- Email: [email protected]
Wheeling, dealing and data
WHEELING,
DEALING
AND
With this issue, we introduce a new section of The Electricity Journal. This material will often relate to the theme or subject of a particular issue, like the Holding Company Act data presented in the following pages. It will generally contain other information as well, such as the material on bidding, mergers and corporate activity, and power sales and transmission.
DATA
The following data was derived from current publications of the Securities and Exchange Commission. The nine registered companies described on page 19 are those fully subject to the Act. The Sec. 3 (a)(1) exempt companies, treated on pages 20-22, are exempt because they and their public utility subsidiaries are "predominantly intrastate in character."
The Sec. 3 (a)(2) exempt companies, on page 22, are exempt because they are predominantly public utility companies whose operations do not extend beyond their state of organization and contiguous states. In all, there are 69 exempt electric and gas & electric holding companies. In general, we reported only on these companies whose nonutility affiliates exceeded $10 million in assets. We hope this summary data and the activity it depicts are of interest.
PUHCA BASICS:How to Succeedin the Electric Power Gameand Avoid Being a RegisteredHolding Company LESSON NO. 1: PACIFICORP
Q: How can PacifiCorp acquire a noncontigu-
Q: How can SCEcorpbe an exempt holding
ous Utah Power & Light Co. (and maybe even Arizona Public Service) and remain free of the Public Utility Holding CompanyAct?
company, while its subsidiaries own generation all over the countn/?
A: Because UP&L is not a "utility," but a division of PacifiCorp. Under PUHCA,an entity is a "holding company" if it owns 10% or more of the stock of a "utility." Before PacifiCorp merged with Utah Power & Light, it had a utility division,Pacific Power & Light (PP&L). BecausePP&L was merely a division, PacifiCorp did not own stock in a "utility." Therefore, PacifiCorp was not a "holding company." When PacifiCorp merged with Utah Power, Utah did not keep its separate corporate status, but became another divisionof PacifiCorp, along with PP&L. BecausePacifiCorp did not "own stock" in Utah, it did not become a "holding company" as a result of this acquisition. PacifiCorp does own subsidiaries, including a telecommunications company and a coal mining company, but neither is a "utility" under PUHCA.
18
LESSON NO. 2: SCECORP
A: Becausethe generation facilites are "qualifying facilities" under PURPA,and are thus exempt from PUHCA. SCEcorp is an exempt holding company under the "predominantly intrastate in character" exemption of Section 3 (a)(1) of PUHCA. SCEcorp owns the Southern California Edison utility, which serves exclusively in California, and 101 nonutility subsidiaries, including Mission companies which own substantial generating capacity in California and other states. Mission's generation facilities, while sometimes very large, are "qualifying facilities" under PURPA. A qualifying facility is not a "utility," therefore an entity owning a QF is not a holding company. An entity may own an unlimited number of OFs anywhere in the country without becoming a holding company.
The ElectricityJournal
WHEELING,
DEALING
AND
DATA
The Geography of Registered Holding Company Systems (stateswithsignificantregisteredcompanyserviceare shaded.) W ENGLAND ELECTRICSYSTEM estboro, MA) Granite Slate ElectricCo. (NH) MassachusettsElectricCo. (MA) Narragansett ElectricCo. (RI)
AMERICAN ELECTRICPOWER CO. (Columbus, OH) AppalachianPower Co. (VA) ColumbusSouthernCo. (OH) Indiana MichiganPower Co. (IN) KentuckyPower Co. (KY) KingsportPower Co. (TN) MichiganPower Co. (MI) Ohio Power Co. (OH) ,,,~J Wheeling ElectricCo. (WV)
EASTERN UTLITIES ASSOCIATES (Boston,MA) BlackstoneValley ElectricCo. (RI) EasternEdison(MA) IRTHEAST UTILITIES (Hartford, CT) ConnecticutLight& Power Co. (CT) HolyokeWater Power Co. (MA) Western MaesachuseHsPower Co. (MA) GENERALPUBLIC UTILITIES CORP. (Parsippany, NJ) Jersey Central Power & LightCo. (NJ) MetropolitanEdisonCo. (PA) PennsylvaniaElectricCo. (PA) ALLEGHENYPOWER SYSTEM INC. (New York, NY) MonongahelaPower Co. (WV) Potomac EdisonCo. (MD) West Penn Power Co. (PA)
CENTRAL & SOUTHWEST CORP. (Dall~ Central Power & LightCo. (TX) PublicService of Oklahoma (OK) SouthwesternElectricPower Co. (I.A) West Texas Utilities Co. (TX) ENTERGY (formerly Middle South) (New Orleans, LA) ArkansasPower & LightCo. (AR) Louisiana Power & LightCo. (LA) MississippiPower & Light(MS) New OrleansPublicService(I.A)
Nameof Utility HoldingCompany The Southern Co. American Electric PowerCo. Entergy Central and South West Corp. Northeast Utilities General Public Utilities Corp. Allegheny Power System New England Electric System Eastern Utilities Association
January/February 1990
RegisteredHoldingCompanies No.o/ No. of Utility Nonut#ity Subsidiaries 6 12 6 4 5 6 4 6 5
Subsidiaries 7 10 3 8 4 5 1 5 3
THE SOUTHERN CO. (Atlanta, GA) Alabama Power Co. (AL) Georgia Power Co. (GA) Gulf Power Co. (FL) MississippiPower Co. (MS) Savannah Electric& Power Co. (GA)
Assets (millions $) Utility Nonutility
16,850 11,700 11,110 7,150 5,320 5,060 3,810 2,660 1,020
2,880 2,560 4,830 960 1,440 1,360 520 1,060 180
Generating Capacity(MW)
27,552 22,523 15,460 13,109 5,738 7,304 7,906 5,268 992
19
WHEELING, DEALING AND DATA ,G
y. c .-%
The Geographyof Major ExemptHoldingCompanySystems (Stateswith significantexemptcompanyserviceare shaded.)
SEC. 3(a)(2) EXEMPTS 24. Commonwealth Edison Co. 25. Philadelphia Electric Co. 26. Duke Power Co. 27. Niagara Mohawk Power Co. 28. Gulf States Utilities Co. 29. Illinois Power Co. 30. Cincinnati Gas & Electric Co. .31. Public Service Co. of Colorado 32. Kansas City Public & Light Co. 33. Kansas Gas & Electric Co. 34. Oklahoma Gas & Electric Co. 35. United Illuminating Co. 36. Central Illinois Public Service Co. 37. Minnesota Power 38. Central Maine Power Co. 39. KentuckyUtilities Co. 40. Wisconsin Public Service Co. 41. S. Indiana Gas & Electric Co. 42. Central Vermont Public Service Co. 43. Bangor Hydro-Electric Co. 44. Green Mountain Power
SEC. 3(a)(1) EXEMPTS 1. Atlantic Energy Inc.
2. CenteriorEnergyCorp. 3. CMS Energy Corp.
4. CommonwealthEnergy 5. Dominion Resources 6. DPL Inc. 7. Florida ProgressCorp. 8. FPL Group Inc. 9. Hawaiian Electric Indust
10. HoustonIndustries 11. IE Industries 12. Iowa Resources 13. Iowa Southern 14. Ipalco Enterprises
15. Midwest Energy Co. 16. Pinnacle West Capital C 17. Portland General Corp. 18. Public ServiceEnterpriseGroup
19. SCANACorp. 20. SCEcorp 21. Sierra Pacific Resources 22. TECOEnergyInc. 23. TNP EnterprisesInc.
SignigicantBusinessActivities of SelectedHolding CompaniesExemptUnderSec. 3(a)(1) (Inc/udes companies with nonuti/ity assets over $10 rail/ion as of May 31, 1988)
Utility Holding Co. Atlantic Energy Inc. CILCORR Inc. CMS Energy Corp. Commonwealth Energy System Dominion Resources, Inc. DPL Inc. Rodda Progress Corp. FPL Group, Inc. Hawaiian Electric Indust. Inc. Houston Industries, Inc. IE Industries Inc. Iowa Resources, Inc. Iowa Southern Inc. Ipalco Enterprises, Inc. Midwest Energy Co. Pinnacle West Capital Corp. Portland General Corp. Public Service Enterprise Group SCANA Corp. SCEcorp Sierra Pacific Resources TECO Energy Inc. TNP Enterprises, Inc.
20
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• •
• •
•
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• •
The Electricity Journal
WHEELING,
DEALING
AND
DATA
Assets and Revenues of Selected Holding CompaniesExempt Under Sec 3(a)(1) (Includescompanieswith nonutilityassets over$10 millionas of May 31,1988.) No. of
Nameof HoldingCompany (Nameof PrincipalUtility) SCEcorp (Southern California Edison Co.) Public Service EnterpriseGroup 'Public Service Electric and Gas Co.) Dominion Resources, Inc. (Virginia Electric and Power Co.) Houston Industries, Inc. 'Houston Lighting and Power) FPL Group, Inc. 'Florida Power and Light Co.) CMS EnergyCorp. 'Consumers Power Co.) Pinnacle West Capital Corp. 'Arizona Public Service Co.) Florida Progress Corp. 'Florida Power Corp.) SCANACorp. 'South Carolina Electric and Gas Co.) Portland GeneralCorp. 'Portland GeneralElectric Co.) DPL Inc. (Dayton Power and Light Co.) TECOEnergyInc. (Tampa Electric Co.) Ipalco Enterprises, Inc. 'Indianapolis Power and Light Co.) Atlantic EnergyInc. 'Atlantic City Electric Co.) Sierra Pacific Resources (Sierra Pacific Power Co.) Iowa Resources, Inc. (Iowa Power and Light Co.) Hawaiian Electric Indust, Inc. (Hawaiian Electric Co.) Commonwealth EnergySystem (Commonwea#h E/ec. Co.) Midwest EnergyCo. (Iowa Public Service Co.) CILCORP,Inc. (Central Illinois Light Co.) IE Industries Inc. (Iowa Electric Light & Power Co.) Iowa Southern Inc. (Iowa Southern Util#ies Co.)
January~February1990
Nonutility Subs/diaries
Assets (millions$) Utility Nonulility
Revenue (millions$) Utility NonuUlity
101
13,895
1059
5,926
355
27
10,665
1661
4,294
192
30
9,647
588
3,291
47
20
9,126
924
3,064
590
83
8,993
2,953
4,627
1,236
37
8,261
1990
2,900
176
32
5,991
8945
1,442
649
74
3,259
976
1,469
844
10
2,509
420
1,056
265
17
2,309
354
748
16
11
2,260
73
994
19
17
1,885
537
937
283
1
1,660
75
609
4
3
1,609
54
676
1
3
1,147
89
402
6
9
1,081
94
344
9
4
1,033
1,643
552
185
8
1,002
61
769
53
30
1,001
382
507
67
8
924
169
434
36
12
871
59
4248
26
4
309
12
135
10
21
WHEELING,
DEALING
AND DATA
Assets and Revenues of All Exempt Holding Companies • The Pennsylvania Public Utility Commission has approved two Penn Electric power-purchase contracts totaling nearly 100 MW, one for power from a 79.5 MW facility planned by Inter-Power of Pennsylvania, and the second with Joyce Energy Systems, which is planning a 15 MW facility in Bedford County.
$206.1 b
[ ] Sec.3(a)(2)Exempts • Sec.3(a)(1)Exempts
$117.9b
$80.2 b
~9.4b
• Salt River Project will buy up to 200 MW of the Western Area Power Administration's 538 MW share of the Navajo coal-fired plant near Page, Arizona.
$39.7 b $37.6 b
ASSETS REVENUES
ASSETS REVENUES
UtilitySubsidiaries (includesparentutilities of sec. 3(a)(2) exempts)
NonulilitySubsidiaries
Selected Holding Companies Exempt Under Sec 3(a)(2) Name of Utility Holding Company
Commonwealth EdisonCo. Philadelphia Electric Co. Duke PowerCo. Niagara Mohawk Power Co. Gulf States Utilities Co. Illinois PowerCo. Cincinnati Gas and Electric Co. Public Service Co. of Colorado Kansas City Powerand Light Co. Kansas Gas and Electric Co. Oklahoma Gas and Electric Co. United Illuminating Co. Central Illinois Public Service Co. Minnesota Powerand Light Central Maine PowerCo. Kentucky Utilities Co. Wisconsin Public Service Co. S. IndianaGas and Electric Co. Central Vermont Public Service Co. Bangor Hydro-ElectricCo. Green Mountain Power
22
No. of Nonutility Subsidiaries
Utility Parent
5 5 13 16 3 10 2 18 2 2 4 5 1 30 7 0 4 7 6 8 2
$17,798.9 11,831.0 8,890.6 7,037.3 6,856.2 6,053.1 3,264.4 2,662.8 2,647.4 2,442.7 2,413.0 2,386.0 1,677.6 1,309.0 1,200.6 1,103.4 843.4 668.80 345.1 194.8 170.1
Assets (millions $) Utility Nonu#lity Subsidiaries Subsidiaries
99.4 205.8 60.9 110.2 29.9 11.7 180.1 177.1 0 0.5 0.3 257.3 11.7 38.9 166.5 58.6 5.6 26.1 215.6 1.7 107.2
220.0 44.4 191.0 388.1 122.0 306.2 11.5 410.5 0 0 212.9 0 0 299.3 0 0 6.3 40.0 4.2 23.3 4.6
The ElectricityJournal
WHEELING,
• San Diego Gas & Electric has signed a 30-year contract to purchase about $600 million worth of solar energy from Luz International of Los Angeles.
• Bonneville Pacific Corp. of Salt Lake City has signed a 25-year power-sales contract with Central Vermont Public Service for electricity from a planned 52 MW gas-fired cogeneration project in Sheldon Springs, Vt. • American Municipal Power-Ohio is negotiating with American Electric Power, Dusquesne Light and Louisville Gas & Electric for a possible long-term capacity purchase of up to 175 MW. • Minnesota Power and Northern States Power have resolved a dispute over NSP's agreement to buy a 40% share of Minnesota Power's 535 MW Boswell-4 plant with a new deal under which NSP will buy 200 MW of peaking power between May 1990 and October 1993. NSP has also agreed to provide wheeling for the 103-MW share of Boswell-4 that Wisconsin Public Power Inc. has agreed to buy from MP.
• Florida Power and Light received 107 preliminary bids totaling 28,000 MW from an all-source request for proposals for 800 MW. • Voters in Albuquerque, N.M. approved by an amendment to the city charter requiring that its electricity service franchise, now held by PSNM, be renewed through competitive bidding when it expires in January 1992. January~February1990
• Smith Cogeneration is seeking to bypass Virginia Power's bidding system by asking the State Corporations Commission to immediately arbitrate terms of a power sale from a proposed $522 million, 316 MW pulverized coal cogeneration plant at the Goodyear fire and Rubber factory at Danville.
The MASSPOWERcogeneration facility has been selected by Boston Edison to supply 100 MW of power to the utility beginning in 1994. MASSPOWER is a joint venture of affiliates of J. Makowski, Bechtel Development, General Electric, Tenneco Gas, and Granite State Transmission. • Paget Sound Power & Light received 40 bids totaling 1200 MW in response to its request for proposals for 100 MW from independent producers and utilities. • The New York Facilities Development Corp. has received 13 proposals ranging from 8 to 300 MW from seven developers for a cogeneration facility at Pilgrim Psychiatric Center on Long Island. • Sierra Pacific Power has invited independent generators and utilities to submit proposals for 200 MW of long-term power with deliveries beginning in the 1991-97 period. • Niagara Mohawk Power has issued a request for proposals for 350 MW of new power supply or demand-side management, to be in service by Oct. 1,1994.
DEALING
AND
DATA
= ABB Asea Brown Boved Limited reached an agreement on Nov. 13 to acquire Combustion Engineering Inc. ABB Asea will acquire all shares of C-E at $40/share, or about $1.6 billion on a fully diluted basis, contingent on at least 80% of C-E's shares being tendered. TECO Energy sold its interest in information management and software firm TECOTechnologies as part of an effort to focus diversification activities on energy-related businesses.
• Idaho Power has formed Ida-West Energy Co., a subsidiary aimed at participating in joint ventures with cogeneration and independent power developers. Dow Chemical Co.'s independent power subsidiary Destec Energy Inc. has made a friendly offer valued at about $115-million for all outstanding stock of Houstonbased PSE Inc.
• PP&L affiliate ONSITE Energy, Inc. is combining with UP&L's Energy National Corp. under the name Pacific Investment Enterprises (PIE). PIE's holdings include 396 MW of operating power facilities at 15 Ioca. tions across the continent and a 12 MW plant under construction. Iowa-Illinois Investment Co., the investment subsidiary of Iowa-Illinois Gas and Electric, has acquired a 44% interest in Synergics Inc., an Annapolis, Md.-based independent power and engineering services company.
23
DEALING
AND
With this issue, we introduce a new section of The Electricity Journal. This material will often relate to the theme or subject of a particular issue, like the Holding Company Act data presented in the following pages. It will generally contain other information as well, such as the material on bidding, mergers and corporate activity, and power sales and transmission.
DATA
The following data was derived from current publications of the Securities and Exchange Commission. The nine registered companies described on page 19 are those fully subject to the Act. The Sec. 3 (a)(1) exempt companies, treated on pages 20-22, are exempt because they and their public utility subsidiaries are "predominantly intrastate in character."
The Sec. 3 (a)(2) exempt companies, on page 22, are exempt because they are predominantly public utility companies whose operations do not extend beyond their state of organization and contiguous states. In all, there are 69 exempt electric and gas & electric holding companies. In general, we reported only on these companies whose nonutility affiliates exceeded $10 million in assets. We hope this summary data and the activity it depicts are of interest.
PUHCA BASICS:How to Succeedin the Electric Power Gameand Avoid Being a RegisteredHolding Company LESSON NO. 1: PACIFICORP
Q: How can PacifiCorp acquire a noncontigu-
Q: How can SCEcorpbe an exempt holding
ous Utah Power & Light Co. (and maybe even Arizona Public Service) and remain free of the Public Utility Holding CompanyAct?
company, while its subsidiaries own generation all over the countn/?
A: Because UP&L is not a "utility," but a division of PacifiCorp. Under PUHCA,an entity is a "holding company" if it owns 10% or more of the stock of a "utility." Before PacifiCorp merged with Utah Power & Light, it had a utility division,Pacific Power & Light (PP&L). BecausePP&L was merely a division, PacifiCorp did not own stock in a "utility." Therefore, PacifiCorp was not a "holding company." When PacifiCorp merged with Utah Power, Utah did not keep its separate corporate status, but became another divisionof PacifiCorp, along with PP&L. BecausePacifiCorp did not "own stock" in Utah, it did not become a "holding company" as a result of this acquisition. PacifiCorp does own subsidiaries, including a telecommunications company and a coal mining company, but neither is a "utility" under PUHCA.
18
LESSON NO. 2: SCECORP
A: Becausethe generation facilites are "qualifying facilities" under PURPA,and are thus exempt from PUHCA. SCEcorp is an exempt holding company under the "predominantly intrastate in character" exemption of Section 3 (a)(1) of PUHCA. SCEcorp owns the Southern California Edison utility, which serves exclusively in California, and 101 nonutility subsidiaries, including Mission companies which own substantial generating capacity in California and other states. Mission's generation facilities, while sometimes very large, are "qualifying facilities" under PURPA. A qualifying facility is not a "utility," therefore an entity owning a QF is not a holding company. An entity may own an unlimited number of OFs anywhere in the country without becoming a holding company.
The ElectricityJournal
WHEELING,
DEALING
AND
DATA
The Geography of Registered Holding Company Systems (stateswithsignificantregisteredcompanyserviceare shaded.) W ENGLAND ELECTRICSYSTEM estboro, MA) Granite Slate ElectricCo. (NH) MassachusettsElectricCo. (MA) Narragansett ElectricCo. (RI)
AMERICAN ELECTRICPOWER CO. (Columbus, OH) AppalachianPower Co. (VA) ColumbusSouthernCo. (OH) Indiana MichiganPower Co. (IN) KentuckyPower Co. (KY) KingsportPower Co. (TN) MichiganPower Co. (MI) Ohio Power Co. (OH) ,,,~J Wheeling ElectricCo. (WV)
EASTERN UTLITIES ASSOCIATES (Boston,MA) BlackstoneValley ElectricCo. (RI) EasternEdison(MA) IRTHEAST UTILITIES (Hartford, CT) ConnecticutLight& Power Co. (CT) HolyokeWater Power Co. (MA) Western MaesachuseHsPower Co. (MA) GENERALPUBLIC UTILITIES CORP. (Parsippany, NJ) Jersey Central Power & LightCo. (NJ) MetropolitanEdisonCo. (PA) PennsylvaniaElectricCo. (PA) ALLEGHENYPOWER SYSTEM INC. (New York, NY) MonongahelaPower Co. (WV) Potomac EdisonCo. (MD) West Penn Power Co. (PA)
CENTRAL & SOUTHWEST CORP. (Dall~ Central Power & LightCo. (TX) PublicService of Oklahoma (OK) SouthwesternElectricPower Co. (I.A) West Texas Utilities Co. (TX) ENTERGY (formerly Middle South) (New Orleans, LA) ArkansasPower & LightCo. (AR) Louisiana Power & LightCo. (LA) MississippiPower & Light(MS) New OrleansPublicService(I.A)
Nameof Utility HoldingCompany The Southern Co. American Electric PowerCo. Entergy Central and South West Corp. Northeast Utilities General Public Utilities Corp. Allegheny Power System New England Electric System Eastern Utilities Association
January/February 1990
RegisteredHoldingCompanies No.o/ No. of Utility Nonut#ity Subsidiaries 6 12 6 4 5 6 4 6 5
Subsidiaries 7 10 3 8 4 5 1 5 3
THE SOUTHERN CO. (Atlanta, GA) Alabama Power Co. (AL) Georgia Power Co. (GA) Gulf Power Co. (FL) MississippiPower Co. (MS) Savannah Electric& Power Co. (GA)
Assets (millions $) Utility Nonutility
16,850 11,700 11,110 7,150 5,320 5,060 3,810 2,660 1,020
2,880 2,560 4,830 960 1,440 1,360 520 1,060 180
Generating Capacity(MW)
27,552 22,523 15,460 13,109 5,738 7,304 7,906 5,268 992
19
WHEELING, DEALING AND DATA ,G
y. c .-%
The Geographyof Major ExemptHoldingCompanySystems (Stateswith significantexemptcompanyserviceare shaded.)
SEC. 3(a)(2) EXEMPTS 24. Commonwealth Edison Co. 25. Philadelphia Electric Co. 26. Duke Power Co. 27. Niagara Mohawk Power Co. 28. Gulf States Utilities Co. 29. Illinois Power Co. 30. Cincinnati Gas & Electric Co. .31. Public Service Co. of Colorado 32. Kansas City Public & Light Co. 33. Kansas Gas & Electric Co. 34. Oklahoma Gas & Electric Co. 35. United Illuminating Co. 36. Central Illinois Public Service Co. 37. Minnesota Power 38. Central Maine Power Co. 39. KentuckyUtilities Co. 40. Wisconsin Public Service Co. 41. S. Indiana Gas & Electric Co. 42. Central Vermont Public Service Co. 43. Bangor Hydro-Electric Co. 44. Green Mountain Power
SEC. 3(a)(1) EXEMPTS 1. Atlantic Energy Inc.
2. CenteriorEnergyCorp. 3. CMS Energy Corp.
4. CommonwealthEnergy 5. Dominion Resources 6. DPL Inc. 7. Florida ProgressCorp. 8. FPL Group Inc. 9. Hawaiian Electric Indust
10. HoustonIndustries 11. IE Industries 12. Iowa Resources 13. Iowa Southern 14. Ipalco Enterprises
15. Midwest Energy Co. 16. Pinnacle West Capital C 17. Portland General Corp. 18. Public ServiceEnterpriseGroup
19. SCANACorp. 20. SCEcorp 21. Sierra Pacific Resources 22. TECOEnergyInc. 23. TNP EnterprisesInc.
SignigicantBusinessActivities of SelectedHolding CompaniesExemptUnderSec. 3(a)(1) (Inc/udes companies with nonuti/ity assets over $10 rail/ion as of May 31, 1988)
Utility Holding Co. Atlantic Energy Inc. CILCORR Inc. CMS Energy Corp. Commonwealth Energy System Dominion Resources, Inc. DPL Inc. Rodda Progress Corp. FPL Group, Inc. Hawaiian Electric Indust. Inc. Houston Industries, Inc. IE Industries Inc. Iowa Resources, Inc. Iowa Southern Inc. Ipalco Enterprises, Inc. Midwest Energy Co. Pinnacle West Capital Corp. Portland General Corp. Public Service Enterprise Group SCANA Corp. SCEcorp Sierra Pacific Resources TECO Energy Inc. TNP Enterprises, Inc.
20
•
• •
• •
•
• •
• •
The Electricity Journal
WHEELING,
DEALING
AND
DATA
Assets and Revenues of Selected Holding CompaniesExempt Under Sec 3(a)(1) (Includescompanieswith nonutilityassets over$10 millionas of May 31,1988.) No. of
Nameof HoldingCompany (Nameof PrincipalUtility) SCEcorp (Southern California Edison Co.) Public Service EnterpriseGroup 'Public Service Electric and Gas Co.) Dominion Resources, Inc. (Virginia Electric and Power Co.) Houston Industries, Inc. 'Houston Lighting and Power) FPL Group, Inc. 'Florida Power and Light Co.) CMS EnergyCorp. 'Consumers Power Co.) Pinnacle West Capital Corp. 'Arizona Public Service Co.) Florida Progress Corp. 'Florida Power Corp.) SCANACorp. 'South Carolina Electric and Gas Co.) Portland GeneralCorp. 'Portland GeneralElectric Co.) DPL Inc. (Dayton Power and Light Co.) TECOEnergyInc. (Tampa Electric Co.) Ipalco Enterprises, Inc. 'Indianapolis Power and Light Co.) Atlantic EnergyInc. 'Atlantic City Electric Co.) Sierra Pacific Resources (Sierra Pacific Power Co.) Iowa Resources, Inc. (Iowa Power and Light Co.) Hawaiian Electric Indust, Inc. (Hawaiian Electric Co.) Commonwealth EnergySystem (Commonwea#h E/ec. Co.) Midwest EnergyCo. (Iowa Public Service Co.) CILCORP,Inc. (Central Illinois Light Co.) IE Industries Inc. (Iowa Electric Light & Power Co.) Iowa Southern Inc. (Iowa Southern Util#ies Co.)
January~February1990
Nonutility Subs/diaries
Assets (millions$) Utility Nonulility
Revenue (millions$) Utility NonuUlity
101
13,895
1059
5,926
355
27
10,665
1661
4,294
192
30
9,647
588
3,291
47
20
9,126
924
3,064
590
83
8,993
2,953
4,627
1,236
37
8,261
1990
2,900
176
32
5,991
8945
1,442
649
74
3,259
976
1,469
844
10
2,509
420
1,056
265
17
2,309
354
748
16
11
2,260
73
994
19
17
1,885
537
937
283
1
1,660
75
609
4
3
1,609
54
676
1
3
1,147
89
402
6
9
1,081
94
344
9
4
1,033
1,643
552
185
8
1,002
61
769
53
30
1,001
382
507
67
8
924
169
434
36
12
871
59
4248
26
4
309
12
135
10
21
WHEELING,
DEALING
AND DATA
Assets and Revenues of All Exempt Holding Companies • The Pennsylvania Public Utility Commission has approved two Penn Electric power-purchase contracts totaling nearly 100 MW, one for power from a 79.5 MW facility planned by Inter-Power of Pennsylvania, and the second with Joyce Energy Systems, which is planning a 15 MW facility in Bedford County.
$206.1 b
[ ] Sec.3(a)(2)Exempts • Sec.3(a)(1)Exempts
$117.9b
$80.2 b
~9.4b
• Salt River Project will buy up to 200 MW of the Western Area Power Administration's 538 MW share of the Navajo coal-fired plant near Page, Arizona.
$39.7 b $37.6 b
ASSETS REVENUES
ASSETS REVENUES
UtilitySubsidiaries (includesparentutilities of sec. 3(a)(2) exempts)
NonulilitySubsidiaries
Selected Holding Companies Exempt Under Sec 3(a)(2) Name of Utility Holding Company
Commonwealth EdisonCo. Philadelphia Electric Co. Duke PowerCo. Niagara Mohawk Power Co. Gulf States Utilities Co. Illinois PowerCo. Cincinnati Gas and Electric Co. Public Service Co. of Colorado Kansas City Powerand Light Co. Kansas Gas and Electric Co. Oklahoma Gas and Electric Co. United Illuminating Co. Central Illinois Public Service Co. Minnesota Powerand Light Central Maine PowerCo. Kentucky Utilities Co. Wisconsin Public Service Co. S. IndianaGas and Electric Co. Central Vermont Public Service Co. Bangor Hydro-ElectricCo. Green Mountain Power
22
No. of Nonutility Subsidiaries
Utility Parent
5 5 13 16 3 10 2 18 2 2 4 5 1 30 7 0 4 7 6 8 2
$17,798.9 11,831.0 8,890.6 7,037.3 6,856.2 6,053.1 3,264.4 2,662.8 2,647.4 2,442.7 2,413.0 2,386.0 1,677.6 1,309.0 1,200.6 1,103.4 843.4 668.80 345.1 194.8 170.1
Assets (millions $) Utility Nonu#lity Subsidiaries Subsidiaries
99.4 205.8 60.9 110.2 29.9 11.7 180.1 177.1 0 0.5 0.3 257.3 11.7 38.9 166.5 58.6 5.6 26.1 215.6 1.7 107.2
220.0 44.4 191.0 388.1 122.0 306.2 11.5 410.5 0 0 212.9 0 0 299.3 0 0 6.3 40.0 4.2 23.3 4.6
The ElectricityJournal
WHEELING,
• San Diego Gas & Electric has signed a 30-year contract to purchase about $600 million worth of solar energy from Luz International of Los Angeles.
• Bonneville Pacific Corp. of Salt Lake City has signed a 25-year power-sales contract with Central Vermont Public Service for electricity from a planned 52 MW gas-fired cogeneration project in Sheldon Springs, Vt. • American Municipal Power-Ohio is negotiating with American Electric Power, Dusquesne Light and Louisville Gas & Electric for a possible long-term capacity purchase of up to 175 MW. • Minnesota Power and Northern States Power have resolved a dispute over NSP's agreement to buy a 40% share of Minnesota Power's 535 MW Boswell-4 plant with a new deal under which NSP will buy 200 MW of peaking power between May 1990 and October 1993. NSP has also agreed to provide wheeling for the 103-MW share of Boswell-4 that Wisconsin Public Power Inc. has agreed to buy from MP.
• Florida Power and Light received 107 preliminary bids totaling 28,000 MW from an all-source request for proposals for 800 MW. • Voters in Albuquerque, N.M. approved by an amendment to the city charter requiring that its electricity service franchise, now held by PSNM, be renewed through competitive bidding when it expires in January 1992. January~February1990
• Smith Cogeneration is seeking to bypass Virginia Power's bidding system by asking the State Corporations Commission to immediately arbitrate terms of a power sale from a proposed $522 million, 316 MW pulverized coal cogeneration plant at the Goodyear fire and Rubber factory at Danville.
The MASSPOWERcogeneration facility has been selected by Boston Edison to supply 100 MW of power to the utility beginning in 1994. MASSPOWER is a joint venture of affiliates of J. Makowski, Bechtel Development, General Electric, Tenneco Gas, and Granite State Transmission. • Paget Sound Power & Light received 40 bids totaling 1200 MW in response to its request for proposals for 100 MW from independent producers and utilities. • The New York Facilities Development Corp. has received 13 proposals ranging from 8 to 300 MW from seven developers for a cogeneration facility at Pilgrim Psychiatric Center on Long Island. • Sierra Pacific Power has invited independent generators and utilities to submit proposals for 200 MW of long-term power with deliveries beginning in the 1991-97 period. • Niagara Mohawk Power has issued a request for proposals for 350 MW of new power supply or demand-side management, to be in service by Oct. 1,1994.
DEALING
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DATA
= ABB Asea Brown Boved Limited reached an agreement on Nov. 13 to acquire Combustion Engineering Inc. ABB Asea will acquire all shares of C-E at $40/share, or about $1.6 billion on a fully diluted basis, contingent on at least 80% of C-E's shares being tendered. TECO Energy sold its interest in information management and software firm TECOTechnologies as part of an effort to focus diversification activities on energy-related businesses.
• Idaho Power has formed Ida-West Energy Co., a subsidiary aimed at participating in joint ventures with cogeneration and independent power developers. Dow Chemical Co.'s independent power subsidiary Destec Energy Inc. has made a friendly offer valued at about $115-million for all outstanding stock of Houstonbased PSE Inc.
• PP&L affiliate ONSITE Energy, Inc. is combining with UP&L's Energy National Corp. under the name Pacific Investment Enterprises (PIE). PIE's holdings include 396 MW of operating power facilities at 15 Ioca. tions across the continent and a 12 MW plant under construction. Iowa-Illinois Investment Co., the investment subsidiary of Iowa-Illinois Gas and Electric, has acquired a 44% interest in Synergics Inc., an Annapolis, Md.-based independent power and engineering services company.
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