-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OwEfti0pUorzfd54BpEnUKWvqfRtL4M0BEGHTR+g2jgsAu491JvLZ2Xb0kyFau0k mqhPTAfiJczPXT1VaFK33Q== 0000950168-99-001926.txt : 19990719 0000950168-99-001926.hdr.sgml : 19990719 ACCESSION NUMBER: 0000950168-99-001926 CONFORMED SUBMISSION TYPE: U-3A-2 PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA POWER & LIGHT CO CENTRAL INDEX KEY: 0000017797 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560165465 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2 SEC ACT: SEC FILE NUMBER: 069-00477 FILM NUMBER: 99665757 BUSINESS ADDRESS: STREET 1: 411 FAYETTEVILLE ST CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9195466111 U-3A-2 1 CAROLINA POWER & LIGHT COMPANY U-3A-2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form U-3A-2 Statement by Holding Company Claiming Exemption under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 CAROLINA POWER & LIGHT COMPANY hereby files with the Securities and 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, and submits the following information: 1. Name, State of organization, location and nature of business of Claimant and every subsidiary thereof. A. The Claimant Carolina Power & Light Company (the Company) is a public service corporation formed under the laws of North Carolina in 1926, and is an electric utility company and a holding company as defined by the Public Utility Holding Company Act of 1935. The Company is primarily engaged in the generation, transmission, distribution and sale of electricity in portions of North and South Carolina. The Company's service territory covers approximately 30,000 square miles, including a substantial portion of the coastal plain of North Carolina extending to the Atlantic coast between the Pamlico River and the South Carolina border, the lower Piedmont section of North Carolina, an area in northeastern South Carolina and an area in western North Carolina in and around the City of Asheville. The estimated total population of the territory served is approximately 3.9 million. The principal executive offices of the Company are located at 411 Fayetteville Street, Raleigh, North Carolina 27601. (Reference is made to Part I, Item I of the Form 10-K Annual Report of the Company for the year ended December 31, 1998, to be incorporated herein by reference for additional information concerning the business of the Company). As of December 31, 1998, the Company did not hold any direct or indirect interests in an exempt wholesale generator (EWG) or a foreign utility company. B. Utility Subsidiaries - 100% Owned As of July 15, 1999, the Company consummated a merger with North Carolina Natural Gas Corporation (NCNG) in a stock-for-stock transaction. NCNG is a public utility corporation formed under the laws of Delaware, and is a gas utility company as defined by the Public Utility Holding Company Act of 1935. NCNG is primarily engaged in the transmission and distribution of natural gas through approximately 1,069 miles of transmission pipeline and approximately 2,772 miles of distribution mains. Natural gas is sold under regulated rates to approximately 162,000 customers in 86 cities and towns and four municipal gas distribution systems in eastern and southcentral North Carolina. The estimated total population of the territory served is 2.6 million. The principal executive offices of NCNG are located at 150 Rowan Street, Fayetteville, North Carolina 28302. (Reference is made to Part I, Item I of the Form 10-K Annual Report of NCNG for the year ended September 30, 1998, to be incorporated herein by reference for additional information concerning the business of NCNG). C. Non-Utility Subsidiaries - 100% owned by Claimant or subsidiary thereof Cape Fear Energy Corporation - Organized to purchase natural gas for NCNG's system supply and for resale to large industrial users and the municipalities served by NCNG as well as provide energy management services on a contract basis. Headquartered and incorporated in North Carolina. Capitan Corporation - Organized to hold title to certain land and water rights. Headquartered and incorporated in Tennessee. CaroFinancial, Incorporated - Organized to hold certain investments. Headquartered and incorporated in Delaware. 2 CaroFund, Incorporated - Organized to participate in affordable housing projects. CaroFund, Inc. owns 1% of CaroHome, LLC and other certain affordable housing entities in which CaroHome is invested. Headquartered and incorporated in North Carolina. CaroHome, LLC - Organized to further the Company's investments in affordable housing for low-income individuals. Headquartered and incorporated in North Carolina.
i) Less than 100% but greater than 10% owned by CaroHome, LLC - All subsidiaries of CaroHome represent affordable housing projects. Each project is headquartered and incorporated or organized in the same state as designated below. Asterisk denotes projects in which CaroFund, Inc. holds an interest. Anaheim Affordable, LP - Organized in California. ARV Troy Villa, LP - Organized in Ohio. Bradford Place of Fuquay-Varina LP - Organized in North Carolina. Siler City - Cateland Place LP - Organized in North Carolina. Cedar Tree Properties LP - Organized in Washington. Lumberton-Chestnut Place LLC - Incorporated in North Carolina. *Dillon Apartments of South Carolina LP - Organized in South Carolina. *Enston Home LP - Organized in South Carolina. *Excelsior Apartments LP - Organized in North Carolina. First Partners II, LP - Organized in Massachusetts. Garden Spring Housing Association, LLC - Incorporated in North Carolina. The Garner School Apartments LP - Organized in North Carolina. Wilmington-Hooper School Apts, LLC - Incorporated in North Carolina. Mountainside LLC - Incorporated in North Carolina. Meadow Spring Housing Assoc. LLC - Incorporated in North Carolina. *Hartville Apartments LP - Organized in South Carolina. *Manor Associates LP - Organized in North Carolina. Asheboro-North Forest LLC - Incorporated in North Carolina. Northgate II LLC - Incorporated in North Carolina. Knightdale Development LLC - Incorporated in North Carolina. Parkview Housing Associate LP - Organized in North Carolina. Prairie Limited Liability Company - Incorporated in North Carolina. Ridgewood Housing Assoc LLC - Incorporated in North Carolina. Arden-River Glen LLC - Incorporated in North Carolina. Rockwood North LLC - Incorporated in North Carolina. *Rockwood AH-1 LP - Organized in North Carolina. *Salem Creek Apartments LP - Organized in North Carolina. *Marion Apartments LP - Organized in South Carolina. Spring Forest Housing Assoc, LLC - Incorporated in North Carolina. *Bishopville Apartments LP - Organized in South Carolina. Trinity Ridge LLC - Incorporated in North Carolina. Havelock-Tyler Place Apartments LLC - Incorporated in North Carolina. West Cary Apartments LLC - Incorporated in North Carolina. Westridge Woods LLC - Incorporated in North Carolina. Boone-White Laurel LLC - Incorporated in North Carolina. Wilrik Hotel Apartments LLC - Incorporated in North Carolina. *Asheville-Woodridge LP - Organized in North Carolina.
NCNG Pine Needle Investment Corporation - Organized to participate in the Pine Needle liquefied natural gas project in North Carolina. Headquartered and incorporated in North Carolina. 3 NCNG Cardinal Pipeline Investment Corporation - Organized to participate in the acquisition of an existing pipeline and the extension of such pipeline in North Carolina. Headquartered and incorporated in North Carolina. NCNG Energy Corporation - Organized to participate in the Pine Needle liquefied natural gas project and the Cardinal Extension Pipeline project; however, these projects were transferred to Pine Needle Investment and Cardinal Pipeline Investment. This subsidiary is now used for other energy-related investments and sales to natural gas resellers. Headquartered and incorporated in North Carolina. Strategic Resource Solutions Corp. - Organized to specialize in facilities and energy management software systems and other services for educational, commercial, industrial and governmental markets nationwide. Headquartered and incorporated in North Carolina. i) 100% owned by Strategic Resource Solutions Corp. Strategic Resource Solutions Engineering Corporation - Organized as a Holding Company of the Corporate Professional Engineering License of North Carolina. Headquartered and incorporated in North Carolina. Applied Computer Technology Corporation - Organized to develop and sell energy and facilities software systems for educational institutions. Headquartered and incorporated in North Carolina. ACT Controls, Incorporated - Organized to develop and install energy and facilities management systems for educational institutions. Headquartered and incorporated in North Carolina. Diversified Control Systems, Incorporated - Organized to develop, install and service energy and facilities management systems for educational institutions as well as commercial and industrial customers. Headquartered and incorporated in North Carolina. Spectrum Controls, Incorporated - Organized to develop, install and service energy and facilities management systems for educational institutions as well as commercial and industrial customers. Headquartered and incorporated in North Carolina. D. Non-utility Subsidiaries - less than 100% owned but greater than 10% owned Better Homes for Garner LP - Organized to participate in affordable housing projects. Headquarted and organized in North Carolina. Capital City Low Income Housing LP - Organized to participate in affordable housing projects. Headquartered and organized in North Carolina. Absolut Limited Partnership - Organized to participate in affordable housing projects. Headquartered and organized in North Carolina. Walnut Street LP - Organized to participate in affordable housing projects. Headquartered and organized in North Carolina. WNC Institutional Tax Credit Fund, LP- Organized to participate in affordable housing projects. Headquartered and organized in California. Interpath Communications, Incorporated - Organized as a telecommunications company which is primarily engaged in providing internet-based services to the Southeast. Headquartered in North Carolina and incorporated in both North Carolina and Virginia. i) Less than 100% but greater than 10% owned by Interpath Communications, Incorporated CFN FiberNet, LLC - Organized to market wholesale capacity to network 4 carriers for its five members in Virginia, North Carolina, and South Carolina. Headquartered and incorporated in North Carolina. Autonomous Networks, LLC - Organized as a national IP network with points of presence in four major cities of the United States. A full mesh ATM network implemented on leased circuits connects the points of presence. Headquartered and incorporated in Delaware. Powerhouse Square, LLC - Organized to facilitate the renovation of several historic buildings in North Carolina. Headquartered and incorporated in North Carolina. Utech Venture Capital Corporation - Organized to provide venture capital for new technology to benefit electric utilities, augment R&D, provide investors a window on technical developments, and provide partnering opportunities to new start-up companies that offer new products and services to the utility industry. Headquartered and incorporated in Delaware. Utility Competitive Advantage Fund, LLC - Organized to seek long-term capital appreciation by making venture capital investments in entrepreneurial ventures that assist utilities in retaining and building their customer base, improving cost efficiencies, and/or generating new revenue opportunities. Headquartered and incorporated in Delaware. E. Inactive Subsidiaries CaroNet, LLC - Organized to provide fiber optic network capacity to telecommunications carriers in North and South Carolina. Incorporated in North Carolina. Carolina Acquisition Corporation - Organized as a wholly-owned subsidiary of the Company for consummation of the merger with NCNG. Incorporated in Delaware. 2. A brief description of the properties of the Claimant and each of its subsidiary public utility companies. A. Carolina Power & Light Company At December 31, 1998, the Company had a total system installed generating capability (including North Carolina Eastern Municipal Power Agency's (Power Agency) share) of 9,963 MW, with generating capacity provided primarily from the installed generating facilities listed in the table below. The remainder of the Company's generating capacity is composed of 53 coal, hydro and combustion turbine units ranging in size from a 2.5 MW hydro unit to a 78 MW coal-fired unit. Pursuant to certain agreements with the Company, Power Agency has acquired undivided ownership interests of 18.33% in Brunswick Unit Nos. 1 and 2, 12.94% in Roxboro Unit No. 4 and 16.17% in Harris Unit No. 1 and Mayo Unit No. 1. Of the total system installed generating capability of 9,963 MW, 53% is coal, 32% is nuclear, 2% is hydro and 13% is fired by other fuels including No. 2 oil, natural gas and propane. 5 MAJOR INSTALLED GENERATING FACILITIES ------------------------------------- AT DECEMBER 31, 1998 -------------------- Year Maximum Commercial Dependable Plant Location Unit No. Operation Primary Fuel Capacity - ------------------------- ---------- --------- ------------ -------- Asheville 1 1964 Coal 198 MW (Skyland, N.C.) 2 1971 Coal 194 MW Cape Fear 5 1956 Coal 143MW (Moncure, N.C.) 6 1958 Coal 173MW Darlington County Plant 12 1997 Gas/Oil 120MW (Hartsville, S.C.) 13 1997 Gas/Oil 120MW H.F. Lee 1 1952 Coal 79MW (Goldsboro, N.C.) 2 1951 Coal 76MW 3 1962 Coal 252MW H.B. Robinson 1 1960 Coal 174MW (Hartsville, S.C.) 2 1971 Nuclear 683MW Roxboro 1 1966 Coal 385MW (Roxboro, N.C.) 2 1968 Coal 670MW 3 1973 Coal 707MW 4 1980 Coal 700MW* L.V. Sutton 1 1954 Coal 97MW (Wilmington, N.C.) 2 1955 Coal 106MW 3 1972 Coal 410MW Brunswick 1 1977 Nuclear 820MW* (Southport, N.C.) 2 1975 Nuclear 811MW* Mayo 1 1983 Coal 745MW* (Roxboro, N.C.) Harris 1 1987 Nuclear 860MW* (New Hill, N.C.) * Facilities are jointly owned by the Company and Power Agency, and the capacity shown includes Power Agency's share. 6 In addition to the major generating facilities above, the Company also operates the following plants: Plant Location ----- -------- 1. Walters North Carolina 2. Marshall North Carolina 3. Tillery North Carolina 4. Blewett North Carolina 5. Weatherspoon North Carolina 6. Morehead North Carolina The Company's sixteen power plants represent a flexible mix of fossil, nuclear and hydroelectric resources, with a total generating capacity (including Power Agency's share) of 9,963 MW. The Company's strategic geographic location facilitates purchases and sales of power with many other electric utilities, allowing the Company to serve its customers more economically and reliably. Major industries in the Company's service area include textiles, chemicals, metals, paper, food, rubber and plastics, wood products, and electronic machinery and equipment. At December 31, 1998, the Company had 5,628 pole miles of transmission lines including 292 miles of 500 kV lines and 2,848 miles of 230 kV lines, and distribution lines of approximately 44,033 pole miles of overhead lines and approximately 12,759 miles of underground lines. Distribution and transmission substations in service had a transformer capacity of approximately 34,545 kVA in 2,035 transformers. Distribution line transformers numbered 420,633 with an aggregate 17,788,000 kVA capacity. B. North Carolina Natural Gas Corporation North Carolina Natural Gas Corporation (NCNG) owns approximately 1,069 miles of transmission pipelines of two to 16 inches in diameter which connect its distribution systems with the Texas-to-New York transmission system of Transco and the southern end of Columbia Gas Transmission Corporation's (Columbia) system. Transco delivers gas to NCNG at various points conveniently located with respect to NCNG's distribution area. Columbia delivers gas to one delivery point near the North Carolina-Virginia border. Gas is distributed by NCNG through 2,772 miles of distribution mains. These transmission pipelines and distribution mains are located primarily on rights-of-way held under easement, license or permit on lands owned by others. NCNG has a liquefied natural gas storage plant on its system to provide additional peak day gas supply for future growth in customer demand. 3. The following information for the 1998 calendar year with respect to claimant and each of its subsidiary public utility companies: (a) Number of kWh. of electric energy sold (at retail or wholesale): CP&L: Retail: 40,049,754,088 Wholesale: 2,119,574,160 NCNG: None 7 Number of Mcf. of natural gas distributed at retail: CP&L: None NCNG: 20,562,626 (b) Number of kWh. of electric energy sold at retail outside the State in which each company is organized: CP&L: 6,918,507,677 NCNG: None Number of Mcf. of manufactured or natural gas distributed at retail outside the State in which each company is organized: CP&L: None NCNG: None (c) Number of kWh. of electric energy sold at wholesale outside the State in which each company is organized or at the State line: CP&L: 179,273,533 NCNG: None Number of Mcf. of manufactured or natural gas sold at wholesale outside the State in which each company is organized or at the State line: CP&L: None NCNG: None (d) Number of kWh. of electric energy purchased outside the State in which each such company is organized or at the State line: CP&L: 2,804,809,000 NCNG: None Number of Mcf. of manufactured or natural gas purchased outside the State in which each such company is organized or at the State line: CP&L: None NCNG: 22,212,141 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an EWG or a foreign utility company, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. NONE (b) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. NONE (c) Type and amount of capital invested, directly or indirectly, by the holding company claiming 8 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. NONE (d) Capitalization and earnings of the EWG of foreign utility company during the reporting period. NONE (e) Identify any service, sale 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 - Consolidating statement of income and surplus of Claimant and its subsidiary companies for the calendar year 1998, together with a consolidating balance sheet of Claimant and its subsidiary companies as of the close of such calendar year. EXHIBIT B - Financial Data Schedule. EXHIBIT C - Not Applicable. 9 SIGNATURES The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 16th day of July 1999. CAROLINA POWER & LIGHT COMPANY ------------------------------ (Claimant) By /s/ Glenn E. Harder -------------------------- Glenn E. Harder Executive Vice President and Chief Financial Officer (Principal Financial Officer) CORPORATE SEAL Attest: /s/ Patricia Kornegay-Timmons ----------------------------- Patricia Kornegay-Timmons Assistant Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Glenn E. Harder Executive Vice President and Chief Financial Officer Carolina Power & Light Company 411 Fayetteville Street Raleigh, NC 27601 10 EXHIBIT A -
Carolina Power & Light Company Consolidating and Proforma Combined Income Statements & Statements of Retained Earnings Form U-3A-2 For the Year Ended December 31, 1998 (in thousands) NORTH PROFORMA CAROLINA COMBINED NATURAL CONSOLIDATED CAROLINA POWER GAS CAROLINA POWER & ELIMINATIONS/ CAROLINA POWER & & LIGHT COMPANY CORPORATION(a) LIGHT COMPANY ADJUSTMENTS LIGHT COMPANY (E) --------------------------------------------------------------------------------- STATEMENT OF INCOME Operating Revenues Electric $3,130,045 $ - $3,130,045 $ - $3,130,045 Regulated natural gas 151,952 151,952 - - - Diversified businesses 122,402 60,778 61,624 (21,887) - --------------------------------------------------------------------------------- Total Operating Revenues 3,404,399 212,730 3,191,669 (21,887) 3,130,045 --------------------------------------------------------------------------------- Operating Expenses Fuel 571,419 - 571,419 - 571,419 Gas purchased for resale 78,995 78,995 - - - Purchased power 382,547 - 382,547 - 382,547 Other operation and maintenance 670,590 28,112 642,478 - 642,478 Depreciation and amortization 498,883 11,786 487,097 - 487,097 Taxes other than on income 149,358 7,854 141,504 - 141,504 Harris Plant deferred costs, net 7,489 - 7,489 - 7,489 Diversified businesses 166,201 54,617 111,584 (21,887) - --------------------------------------------------------------------------------- Total Operating Expenses 2,525,482 181,364 2,344,118 (21,887) 2,232,534 --------------------------------------------------------------------------------- Other Income (Expense) Interest income 9,526 - 9,526 (10,382) 9,526 Harris Plant carrying costs 3,785 - 3,785 - 3,785 Other, net (29,586) 308 (29,894) 50,958 (58,954) --------------------------------------------------------------------------------- Total Other Income (Expense) (16,275) 308 (16,583) 40,576 (45,643) --------------------------------------------------------------------------------- Income Before Interest Charges and Income Taxes 862,642 31,674 830,968 40,576 851,868 --------------------------------------------------------------------------------- Interest Charges Long-term debt 174,908 5,007 169,901 - 169,901 Other interest charges 11,156 - 11,156 (196) 11,352 Allowance for borrowed funds used during construction (6,821) - (6,821) - (6,821) --------------------------------------------------------------------------------- Net Interest Charges 179,243 5,007 174,236 (196) 174,432 --------------------------------------------------------------------------------- Income Before Income Taxes 683,399 26,667 656,732 40,774 677,434 Income Taxes 267,531 10,037 257,494 - 278,196 --------------------------------------------------------------------------------- Net Income $415,868 $16,630 $399,238 $40,774 $399,238 Preferred Dividend Requirement 2,967 - 2,967 - 2,967 --------------------------------------------------------------------------------- Earnings for Common Stock $412,901 $16,630 $396,271 $40,774 $396,271 ================================================================================= STATEMENT OF RETAINED EARNINGS Retained Earnings, Beginning of Year $1,672,942 $59,061 $1,613,881 $30,608 $1,613,881 Net Income 415,868 16,630 399,238 40,774 399,238 Cash Dividends Declared 308,530 10,108 298,422 6,802 284,818 Adjustments - - - - - --------------------------------------------------------------------------------- Retained Earnings, End of Year $1,793,884 $65,583 $1,728,301 $78,184 $1,728,301 =================================================================================
1
STRATEGIC INTERPATH RESOURCE COMMUNICATIONS SOLUTIONS CAROFINANCIAL, INC. (B) CORP. (C) INC. CAPITAN, INC. CAROFUND, INC. --------------------------------------------------------------------------------- STATEMENT OF INCOME Operating Revenues Electric $ - $ - $ - $ - $ - Regulated natural gas - - - - - Diversified businesses 37,580 45,931 - - - --------------------------------------------------------------------------------- Total Operating Revenues 37,580 45,931 - - - --------------------------------------------------------------------------------- Operating Expenses Fuel - - - - - Gas purchased for resale - - - - - Purchased power - - - - - Other operation and maintenance - - - - - Depreciation and amortization - - - - - Taxes other than on income - - - - - Harris Plant deferred costs, net - - - - - Diversified businesses 52,860 80,611 - - - --------------------------------------------------------------------------------- Total Operating Expenses 52,860 80,611 - - - --------------------------------------------------------------------------------- Other Income (Expense) Interest income - - 10,382 - - Harris Plant carrying costs - - - - - Other, net (15,290) (4,586) (34) - (73) --------------------------------------------------------------------------------- Total Other Income (Expense) (15,290) (4,586) 10,348 - (73) --------------------------------------------------------------------------------- Income Before Interest Charges and Income Taxes (30,570) (39,266) 10,348 - (73) --------------------------------------------------------------------------------- Interest Charges Long-term debt - - - - - Other interest charges - - - - - Allowance for borrowed funds used during construction - - - - - --------------------------------------------------------------------------------- Net Interest Charges - - - - - --------------------------------------------------------------------------------- Income Before Income Taxes (30,570) (39,266) 10,348 - (73) Income Taxes (9,944) (14,299) 3,629 - (88) --------------------------------------------------------------------------------- Net Income $(20,626) $(24,967) $6,719 $ - $15 Preferred Dividend Requirement - - - - - -------------------------------------------------------------------------------- Earnings for Common Stock $(20,626) $(24,967) $6,719 $ - $15 ================================================================================= STATEMENT OF RETAINED EARNINGS Retained Earnings, Beginning of Year $(21,065) $(10,128) $1,731 $7 $(33) Net Income (20,626) (24,967) 6,719 - 15 Cash Dividends Declared - - 6,802 - - Adjustments - - - - - --------------------------------------------------------------------------------- Retained Earnings, End of Year $(41,691) $(35,095) $1,648 $7 $(18) =================================================================================
2 CAROHOME, LLC (D) POWERHOUSE SQUARE, LLC ---------------------------------------- STATEMENT OF INCOME Operating Revenues Electric $ - $ - Regulated natural gas - - Diversified businesses - - ---------------------------------------- Total Operating Revenues - - ---------------------------------------- Operating Expenses Fuel - - Gas purchased for resale - - Purchased power - - Other operation and maintenance - - Depreciation and amortization - - Taxes other than on income - - Harris Plant deferred costs, net - - Diversified businesses - - ---------------------------------------- Total Operating Expenses - - ---------------------------------------- Other Income (Expense) Interest income - - Harris Plant carrying costs - - Other, net (1,934) 19 ---------------------------------------- Total Other Income (Expense) (1,934) 19 ---------------------------------------- Income Before Interest Charges and Income Taxes (1,934) 19 ---------------------------------------- Interest Charges Long-term debt - - Other interest charges - - Allowance for borrowed funds used during construction - - ---------------------------------------- Net Interest Charges - - ---------------------------------------- Income Before Income Taxes (1,934) 19 Income Taxes - - ---------------------------------------- Net Income $(1,934) $19 Preferred Dividend Requirement - - ---------------------------------------- Earnings for Common Stock $(1,934) $19 ======================================== STATEMENT OF RETAINED EARNINGS Retained Earnings, Beginning of Year $(1,120) $ - Net Income (1,934) 19 Cash Dividends Declared - - Adjustments - - ---------------------------------------- Retained Earnings, End of Year $(3,054) $19 ======================================== 3 Carolina Power & Light Company Consolidating and Proforma Combined Balance Sheets Form U-3A-2 As of December 31, 1998 (in thousands)
NORTH PROFORMA CAROLINA CAROLINA COMBINED NATURAL GAS CONSOLIDATED POWER & CAROLINA POWER CORPORATION CAROLINA POWER ELIMINATIONS/ LIGHT & LIGHT COMPANY (A) & LIGHT COMPANY ADJUSTMENTS COMPANY ------------------------------------------------------------------------- ASSETS Electric utility plant in service $10,280,638 $ - $10,280,638 $ - $10,280,638 Gas utility plant in service 326,914 326,914 - - 0 Accumulated depreciation (4,614,519) (117,887) (4,496,632) - (4,496,632) ------------------------------------------------------------------------- Utility plant in service, net 5,993,033 209,027 5,784,006 - 5,784,006 Held for future use 11,984 - 11,984 - 11,984 Construction work in progress 331,109 24,243 306,866 - 306,866 Nuclear fuel, net of amortization 196,684 - 196,684 - 196,684 ------------------------------------------------------------------------- Total Utility Plant, net 6,532,810 233,270 6,299,540 - 6,299,540 ------------------------------------------------------------------------- CURRENT ASSETS Cash and cash equivalents 31,810 2,938 28,872 15,181 3,528 Accounts receivable 422,761 16,343 406,418 (8,430) 395,181 Inventory 242,096 17,395 224,701 - 224,701 Deferred fuel/gas cost 46,798 4,151 42,647 - 42,647 Prepayments 63,809 - 63,809 - 63,574 Taxes receivable 18,155 (2,845) 21,000 (4,701) 17,416 Other current assets 17,381 3,972 13,409 (1,777) 8,117 ------------------------------------------------------------------------- Total Current Assets 842,810 41,954 800,856 273 755,164 ------------------------------------------------------------------------- DEFERRED DEBITS AND OTHER ASSETS Income taxes recoverable through future rates 275,921 (1,973) 277,894 - 277,894 Abandonment costs 16,083 - 16,083 - 16,083 Harris Plant deferred costs 60,021 - 60,021 - 60,021 Unamortized debt expense 27,010 - 27,010 - 27,010 Nuclear decommissioning trust funds 310,702 - 310,702 - 310,702 Miscellaneous other property and investments 300,003 5,325 294,678 (359,156) 369,246 Other assets and deferred debits 264,106 3,484 260,622 (6,002) 199,016 ------------------------------------------------------------------------- Total Deferred Debits and Other Assets 1,253,846 6,836 1,247,010 (365,158) 1,259,972 ------------------------------------------------------------------------- TOTAL ASSETS $8,629,466 $282,060 $8,347,406 $(364,885) $8,314,676 ========================================================================= CAPITALIZATION Common stock equity $3,075,495 $126,190 $2,949,305 $(369,521) $2,957,372 Preferred stock- redemption not required 59,376 - 59,376 - 59,376 Long-term debt, net 2,673,414 59,000 2,614,414 - 2,614,414 ------------------------------------------------------------------------- Total Capitalization 5,808,285 185,190 5,623,095 (369,521) 5,631,162 ------------------------------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt 55,172 2,000 53,172 - 53,172 Notes Payable 36,000 36,000 - - - Accounts payable 279,379 14,216 265,163 (889) 256,687 Interest accrued 40,791 850 39,941 (95) 39,941 Dividends declared 74,400 - 74,400 - 74,400 Other current liabilities 119,736 10,912 108,824 (5,368) 95,065 ------------------------------------------------------------------------- Total Current Liabilities 605,478 63,978 541,500 (6,352) 519,265 ------------------------------------------------------------------------- 0 DEFERRED CREDITS AND OTHER LIABILITIES 0 Accumulated deferred income taxes 1,702,418 23,494 1,678,924 765 1,682,831 Accumulated deferred investment tax credits 214,100 2,278 211,822 - 211,822 Other liabilities and deferred credits 299,185 7,120 292,065 10,223 269,596 ------------------------------------------------------------------------- Total Deferred Credits and Other Liabilities 2,215,703 32,892 2,182,811 10,988 2,164,249 ------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $8,629,466 $282,060 $8,347,406 $(364,885) $8,314,676 =========================================================================
4
STRATEGIC INTERPATH RESOURCE COMMUNICATIONS, SOLUTIONS CAROFINANCIAL, CAPITAN, INC. (B) CORP. (C) INC. INC. CAROFUND, INC. ------------------------------------------------------------------------- ASSETS Electric utility plant in service $ - $ - $ - $ - $ - Gas utility plant in service - - - - - Accumulated depreciation - - - - - ------------------------------------------------------------------------- Utility plant in service, net - - - - - Held for future use Construction work in progress - - - - - Nuclear fuel, net of amortization - - - - - ------------------------------------------------------------------------- Total Utility Plant, net - - - - - ------------------------------------------------------------------------- CURRENT ASSETS Cash and cash equivalents 7,473 892 21 6 81 Accounts receivable 5,131 14,536 - - - Inventory - - - - - Deferred fuel/gas cost - - - - - Prepayments - 235 - - - Taxes receivable 3,472 4,753 (15) - 75 Other current assets 1,825 3,430 1,683 - 17 ------------------------------------------------------------------------- Total Current Assets 17,901 23,846 1,689 6 173 ------------------------------------------------------------------------- DEFERRED DEBITS AND OTHER ASSETS Income taxes recoverable through future rates - - - - - Abandonment costs - - - - - Harris Plant deferred costs - - - - - Unamortized debt expense - - - - - Nuclear decommissioning trust funds - - - - - Miscellaneous other property and investments 66,325 6,144 168,274 67 488 Other assets and deferred debits 24,242 42,945 - - 1 ------------------------------------------------------------------------- Total Deferred Debits and Other Assets 90,567 49,089 168,274 67 489 ------------------------------------------------------------------------- TOTAL ASSETS $108,468 $72,935 $169,963 $73 $662 ========================================================================= CAPITALIZATION Common stock equity $88,735 $62,847 $169,963 $73 $662 Preferred stock- redemption not required - - - - - Long-term debt, net - - - - - ------------------------------------------------------------------------- Total Capitalization 88,735 62,847 169,963 73 662 ------------------------------------------------------------------------- CURRENT LIABILITIES Current portion of long-term debt - - - - - Notes Payable - - - - - Accounts payable 6,096 3,040 - - - Interest accrued - 95 - - - Dividends declared - - - - - Other current liabilities 11,267 7,746 - - - ------------------------------------------------------------------------- Total Current Liabilities 17,363 10,881 - - - ------------------------------------------------------------------------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes 710 (5,382) - - - Accumulated deferred investment tax credits - - - - - Other liabilities and deferred credits 1,660 4,589 - - - ------------------------------------------------------------------------- Total Deferred Credits and Other Liabilities 2,370 (793) - - - ------------------------------------------------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $108,468 $72,935 $169,963 $73 $662 =========================================================================
5
POWERHOUSE SQUARE, CAROHOME, LLC (D) LLC ----------------------------------- ASSETS Electric utility plant in service $ - $ - Gas utility plant in service - - Accumulated depreciation - - ----------------------------------- Utility plant in service, net - - Held for future use Construction work in progress - - Nuclear fuel, net of amortization - - ----------------------------------- Total Utility Plant, net - - ----------------------------------- CURRENT ASSETS Cash and cash equivalents 1,616 74 Accounts receivable - - Inventory - - Deferred fuel/gas cost - - Prepayments - - Taxes receivable - - Other current assets - 114 ----------------------------------- Total Current Assets 1,616 188 ----------------------------------- DEFERRED DEBITS AND OTHER ASSETS Income taxes recoverable through future rates - - Abandonment costs - - Harris Plant deferred costs - - Unamortized debt expense - - Nuclear decommissioning trust funds - - Miscellaneous other property and investments 35,706 7,584 Other assets and deferred debits 420 - ----------------------------------- Total Deferred Debits and Other Assets 36,126 7,584 ----------------------------------- TOTAL ASSETS $37,742 $7,772 =================================== CAPITALIZATION Common stock equity $37,742 $1,432 Preferred stock- redemption not required - - Long-term debt, net - - ----------------------------------- Total Capitalization 37,742 1,432 ----------------------------------- CURRENT LIABILITIES Current portion of long-term debt - - Notes Payable - - Accounts payable - 229 Interest accrued - - Dividends declared - - Other current liabilities - 114 ----------------------------------- Total Current Liabilities - 343 ----------------------------------- DEFERRED CREDITS AND OTHER LIABILITIES Accumulated deferred income taxes - - Accumulated deferred investment tax credits - - Other liabilities and deferred credits - 5,997 ----------------------------------- Total Deferred Credits and Other Liabilities - 5,997 ----------------------------------- TOTAL CAPITALIZATION AND LIABILITIES $37,742 $7,772 ===================================
6 (a) NCNG Pineneedle Investment Corporation, NCNG Cardinal Pipeline Investment Corporation, NCNG Energy Corporation and Cape Fear Energy Corporation are accounted for in North Carolina Natural Gas Corporation. (b) CFN FiberNet, LLC, and Autonomous Networks, LP are accounted for in Interpath Communications, Incorporated. (c) Strategic Resource Solutions Engineering Corporation, Applied Computer Technology Corporation, ACT Controls, Incorporated, Diversified Control Systems, Incorporated and Spectrum Controls, Incorporated are accounted for in Strategic Resource Solutions Corp. (d) Includes all of the affordable housing investments held by CaroHome LLC. (e) Better Homes for Garner LP, Capital City Low Income Housing LP, Absolut Limited Partnership, Walnut Street LP, WNC Institutional Tax Credit fund, LP, Utech Venture Capital Corporation and Utility Competitive Advantage Fund, LLC are accounted for in Carolina Power & Light Company. 7 EX-27 2 FINANCIAL DATA SCHEDULE EXHIBIT B
UT 1,000 YEAR DEC-31-1998 DEC-31-1998 PER-BOOK 0 0 0 0 0 8,347,406 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,191,669 0 0 0 0 399,238 0 0 0 0 0 0 0 EXHIBIT C - Not applicable
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