.69 0.71 0.72 0.74 0.75 0.77 0.77 High Efficiency Heat Pump 1.36 1.65 1.79 1.89 1.97 2.07 2.10 2.11 2.16 2.16 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL RESIDENTIAL: 9.69 9.13 10.45 12.20 12.48 13.50 13.57 13.59 13.67 13.72 COMMERCIAL MW Thermal Treatment:New&Existing 1.26 1.43 1.49 1.55 1.61 1.61 1.66 1.66 1.66 1.66 Energy Efficient Lighting 3.24 3.13 4.16 6.02 6.57 6.81 6.81 6.81 6.81 6.81 Electronic Condensate Dryer Controls 0.11 0.20 0.28 0.34 0.34 0.34 0.34 0.30 0.28 0.23 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL COMMERCIAL: 4.61 4.76 5.93 7.91 8.52 8.76 8.81 8.77 8.75 8.70 INDUSTRIAL MW Energy Efficient Motors 0.19 0.26 0.34 0.41 0.41 0.41 0.45 0.45 0.48 0.44 Curtailable/Interruptible Rate 0.00 10.00 0.00 10.00 10.00 10.00 0.00 5.00 0.00 0.00 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL INDUSTRIAL: 0.19 10.26 0.34 10.41 10.41 10.41 0.45 5.45 0.48 0.44 TOTAL PROJECTED PROGRAMS: 14.49 24.15 16.72 30.52 31.41 32.67 22.83 27.81 22.90 22.86 CUMULATIVE PROJECTIONS 14.49 38.64 55.36 85.88 117.29 149.96 172.79 200.60 223.50 246.36 TOTAL DEMAND-SIDE 374.50 398.65 415.37 445.89 477.30 509.97 532.80 560.61 583.51 606.37 MANAGEMENT [c] Notes: a. Projected future peak demand reductions from prior years' demand-side management activities not including 43 MW from interruptible loads. b. Based upon the assumptions provided for the 1993 Forecast of Peak Demand and Net Power Supply. c. Previous accomplishments plus cumulative projected program results. August 20, 1993
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Exhibit I (cont'd) [Enlarge/Download Table] WEST PENN POWER COMPANY INTERIM INTEGRATED RESOURCE PLAN Based Upon August 1993 Mean-Value Forecast for Winter Peak Period 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 DEMAND-SIDE MW Gross Winter Peak Demand 3162 3256 3345 3433 3487 3550 3615 3666 3735 3793 Demand-Side Management Previous Year -142 -144 -152 -155 -164 -178 -182 -187 -191 -195 Change -2 -8 -3 -9 -14 -4 -4 -4 -4 -4 Total Demand-Side Management -144 -152 -155 -164 -178 -182 -187 -191 -195 -199 Total Winter Peak Demand [a] 3018 3104 3190 3269 3309 3368 3428 3475 3540 3594 SUPPLY-SIDE MW PURPA Generation [b] Previous Year 133 133 133 133 133 133 133 133 133 133 Change 0 0 0 0 0 0 0 0 0 0 Total PURPA Generation 133 133 133 133 133 133 133 133 133 133 Owned Active Capacity Previous Year 3206.9 3206.9 3236.4 3236.4 3357.4 3478.4 3564.4 3564.4 3578.4 3592.4 Change 0.0 29.5 0.0 121.0 121.0 86.0 0.0 14.0 14.0 59.5 Total Owned Active Capacity 3206.9 3236.4 3236.4 3357.4 3478.4 3564.4 3564.4 3578.4 3592.4 3651.9 Share of Bath Pumped Storage [c] 371.1 372.3 374.0 375.4 377.2 377.4 378.1 378.5 379.3 380.0 Affiliated Transactions [d] -57.0 -76.0 -61.1 -115.4 -166.2 -211.3 -124.0 -55.2 18.0 44.3 Non-Affiliated Transactions [c][e] 132.5 133.0 133.6 134.1 134.7 143.8 130.5 99.1 90.3 90.5 Total Supply-Side Resources 3786.6 3798.6 3815.8 3884.4 3957.0 4007.3 4082.0 4133.8 4213.0 4299.6 RESERVE MARGIN [f] 25.5% 22.4% 19.7% 18.9% 19.6% 19.0% 19.1% 19.0% 19.1% 19.7% a. West Penn Power Company Forecast of Peak Demands and Net Power Supply (August 1993). Actual peak hour demands have equal probability of being over or under the forecast values due to weather variations. The winter peak is assumed to occur in December of a given year or in January or February of the following year. Included in the Total Winter Peak demand is a projected interruptible load of 9 MW. Capacity to serve these interruptible loads is included in the supply-side resources shown above; however, a reserve margin is not provided as this load may be interrupted for short term resource deficiencies. b. PURPA Generation represents the capacity expected to be purchased from small power production and cogeneration qualifying facilities pursuant to the Public Utility Regulatory Policies Act of 1978 (PURPA). c. Bath County capacity and non-affiliated transactions are allocated to each operating company based upon the forecast equalization demand ratios for the month of January, using an average of the three highest monthly peaks occurring during the 24-month period ending the previous December. d. Affiliated transactions are based upon the forecast equalization demand ratios for the month of January, using an average of the three highest monthly peaks occurring during the 24-month period ending the previous December. Positive values represent purchases from affiliated companies and negative values represent sales to affiliates. e. Non-affiliated transactions on an APS basis include: 1) the exchange of capacity with Duquesne Light Company (DLCO) with APS receiving 100 MW over the winter peak period and providing DLCO with up to 200 MW during selected periods in the spring and fall to equalize the exchange. This transaction is currently in effect through 1998/99 2) a peak diversity exchange with Virginia Power (VP) of 200 MW beginning in 1993 and continuing through the planning period with VP providing capacity to APS during the winter months and APS providing capacity to VP during the summer months. Either party can terminate the diversity schedule with a minimum 34 months notice; and 3) supplemental capacity of 20 MW, 90 MW, and 20 MW in the winter peak periods of 1998/99 through 2000/01, respectively. Some potential sources for this capacity are limited term purchases from a non-affiliated utility or additional capacity exchange with DLCO and VP by extending and/or increasing contracted capacity. f. Reserve Margin is calculated in the following manner in accordance with Note a: [("Total Supply-Side Resources" - "Interruptible Load") / ("Total Winter Peak Demand" - "Interruptible Load")] - 1. In order to sustain the 20% minimum APS reserve margin, the System must be able to maintain its generating facilities to achieve an equivalent availability of not less than 80%. g. Some values may not sum exactly due to rounding. August 20, 1993
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Exhibit I (cont'd) WEST PENN POWER COMPANY INTERIM INTEGRATED RESOURCE PLAN EXISTING GENERATION CAPACITY West Penn Power Company Existing Generation Capacity - January Net Seasonal Operating Capacity Station MW Unit MW Unit MW Unit MW Armstrong 352.0 Unit 1 176 Unit 2 176 Fort Martin 277.5 Unit 2 277.5 Harrison 811.0 Unit 1 270.3 Unit 2 270.3 Unit 3 270.3 Hatfield's Ferry871.5 Unit 1 291.4 Unit 2 291.4 Unit 3 288.8 Mitchell 438.0 Unit 1 77.0 Unit 2 77.0 Unit 3 284 Pleasants 558.9 Unit 1 279.5 Unit 2 279.5 Springdale 207.0 Unit 7 86 Unit 8 121.0 Lake Lynn 52.0 4 Units 13 MW each 3567.9MW January Net Seasonal Operating Capacity 361.0MW Cold Reserve Capacity 3206.9MW Total Owned Active Capacity PURPA Existing Generation Capacity January Net Seasonal Operating Capacity AES Beaver Valley 120 Allegheny L/D 5 6 Allegheny L/D 6 7 133 MW Total PURPA August 20, 1993 WEST PENN POWER COMPANY INTERIM INTEGRATED RESOURCE PLAN GENERATION CAPACITY CHANGES [a] Yearly Yearly Owned Planning Change in Generation Capacity PURPA Capacity Year Date Unit/Project Description MW Change Change 1993/94 No Change 0 0 0 1994/95 Dec 1994 Harrison 1-2-3 Scrubber Rerate -21.5 Dec 1994 Mitchell 1-2 (one boiler) Reactivate 51 0 29.5 1995/96 No Change 0 0 0 1996/97 Oct 1996 Mitchell 1-2 (2 add'l boilers Reactivate 103 Mitchell 1-2 (boiler modification Rerate 18 0 121 1997/98 Oct 1997 Springdale 8 Reactivate 121 0 121 1998/99 Oct 1998 Springdale 7 Reactivate 86 0 86 1999/00 No Change 0 0 0 2000/01 Oct 2000 Combustion Turbine 1 Addition 14.0 0 14.0 2001/02 Oct 2001 Combustion Turbine 2 Addition 14.0 0 14.0 (R) 2002/03 Oct 2002 Combustion Turbine 3 Addition 59.5 0 59.5 a. This plan does not include the additions of the Milesburg (43 MW), Burgettstown (80 MW), or Shannopin (80 MW) PURPA projects which are terminated but are currently still in litigation. (R) = Revision August 20, 1993
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Exhibit I (cont'd) WEST PENN POWER COMPANY INTERIM INTEGRATED RESOURCE PLAN PEAK DEMAND REDUCTION GOALS (Megawatts) PREVIOUS ACCOMPLISHMENTS [a] ACTIVITY MW Time-of-Use Rates 64.55 Load Management Program (1984-85) 23.44 Load Modification Plan (1986-92) 53.69 TOTAL 141.68 [Enlarge/Download Table] PROJECTED PROGRAM RESULTS [b] PROGRAMS 1993/94 1994/95 1995/96 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 RESIDENTIAL MW Thermal Treatment: New 0.51 0.52 0.52 0.54 0.54 0.54 0.54 0.54 0.54 0.54 Thermal Treatment: Existing 0.40 0.40 0.40 0.40 0.40 0.40 0.33 0.25 0.18 0.11 Water Heating Conservation 0.15 0.16 0.16 0.16 0.16 0.17 0.17 0.17 0.17 0.17 Add-on Heat Pump 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Heat Pump Maintenance 0.17 0.19 0.20 0.21 0.23 0.24 0.26 0.27 0.29 0.29 High Efficiency Heat Pump 0.22 0.43 0.45 0.48 0.50 0.53 0.54 0.54 0.54 0.54 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL RESIDENTIAL: 1.45 1.70 1.73 1.79 1.83 1.88 1.84 1.77 1.72 1.65 COMMERCIAL MW Thermal Treatment: New & Exis 0.52 0.63 0.63 0.69 0.69 0.69 0.69 0.69 0.69 0.69 Energy Efficient Lighting 0.12 0.31 0.61 1.10 1.53 1.53 1.53 1.53 1.53 1.53 Electronic Condensate Dryer Controls 0.00 0.04 0.07 0.09 0.09 0.09 0.09 0.09 0.07 0.07 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL COMMERCIAL: 0.64 0.98 1.31 1.88 2.31 2.31 2.31 2.31 2.29 2.29 INDUSTRIAL MW Energy Efficient Motors 0.04 0.11 0.19 0.19 0.19 0.19 0.19 0.19 0.22 0.22 Curtailable/Interruptible Rate 0.00 5.00 0.00 5.00 10.00 0.00 0.00 0.00 0.00 0.00 New & Existing Technologies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL INDUSTRIAL: 0.04 5.11 0.19 5.19 10.19 0.19 0.19 0.19 0.22 0.22 TOTAL PROJECTED PROGRAMS: 2.13 7.79 3.23 8.86 14.33 4.38 4.34 4.27 4.23 4.16 CUMULATIVE PROJECTIONS 2.13 9.92 13.15 22.01 36.34 40.72 45.06 49.33 53.56 57.72 TOTAL DEMAND-SIDE 143.81 151.60 154.83 163.69 178.02 182.40 186.74 191.01 195.24 199.40 MANAGEMENT [c] Notes: a. Projected future peak demand reductions from prior years' demand-side management activities not including 9 MW from interruptible loads. b. Based upon the assumptions provided for the 1993 Forecast of Peak Demand and Net Power Supply. c. Previous accomplishments plus cumulative projected program results. August 20, 1993
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EXHIBIT II WEST PENN POWER COMPANY ACTUAL CAPITALIZATION AT AUGUST 31, 1993 ADJUSTED TO REFLECT PROPOSED ISSUANCE OF $11,535,000 TAX-EXEMPT BONDS AND PROPOSED REFINANCING OF $31,500,000 TAX-EXEMPT BONDS Amount Ratio Debt First Mortgage Bonds $ 614,000,000 Redeem First Mortgage Bonds, Series V 7% (25,000,000) Hatfield Pollution Cntl Rev Bonds, Series "A" 14,435,000 Pleasants Pollution Cntl Rev Bonds, Series "A" 45,000,000 Pleasants Pollution Cntl Rev Bonds, Series "B" 31,500,000 Fort Martin Pollution Cntl Rev Bonds, Series "B" 7,750,000 Mitchell Pollution Cntl Rev Bonds, Series "E" 15,400,000 Mitchell Pollution Cntl Rev Bonds, Series "F" 61,500,000 Harrison Solid Waste Disposal Notes, Series "A" 8,450,000 Harrison Solid Waste Disposal Notes, Series "B" 18,040,000 Redeem Tax-Exempt Bonds - Refinance 31,500,000 Issue Tax-Exempt Bonds - Refinance 31,500,000 Issue Tax-Exempt Bonds - New 11,535,000 Unamortized Premium on Debt 15,216 Unamortized Discount on Debt (7,227,777) $ 795,397,439 45.55% Preferred Stock Cumulative Preferred Stock $ 149,707,700 8.58% Common Equity Common Stock $ 325,994,104 Other Paid-in-Capital 55,831,808 Retained Earnings 419,165,125 $ 800,991,037 45.87% Total Capitalization $1,746,096,176 100.00%
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EXHIBIT III FIVE-YEAR FORECAST 1994-1998* CONSTRUCTION, INTERNAL GENERATION & EXTERNAL FINANCING REQUIRED ($ MILLIONS) 1994 1995 Gross Construction Expenditures(1) 221.8 158.8 Less: AFUDC 17.4 4.9 Net Construction Expenditures 204.4 153.9 Maturing Long-Term Debt and Preferred Stock --- 27.0 Working Capital Adjustments --- --- Total Cash Requirements 204.4 180.9 Less: Internal Cash Generation 90.0 96.3 114.4 84.6 Repay Short-Term Debt 2.7 12.1 Temporary Investment Maturities --- --- Total External Financing Required 117.1 96.7 Tentative Financing Plans First Mortgage Bonds 65.0 60.0 Preferred Stock --- --- Common Stock 40.0 30.0 Short-Term Debt 12.1 6.7 Temporary Investments --- --- Total 117.1 96.7 *Preliminary and subject to substantial change. (1)West Penn Power Company has not committed to add new utility-owned generation within the five-year forecast period. Note: In 1994, to the extent possible, the Company will issue up to $11.535 million of tax-exempt solid waste disposal notes to finance, in part, the installation of a flue-gas desulfurization system at Harrison Power Station.
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EXHIBIT III (cont'd) FIVE-YEAR FORECAST 1994-1998* CONSTRUCTION, INTERNAL GENERATION & EXTERNAL FINANCING REQUIRED ($ MILLIONS) 1996 1997 Gross Construction Expenditures(1) 179.0 227.4 Less: AFUDC 6.0 7.3 Net Construction Expenditures 173.0 220.1 Maturing Long-Term Debt and Preferred Stock --- --- Working Capital Adjustments --- --- Total Cash Requirements 173.0 220.1 Less: Internal Cash Generation 100.4 110.9 72.6 109.2 Repay Short-Term Debt 6.7 --- Temporary Investment Maturities --- ( 5.7) Total External Financing Required 79.3 103.5 Tentative Financing Plans First Mortgage Bonds 60.0 100.0 Preferred Stock --- --- Common Stock 25.0 20.0 Short-Term Debt --- --- Temporary Investments ( 5.7) (16.5) Total 79.3 103.5 *Preliminary and subject to substantial change. (1)West Penn Power Company has not committed to add new utility-owned generation within the five-year forecast period. Note: In 1994, to the extent possible, the Company will issue up to $11.535 million of tax-exempt solid waste disposal notes to finance, in part, the installation of a flue-gas desulfurization system at Harrison Power Station.
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EXHIBIT III (cont'd) FIVE-YEAR FORECAST 1994-1998* CONSTRUCTION, INTERNAL GENERATION & EXTERNAL FINANCING REQUIRED ($ MILLIONS) 1998 Gross Construction Expenditures(1) 321.5 Less: AFUDC 20.2 Net Construction Expenditures 301.3 Maturing Long-Term Debt and Preferred Stock 103.5 Working Capital Adjustments --- Total Cash Requirements 404.8 Less: Internal Cash Generation 107.2 297.6 Repay Short-Term Debt --- Temporary Investment Maturities (16.5) Total External Financing Required 281.1 Tentative Financing Plans First Mortgage Bonds 200.0 Preferred Stock --- Common Stock 100.0 Short-Term Debt --- Temporary Investments (18.9) Total 281.1 *Preliminary and subject to substantial change. (1)West Penn Power Company has not committed to add new utility-owned generation within the five-year forecast period. Note: In 1994, to the extent possible, the Company will issue up to $11.535 million of tax-exempt solid waste disposal notes to finance, in part, the installation of a flue-gas desulfurization system at Harrison Power Station. 9/10/93 F:\FINANCE\N35YRCON.WP
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EXHIBIT IV WEST PENN POWER COMPANY MATURITIES OF BONDS AND OTHER LONG-TERM OBLIGATIONS 1994-1998 (000'S) 1994 1995 1996 1997 1998 First Mortgage Bonds $ - $27,000 $ - $ - $102,000 Other Long-Term Obligations $ - $ - $ - $ - $ - Total Maturities $ - $27,000 $ - $ - $102,000

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘POS AMC’ Filing    Date First  Last      Other Filings
3/31/002910-Q
12/31/95310-K405
12/31/94310-K405
8/1/945
Filed on:4/4/94
1/1/945
11/4/939
11/1/931819
8/31/93835
8/20/932934
8/1/935
7/1/931819
6/29/931819
5/26/933
10/15/9215
9/1/9214
8/31/9215
5/6/923
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