EIX U-3A-2 as of December 31, 2003
PART 1 (PAGES 1 THROUGH 76)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM U-3A-2
File No. 69-344
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
EDISON INTERNATIONAL
(Name of 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:
Page 1
1. NAME, STATE OF ORGANIZATION, LOCATION AND NATURE OF BUSINESS OF CLAIMANT AND EVERY SUBSIDIARY THEREOF, OTHER
THAN ANY EXEMPT WHOLESALE GENERATOR (EWG) OR FOREIGN UTILITY COMPANY IN WHICH CLAIMANT DIRECTLY OR INDIRECTLY
HOLDS AN INTEREST.
HOLDING COMPANY
---------------
00 EDISON INTERNATIONAL is a corporation organized under the laws of the State of California and having its
principal place of business at 2244 Walnut Grove Avenue (P.O. Box 999), Rosemead, California 91770. It
was organized principally to acquire and hold securities of other corporations for investment purposes.
Edison International has the following subsidiaries:
UTILITY SUBSIDIARIES
--------------------
01 SOUTHERN CALIFORNIA EDISON COMPANY ("SCE") is a California corporation having its principal place of
business at 2244 Walnut Grove Avenue (P.O. Box 800), Rosemead, California 91770. SCE is a public utility
primarily engaged in the business of supplying electric energy to portions of central and southern
California, excluding the City of Los Angeles and certain other cities. Unless otherwise indicated, its
subsidiaries have the same principal place of business as Southern California Edison Company:
02 CALIFORNIA ELECTRIC POWER COMPANY [dissolved 11/06/2003].
02 CONSERVATION FINANCING CORPORATION is a California corporation engaged in the remediation and
mitigation of environmental liabilities.
02 EDISON ESI is a California corporation engaged in the business of marketing services, products,
information, and copyrighted materials to third parties on behalf of SCE.
02 Edison Material Supply is a Delaware limited liability company that provides procurement, inventory and
warehousing services.
02 MONO POWER COMPANY is an inactive California corporation that has been engaged in the business of
exploring for and developing fuel resources.
03 The Bear Creek Uranium Company is an inactive California partnership between Mono Power Company
(50%) and RME Holding Company (formerly Union Pacific Resources Group, Inc.) (50%) that is engaged
in reclamation of an integrated uranium mining and milling complex in Wyoming.
02 SCE CAPITAL COMPANY (inactive Delaware corporation)
02 SCE Funding LLC is a Delaware limited liability company that acts as a financing vehicle for rate
reduction bonds.
02 SCE Trust I is a Delaware business trust organized to act as a financing vehicle.
02 SCE Trust II is a Delaware business trust organized to act as a financing vehicle.
02 SCE UK Services Ltd. (inactive United Kingdom private limited company)
02 SOUTHERN STATES REALTY is a California corporation engaged in holding real estate assets for SCE.
NONUTILITY SUBSIDIARIES
-----------------------
01 EDISON DRIVES ELECTRIC (inactive California corporation)
01 EDISON ENERGY [dissolved 11/06/2003]
Page 2
01 EDISON INSURANCE SERVICES, INC. is a Hawaii corporation having its principal executive office at 745 Fort
Street, Suite 800, Honolulu, Hawaii 96813, which provides domestic and foreign property damage and
business interruption insurance to Edison International and its subsidiaries.
01 EDISON INTERNATIONAL POWER [dissolved 11/06/2003]
01 EDISON VENTURES (inactive California corporation)
02 EDISON TRANSENERGY (inactive California corporation)
01 EIX Trust I is a Delaware business trust that acts as a financing vehicle.
01 EIX Trust II is a Delaware business trust that acts as a financing vehicle.
01 EIX Trust III is a Delaware business trust organized to act as a financing vehicle.
01 EDISON MISSION GROUP INC. (formerly The Mission Group) is a Delaware corporation having its principal
place of business at 2244 Walnut Grove Avenue, Rosemead, California 91770, which owns the stock and
coordinates the activities of nonutility companies. The subsidiaries of Edison Mission Group Inc. are as
follows:
02 EDISON ENTERPRISES is a California corporation having its principal place of business at 2244 Walnut
Grove Avenue, Rosemead, California 91770, which owns the stock and coordinates the activities of its
nonutility subsidiaries. The subsidiaries of Edison Enterprises are as follows:
03 EDISON SOURCE is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, Irvine, California 92612-1046, which owns the stock of its
subsidiaries. The majority of the assets of Edison Source were sold to its former management in
October 2001. It is engaged in the business of selling, installing and servicing rapid battery
charging products for the electric fork lift market.
04 Edison Source Norvik Company is a Canadian company having its principal place of business at
1959 Upper Water Street, Suite 800, Halifax, NS B3J 2X2. It is principally engaged in the
business of research and development, and manufacturing of rapid battery charging projects for
the electric fork lift market.
04 G.H.V. REFRIGERATION, INC. is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770.
02 EDISON ENVIRONMENTAL SERVICES [dissolved 11/06/2003].
02 EDISON O&M SERVICES (inactive California corporation)
02 EDISON TECHNOLOGY SOLUTIONS (inactive California corporation)
03 EDISON EV (inactive California corporation)
03 Facilichem, Inc., is a California corporation having its principal place of business at 333
Ravenswood Avenue, Menlo Park, California 94025, which was organized to engage in the research,
development and commercialization of liquid membrane technologies for application in specific
industrial and chemical processes. Edison Technology Solutions has a 10% ownership interest.
Page 3
02 EDISON CAPITAL is a California corporation having its principal place of business at 18101 Von Karman
Avenue, Suite 1700, Irvine, California 92612-1046. It is engaged in the business of providing capital
and financial services in energy and infrastructure projects and affordable housing projects. Edison
Capital owns a group of subsidiaries and has interests in various partnerships through its
subsidiaries. The subsidiaries and partnerships of Edison Capital are listed below. Unless otherwise
indicated, all entities are corporations, are organized under the laws of the State of California, and
have the same principal place of business as Edison Capital.
03 BURLINGTON APARTMENTS, INC.
03 Edison Capital Europe Limited (UK corporation)
Address: Lansdowne House, Berkeley Square, London, England W1X 5DH
03 EDISON FUNDING COMPANY
[directly owns 0.08% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Company)
04 EDISON CAPITAL HOUSING INVESTMENTS
[directly owns 0.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
[directly owns 35.52% of Edison Funding Omicron Incorporated; see listing under Edison Housing
Consolidation Co.]
05 1st Time Homebuyer Opportunities LP (Chester County Homes) 99%
05 1732 Champa LP (Buerger Brothers Lofts) 99%
05 18303 Kittridge Associates LP 99%
05 210 Washington Avenue Associates (Renaissance Plaza) (Connecticut partnership) 99%
05 2400 Locust Associates LP (Locust on the Park) 99%
05 3790 Wisconsin Street Partners LP (Wisconsin III) 99.9%
05 Argyle Redevelopment Partnership, Ltd. (Colorado partnership) 99%
05 Auburn Manor L.L.C. 50% GP
06 Auburn Manor LP 1%
05 Bartlett Hill Associates LP 99%
05 CCS/Bellingham LP (Washington Grocery Building) 99.9%
05 Conejo Valley Community Housing Associates (Community House Apartments) 99%
05 EC ASSET SERVICES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 EC PROPERTIES, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP 1%GP
07 Arbor Lane Associates Phase II LP (Timberwood) 99%
07 Arroyo Vista Associates LP 99%
07 Artloft Associates LP 35.6%
07 Caleb Affordable Housing Associates LP (Ledges/Pinebrook) 99%
07 The Carlin LP 99%
07 Diamond Phase III Venture LP 99%
07 Fairmont Hotel Urban Renewal Associates LP 99%
07 Mackenzie Park Associates LP 99%
07 Parkside Associates LP (Parkside Garden) 99%
07 Pines Housing LP 99%
07 Pines Housing II, LP 99%
07 Smyrna Gardens Associates LP 99%
07 Tioga Gardens LP 99%
07 Walden Pond, LP (Hamlet) 99%
06 Corporations for Affordable Housing LP II 1%GP
07 2601 North Broad Street Associates LP (Station House) 99%
07 Artloft Associates LP 53.39%
07 Brookline Housing Associates LLC (Bridgewater) 99%
07 EDA LP (Eagle's Nest) 48%
07 Edgewood Manor Associates II LP 99%
07 Gateway Housing LP (Gateway Townhomes) 99%
07 Homestead Village Associates LP 99%
07 Junction City Apartments LP (Green Park) 99%
07 Liberty House Associates LP 99%
07 Maple Ridge Development Associates LP 99%
Page 4
07 Parsonage Cottage Senior Residence LP 99%
07 Rittenhouse School LP 99%
07 Silver City Housing LP 99%
07 South 55th Street, LP 49.5%
07 W. M. Housing Associates LP (Williamsport Manor) 99%
07 Winnsboro Apartments LP (Deer Wood) 99%
05 EC PROPERTIES III, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
06 Corporations for Affordable Housing LP III 1%GP
07 Piedmont Housing Associates 99%
07 Pines Housing III LP 99%
07 Salem Lafayette Urban Renewal Associates, LP 99%
07 Spring Valley Commons LP 99%
07 Stevenson Housing Associates (Park Vista) 99%
05 EC-SLP, INC. (Massachusetts corporation)
Address: 160 Federal Street, Boston, MA 02110-1776
05 ECH Investor Partners VI-A LP 1%GP
06 Edison Capital Housing Partners VI LP 61.8166%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99%
07 Vista Verde Townhomes II LLC 99%
05 ECH Investor Partners VI-B LP 1%GP
06 Edison Capital Housing Partners VI LP 37.1834%LP
07 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
07 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
07 Altamont Hotel Associates LP 99%
07 Bradley Manor Senior Apartments LP 99%
07 Double X Associates 1995 LP (Terrace Manor) 99%
07 Hamilton Place Apartments LP (Larkin Place) 99%
07 Hamilton Place Senior Living LP 99%
07 Hearthstone Group 3 LP (Evergreen Court) 99%
07 KDF Malabar LP 99%
07 LINC-Bristol Associates I, LP (City Gardens) 99%
07 MAS-WT, LP (Washington Terrace) 99%
07 Northwood Manor Associates LP 99%
07 Silver Lake Properties LP 99%
07 University Park Properties LP 99%
07 Upland Senior Housing LP (Coy D. Estes) 99%
07 Vista Properties LLC (Vista View) 99%
07 Vista Verde Townhomes II LLC 99%
05 ECH/HFC GP Partnership No. 1 34.9%GP
06 Edison Capital Housing Partners VII LP 19.4187%GP
07 C-Court LP (Cawelti Court) 99%
07 Cottonwood Affordable Housing LP (Verde Vista) 99%
07 Fifth and Wilshire Apartments LP 99%
07 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
07 Huff Avenue Associates LP 99%
Page 5
07 Mountain View Townhomes Associates LP 99%
07 Oak Forest Associates LP 99%
07 Paradise Road Partners LP (Gateway Village) 99%
07 Woodland Arms Apartments, Ltd. 99%
05 ECH/HFC GP Partnership No. 2 56.7%GP
06 Edison Capital Housing Partners VIII LP 18.54%GP
07 Catalonia Associates LP 99%
07 Ohlone Housing Associates LP 99%
05 ECHP INVESTMENT COMPANY
06 ECHP LLC 99.999%GP
07 Edison Capital Housing Partners XVI LP 0.01%GP
08 Bouquet Canyon Seniors LP 99.9%
08 Diamond Creek Apartments LP 99.9%
08 Eugene Hotel LP 99.9%
08 Hilltop Farms LP 99.9%
08 KDF Park Glenn LP (Park Glenn) 99%
08 KDF Park Glenn Seniors LP (Park Glenn II) 99.9%
08 King Road Associates LP 99.9%
08 LL Housing LP (Maryland partnership) (Laurel Lakes) 99%
08 Red Lake LP #1 99.9%
08 San Martin de Porres LP 99.9%
08 Southern Hotel LP 99.9%
08 Terra Cotta Housing Associates LP 99.9%
07 Edison Capital Housing Partners XVII LP 0.01%GP
08 Antelope Associates LP 99%
08 Baker Park Associates LP 99%
08 Fremont Building LP (Crescent Arms) 99%
08 Hercules Senior Housing Associates 99.9%
08 La Terraza Associates LP (Carlsbad Villas at Camino Real) 99%
08 Parkview Apartments Associates LP (Parkview/Sunburst) 99.9%
08 Quebec Arms Apartments LP 99.9%
08 Sky Parkway Housing Associates LP 99%
08 Sunset Creek Partners LP 99%
08 University Manor Apartments LP 99.9%
08 Vista Verde Housing Associates LP 99.9%
07 Edison Capital Housing Partners XVIII LP 0.01%GP
08 Aaron Michael Associates LP 99.9%
08 Bracher Associates LP 99%
08 Florin Woods Associates LP 99%
08 Lovejoy Station LP 99.9%
08 OL Hope LP (Olympic Hope) 99.9%
08 Palmer Heights, LLC 99.9%
08 Pinmore Associates LP 99.9%
08 SD Regency Centre LP 99.9%
07 Edison Capital Housing Partners XIX LP 0.01%GP
08 Cochrane Village Apartments LP 99%
08 CCS/Mount Vernon Housing LP (La Venture) 99.9%
08 Ontario Senior Housing LP (Ontario Plaza) 98.9%
08 Pecan Court Associates LP 99.9%
08 Pellettieri Homes Urban Renewal Associates, LP 99%
08 Rincon De Los Esteros Associates LP 99.9%
08 KDF Santa Paula LP (Santa Paula) 99%
08 Schoolhouse Court Housing Associates LP 99.9%
08 Virginia Lane LP (Maplewood/Golden Glenn) 99.9%
08 Winfield Hill Associates LP 99%
05 Edison Capital Affordable Housing 99A G.P. 27.69%GP
06 Edison Capital Housing Partners IX LP 13.5533%GP
07 1010 SVN Associates LP 99.9%
07 2814 Fifth Street Associates LP (Land Park Woods) 99%
07 Alma Place Associates LP 99%
07 Knolls Community Associates LP 99.9%
Page 6
07 Monterra Village Associates LP 99%
07 Pacific Terrace Associates LP 99.9%
07 PVA LP (Park Victoria) 99%
07 Sherman Glen, L.L.C. 99%
07 Strobridge Housing Associates LP 99%
07 Trolley Terrace Townhomes LP 99.9%
07 Walnut Avenue Partnership LP 99%
05 Edison Capital Affordable Housing 99B G.P. 99.99%GP
06 Edison Capital Housing Partners X LP 19.3952%GP
07 Beacon Manor Associates LP 99%
07 Boulder Creek Apartments LP 99.9%
07 Burlington Senior Housing LLC 99.9%
07 CCS/Renton Housing LP (Renton) 99.9%
07 Coolidge Station Apartments L.L.C. 99%
07 Lark Ellen LP 99%
07 Mercy Housing California IX LP (Sycamore) 99.9%
07 Morgan Hill Ranch Housing LP 99%
07 Pacifica Community Associates LP (Villa Pacifica) 99%
07 Persimmon Associates LP 99%
07 Providence-Brown Street Housing LP (Brown Street) 99.9%
07 San Juan Commons 1996 LP 99.9%
07 Timber Sound, Ltd. 99%
07 Timber Sound II, Ltd. 99%
07 Trinity Park Apartments LP 99.9%
07 Venbury Trail LP 99.9%
06 Edison Capital Housing Partners XI LP 18.62486%GP
07 1475 167th Avenue Associates LP (Bermuda Gardens) 99.9%
07 Auburn Manor Apartments LP 99%
07 Barnsdall Court LP (Villa Mariposa) 99.9%
07 Borregas Court LP 99%
07 Bryson Family Apartments LP 99.9%
07 Carson Housing LP (Carson Street) 98%
07 Casa Rampart LP (Rampart Apartments) 99.9%
07 Davis MHA Twin Pines Community Associates LP (Northstar Apartments) 99.9%
07 Eastwood Homes LP 99%
07 Electra Arms Senior Associates LP 99%
07 Grace Housing LP 99%
07 Stony Point Apartment Investors LP (Panas Place) 99.9%
07 Wall Street Palmer House LP 99%
07 Wilmington Housing Associates LP (New Harbor Vista) 99.9%
06 Edison Capital Housing Partners XII LP 13.73759%GP
07 Cedarshores Limited Dividend Housing Association LP 99.99%
07 Heritage Partners LP 99.9%
07 Osage Terrace LP 99.89%
07 West Oaks Apartments LP 99.9%
07 Yale Street LP 99.9%
06 Edison Capital Housing Partners XIII LP 17.03513%GP
07 Alhambra Apartments LP 99.9%
07 Chamber Apartments LP 99%
07 Park Land Senior Apartments Investors LP (Banducci) 99.9%
07 President John Adams Manor Apartments LP 99.9%
07 Riverwalk Apartments, Ltd. (Colorado) 99.8%
07 Rosecreek Senior Living LP 99.9%
07 Twin Ponds Apartments LP 99.9%
07 Woodleaf Village LP 99.9%
07 Women's Westlake LP (Dorothy Day) 99.9%
06 Edison Capital Housing Partners XIV LP 7.6118%GP
07 Apollo Development Associates LP (Apollo Hotel) 99.9%
07 Carson Terrace LP 99.9%
07 Don Avante Association II LP (Village Avante) 99.9%
07 Preservation Properties I 99.9%
Page 7
07 Preservation Properties II 99.9%
07 Preservation Properties III 99.9%
07 Preservation Properties IV 99.9%
07 Preservation Properties V 99.9%
07 Rowland Heights Preservation LP 99.9%
07 Springdale Preservation LP (Springdale West) 99.9%
06 Edison Capital Housing Partners XV LP 9.567%GP
07 708 Pico LP (Wavecrest Apartments) 99.9%
07 Benton Green LP 99.9%
07 Don Avante Association I LP (Don de Dios) 99.9%
07 Emmanuel Grant Company LLC (Capitol Heights) 99.9%
07 Highland Village Partners LP 99.9%
07 I.G. Partners LP (Islands Gardens) 99.9%
07 Karen Partners LP 99.9%
07 Lilac Estates LP 99.9%
07 Mountainlands Housing Partners LP (Holiday Village Apartments) 99.9%
07 NAHF Brockton LP (Southfield Gardens) 99.9%
07 Northern Senior Housing LP (St. Johnsbury) 99.9%
07 Park Place 1998, LLC 99.9%
07 Park Williams Partners LP 99.9%
07 Patriots Pointe at Colonial Hills LP 99.9%
07 PlumTree Preservation LP 99.9%
07 Poinsettia Housing Associates 99.9%
07 Project Home I LLC 99.99%
07 Saratoga Vacaville LP (Saratoga Senior) 99.9%
07 Serena Sunbow LP (Villa Serena) 99.9%
07 St. Regis Park LP (Pear Tree) 99.9%
07 Vista Sonoma Senior Living LP 99.9%
07 Westfair LLC (Cedar Ridge) 99.9%
07 Windrush Apartments of Statesville LP 99.9%
07 Wingate LLC (Regency Park) 99.9%
05 Edison Capital Contributions VI Partners 91.77%GP
06 ECH Investor Partners VI-A LP 15.3877%LP
07 Edison Capital Housing Partners VI LP 61.8166%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99%
08 Vista Verde Townhomes II LLC 99%
06 ECH Investor Partners VI-B LP 99%LP
07 Edison Capital Housing Partners VI LP 37.1834%LP
08 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
08 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
08 Altamont Hotel Associates LP 99%
08 Bradley Manor Senior Apartments LP 99%
08 Double X Associates 1995 LP (Terrace Manor) 99%
08 Hamilton Place Apartments LP (Larkin Place) 99%
08 Hamilton Place Senior Living LP 99%
08 Hearthstone Group 3 LP (Evergreen Court) 99%
Page 8
08 KDF Malabar LP 99%
08 LINC-Bristol Associates I, LP (City Gardens) 99%
08 MAS-WT, LP (Washington Terrace) 99%
08 Northwood Manor Associates LP 99%
08 Silver Lake Properties LP 99%
08 University Park Properties LP 99%
08 Upland Senior Housing LP (Coy D. Estes) 99%
08 Vista Properties LLC (Vista View) 99%
08 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING DELAWARE, INC.
06 B.A.I. Edison Ravenwood LP (Ravenwood) 90%GP
07 Cincinnati Ravenwood Apartments LP 0.95%GP
05 Edison Capital Housing Partners V LP 16.18%GP
06 AMCAL Santa Barbara Fund XXXVI LP (Positano) 99%
06 Bodega Hills Investors LP 99%
06 Mercy Housing California IV LP (Vista Grande) 99%
06 Park Place Terrace LP 99%
06 River Walk Apartments Homes LP 99%
06 San Diego Golden Villa Partners LP (Golden Villa) 98.9%
06 Santa Alicia Gardens Townhomes LP (The Gardens) 99%
06 St. Hedwig's Gardens LP 99%
06 Sunshine Terrace LP 99%
06 Union Meadows Associates LLC 99%
05 Edison Capital Housing Partners VI LP 1%GP
06 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
06 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
06 Altamont Hotel Associates LP 99%
06 Bradley Manor Senior Apartments LP 99%
06 Double X Associates 1995 LP (Terrace Manor) 99%
06 Hamilton Place Apartments LP (Larkin Place) 99%
06 Hamilton Place Senior Living LP 99%
06 Hearthstone Group 3 LP (Evergreen Court) 99%
06 KDF Malabar LP 99%
06 LINC-Bristol Associates I, LP (City Gardens) 99%
06 MAS-WT, LP (Washington Terrace) 99%
06 Northwood Manor Associates LP 99%
06 Silver Lake Properties LP 99%
06 University Park Properties LP 99%
06 Upland Senior Housing LP (Coy D. Estes) 99%
06 Vista Properties LLC (Vista View) 99%
06 Vista Verde Townhomes II LLC 99%
05 EDISON CAPITAL HOUSING MANAGEMENT
05 EDISON CAPITAL HOUSING NEW JERSEY
[owns 6.16% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON CAPITAL HOUSING PENNSYLVANIA
[owns 5.26% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP)
55.52% [Also owned 0.08% by Edison Funding Company and 44.40% by Edison Housing Consolidation Co.,
where Omicron subsidiaries are listed.]
05 EDISON HOUSING NORTH CAROLINA
06 Edison Capital Contributions VI Partners 4.03%GP
07 ECH Investor Partners VI-A LP 15.3877%LP
08 Edison Capital Housing Partners VI LP 61.8166%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
Page 9
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.1834%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
05 EDISON HOUSING SOUTH CAROLINA
06 Edison Capital Contributions VI Partners 4.20%GP
07 ECH Investor Partners VI-A LP 15.3877%LP
08 Edison Capital Housing Partners VI LP 61.8166%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
07 ECH Investor Partners VI-B LP 99%LP
08 Edison Capital Housing Partners VI LP 37.1834%LP
09 Admiralty Heights Associates II 1995 LP (Kent Manor) 99%
09 Affordable/Citrus Glenn Phase II, Ltd. (Citrus Glenn Apts. Phase II) 99%
09 Altamont Hotel Associates LP 99%
09 Bradley Manor Senior Apartments LP 99%
09 Double X Associates 1995 LP (Terrace Manor) 99%
09 Hamilton Place Apartments LP (Larkin Place) 99%
09 Hamilton Place Senior Living LP 99%
09 Hearthstone Group 3 LP (Evergreen Court) 99%
09 KDF Malabar LP 99%
09 LINC-Bristol Associates I, LP (City Gardens) 99%
Page 10
09 MAS-WT, LP (Washington Terrace) 99%
09 Northwood Manor Associates LP 99%
09 Silver Lake Properties LP 99%
09 University Park Properties LP 99%
09 Upland Senior Housing LP (Coy D. Estes) 99%
09 Vista Properties LLC (Vista View) 99%
09 Vista Verde Townhomes II LLC 99%
05 EHI DEVELOPMENT COMPANY
05 EHI DEVELOPMENT FUND
05 Florence Apartments LLC 99%
05 Josephinum Associates LP, The (Washington partnership) 99%
05 Kennedy Lofts Associates LP (Massachusetts partnership) 99%
05 Madison/Mollison LP (Park Mollison) 99.9%
05 Maplewood Housing Associates LP 99.9%
05 MH I LP 1%GP
06 California Park Apartments LP 99%
05 MH II LP 1%GP
06 5363 Dent Avenue Associates LP 99%
05 MH III LP 1%GP
06 DeRose Housing Associates LP 99%
05 MH IV LP 1%GP
06 MPT Apartments LP (MacArthur Park) 99%
05 MH V LP 1%GP
06 Centennial Place LP 99%
05 MHICAL 94 COMPANY
[owns 19.32% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MHICAL 94 LP (Delaware partnership) 1%GP
06 Mayacamas Village Associates LP 99%
06 West Capital Courtyard LP 99%
05 MHICAL 95 LP (Delaware partnership) 1%GP
06 Abby Associates LP (Windmere) 99%
06 Colina Vista LP 99%
06 ECH/HFC GP Partnership No. 2 43.3%GP
07 Edison Capital Housing Partners VIII LP 18.5396%GP
08 Catalonia Associates LP 99%
08 Ohlone Housing Associates LP 99%
06 Mercy Housing California VI LP (205 Jones) 99%
05 MHICAL 96 LP (Delaware partnership) 1%GP
06 ECH/HFC GP Partnership No. 1 50.44%GP
07 Edison Capital Housing Partners VII LP 19.4187%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP (Verde Vista) 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 36.47%GP
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
Page 11
08 Walnut Avenue Partnership LP 99%
06 Greenway Village Associates LP 99%
06 Kennedy Court Partners LP 99%
06 Klamath Associates LP 99%
06 Westgate Townhomes Associates LP 99%
05 MHICAL 95 COMPANY
06 EDISON HOUSING CONSOLIDATION CO. (formerly Edison Housing Georgia) 29.90%
07 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron
GP) 44.40% [also owned 0.08% by Edison Funding Company and 55.52% by Edison Capital Housing
Investments]
08 16th and Church Street Associates LP 99%
08 1856 Wells Court Partners, LP (Wells Court) 99%
08 AE Associates LP (Avenida Espana) 99%
08 Agape Housing LP 99%
08 Brantwood II Associates LP 99%
08 Brooks School Associates LP 99%
08 Bryn Mawr - Belle Shore LP (The) 99%
08 Bush Hotel LP 99%
08 Centertown Associates LP (Ravenwood) 99%
08 Centro Partners LP (El Centro) 99%
08 Cincinnati Ravenwood Apts. LP 99%
08 Coyote Springs Apartments Associates LP 99%
08 Cypress Cove Associates 99%
08 Del Carlo Court Associates LP 99%
08 Delta Plaza Apartments LP 99%
08 EAH Larkspur Creekside Associates LP 99%
08 East Cotati Avenue Partners LP 99%
08 EDISON FUNDING OLIVE COURT 100%GP
09 Olive Court Housing Associates LP 1.1%
08 Edmundson Associates LP (Willows) 99%
08 El Barrio Academy Urban Renewal Associates, LP (Academy Street) 99%
08 Elizabeth West and East LP 99%
08 Farm (The) Associates LP 99%
08 Gilroy Redwood Associates LP (Redwoods) 99%
08 Ginzton Associates LP 99%
08 Grossman Apartments Investors LP 99%
08 Heather Glen Associates LP 99%
08 HMB-Atlanta I LP (Spring Branch) 99%
08 Holy Family Associates LP 99%
08 Lackawana Housing Associates LLC (Goodwill Neighborhood Residences) 99%
08 Maplewood School Apartments LP 99%
08 Mar Associates LP (Frank Mar) 99%
08 McFarland Press Associates LP 99%
08 Mercantile Housing LLC (Mercantile Square) 99%
08 Merrill Road Associates LP 99%
08 MH I LP 99%
09 California Park Apartments LP 99%
08 MHICAL 94 LP (Delaware partnership) 99%LP
09 Mayacamas Village Associates LP 99%
09 West Capital Courtyard LP 99%
08 MHICAL 95 LP (Delaware partnership) 99%LP
09 Abby Associates LP (Windmere) 99%
09 Colina Vista LP 99%
09 ECH/HFC GP Partnership No. 2 43.3%GP
10 Edison Capital Housing Partners VIII LP 18.5396%GP
11 Catalonia Associates LP 99%
11 Ohlone Housing Associates LP 99%
09 Mercy Housing California VI LP (205 Jones) 99%
08 MHICAL 96 LP (Delaware partnership) 99%LP
09 Greenway Village Associates LP 99%
09 Kennedy Court Partners LP 99%
Page 12
09 Klamath Associates LP 99%
09 Westgate Townhomes Associates LP 99%
08 Mid-Peninsula Century Village Associates LP (Century Village) 99%
08 Mission Capp LP 99%
08 Mission Housing Partnership 1996 LP (Delaware partnership) 99%LP
08 Neary Lagoon Partners LP 99%
08 North Park Village LLC 99%
08 Oceanside Gardens LP 99%
08 Omaha Amber Ridge LP (Amber Ridge) 98.9%
08 Open Door Associates LP (West Valley) 99%
08 Palmer House LP 99%
08 Richmond City Center Associates LP 99%
08 Riverside/Liebrandt Partners LP (La Playa) 99%
08 Roebling Village Inn Urban Renewal LP 99%
08 Rosebloom Associates LP (Oakshade) 99%
08 San Pablo Senior Housing Associates LP 99%
08 San Pedro Gardens Associates LP 99%
08 Santa Paulan Senior Apartments Associates LP (The Paulan) 99%
08 South Beach Housing Associates LP (Steamboat) 99%
08 South Winery Associates LP (The Winery Apartments) 99%
08 Stoney Creek Associates LP 99%
08 Studebaker Building LP 99%
08 Sultana Acres Associates LP 99%
08 Thomson Rental Housing, LP (Washington Place) 99%
08 Tuscany Associates LP (Tuscany Villa) 99%
08 Villa Maria Housing LP 99%
08 Washington Creek Associates LP 99%
08 Westport Village Homes Associates LP 99%
08 Wheeler Manor Associates LP 99%
08 YWCA Villa Nueva Partners LP 99%
05 MHICAL 96 COMPANY
[owns 8.96% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 MHICAL 96 LP 99%
07 ECH/HFC GP Partnership No. 1 50.44%GP
08 Edison Capital Housing Partners VII LP 19.4187%GP
09 C-Court LP (Cawelti Court) 99%
09 Cottonwood Affordable Housing LP (Verde Vista) 99%
09 Fifth and Wilshire Apartments LP 99%
09 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
09 Huff Avenue Associates LP 99%
09 Mountain View Townhomes Associates LP 99%
09 Oak Forest Associates LP 99%
09 Paradise Road Partners LP (Gateway Village) 99%
09 Woodland Arms Apartments, Ltd. 99%
07 Edison Capital Affordable Housing 99A G.P. 36.47%GP
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
05 MHICAL 97 COMPANY
06 MHICAL 97 LP 99%
07 ECH/HFC GP Partnership No. 1 14.66%GP
08 Edison Capital Housing Partners VII LP 19.4187%GP
Page 13
09 C-Court LP (Cawelti Court) 99%
09 Cottonwood Affordable Housing LP (Verde Vista) 99%
09 Fifth and Wilshire Apartments LP 99%
09 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
09 Huff Avenue Associates LP 99%
09 Mountain View Townhomes Associates LP 99%
09 Oak Forest Associates LP 99%
09 Paradise Road Partners LP (Gateway Village) 99%
09 Woodland Arms Apartments, Ltd. 99%
07 Edison Capital Affordable Housing 99A G.P. 33.05%
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
06 MHICAL 97 LP 99%LP
07 Garnet Housing Associates LP 99%
05 MHICAL 97 LP 1%GP
06 ECH/HFC GP Partnership No. 1 14.66%GP
07 Edison Capital Housing Partners VII LP 19.4187%GP
08 C-Court LP (Cawelti Court) 99%
08 Cottonwood Affordable Housing LP (Verde Vista) 99%
08 Fifth and Wilshire Apartments LP 99%
08 Flagstaff Affordable Housing II, LP (Forest View Apts.) 99%
08 Huff Avenue Associates LP 99%
08 Mountain View Townhomes Associates LP 99%
08 Oak Forest Associates LP 99%
08 Paradise Road Partners LP (Gateway Village) 99%
08 Woodland Arms Apartments, Ltd. 99%
06 Edison Capital Affordable Housing 99A G.P. 33.05%GP
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
06 Garnet Housing Associates LP 99%
05 MHIFED 94 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Berry Avenue Associates LP 99%
06 Carlton Way Apartments LP 99%
06 CDR Senior Housing Associates (Casa del Rio) 99%
06 Corona Ely/Ranch Associates LP 99%
06 Fairview Village Associates LP 99%
06 Fell Street Housing Associates LP 99%
06 Hope West Apartments LP 99%
06 Morrone Gardens Associates LP 99%
06 Pajaro Court Associates LP 99%
06 Tierra Linda Associates LP 99%
Page 14
06 Tlaquepaque Housing Associates LP 99%
05 MHIFED 95 LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 1101 Howard Street Associates LP 99%
06 Avalon Courtyard LP (Carson Senior Housing) 99%
06 Hollywood El Centro LP 99%
06 La Brea/Franklin LP 99%
06 Larkin Pine LP 99%
06 Mercy Housing California III LP (3rd and Reed) 99%
06 Pinole Grove Associates LP 99%
06 Second Street Center LP (Santa Monica) 99%
06 Solinas Village Partners LP 99%
06 Three Oaks Housing LP 99%
05 MHIFED 96 LP (Delaware partnership) 5%GP; 95%LP to Cargill
06 Lavell Village Associates LP 99%
06 North Town Housing Partners LP (Villa del Norte Village) 99%
06 Poco Way Associates LP 99%
06 Seasons Affordable Senior Housing LP 99%
05 MHIFED 96A LP (Delaware partnership) 1%GP; 99%LP to Bell Atlantic
06 Good Samaritan Associates LP 99%
06 Metro Senior Associates LP 99%
06 Oxnard Housing Associates LP 99%
06 Reseda Village LP 99%
06 Round Walk Village Apartments LP 99%
06 Santa Alicia Family Housing Associates 99%
06 Vine Street Court LP 99%
06 Vine Street Court LP II 99%
05 Mid-Peninsula Sharmon Palms Associates LP (Sharmon Palms) 99%
05 MISSION HOUSING ALPHA
06 LL Housing LLC 24.5%
07 Laurel Lakes LP 1%
06 Quebec Arms Apartments LP 0.05% GP
06 University Manor Apartment LP 0.05% GP
05 MISSION HOUSING BETA
[owns 2.58% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING DELTA
[owns 1.07% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 MH II LP 99%
07 5363 Dent Avenue Associates LP 99%
06 MH III LP 99%
07 DeRose Housing Associates LP 99%
06 MH IV LP 99%
07 MPT Apartments LP (MacArthur Park) 99%
06 MH V LP 99%
07 Centennial Place LP 99%
05 MISSION HOUSING DENVER
[owns 5.67% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING EPSILON
[owns 0.54% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
06 Edison Capital Affordable Housing 99A G.P. 2.78%
07 Edison Capital Housing Partners IX LP 13.5533%GP
08 1010 SVN Associates LP 99.9%
08 2814 Fifth Street Associates LP (Land Park Woods) 99%
08 Alma Place Associates LP 99%
08 Knolls Community Associates LP 99.9%
08 Monterra Village Associates LP 99%
08 Pacific Terrace Associates LP 99.9%
08 PVA LP (Park Victoria) 99%
08 Sherman Glen, L.L.C. 99%
08 Strobridge Housing Associates LP 99%
08 Trolley Terrace Townhomes LP 99.9%
08 Walnut Avenue Partnership LP 99%
Page 15
06 Hotel Elkhart L.L.C. (The Cornerstone) 99%
05 MISSION HOUSING GAMMA
[owns 1.73% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 MISSION HOUSING HOLDINGS
[owns 13.10% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 Mission Housing Partnership 1996 LP (Delaware partnership) 1%GP
05 MISSION HOUSING THETA
06 MISSION FUNDING THETA
[owns 0.01% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
07 Edison Capital Affordable Housing 99A G.P. 0.01%
08 Edison Capital Housing Partners IX LP 13.5533%GP
09 1010 SVN Associates LP 99.9%
09 2814 Fifth Street Associates LP (Land Park Woods) 99%
09 Alma Place Associates LP 99%
09 Knolls Community Associates LP 99.9%
09 Monterra Village Associates LP 99%
09 Pacific Terrace Associates LP 99.9%
09 PVA LP (Park Victoria) 99%
09 Sherman Glen, L.L.C. 99%
09 Strobridge Housing Associates LP 99%
09 Trolley Terrace Townhomes LP 99.9%
09 Walnut Avenue Partnership LP 99%
07 Edison Capital Affordable Housing 99B G.P. 0.01%
08 Edison Capital Housing Partners X LP 19.3952%GP
09 Beacon Manor Associates LP 99.9%
09 Boulder Creek Apartments LP 99.9%
09 Burlington Senior Housing LLC 99.9%
09 CCS/Renton Housing LP (Renton) 99.9%
09 Coolidge Station Apartments L.L.C. 99%
09 Lark Ellen LP 99%
09 Mercy Housing California IX LP (Sycamore) 99.9%
09 Morgan Hill Ranch Housing LP 99%
09 Pacifica Community Associates LP (Villa Pacifica) 99.9%
09 Persimmon Associates LP (Persimmon Tree) 99%
09 Providence-Brown Street Housing LP (Brown Street) 99.9%
09 San Juan Commons 1996 LP 99.9%
09 Timber Sound, Ltd. 99%
09 Timber Sound II, Ltd. 99%
09 Trinity Park Apartments LP 99.9%
09 Venbury Trail LP 99.9%
07 Oakdale Terrace Leased Housing Associates LP 0.01%
07 Westfield Condominium Investment LP 0.01%
06 Mission Housing Investors Partnership 5%GP; 95%LP to GECC
07 1028 Howard Street Associates LP 99%
07 Forest Winds Associates LP 99%
07 Glen Eden Associates LP (A Street) 99%
07 Gray's Meadows Investors LP 99%
07 Prince Bozzuto LP (Fairground Commons) (Maryland partnership) 99%
07 Rancho Park Associates LP 99%
07 Rustic Gardens Associates LP 99%
07 Sea Ranch Apartments LP 99%
07 Springdale Kresson Associates LP (Jewish Federation) (New Jersey partnership) 99%
05 MISSION HOUSING ZETA
[owns 5.35% of Edison Housing Consolidation Co.; see listing under MHICAL 95 Company.]
05 National Boston Lofts Associates LLLP (Boston Lofts) 99%
05 Oakdale Terrace Leased Housing Associates LP 98.99%
05 Olive Court Apartments LP 98.9%
05 Pacific Vista Las Flores LP (Vista Las Flores) 99.9%
05 Pilot Grove LP (Massachusetts partnership) 99%
05 Post Office Plaza LP (Ohio partnership) 99%
Page 16
05 Tabor Grand LP (Colorado partnership) 99%
05 West Valley Hart LP (Hart and Alabama) 99.9%
05 Westfield Condominium Investment LP 98.99%
05 White Mountain Apache LP 99%
04 EDISON FUNDING OMICRON INCORPORATED (Delaware corporation) (formerly Edison Funding Omicron GP) 0.08%
[also owned 55.52% by Edison Capital Housing Investments and 44.40% by Edison Housing Consolidation Co.]
05 Cincinnati Ravenwood Apts, LP 99%
05 EDISON FUNDING OLIVE COURT 100%
06 Olive Court Housing Associates LP 1.1%
04 MISSION FUNDING BETA
04 MISSION FUNDING EPSILON
05 Edison Capital (Bermuda) Investments, Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
06 Edison Capital LAI (Bermuda) Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 Trinidad and Tobago Methanol Company Limited (equity) 1.0%
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 8%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital International (Bermuda) Ltd. (Bermuda corporation)
Address: Clarendon House, 2 Church Street, P.O. Box HM666, Hamilton HM CX, Bermuda
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
08 Andes Energy XII Ltd. 100%
09 Paz Holdings Ltd. 43.22%
10 Compania Adminstradora de Empresas Bolivia S.A. ("Cade") 12.55% (Bolivian service
company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La
Paz, Bolivia
10 Electricidad de La Paz S.A. ("Electropaz") (equity) 10% (Bolivian foreign utility
company) [See 4.EC01]
Address: Avenida Illimani l973, Casilla 10511, La Paz, Bolivia
10 Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo") 12.55% (Bolivian foreign
utility company) [See 4.EC02]
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
10 Empresa de Servicios Edeser S.A. ("Edeser") 12.55% (Bolivian
service company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
07 AIG Emerging Europe Infrastructure Fund LP 22.7%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
06 Olmeca Cable Investments Ltd. (Mandeville Mexico, S.A.) 21.7%
06 Paz Holdings Ltd. 30.42%
07 Compania Adminstradora de Empresas Bolivia S.A. ("Cade") 12.55% (Bolivian service company)
Address: Edificio Electropaz SA, subsuelo Plaza Venezuela No. 1401 esq. Loayza, La Paz,
Bolivia
07 Electricidad de La Paz S.A. ("Electropaz") (equity) 10% (Bolivian foreign utility company)
[See 4.EC01]
Address: Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia
07 Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo") 12.55% (Bolivian foreign utility
company) [See 4.EC02]
Page 17
Address: Calle Junin No. 710, Casilla No. 53, Oruro, Bolivia
07 Empresa de Servicios Edeser S.A. ("Edeser") 12.55% (Bolivian service
company)
Address: Iturralde No. 1309, Miraflores, La Paz, Bolivia
05 Edison Capital Latin American Investments Holding Company (Delaware corporation)
06 Edison Capital Latin American Investments (Bermuda) Ltd. (Bermuda corporation) 33.3%
07 AIG Asian Infrastructure Fund II LP 5.8%
07 AIG-GE Capital Latin American Infrastructure Fund LP 7.89%
07 AIG Emerging Europe Infrastructure Fund LP 22.70%
07 AIG Emerging Europe Infrastructure Management LP 18.05%GP
05 Edison Capital (Netherlands) Holdings Company B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
06 Edison Capital (Netherlands) Investments B.V.
Address: Herengracht 548, 1017 CG Amsterdam, Netherlands
05 MISSION FUNDING ALPHA
06 MISSION FUNDING MU
07 EPZ Mission Funding Mu Trust (equity interest in foreign utility company) [See 4.EC03]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 MISSION FUNDING DELTA
05 MISSION FUNDING NU
06 EPZ Mission Funding Nu Trust (equity interest in foreign utility company) [See 4.EC04]
Address: c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Square,
Wilmington, Delaware 19890-0004
05 Mission Investments, Inc. (U.S. Virgin Islands corp.)
Address: ABN Trustcompany, Guardian Building, Havensight, 2nd Floor, St. Thomas, U.S. Virgin
Islands
05 Mission (Bermuda) Investments, Ltd. (Bermuda corp.)
Address: Clarendon House, 2 Church Street, Hamilton HM CX, Bermuda
04 MISSION FUNDING GAMMA
04 MISSION FUNDING KAPPA
05 ABB Funding Partners, LP 14.27%
04 MISSION FUNDING ZETA
05 Huntington LP (New York partnership) 50%
05 Lakota Ridge LLC 75% [See 4.EC05]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Shaokatan Hills LLC 75% [See 4.EC06]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
05 Woodstock Hills LLC 75% [See 4.EC07]
Address: c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164
04 MISSION IOWA WIND COMPANY
05 Storm Lake Power Partners I LLC (99%) [See 4.EC08]
02 MISSION LAND COMPANY is a California corporation having its principal place of business at 18101 Von
Karman Avenue, Suite 1700, Irvine, California 92612-1046. It is engaged, directly and through its
subsidiaries, in the business of owning, managing and selling industrial parks and other real property
investments. The subsidiaries and partnerships of Mission Land Company are listed below. Unless
otherwise indicated, all entities are corporations, are organized under the laws of the State of
California, and have the same principal place of business as Mission Land Company.
03 ASSOCIATED SOUTHERN INVESTMENT COMPANY
03 CALABASAS PALATINO, INC. (inactive)
03 Centrelake Partners, LP (limited partnership) 98%LP (inactive)
03 IRWINDALE LAND COMPANY (inactive)
03 MISSION AIRPORT PARK DEVELOPMENT CO. (inactive)
04 Centrelake Partners, LP (limited partnership) 2%GP (inactive)
04 Mission Vacaville LP (limited partnership) 1%GP (inactive)
Page 18
03 MISSION INDUSTRIAL CONSTRUCTORS, INC. (inactive)
03 Mission-Oceangate 75%GP (inactive)
03 MISSION/ONTARIO, INC. (inactive)
03 MISSION SOUTH BAY COMPANY (inactive)
04 Mission-Oceangate 25%GP (inactive)
03 MISSION TEXAS PROPERTY HOLDINGS, INC. (inactive)
03 Mission Vacaville LP (limited partnership) 99%LP (inactive)
02 MISSION POWER ENGINEERING COMPANY is an inactive California corporation having its principal place of
business at 2244 Walnut Grove Avenue, Rosemead, California 91770. The subsidiary of Mission Power
Engineering Company is listed below.
03 ASSOCIATED SOUTHERN ENGINEERING COMPANY (inactive California corporation)
02 MISSION ENERGY HOLDING COMPANY is a Delaware corporation having its principal place of business at 2600
Michelson Drive, Suite 1700, Irvine, California 92612. Mission Energy Holding Company owns the stock
of Edison Mission Energy and also acts as a financing vehicle.
03 EDISON MISSION ENERGY is a Delaware corporation having its principal place of business at 18101 Von Karman
Avenue, Suite 1700, Irvine, California 92612-1046. Edison Mission Energy owns the stock of a group of
corporations which, primarily through partnerships with non-affiliated entities, are engaged in the
business of developing, owning, leasing and/or operating cogeneration, geothermal and other energy or
energy-related projects pursuant to the Public Utility Regulatory Policies Act of 1978. Edison Mission
Energy, through wholly owned subsidiaries, also has ownership interests in a number of independent power
projects in operation or under development that either have been reviewed by the Commission's staff for
compliance with the Act or are or will be exempt wholesale generators or foreign utility companies under
the Energy Policy Act of 1992. In addition, some Edison Mission Energy subsidiaries have made
fuel-related investments and a limited number of non-energy related investments. The subsidiaries and
partnerships of Edison Mission Energy are listed below. Unless otherwise indicated, all entities are
corporations, are organized under the laws of the State of California and have the same principal place of
business as Edison Mission Energy.
EDISON MISSION ENERGY DOMESTIC COMPANIES:
04 AGUILA ENERGY COMPANY (LP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 49.5%; 50% with Pleasant Valley
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware limited partnership) (inactive) 49.5% of 53%
04 ANACAPA ENERGY COMPANY (GP)
05 Salinas River Cogeneration Company (California general partnership) 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 ARROWHEAD ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 50%LP; 100% w/ Thorofare, Mission/Eagle
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 BALBOA ENERGY COMPANY (GP) (inactive)
05 Smithtown Cogeneration, L.P. (Delaware limited partnership) (inactive) 50%; 100% w/ Kingspark
04 BLUE RIDGE ENERGY COMPANY (GP) (inactive)
05 Bretton Woods Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Bretton Woods
04 BRETTON WOODS ENERGY COMPANY (GP and LP) (inactive)
05 Bretton Woods Cogeneration, LP (Delaware LP) (inactive) 50%; 100% w/ Blue Ridge
04 CAMINO ENERGY COMPANY (GP)
05 Watson Cogeneration Company (California general partnership) 49%
04 CENTERPORT ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration I, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Ridgecrest
04 CHESAPEAKE BAY ENERGY COMPANY (GP) (inactive)
05 Delaware Clean Energy Project (Delaware general partnership) (inactive)50%
04 CHESTER ENERGY COMPANY (inactive)
04 CLAYVILLE ENERGY COMPANY (inactive)
Page 19
05 Oconee Energy, LP (Delaware limited partnership) (inactive) 50%; 100% w/Coronado
04 COLONIAL ENERGY COMPANY (inactive)
04 CORONADO ENERGY COMPANY (inactive)
05 Oconee Energy, LP (Delaware limited partnership) (inactive) 50%; 100% with Clayville
04 CRESCENT VALLEY ENERGY COMPANY (inactive)
04 DEL MAR ENERGY COMPANY (GP)
05 Mid-Set Cogeneration Company (California general partnership) 50%
Address: 13705 Shalae Road, Fellows, CA 93224
04 DELAWARE ENERGY CONSERVERS, INC. (Delaware corporation) (inactive)
04 DESERT SUNRISE ENERGY COMPANY (Nevada corporation) (inactive)
04 DEVEREAUX ENERGY COMPANY (LP) (inactive)
04 EAST MAINE ENERGY COMPANY (inactive)
04 EDISON ALABAMA GENERATING COMPANY (inactive)
04 EDISON MISSION DEVELOPMENT, INC. (Delaware corporation) 100%
04 EDISON MISSION ENERGY FUEL
05 EDISON MISSION ENERGY OIL & GAS [sold 01/07/2004]
06 Four Star Oil & Gas Company (Delaware corporation) 35.84% [sold 01/07/2004]
Address: 200 Westchester Avenue, White Plains, NY 10650
05 EDISON MISSION ENERGY PETROLEUM
05 POCONO FUELS COMPANY (inactive)
05 SOUTHERN SIERRA GAS COMPANY
06 TM Star Fuel Company (California general partnership) 50%
04 EDISON MISSION ENERGY FUNDING CORP. (Delaware corporation) 1%
04 Edison Mission Energy Interface Ltd. (Canadian corporation)
Address: 2 Sheppard Ave. E. #200, North York, Ontario, Canada
05 The Mission Interface Partnership (Province of Ontario general partnership) 50%
04 EDISON MISSION ENERGY SERVICES, INC. [formerly Edison Mission
Energy Fuel Services, Inc.] [PowerGen project]
04 EDISON MISSION FUEL RESOURCES, INC. (Delaware corporation) [Com Ed Project
04 EDISON MISSION FUEL TRANSPORTATION, INC. (Delaware corporation) [Com Ed Project]
04 EDISON MISSION MARKETING & TRADING, INC. [Com Ed Project]
05 Midwest Generation Energy Services, LLC (Delaware LLC) (formerly CP Power Sales Eighteen, L.L.C.) 100%
04 EDISON MISSION HOLDINGS CO. (formerly EME Homer City Holdings Co.)
05 CHESTNUT RIDGE ENERGY COMPANY 100%
06 EME HOMER CITY GENERATION, L.P. (Pennsylvania limited partnership) 99%LP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
05 EDISON MISSION FINANCE CO. 100%
05 HOMER CITY PROPERTY HOLDINGS, INC. 100%
05 MISSION ENERGY WESTSIDE, INC. 100%
06 EME HOMER CITY GENERATION, L.P. (Pennsylvania limited partnership) 1%GP [See 4.EME01]
Address: 1750 Power Plant Road, Homer City, PA 15748-8009
04 EDISON MISSION OPERATION & MAINTENANCE, INC.
04 EDISON MISSION PROJECT CO. (formerly EME UK International, Inc.) (Delaware corporation) 100% [holds 100%
of the issued and outstanding Class D shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
04 EL DORADO ENERGY COMPANY (GP) (inactive)
04 EME CP HOLDINGS CO. (Delaware corporation)
05 Bretton Woods Funding I, L.L.C. (Delaware limited liability company)
05 CP Power Sales Seventeen, L.L.C. (Delaware limited liability company)
05 CP Power Sales Nineteen, L.L.C. (Delaware limited liability company) (inactive)
05 CP Power Sales Twenty, L.L.C. (Delaware limited liability company) (inactive)
05 Sunapee Funding I, L.L.C. (Delaware LLC) (inactive)
04 EME EASTERN HOLDINGS CO. (Delaware corporation)
05 Athens Funding, L.L.C. (Delaware limited liability company)
05 Citizens Power Holdings One, LLC (Delaware limited liability company)
06 CL Power Sales One, L.L.C. (Delaware LLC) 25%
Page 20
06 CL Power Sales Two, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Six, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Seven, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Eight, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Nine, L.L.C. (Delaware LLC) 25%
06 CL Power Sales Ten, L.L.C. (Delaware LLC) 25%
05 CP Power Sales Twelve, L.L.C. (Delaware limited liability company)
04 EMOM SERVICES, INC. (Delaware corporation)
04 EMP, INC. (Oregon corporation) (GP and LP) (inactive)
05 GEO East Mesa Limited Partnership 50% [cancelled effective 04/30/2003]
06 GEO East Mesa Electric Co. (Nevada Corporation) 100% [dissolved 05/05/2003]
04 FOUR COUNTIES GAS COMPANY (inactive)
04 GLOBAL POWER INVESTORS, INC. (Delaware corporation)
04 Hancock Generation LLC (Delaware limited liability company) (inactive)
04 HOLTSVILLE ENERGY COMPANY (GP and LP) (inactive)
05 Brookhaven Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Madera
04 INDIAN BAY ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration III, LP (Delaware limited partnership) (inactive) 50%; 100% w/
Santa Ana
04 JEFFERSON ENERGY COMPANY (GP and LP) (inactive)
04 KINGS CANYON ENERGY COMPANY (inactive)
04 KINGSPARK ENERGY COMPANY (GP and LP) (inactive)
05 Smithtown Cogeneration, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Balboa
04 LAGUNA ENERGY COMPANY (inactive)
04 LA JOLLA ENERGY COMPANY (inactive)
04 LAKEVIEW ENERGY COMPANY (inactive)
05 Georgia Peaker, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Silver Springs
04 LEHIGH RIVER ENERGY COMPANY (inactive)
04 LONGVIEW COGENERATION COMPANY (inactive)
04 MADERA ENERGY COMPANY (GP) (inactive)
05 Brookhaven Cogeneration, LP (Delaware partnership) (inactive) 50%; 100% w/ Holtsville
04 MADISON ENERGY COMPANY (LP) (inactive)
05 Gordonsville Energy, L.P. (Delaware limited partnership) 49%; 50% w/ Rapidan [See 4.EME02]
Address: 115 Red Hill Road, Gordonsville, VA 22942 [sold 11/21/2003]
04 MIDWEST GENERATION EME, LLC (Delaware LLC) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05 COLLINS HOLDINGS EME, LLC (Delaware limited liability company) (inactive)
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
05 EDISON MISSION MIDWEST HOLDINGS CO. (Delaware corporation) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06 EDISON MISSION ENERGY FUEL SERVICES, LLC (Delaware limited liability company)
Address: One Financial Place, 440 South LaSalle Street, Suite 3500, Chicago, Illinois 60605
06 EDISON MISSION OVERSEAS CO. (Delaware corporation) (Com Ed project) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
07 Edison Mission Overseas Ltd. (UK company) (Com Ed project) 100%
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
06 MIDWEST GENERATION, LLC (Delaware LLC) (Com Ed project) 100% [See 4.EME03]
Address: One Financial Place, 400 South LaSalle Street, Suite 3410, Chicago, Illinois 60605
Crawford Station, 3501 South Pulaski Road, Chicago, IL 60608
Collins Station, 4200 East Pine Bluff Road, Morris, IL 60623
Fisk Station, 1111 West Cermak Road, Chicago, IL 60608
Joliet Station, 1800 Channahon Road, Joliet, IL 60436
Powerton Station, 13082 East Manito Road, Pekin, IL 61554
Waukegon Station, 10 Greenwood Avenue, Waukegan, IL 60087
Will County Station, 529 East Romeo Road, Romeoville, IL 60441
04 MIDWEST PEAKER HOLDINGS, INC. (Delaware corporation) 100%
04 Mission Capital, LP (Delaware limited partnership) 3%; MIPS partnership
04 MISSION DEL CIELO, INC. (Delaware corporation) 100%
05 Mission del Sol, LLC (Delaware limited liability company) 100%
Page 21
06 Sunrise Power Company, LLC (Delaware LLC) 50% [EWG] [See 4.EME04]
Address: 12857 Sunrise Power Road, Fellows, CA 93224
07 Mission De Las Estrellas LLC (Delaware corporation) 100%
04 MISSION/EAGLE ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 2%GP; 100% w/ Arrowhead, Thorofare
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 MISSION ENERGY CONSTRUCTION SERVICES, INC.
04 MISSION ENERGY GENERATION, INC. (inactive)
04 MISSION ENERGY HOLDINGS, INC.
05 Mission Capital, LP (Delaware LP) 97%; MIPS partnership
04 MISSION ENERGY HOLDINGS INTERNATIONAL, INC. (Delaware corporation) [holds 100% of the issued and
outstanding Class A shares of MEC International B.V. (99.97%)--see INTERNATIONAL section]
05 EME Investments, LLC (Delaware LLC) 100% (inactive)
05 EME SOUTHWEST POWER CORPORATION (Delaware corporation) 100% [holds 100% of the issued and outstanding
Class C shares of MEC International B.V. (0.01%)--see INTERNATIONAL section]
05 EME UK International LLC (Delaware LLC) 100% [holds 100% of the issued and outstanding Class B stock of
MEC International B.V. (0.01%)--see INTERNATIONAL section]
04 MISSION ENERGY INDONESIA (inactive)
04 MISSION ENERGY MEXICO (inactive) formerly the branch office in Mexico (no partnership)
04 MISSION ENERGY NEW YORK, INC. (GP and LP)
05 Brooklyn Navy Yard Cogeneration Partners, LP (Delaware limited partnership) 50% [See 4.EME05]
Address: Flushing Avenue, Cumberland Street, Building 41, Brooklyn, NY 11205
04 MISSION ENERGY WALES COMPANY
05 Mission Hydro Limited Partnership (UK limited partnership) 30%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 EME Generation Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Victoria Generation Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Energy Capital Partnership (Australian partnership) 98%
09 Enerloy Pty Ltd. (Australian company) 100%
08 Mission Energy Development Australia Pty Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Gippsland Power Pty Ltd 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 49% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
07 Energy Capital Partnership (Australia partnership) 1%LP
08 Enerloy Pty Ltd. (Australia company) 100%
07 FHH No. 1 Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
08 First Hydro Holdings Company (Australia partnership) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 First Hydro Company 99% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
09 First Hydro Finance plc 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 First Hydro Company 1% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales CH5 3XJ
Page 22
07 Loyvic Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Energy Capital Partnership (Australia partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Enerloy Pty Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
04 MISSION TRIPLE CYCLE SYSTEMS COMPANY (GP) (inactive)
05 Triple Cycle Partnership (Texas general partnership) (inactive) 50%
04 NORTH JACKSON ENERGY COMPANY (inactive)
04 NORTHERN SIERRA ENERGY COMPANY (GP) (inactive)
05 Sobel Cogeneration Company (California general partnership) (inactive) 50%
04 ORTEGA ENERGY COMPANY (inactive)
04 PANTHER TIMBER COMPANY (GP) (inactive)
05 American Kiln Partners, LP (Delaware limited partnership) (inactive)2%
04 PARADISE ENERGY COMPANY (inactive)
05 Vista Energy, L.P. (New Jersey limited partnership) (inactive) 50%; 100% w/ Vista Energy
Company
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 PLEASANT VALLEY ENERGY COMPANY (GP)
05 American Bituminous Power Partners, LP (Delaware limited partnership) 0.5%; 50% w/ Aguila
Address: Grant Town Power Plant, Highway 17, Grant Town, WV 26574
06 American Kiln Partners, LP (Delaware limited partnership) (inactive) 0.5% of 53%
04 QUARTZ PEAK ENERGY COMPANY (LP) (inactive)
04 RAPID ENERGY LIMITED (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
05 Edison Mission Services Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
04 RAPIDAN ENERGY COMPANY (GP) (inactive)
05 Gordonsville Energy, L.P. (Delaware limited partnership) 1%; 50% w/ Madison [See 4.EME02]
Address: 115 Red Hill Road, Gordonsville, VA 22942 [sold 11/21/2003]
04 REEVES BAY ENERGY COMPANY (GP and LP) (inactive)
05 North Shore Energy LP (Delaware limited partnership) (inactive) 50%; 100% w/ Santa Clara
06 Northville Energy Corporation (New York corporation) (inactive) 100%
04 RIDGECREST ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration I, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Centerport
04 RIO ESCONDIDO ENERGY COMPANY (inactive)
04 RIVERPORT ENERGY COMPANY (GP and LP) (inactive)
05 Riverhead Cogeneration II, LP (Delaware limited partnership) (inactive) 50%; 100% w/ San Pedro
04 SAN GABRIEL ENERGY COMPANY (inactive)
04 SAN JOAQUIN ENERGY COMPANY (GP)
05 Midway-Sunset Cogeneration Company, LP (California general partnership) 50%
Address: 3466 West Crocker Springs Road, Fellows, CA 93224
04 SAN JUAN ENERGY COMPANY (GP)
05 March Point Cogeneration Company (California general partnership) 50%
04 SAN PEDRO ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration II, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Riverport
04 SANTA ANA ENERGY COMPANY (GP) (inactive)
05 Riverhead Cogeneration III, LP (Delaware limited partnership) (inactive) 50%; 100% w/
Indian Bay
04 SANTA CLARA ENERGY COMPANY (GP) (inactive)
05 North Shore Energy, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Reeves Bay
06 Northville Energy Corporation (New York corporation) (inactive) 100%
04 SILVERADO ENERGY COMPANY (GP)
05 Coalinga Cogeneration Company (California general partnership) 50%
Address: 32812 West Gate Road, Bakersfield, CA 93210
04 SILVER SPRINGS ENERGY COMPANY (inactive)
05 Georgia Peaker, LP (Delaware limited partnership) (inactive) 50%; 100% w/ Lakeview
Page 23
04 SONOMA GEOTHERMAL COMPANY (inactive)
04 SOUTH COAST ENERGY COMPANY (GP) (inactive)
04 SOUTHERN SIERRA ENERGY COMPANY (GP)
05 Kern River Cogeneration Company (general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
04 THOROFARE ENERGY COMPANY (inactive)
05 Crown Energy, L.P. (New Jersey limited partnership) (inactive) 48%LP; 100% w/ Arrowhead, Mission/Eagle
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 VIEJO ENERGY COMPANY (GP)
05 Sargent Canyon Cogeneration Company (California general partnership) 50%
Address: Star Route 42, Sargents Road, San Ardo, CA 93450
04 VISTA ENERGY COMPANY (New Jersey corporation) (inactive)
05 Vista Energy, L.P. (New Jersey limited partnership) (inactive) 50%; 100% w/ Paradise Energy Company
06 Crown Vista Urban Renewal Corporation (inactive) 50%
04 WESTERN SIERRA ENERGY COMPANY (GP)
05 Sycamore Cogeneration Company (California general partnership) 50%
Address: SW China Grade Loop, Bakersfield, CA 93308
EDISON MISSION ENERGY INTERNATIONAL COMPANIES [all foreign corporation names bold]:
05 MEC International B.V. (Netherlands company) (Holding Company 99.97% owned by Mission Energy Holdings
International, Inc., a California corp. (owns 100% of Class A Shares), 0.01% by EME UK International
LLC, a Delaware LLC (owns 100% of Class B shares), 0.01% by EME Southwest Power Corporation (owns 100%
of Class C shares) and 0.01% by Edison Mission Project Co. (owns 100% of Class D shares).
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Beheer-en Beleggingsmaatschappij Jydeno B.V. 100% (Netherlands company)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Vindoor Investments (Mauritius) Limited (Mauritius company) 10%
Address: BAI Building, 5th Floor, Pope Hennessey Street, Port Luis, Mauritius
08 Coaltrade Services International Pte. Ltd. (Singapore company) 100%
Address: 10 Anson Road, #18-12, International Plaza, Singapore 079903
06 EcoElectrica s.a.r.l. (Luxemburg company)
Address: 12-16, Avenue Monterey, L-2163 Luxembourg
07 EME del Caribe Holding GmbH (Austrian company)
Address: 4020 Linz, Landstrasse 12, Austria
08 EME del Caribe (Cayman Islands company)
Address: First Floor, Caledonian House, Mary St, George Town, Grand Cayman, Cayman Islands
09 EcoElectrica Holdings, Ltd. (Cayman Islands company) 50%
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
10 EcoElectrica Ltd. (Cayman Islands company) 100%
Address: 1350 GT, The Huntlaw Building, Fort Street, Grand Cayman, Cayman Islands
11 EcoElectrica LP (Bermuda exempted limited partnership) (EQUITY) 1% GP [See 4.EME21]
Address: Plaza Scotiabank, 273 Ponce de Leon Avenue, Suite 902, Hato Rey, Puerto
Rico 00918
10 EcoElectrica LP (Bermuda exempted limited partnership) (EQUITY) 99% LP [See 4.EME21]
Address: Plaza Scotiabank, Suite 902, Avenida Ponce de Leon 273, Hato Rey, Puerto
Rico 00918
06 Edison Mission Advantage B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission LYB PEDS Pty Ltd (formerly Edison Mission De Laide Pty Ltd. (Australian company)
100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
Page 24
06 Edison Mission Ausone Pty. Ltd. (Australian company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Energy International B.V. (formerly MEC Mission B.V.) (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Edison Mission Energy Services B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 EME Australia Capital Pty. Ltd. (formerly EME Australia Finance Pty. Ltd.) 100%
Address: Level 20, HWT Tower, 40 City Road, Southbank,Victoria, 3006 Australia
06 Edison Mission Millennium B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 EME Caliraya B.V. (formerly Beheer-en Beleggingsmaatschappij Trepo B.V.) (Netherlands company)
75%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
08 CBK Power Company Ltd. (Philippine limited partnership) 49%
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines [See 4.EME08]
07 EME Kayalaan B.V. (formerly Beheer-en Beleggingsmaatschappij Hagra B.V.) (Netherlands company)
100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
08 CBK Power Company Ltd. (Philippine LP) 1%
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines [See 4.EME08]
06 Edison Mission Operation & Maintenance Services B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission Operation & Maintenance (Thailand) Company Limited (Cayman Islands company) 100%
Address: 7th Fl. Bubhajit Bldg., 20 North Sathorn Road, Kwaeng Silom, Khet Bangrak, Bangkok,
Thailand
07 EME Philippines Services Corporation [formerly EME Philippines OandM Corporation] (Philippines
company) 100%
Address: Unit 1105, Tower One, Ayala Triangle, Ayala Avenue, Makati City, Philippines
07 Kalayaan Power Management Corporation (Philippines corporation) 50% [EWG] [See 4.EME09]
Address: 1701 One Magnificent Mile Building, San Miguel Avenue, Ortigas Center, Pasig City,
Philippines
06 Edison Mission Retail Pty. Ltd. (Australian company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Utilities Pty. Ltd. (Australian company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Italian Vento Power Corporation 4 S.r.l. (Italian company) 50% [See 4.EME10]
Address: Via Circumvallazione, 54/h, 83100 Avellino, Italy
06 Edison Mission Vendesi Pty Ltd. (Australian company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 EME Atlantic Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Ascot Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Buckingham Limited (UK company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Precision B.V. (Netherlands company) (formerly Beheer-en-Beleggingsmaatschappij Pylamo
B.V.) 100% [Contact Energy Project, 2nd Stage]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
Page 25
10 Mission Energy Universal Holdings [formerly EME Universal Holdings] (New Zealand
company) 100% [Contact Energy Project, 2nd Stage]
Address: Lansdowne House, Berkeley Square, London W1X 5DH
England
11 Contact Energy Limited (New Zealand company) 0.624% [See 4.EME11]
Address: Level 1, Harbor City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
11 Mission Contact Finance Limited (New Zealand company) 100%
Address: Bell Gully, IBM Centre, 171 Featherston Street, Wellington, New Zealand
11 Mission Energy Five Star (New Zealand company) 100%
Address: IBM Centre, 171 Featherston Street, Wellington, New
Zealand
11 Mission Energy Pacific Holdings [formerly EME Pacific Holdings] (New Zealand
company) 100% [Contact Energy Project, 2nd Stage]
Address: IBM Centre, 171 Featherston Street, Wellington, New
Zealand
12 Contact Energy Limited (New Zealand company) 50.598%
[See 4.EME11]
06 EME Tri Gen B.V. 100% (Netherlands company)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Tri Energy Company Limited (Thai limited liability company) (Tri Energy Project) (EQUITY) 25%
[See 4.EME12]
Address: Grand, Amarin Tower, 16th Floor, New Petchburi Road, Ratchathewi, Bangkok 10320
Thailand
06 EME Victoria B.V. 100% (Netherlands company) (inactive)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 First Hydro Renewables Limited (formerly Celtic Offshore Wind Ltd.) (UK company) (inactive) 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
07 First Hydro Renewables Number 2 Limited (UK company) (inactive) 100%
Address: Dinorwig Power Station, Llamberis, Gwynedd, LL55 4TY, Wales
06 Global Generation B.V. 100% (Netherlands company)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Caresale Services Limited (UK company) 49%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison First Power Holdings II (UK company) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison First Power Holdings I (UK company) 100% [PowerGen project]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Caresale Services Limited (UK company) 51%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Edison Mission Marketing and Services Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Finance UK Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Energy Generation Finance UK Plc (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Maplekey Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Maplekey UK Finance Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 Maplekey UK Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
12 Edison First Power Limited (UK company) (inactive) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 South Australian Holdings Limited 100% [dissolved 03/04/2003]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
Page 26
10 EME International Dragon Limited (UK company) 100% [dissolved 08/05/2003]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 EME Adelaide Energy Limited (UK company) 100% [dissolved 01/14/2003]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 EME Monet Ltd. (UK company) 100% [dissolved 08/05/2003]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Redbill Contracts Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Hydro Energy B.V. (Netherlands company) 10%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Iberica de Energias, S.L. (Spain company) 96.65% [See 4.EME13]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain company) 91.32% [See 4.EME14]
Address: Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
06 Iberian Hy-Power Amsterdam B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission Energy Desarrollos Espana, S.L. (Spain company) 100%
Address: Paseo de Gracia 18, 4o. Piso, 08007, Barcelona, Spain
07 Hydro Energy B.V. (Netherlands company) 90%
08 Iberica de Energias, S.L. (Spain company) 96.65% [See 4.EME13]
09 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
[See 4.EME14]
10 Monasterio de Rueda, S.L. (Spain) 100%
07 Iberica de Energias, S.L. (Spain company) 3.35% [See 4.EME13]
08 Electrometalurgica del Ebro, S.L. ("EMESA") (Spain corporation) 91.32%
[See 4.EME14]
09 Monasterio de Rueda, S.L. (Spain) 100%
06 Latrobe Power Pty. Ltd. (Australian company) 99%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Mission Victoria Partnership (Australian partnership) 52.31% (100% w/ Traralgon PPL 46.69% and
MEVALP 1%)
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture 51% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
06 Latrobe Valley B.V. [formerly Beheer-en Beleggingsmaatschappij Botara B.V.] (Netherlands company)
(LYB Peakers Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Valley Power Pty Ltd. (Australian company) (LYB Peakers Project)
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
06 Loy Yang Holdings Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Edison Mission Energy Holdings Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Edison Mission Energy Australia Limited (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Latrobe Power Partnership (Australian partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Loy Yang B Joint Venture 51% [See 4.EME06]
08 Edison Mission Energy Australia Pilbara Power Pty. Ltd. (Australian company) (inactive) 100%
Page 27
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Kwinana Pty. Ltd. (Australian company) 100% (Operator
of Kwinana Project)
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
08 Edison Mission Operation & Maintenance Loy Yang Pty. Ltd. (Australian company) 100%
Address: P.O. Box 1792, Traralgon, Victoria 3844, Australia
08 Mission Energy Holdings Superannuation Fund Pty. Ltd. (Australian company) (retirement fund
required by Australia law) 100%
08 Mission Energy (Kwinana) Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
09 Kwinana Power Partnership (Philippines partnership) 1%
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
10 Perth Power Partnership (Australian partnership) 70% (Kwinana Project) [See 4.EME15]
Address: James Court, Kwinana Beach 6167, Western Australia
07 Latrobe Power Pty. Ltd. (Australian company) 1%
08 Mission Victoria Partnership (Australian partnership) 52.31%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
07 Mission Energy Ventures Australia Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Mission Victoria Partnership (Australian partnership) 1%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
07 Traralgon Power Pty. Ltd. (Australian company) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
08 Mission Victoria Partnership (Australian partnership) 46.69%
09 Latrobe Power Partnership (Australian partnership) 99%
10 Loy Yang B Joint Venture 51% [See 4.EME06]
06 Majestic Energy Limited (UK company)
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 EME Royale (New Zealand unlimited liability company)
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Edison Mission Energy Taupo Limited (New Zealand company) (inactive) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
06 MEC Esenyurt B.V. (Netherlands company) (Doga Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Doga Enerji Uretim Sanayi ve Ticaret L.S. (Turkish corporation) (Project company) 80% [See
4.EME16]
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isi Satis Hizmetleri ve Ticaret L.S. (Turkish corporation) (Heat company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
07 Doga Isletme ve Bakim Ticaret L.S. (Turkish corporation) (OandM company) 80%
Address: Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt, Istanbul, Turkey
06 MEC IES B.V. (Netherlands company) (ISAB Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 ISAB Energy Services s.r.l. 49% (Italian company) (services co ISAB Project)
Address: Ex S.S. 114km 146, 96100 Priolo G (SR), Sicily, Italy
06 MEC Indo Coal B.V. (Netherlands company) (Adaro Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 P. T. Adaro Indonesia (Indonesian company) (EQUITY) 8.17%
Page 28
Address: Suite 704, World Trade Centre, Jl. Jend. Sudirman Kav. 31, Jakarta 12920 Indonesia
06 MEC Indonesia B.V. (Netherlands company) 99%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Edison Mission Energy Power (Mauritius corporation) (Branch office in India) (inactive) 100%
Address: Louis Leconte Street, Curepipe, Mauritius
07 P. T. Paiton Energy (Indonesian company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
Address: Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java, Indonesia
06 MEC International Holdings B.V. (Netherlands company) 100% [in liguidation]
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 MEC Indonesia B.V. (Netherlands company) 1%
08 Edison Mission Energy Power (Mauritius corporation) (Branch office in India) 100%
08 P. T. Paiton Energy (Indonesian company) (EQUITY) (Paiton Project) 40% [See 4.EME17]
07 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian company) 1%
Address: Jl. Raya Surabaya Situbondo Km 141, P.O. Box
78, Paiton 67291, Probolinggo, East Java, Indonesia
06 MEC Java B.V. (formerly MEC India B.V) (Netherlands company) (Jojobera Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Island Capital S.a.r.l. (Luxembourg company) 100%
Address: L-2636 Luxembourg, 12, rue Leon Thyes
08 Edison Mission Energy Asia Pte. Ltd. (Singapore private company limited by shares)
100% (EME's Regional Asia Pacific Headquarters)
Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 Edison Mission Energy Asia Pacific Pte. Ltd. (Singapore company) 100%
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 Edison Mission Energy Fuel Company Pte. Ltd. (Singapore company) 100%
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 Edison Mission Operation & Maintenance Services Pte. Ltd. (Singapore
company) 100%
Address: Address: 1 Robinson Road, #19-01 AIA Tower,Singapore 048542
09 P.T. Edison Mission Operation and Maintenance Indonesia (Indonesian
company) 99%
Address: Jl. Gen. A Yani No. 54 Probolinggo, East Java, Indonesia
06 MEC Laguna Power B.V. (Netherlands company) (Malaya Project) (inactive) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Gulf Power Generation Co. Ltd. (Bangkok company) 40%
Address: 888/101 Mahatun Plaza Tower, 10th Floor, Ploenchit, Lumphini, Patumwan, Bangkok 10330
[Sold 12/12/2003]
06 MEC Perth B.V. (Netherlands company) (Kwinana Project) 100%
07 Kwinana Power Partnership (Philippines partnership) 99%
Address: Level 23, St. Martins Tower, 44 St George's Terrace, Perth WA 6000
08 Perth Power Partnership (Australian partnership) 70% (Kwinana Project) [See
4.EME15]
Address: James Court, Kwinana Beach 6167, Western Australia
06 MEC Priolo B.V. (Netherlands company) (ISAB Project) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 ISAB Energy s.r.l. (Italian company) (EQUITY) 99% of 49% (quota, not shares)
[See 4.EME18]
Address: Corso Gelone No. 103, Siracusa, Sicily, Italy
06 MEC San Pascual B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 San Pascual Cogeneration Company International B.V. 50%
Address: Croeselaan 18, 3521 CB Utrecht, The Netherlands
08 San Pascual Cogeneration Company (Philippines) Ltd (San Pascual Project) (EQUITY) 1%GP and
74%LP
Address: Unit 1610/1611, Tower One, Ayala Triangle, Ayala Ave, 1200 Makati City, Metro
Manila, Philippines
Page 29
07 Morningstar Holdings B.V. (formerly Beheer-en Beleggingsmaatschappij Vestra B.V.) (Netherlands
company) (inactive) 50%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 MEC Sidi Krir B.V. (Netherlands company) (inactive) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 MEC Sumatra B.V. (Netherlands company) (inactive) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 MEC Wales B.V. (Netherlands company) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
07 Mission Hydro Limited Partnership (UK limited partnership) 69%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 EME Generation Holdings Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 Edison Mission Operation & Maintenance Limited (a United Kingdom corporation) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
09 EME Victoria Generation Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
10 Energy Capital Partnership (Australian partnership 98%
11 Enerloy Pty Ltd. (Australian company) 100%
10 Mission Energy Development Australia Pty Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Gippsland Power Pty Ltd 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
12 Loy Yang B Joint Venture 49% [See 4.EME06]
Address: Bartons Lane, Loy Yang, Victoria, Australia 3844
09 Energy Capital Partnership (Australian partnership) 1%LP
10 Enerloy Pty Ltd. (Australian company) 100%
09 FHH No. 1 Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
10 First Hydro Holdings Company (UK company) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
11 First Hydro Company (UK company) 99% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales
CH5 3XJ
11 First Hydro Finance plc (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
12 First Hydro Company (UK company) 1% [See 4.EME07]
Address: Bala House, St. David's Park, Ewloe, Deeside, Flintshire, Wales
CH5 3XJ
09 Loyvic Pty. Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
10 Energy Capital Partnership (Australian partnership) 1%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205
Victoria, Australia
11 Enerloy Pty Ltd. (Australian company) 100%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne,
3205 Victoria, Australia
06 Mission Energy Company (UK) Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Derwent Cogeneration Limited (UK company) (EQUITY) 33% [See 4.EME19]
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Edison Mission Energy Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Mission Hydro (UK) Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
Page 30
08 FHH No. 2 Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
09 First Hydro Holdings Company (UK company) 1%
10 First Hydro Company (UK company) 99% [See 4.EME07]
10 First Hydro Finance plc (UK company) 100%
11 First Hydro Company (UK company)1% [See 4.EME07]
08 Mission Hydro Limited Partnership (UK limited partnership) 1%GP
09 EME Generation Holdings Limited (UK company) 100%
10 Edison Mission Operation & Maintenance Limited (UK company) 100%
10 EME Victoria Generation Limited (UK company) 100%
11 Energy Capital Partnership (Australian partnership 98%
12 Enerloy Pty Ltd. (Australian company) 100%
11 Mission Energy Development Australia Pty Ltd. (Australian company)
100%
12 Gippsland Power Pty Ltd 100%
13 Loy Yang B Joint Venture 49% [See 4.EME06]
10 Energy Capital Partnership (Australian partnership) 1%LP
11 Enerloy Pty Ltd. (Australian company) 100%
10 FHH No. 1 Limited (UK company) 100%
Address: Lansdowne House, Berkeley Square, London W1J 6ER England
11 First Hydro Holdings Company (UK company) 99%
12 First Hydro Company (UK company) 99% [See 4.EME07]
12 First Hydro Finance plc (UK company) 99%
13 First Hydro Company (UK company) 1% [See 4.EME07]
10 Loyvic Pty. Ltd. (Australian company) 100%
11 Energy Capital Partnership (Australian partnership) 1%
12 Enerloy Pty Ltd. (Australian company) 100%
07 Pride Hold Limited (UK company) 99%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
08 Lakeland Power Limited (UK company) (inactive) 100% [See 4.EME20]
Address: Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
08 Lakeland Power Development Company Limited (UK company) (inactive) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
06 Mission Energy Italia s.r.l. (Italian company) 100% Rep Office in Italy
Address: Villa Brasini, Via Flaminia 497, 00191 Rome Italy
06 Mission NZ Operations B.V. (Netherlands company) 100% (inactive)
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Pride Hold Limited (UK company) 1%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Lakeland Power Development Company Limited (UK company) (inactive) 100%
Address: Lansdowne House, Berkeley Square, London W1X 5DH England
07 Lakeland Power Limited (UK company) (inactive) 100% [See 4.EME20]
Address: Roosecote Power Station, Barrow-In-Furness, Cumbria, England LA13 OPQ
06 Southwestern Generation B.V. (Netherlands company) (inactive) 100%
Address: Level 2, De Lairessestraat 111-115, 1075 HH Amsterdam, Netherlands
06 Traralgon Power Pty. Ltd. (Australian company) 99%
Address: Southgate Complex, Level 20, HWT Tower, 40 City Road, South Melbourne, 3205 Victoria,
Australia
07 Mission Victoria Partnership (Australian partnership) 46.69% (100% w/ Latrobe PPL 52.31% and
MEVALP 1%)
08 Latrobe Power Partnership (Australian partnership) 99%
09 Loy Yang B Joint Venture 51% [See 4.EME06]
Page 31
2. A BRIEF DESCRIPTION OF THE PROPERTIES OF CLAIMANT AND EACH OF ITS SUBSIDIARY PUBLIC UTILITY COMPANIES USED
FOR THE GENERATION, TRANSMISSION, AND DISTRIBUTION OF ELECTRIC ENERGY FOR SALE, OR FOR THE PRODUCTION,
TRANSMISSION AND DISTRIBUTION OF NATURAL OR MANUFACTURED GAS, INDICATING THE LOCATION OF PRINCIPAL GENERATING
PLANTS, TRANSMISSION LINES, PRODUCING FIELDS, GAS MANUFACTURING PLANTS, AND ELECTRIC AND GAS DISTRIBUTION
FACILITIES, INCLUDING ALL SUCH PROPERTIES WHICH ARE OUTSIDE THE STATE IN WHICH CLAIMANT AND ITS SUBSIDIARIES ARE
ORGANIZED AND ALL TRANSMISSION OR PIPELINES WHICH DELIVER OR RECEIVE ELECTRIC ENERGY OR GAS AT THE BORDERS OF
SUCH STATE.
Claimant is not a "public utility company" as that term is defined in the Public Utility Holding Company Act of
1935 (the "Act") and does not own any properties used for the generation, transmission and distribution of
electric energy for sale, or for the production, transmission and distribution of natural or manufactured gas.
None of Claimant's subsidiaries, other than SCE, is a public utility company. SCE is an "electric utility
company" as defined in the Act and owns properties used for the generation, transmission and distribution of
electric energy for sale, as described herein.
SCE owns and operates one diesel-fueled generating plant, 34 hydroelectric plants (plus two fishwater generators
shown in the detail below) and an undivided 75.05% interest in Units 2 and 3 of the San Onofre Nuclear Generating
Station. These plants are located in Central and Southern California. Of the above mentioned hydroelectric
plants, one of them, along with the diesel-fueled generating plant, serve isolated load on Catalina Island. In
addition, SCE owns three hydroelectric plants that are no longer operational and are in the process of being
decommissioned. SCE also owns an undivided 15.8% interest in Units 1, 2 and 3 of the Palo Verde Nuclear
Generating Station, located near Phoenix, Arizona, and an undivided 48% interest in Units 4 and 5 of the Four
Corners Project, a coal-fueled steam electric generating plant in New Mexico, all of which are operated by other
utilities. SCE operates and owns a 56% undivided interest in two coal-fueled steam electric generating units at
the Mohave Project in Clark County, Nevada. Schedule I attached hereto contains a list of all of the SCE-owned
generating plants with their locations, initial dates of operation and generator nameplate ratings.
SCE's transmission facilities consist of approximately 7,214.69 circuit miles of 33kV, 55kV, 66kV, 115kV and
161kV lines, 3,520.99 circuit miles of 220kV lines, and 1237.59 circuit miles of 500kV lines consisting of
1,000.14 miles in California, 125.40 miles in Nevada and 112.05 miles in Arizona. SCE's distribution facilities
consist of approximately 60,532.00 overhead circuit miles and 35,585.50 underground circuit miles, and 559
distribution substations, all of which are located in California.
Page 32
3. THE FOLLOWING INFORMATION FOR THE LAST 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), AND MCF. OF NATURAL OR MANUFACTURED GAS
DISTRIBUTED AT RETAIL.
Claimant: None.
SCE:
(1) 82,187,501,000 kwh of electric energy sold at retail.
(2) $7,924,893,450 of total revenues from such sales.
(b) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS DISTRIBUTED AT RETAIL OUTSIDE THE
STATE IN WHICH EACH COMPANY IS ORGANIZED.
Claimant: None.
SCE: None.
(c) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS SOLD AT WHOLESALE OUTSIDE THE
STATE IN WHICH EACH SUCH COMPANY IS ORGANIZED, OR AT THE STATE LINE.
Claimant: None.
SCE:
(1) 1,132,073,000 kwh of electric energy sold at wholesale outside of California or at the state line.
(2) $43,975,267 of total revenues from such sales.
(d) NUMBER OF KWH. OF ELECTRIC ENERGY AND MCF. OF NATURAL OR MANUFACTURED GAS PURCHASED OUTSIDE THE STATE IN
WHICH EACH SUCH COMPANY IS ORGANIZED OR AT THE STATE LINE.
Claimant: None.
SCE:
(1) 2,363,366,628 kwh of electric energy purchased at wholesale outside of California or at the state line.
(2) $141,916,776 of total expenses from such purchases.
Page 33
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.
(b) NAME OF EACH SYSTEM COMPANY THAT HOLDS AN INTEREST IN SUCH EWG OR FOREIGN UTILITY COMPANY; AND DESCRIPTION
OF THE INTEREST HELD.
(c) TYPE AND AMOUNT OF CAPITAL INVESTED, DIRECTLY OR INDIRECTLY, BY THE HOLDING COMPANY CLAIMING EXEMPTION; ANY
DIRECT OR INDIRECT GUARANTEE OF THE SECURITY OF THE EWG OR FOREIGN UTILITY COMPANY BY THE HOLDING COMPANY
CLAIMING EXEMPTION; AND ANY DEBT OR OTHER FINANCIAL OBLIGATION FOR WHICH THERE IS RECOURSE, DIRECTLY OR
INDIRECTLY, TO THE HOLDING COMPANY CLAIMING EXEMPTION OR ANOTHER SYSTEM COMPANY, OTHER THAN THE EWG OR FOREIGN
UTILITY COMPANY.
(d) CAPITALIZATION AND EARNINGS OF THE EWG OR FOREIGN UTILITY COMPANY DURING THE REPORTING PERIOD.
(e) IDENTIFY ANY SERVICE, SALES OR CONSTRUCTION CONTRACT(S) BETWEEN THE EWG OR FOREIGN UTILITY COMPANY AND A
SYSTEM COMPANY, AND DESCRIBE THE SERVICES TO BE RENDERED OR GOODS SOLD AND FEES OR REVENUES UNDER SUCH
AGREEMENT(S).
EDISON CAPITAL
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
(a) Electricidad de la Paz S.A. ("Electropaz"), Avenida Illimani 1973, Casilla 10511, La Paz, Bolivia.
Electropaz's facilities consists of substations and distribution lines serving approximately 320,000 retail
customers in La Paz and El Alto, Boliva. Electropaz does not own generation or transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding
Epsilon; Mission Funding Epsilon through its wholly owned subsidiaries, Edison Capital International (Bermuda)
Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd. collectively own an 11.1% indirect interest in
Electropaz. IberBolivia de Invessiones, S.A. owns 89.55% of Electropaz and Banco Santander Central
Hispanoamericano S.A. owns a 10% interest. Paz Holdings Ltd. owns 36.6% of IberBolivia de Invessiones, S.A. and
Iberdrola S.A. indirectly owns 63.4% of IberBolivia de Invessiones, S.A. The voting securities of Paz Holdings
Ltd, 30.42%, are held by Edison Capital International (Bermuda) Ltd., with 43.22% held by Andes Energy XII Ltd.
and 26.36% held by GE Capital Services Structured Finance Group, Inc. Andes Energy XII is wholly-owned by AIG-GE
Capital Latin American Infrastructure Fund L.P. in which Edison Capital Latin American Investments (Bermuda) Ltd.
holds an indirect 7.89% interest. Edison Capital Latin American Investments (Bermuda) Ltd. is a wholly owned
indirect subsidiary of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd., in the amount
of $7.84 million.
(d) Capitalization or total equity for the period ending December 31, 2002 = $43,778,165
Net loss after taxes for 2002 = ($3,184,859)
(e) There are no service, sales or construction contracts between Electropaz and any system company.
Page 34
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
(a) Empresa de Luz y Fuerza Electrica de Oruro S.A. ("Elfeo"), Calle Junin No. 710, Casilla 53, Oruro, Boliva.
Elfeo's facilities used for the generation, transmission, or distribution of electric energy for sale consist
primarily of substations and distribution lines serving approximately 43,900 retail customers in the cities of
Oruro and Huaruni. Elfeo does not own generation or transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company; Edison Funding Company owns 100% of Mission Funding
Epsilon; Mission Funding Epsilon through its wholly owned subsidiaries, Edison Capital International (Bermuda)
Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd. collectively own an 11.5% interest in Elfeo.
IberBolivia de Invessiones, S.A. owns 92,84% of Elfeo,Paz Holdings Ltd. owns a 36.6% interest in IberBolivia de
Invessiones, S.A., and Iberdrola S.A. indirectly owns 63.4% of IberBolivia de Invessiones, S.A. The voting
securities of Paz Holdings Ltd., 30.42%, are held by Edison Capital International (Bermuda) Ltd., with 43.22%
held by Andes Energy XII Ltd. and 26.36% held by GE Capital Services Structured Finance Group, Inc. Andes Energy
XII is wholly-owned by AIG-GE Capital Latin American Infrastructure Fund L.P. in which Edison Capital Latin
American Investments (Bermuda) Ltd. holds an indirect 7.89% interest. Edison Capital Latin American Investments
(Bermuda) Ltd. is a wholly owned indirect subsidiary of Edison Capital.
(c) Capital contributions were made by Edison Capital through its indirectly, wholly owned subsidiary Edison
Capital International (Bermuda) Ltd. and Edison Capital Latin American Investments (Bermuda) Ltd., in the amount
of $0.75 million.
(d) Capitalization or total equity for the period ending December 31, 2002 = $5,038,020
Net loss after taxes for 2002 = ($325,100)
(e) There are no service, sales or construction contracts between Elfeo and any system company.
4.EC03 EPZ MISSION FUNDING MU TRUST [FUCO]
(a) EPZ Mission Funding MU Trust ("EPZMFMT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004
EPZMFMT owns a 7.88% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility. The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.
EPZMFMT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9. EPZMFMT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system. EPZMFMT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital, which owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100%
of Mission Funding Alpha, which owns 100% of Mission Funding Mu. EPZMFMT is a business trust created under the
laws of the State of Delaware. Mission Funding Mu is the 100% beneficial owner of the beneficial interest in
EPZMFMT, the foreign utility company. Wilmington Trust Company is the trustee of the Trust.
Page 35
(c) Mission Funding Mu made a $13,000,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $87,000,000, in order to acquire the interest in the asset with a total cost
of $100,000,000. Mission Funding Mu also incurred out-of-pocket costs and fees of approximately $1,750,000.
The Mission Funding Mu investment and the related obligations have been guaranteed by its parent, Mission Funding
Alpha.
(d) Capitalization or total equity for the period ending December 31, 2003 = $24,911,926
Net income after taxes for 2003 = $830,394
(e) There are no contracts between EPZ and any system company.
4.EC04 EPZ MISSION FUNDING NU TRUST [FUCO]
(a) EPZ Mission Funding Nu Trust ("EPZMFNT") c/o Wilmington Trust Company, Rodney Square North, 1100 North
Market Square, Wilmington, Delaware 19890-0004
EPZMFNT owns a 17.72% interest in the Amercentrale Power Station Unit 9, which is leased to N.V.
Elektriciteits-Produktiemaatshappij Zuid-Nederland ("EPZ"), a Netherlands Public Utility. The Amercentrale Power
Station Unit 9 is a 600 megawatt (net) coal-fired cogeneration facility, with natural gas back-up capability,
located on 50 hectares (approximately 125 acres) at the Brabandt site in Geertruidenberg, approximately 50
kilometers southeast of Rotterdam, The Netherlands.
EPZMFNT has also acquired an undivided interest in or the right to use certain transmission facilities leading
from the Amercentrale Power Station to the 150 kV grid owned by Provinciale Noordbrabantse Energie-Maatschappij
("PNEM"), the distribution company that receives the power from Unit 9. EPZMFNT also owns an interest in or
rights to use transformers and associated equipment of EPZ designed to step up the power from the 21 kV level at
the generator to the 150 kV level required to enter the PNEM system. EPZMFNT has also acquired rights to use
certain other common facilities necessary to permit operation of Unit 9.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital, which owns 100% of Edison Funding Company, which owns 100% of Mission Funding Epsilon, which owns 100%
of Mission Funding Delta, which owns 100% of Mission Funding Nu. EPZMFNT is a business trust created under the
laws of the State of Delaware. Mission Funding Nu is the 100% beneficial owner of the beneficial interest in
EPZMFNT, the foreign utility company. Wilmington Trust Company is the trustee of the Trust.
(c) Mission Funding Nu made a $29,250,000 equity investment in the sale/leaseback, and funds were borrowed on a
non-recourse basis in the amount of $195,750,000, in order to acquire the interest in the asset with a total cost
of $225,000,000. Mission Funding Nu also incurred out-of-pocket costs and fees of approximately $3,937,500.
The Mission Funding Nu investment and the related obligations have been guaranteed by an affiliate, Mission
Housing Investments.
(d) Capitalization or total equity for the period ending December 31, 2003 = $55,651,762
Net income after taxes for 2003 = $1,950,002
(e) There are no contracts between EPZ and any system company.
4.EC05 LAKOTA RIDGE LLC [EWG]
(a) Lakota Ridge, L.L.C. ("Lakota"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota 56164.
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Lakota is an 11.25 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 15 Micon M1800 750 kW wind turbines atop tubular-type towers.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Lakota and Heller Financial, Inc. owns a 24.9%
interest. Northern Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary, Mission Funding Zeta, made a capital
contribution of $4,667,030.
(d) Capitalization or total equity for the period ending December 31, 2002 = $4,284,719
Net loss after taxes for 2002 = ($473,739)
(e) There are no service, sales or construction contracts between Lakota and any system company.
4.EC06 SHAOKATAN HILLS LLC [EWG]
(a) Shaokatan Hills L.L.C. ("Shaokatan"), c/o DanMar & Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Shaokatan is a 11.9 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 18 Vestas V-44 660 kW wind turbines atop tubular type towers.
(b) Edison International owns 100% of Edison Misson Group Inc.; Edison Misson Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Shaokatan and Heller Financial, Inc. owns a 24.9%
interest. Northern Alternative Energy owns 0.1%. The manager of the Facility is DanMar & Associates.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $5,161,500.
(d) Capitalization or total equity for the period ending December 31, 2002 = $5,086,167
Net loss after taxes for 2002 = ($399,921)
(e) There are no service, sales or construction contracts between Shaokatan and any system company.
4.EC07 WOODSTOCK HILLS LLC [EWG]
(a) Woodstock Hills L.L.C. ("Woodstock"), c/o DanMar and Associates, 520 Fifth Avenue SE, Pipestone, Minnesota
56164.
Woodstock is a 10.2 megawatt windpowered electric generation facility (the "Facility") located on the Buffalo
Ridge in southwestern Minnesota, consisting of 17 Vestas V-44 600 kW wind turbines atop tubular-type towers.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Funding Zeta, owns a 75% interest in Woodstock and Heller Financial, Inc. owns a 24.9%
interest. DanMar and Associates owns a 0.1% interest and is the manager of the Facility.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Funding Zeta, made a capital contribution of $4,200,000.
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(d) Capitalization or total equity for the period ending December 31, 2002 = $4,478,118
Net loss after taxes for 2002 = ($246,940)
(e) There are no service, sales or construction contracts between Woodstock and any system company.
4.EC08 STORM LAKE POWER PARTNERS I LLC [EWG]
(a) Storm Lake Power Partners I LLC ("Storm Lake"), c/o Mission Iowa Wind Company, 18101 Von Karman Avenue,
Suite 1700, Irvine, CA 92612.
Storm Lake is a 112.5 megawatt wind-driven electric generation facility (the "Facility") located on the Buffalo
Ridge in northwestern Iowa, consisting of 150 Zond, Z-50 750 kW wind turbines atop lattice towers.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Edison
Capital; Edison Capital owns 100% of Edison Funding Company. Edison Funding Company, through its wholly owned
subsidiary, Mission Iowa Wind Company, owns a 99% interest in Storm Lake and Enron Storm Lake I LLC owns 1.0%
interest. The Facility is operated by EMOM Services, Inc., and managed by Mission Iowa Wind Company.
(c) Edison Capital through its indirectly, wholly owned subsidiary,
Mission Iowa Wind Company, made a capital contribution of $92,500,000.
(d) Capitalization or total equity for the period ending December 31, 2002 = $72,460,000
Net loss after taxes for 2002 = ($7,293,000)
(e) EMOM Services, Inc., provides operation and maintenance services to the Storm Lake I project. These
services are being provided in accordance with an O&M Agreement which has been negotiated between Storm Lake I
and EMOM Services, Inc., but which contract is pending approval from the Storm Lake I project's lenders. During
the year ended December 31, 2003, Storm Lake I incurred costs in the amount of $1,023,000 for operation and
maintenance services provided by EMOM Services, Inc.
Mission Iowa Wind Company provides management services to the Storm Lake I project. These services are being
provided in accordance with a Management Agreement which has been negotiated between Storm Lake I and Mission
Iowa Wind Company, but which contract is pending approval from the Storm Lake I project's lenders. During the
year ended December 31, 2003, Storm Lake I incurred costs in the amount of $293,000 for management services
provided by Mission Iowa Wind Company.
EDISON MISSION ENERGY
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
(a) EME Homer City Generation L.P. ("Homer City"), 1750 Power Plant Road, Homer City, PA 15748-8009
Homer City operates a 1,884 MW coal-fired generating station located in Indiana County, approximately 45 miles
northeast of Pittsburgh, Pennsylvania.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Edison Mission Holdings Co.; Edison Mission Holdings Co., through its wholly owned subsidiary
Mission Energy Westside, Inc., owns a 1% general partnership interest in Homer City and through its wholly owned
subsidiary Chestnut Ridge Energy Company, owns a 99% limited partnership interest in Homer City, the exempt
wholesale generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Holdings Co.
in the amount of $1,363,948,000.
Guarantees:
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In connection with the acquisition of Homer City, Homer City L.P. provided several surety bonds to the
Pennsylvania Department of Environmental Protection ("DEP"). The DEP requires operators of facilities in the
State of Pennsylvania to provide collateral bonds to the DEP for the purpose of guarantying reclamation
obligations in the event the site is abandoned. Safeco Insurance Company of America ("Safeco"), on behalf of
Homer City L.P., issued three surety bonds to the DEP in the aggregate amount of $6,860,913. On September 14,
1999, EME provided a general indemnity to Safeco to indemnify them against all loss and expenses incurred by
Safeco in connection with the surety bonds. In addition to the indemnification, Safeco demanded additional
collateral for the surety bonds. Therefore, on August 21, 2002, EME deposited $6,860,913 in an account
controlled by Safeco for additional collateral. Both the collateral and the indemnity will stay in place until
the surety bonds are replaced or another source of collateral is provided to the DEP.
On December 7, 2001, Homer City was sold to and leased back from eight special purpose vehicles. Under this
arrangement, the $830 million senior secured bonds were assumed by the eight special purpose vehicles. These
bonds will be serviced by a portion of the lease rental payments to be paid by Homer City L.P. to the new owners
of Homer City. In connection with the sale-leaseback, eight letters of credit, one for each Owner Lessor, in the
aggregate amount of $35,350,600 were issued by Westdeutsche Landesbank Girozentrale, New York Branch and Credit
Suisse First Boston for the account of the Owner Lessors. These letters of credit satisfied the requirement
under the First Amended and Restated Indenture for the bonds to have a Debt Service Reserve Requirement in an
amount equal to six months debt service projected to be due following a rent payment. These letters of credit
expired on April 1, 2002 and were replaced with eight letters of credit, one for each Owner Lessor, in the
aggregate amount of $43,812,922 issued by Westdeutsche Landesbank Girozentrale, New York Branch. These letters
of credit are for a term of three years with an option to extend for an additional two years. The current six
month debt service reserve requirement is $38,642,000.
Pursuant to eight Special Tax Indemnity Agreements executed in connection with the sale-leaseback, each dated as
of December 7, 2001, with Homer City L.P. and General Electric Capital Corporation ("GECC"), EME agreed to
indemnify GECC against certain tax losses which might arise either (i) as a result of the existence of certain
provisions in the operative documents relating to the sale-leaseback transaction, or (ii) as a result of certain
actions by Homer City L.P. during the term of the lease.
(d) Capitalization or total equity = $667.1 million
Net income after taxes for 2003 = $14.7 million
(e) Edison Mission Energy Services, Inc. (formerly Edison Mission Energy Fuel Services, Inc.) provides services
to Homer City relating to arranging for the supply of fuel to the facility pursuant to the Fuel Services
Agreement (the "Agreement") between Edison Mission Energy Services, Inc. and Homer City. As of December 31,
2003, Edison Mission Energy Services, Inc. has received payment in the amount of $348,262 for services provided
pursuant to the Agreement.
Edison Mission Financial Marketing & Trading Co.("EMFM&T"), now Edison Mission Marketing & Trading, Inc. as
EMFM&T merged into Edison Mission Marketing & Trading, Inc. ("EMMT") on June 28, 2000, a wholly owned subsidiary
of Edison Mission Energy, entered into an NOx Allowance Sales Agreement with Homer City, wherein EMMT is to
purchase from and/or sell to Homer City, SO2 or NOx Allowances available to Homer City and as required for the
use in the operation and maintenance of the Homer City facility. As of December 31, 2003, Homer City paid $10.9
million to EMMT for Allowances.
EMMT entered into an Energy Sales Agreement with Homer City, wherein EMMT shall purchase Energy (defined as
electric energy, expressed in megawatt hours or capacity, of the character commonly known as three-phase, sixty
hertz electric energy that is delivered at the nominal voltage of the delivery point) from Homer City. As of
December 31, 2003, Homer City paid $869,420 to EMMT for energy provided pursuant to the Agreement.
4.EME02 GORDONSVILLE ENERGY, L.P. [EWG]
(a) Gordonsville Energy, L.P. ("GELP"), 115 Red Hill Road, Gordonsville, VA 22942
EME SOLD ITS 50% INTEREST IN THIS FACILITY EFFECTIVE AS OF NOVEMBER 21, 2003.
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GELP is a gas-fired cogeneration facility with an anticipated net capacity during the winter months of 290
megawatts and 220 megawatts during the summer months. The electricity generated by the facility is sold to
Virginia Electric & Power Company under two 30-year Power Purchase Agreements. The steam generated by the
facility is sold to Rapidan Service Authority. This facility is located one mile southwest of Gordonsville,
Virginia, in Louisa County. GELP went into operation on June 1, 1994.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy,
through its wholly owned subsidiary Madison Energy Company ("Madison") owns a 49% limited partnership interest in
GELP and, through its wholly owned subsidiary Rapidan Energy Company ("Rapidan"), owns a 1% general partnership
interest in GELP, the exempt wholesale generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiaries Madison in the amount of
$25,237,450 and Rapidan in the amount of $515,050, providing a total amount of $25,752,500. As a condition to
receiving the extension of credit necessary to develop GELP, Madison, Rapidan and Jefferson Energy Company
("Jefferson"), a wholly owned subsidiary of Edison Mission Energy which sold its interest to Northern Hydro
Limited, entered into separate Equity Subscription Agreements with GELP with the condition that Edison Mission
Energy guarantee the obligations under such agreements by entering into an Equity Subscription Agreement Guaranty
for each of Madison, Rapidan and Jefferson in an amount not to exceed an aggregate of $55,250,000.
(d) Capitalization or total equity = $0
Net income after taxes for 2003 = $4.9 million
(e) Edison Mission Operation & Maintenance, Inc. ("EMOM") operates this facility. EMOM received $766,227 in
compensation as operator in 2003.
4.EME03 MIDWEST GENERATION, LLC. [EWG]
(a) Midwest Generation, LLC ("Midwest"), One Financial Place, 440 South LaSalle Street, Suite 3410, Chicago, IL
60605
Midwest owns and/or leases and operates 9,242 MW of generating capacity ("Facilities") acquired from Commonwealth
Edison Company and sells electric energy at wholesale. Facilities consist of:
(a.1) Six coal-fired plants located in Illinois totaling 5,645 MW:
542 MW Crawford plant in Chicago
326 MW Fisk plant in Chicago
789 MW Waukegan plant in Waukegan
1358 MW Joliet plant in Joliet
1092 MW Will County plant in Lockport
1538 MW Powerton plant in Pekins
(a.2) 2,698 MW dual-fueled Collins Station in Morris, Illinois
(a.3) 71 dual-fueled peaking units, totaling 899 MW, located at the Crawford, Fisk, Waukegan, Calumet, Joliet,
Electric Junction, Sabrooke, and Lombard Stations.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Midwest Generation EME, LLC; Midwest Generation EME, LLC owns 100% of Edison Mission Midwest
Holdings Co. ("Holdings") which owns 100% of Midwest, the exempt wholesale generator.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Holdings in the amount of
$2,500,000,100.
Guarantees:
On March 22, 1999, EME entered into an Asset Sale Agreement to acquire 100% of the fossil-fuel generating assets
of Commonwealth Edison Co. ("Com Ed") totaling 9,722 MW for a purchase price of
Page 40
$4,813,121,000. This agreement was assigned to Midwest Generation, LLC, a wholly owned subsidiary of EME, on
December 15, 1999, at the closing of the transaction. Midwest Generation, LLC operates the plants, which are all
located in Illinois. Pursuant to the Asset Sale Agreement, EME agreed to unconditionally and irrevocably
guarantee to ComEd and all of its successors and assigns, the due and punctual performance by any assignee of all
covenants, agreements, terms, conditions, undertakings, indemnities and other obligations to be performed and
observed by such assignee under the related agreements, including the transition power purchase agreements.
Pursuant to the Agency Agreement, dated as of December 15, 1999, between Commonwealth Edison Company, Edison
Mission Midwest Holdings Co. and Edison Mission Energy, relating to Coal Purchase Contract and Railcar Lease
Agreement, EME and its affiliates receive the benefits of and are responsible for the liabilities under the
agreements listed below (the "Unassigned Agreements") to which Commonwealth Edison Company is a party.
Commonwealth Edison Company acts as EME's agent with respect to the Unassigned Agreements and EME is responsible
for 78% of Commonwealth Edison Company's costs in managing the Unassigned Agreements. The Unassigned Agreements
include:
(a) Amended and Restated Coal Purchase Contract between Commonwealth Edison Company and Decker Coal Company
dated January 1, 1993, as further amended by Amendment No. 1 in 1993; Amendment No. 2 on June 16, 1994;
Amendment No. 3 on May 1, 1995; Amendment No.4 on January 1, 1996; Amendment No. 5 on February 1, 1997;
Amendment No. 6 on January 1, 1997; Amendment No. 7 on February 1, 1999; Amendment No. 8; and Amendment
No. 9 on January 1, 2003.
(b) Railcar Lease Agreement dated July 15, 1993 between Commonwealth Edison Company and Society National
Bank and related documents.
On August 24, 2000, Midwest Generation entered into a sale-leaseback transaction with respect to the Powerton and
Joliet power facilities to third party lessors for an aggregate purchase price of $1.367 billion. Under the
terms of the leases (33.75 years for Powerton and 30 years for Joliet), Midwest Generation will make semi-annual
lease payments on each January 2 and July 2, beginning January 2, 2001. Recourse to Midwest Generation under the
leases is limited to amounts which would otherwise be distributable to Edison Mission Midwest Holdings Co. EME
guaranteed the payments under a Guarantee dated August 24, 2000.
Pursuant to four Tax Indemnity Agreements, each dated as of August 17, 2000, EME agreed to indemnify the lessors
against certain tax losses which might arise as a result of certain actions by Midwest during the term of the
lease.
(d) Capitalization or total equity = $3.1 billion
Net loss after taxes for 2003 = ($688.7 million)
(e)
Administrative services such as payroll, employee benefits programs and information technology, all performed by
Edison International or Edison Mission Energy, are shared among all affiliates of Edison International, and the
costs of these corporate support services are allocated to all affiliates, including Midwest. Costs are
allocated based on one of the following formulas: percentage of time worked, equity in investment and advances,
number of employees, or multi-factor, including operating revenues, operating expenses, total assets and number
of employees. In addition, Midwest sometimes directly requests services of Edison International or Edison
Mission Energy, and those services are performed for Midwest's benefit. Labor and expenses of these directly
requested services are specifically identified and billed at cost. Midwest made reimbursements for the costs of
these programs and other services, which amounted to $134.2 million for the year ended December 31, 2003.
Midwest entered into an agreement with Midwest Generation EME, LLC to provide support services, including
construction and construction management, operations and maintenance management, technical services and training,
environmental, health and safety services, administrative and IT support, and other managerial and technical
services needed to operate and maintain electric power facilities. Under the terms of the agreement, Midwest
reimburses Midwest Generation EME, LLC for actual costs incurred by
Page 41
functional area in providing support services, or in the case of specific tasks Midwest requests, the amount
negotiated for the task. Actual costs billable under this agreement for the year ended December 31, 2003, were
$6.3 million.
Midwest entered into an agreement with EMMT for the purchase and sale of energy and to provide services related
to purchasing, transportation and storage of natural gas. Under the terms of the agreement, EMMT pays Midwest
for the actual price of energy contracted with third parties, less $.02/megawatt-hour. Also under the terms of
the agreement, Midwest pays EMMT a service fee of $0.02 for each MMBtu of natural gas delivered to Midwest, plus
the actual cost of the gas. As of December 31, 2003, Midwest paid $1.1 million to EMMT pursuant to the agreement.
Midwest entered into an agreement with Edison Mission Energy Services, Inc. to provide fuel and transportation
services related to coal and fuel oil. Under the terms of the agreement, Midwest pays Edison
Mission Energy Services, Inc. a service fee of $0.06 for each ton of coal delivered to Midwest and $0.05 for each
barrel of fuel oil delivered to Midwest, plus the actual cost of the commodities. The amount billable under this
agreement for the year ended December 31, 2003, was $1.1 million.
4.EME04 SUNRISE POWER COMPANY LLC (EWG)
(a) Sunrise Power Company, LLC 50% [EWG], 12857 Sunrise Power Road, Fellows, CA 93224
Sunrise was constructed in two phases. Phase 1 consists of a 320 MW simple-cycle peaking facility which became
operational on June 27, 2001, and Phase 2, a combined-cycle gas-fired facility, converted the simple cycle
peaking facility to a 572 MW combined cycle plant. Phase 2 achieved commercial operation June 1, 2003..
Edison Mission Energy purchased Sunrise Power Company, a Delaware corporation through its subsidiary Mission Del
Sol LLC, a Delaware limited liability company on November 17, 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of
Mission Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission
Energy owns 100% of Mission del Cielo, Inc.; Mission del Cielo, Inc. owns 100% of Mission del Sol LLC; Mission
del Sol LLC owns 50% of Sunrise Power Company LLC
(c) None.
(d) Capitalization or total equity = $72.8 million
Net income after taxes for 2003 = $34.9 million
(e) Edison Mission Operation & Maintenance, Inc. and Sunrise have entered into that certain Amended and Restated
Operation and Maintenance Agreement, dated as of June 25, 2001. As of December 31, 2003, EMOM has received
$350,340 for providing O&M services to Sunrise.
EMMT, a wholly owned subsidiary of Edison Mission Energy entered into an Energy Services Agreement with Sunrise,
wherein EMMT provides fuel procurement and power management services to Sunrise. As of December 31, 2003,
Sunrise paid $440,203 to EMMT for services rendered under this agreement.
4.EME05 BROOKLYN NAVY YARD COGENERATION PARTNERS, L.P. [EWG]
(a) Brooklyn Navy Yard Cogeneration Partners, L.P. ("BNY"), Flushing Avenue, Cumberland Street, Building 41,
Brooklyn, NY 11205
BNY's facilities consist of a 286MW combined cycle cogeneration facility located at Brooklyn Navy Yard Industrial
Park in Brooklyn, New York.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission
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Energy; Edison Mission Energy, through its wholly owned subsidiary Mission Energy New York, Inc., owns 50% of
Brooklyn Navy Yard Cogeneration Partners, L.P., the exempt wholesale generator.
(c) Capital contributions made by Edison Mission Energy through its subsidiary Mission Energy New York, Inc.,
were in the amount of $12,758,043. BNY completed a $407 million permanent non-recourse financing for the project
(the "Financing"). Edison Mission Energy agreed to indemnify BNY and its partners from all claims and costs
arising from or in connection with certain construction litigation between BNY (and its partners) and PMNC, as
contractor for BNY. Said indemnification has been assigned for the benefit of the senior lenders of the
Financing. Mission Energy New York, Inc., entered into a Construction Loan Note (approximately $94 million) in
favor of BNY to fund a portion of the project.
(d) Capitalization or total equity = $18.0 million
Net loss after taxes for 2003 = ($5.0 million)
(e) Other than with respect to the Edison Mission Energy indemnity and the Construction Loan Note as listed in
Item (c) above, there are no contracts between BNY and any system company.
4.EME06 LOY YANG B JOINT VENTURE [FUCO]
(a) Loy Yang B Joint Venture ("LYBJV"), Bartons Lane, Loy Yang, Victoria, Australia 3844
LYBJV owns two coal-fired generating units with generator nameplate ratings of 500,000 kW each, located in the
Latrobe Valley in the State of Victoria, Australia (the "Project"). Unit 1 began commercial operation on
September 30, 1993, and Unit 2 began commercial operation on September 30, 1996.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI, through wholly owned subsidiaries of Edison Mission Energy, collectively owns 100% of the interests in
Loy Yang B Joint Venture, the foreign utility company, as explained below.
The system-owned venturer is Latrobe Power Partnership ("LPP"), which owns a 51% interest. LPP is 1% owned by
Edison Mission Energy Australia Ltd. (the managing general partner) and 99% owned by Mission Victoria Partnership
(a general partner).
Edison Mission Energy Australia Ltd. is wholly owned by Edison Mission Energy Holdings Pty Ltd, which is wholly
owned by Loy Yang Holdings Pty Ltd, which is a wholly owned subsidiary of MEC International B.V.
Mission Victoria Partnership is 52.31% owned by Latrobe Power Pty Ltd (general partner), 46.69% owned by
Traralgon Power Pty Ltd (general partner), and 1% owned by Mission Energy Ventures Australia Pty Ltd (managing
general partner). Latrobe Power Pty Ltd and Traralgon Power Pty Ltd are both owned 99% by MEC International B.V.
and 1% by Loy Yang Holdings Pty Ltd. Mission Energy Ventures Australia Pty Ltd is wholly owned by Loy Yang
Holdings Pty Ltd, which is owned as described above. Gippsland Power Pty Ltd. owns the remaining 49% in LYBJV.
Gippsland is 100% owned by Mission Energy Development Australia Pty Ltd., which is 100% owned by EME Victoria
Generation Ltd., which is 100% owned by EME Generation Holdings Ltd., which is 100% owned by Mission Hydro
Limited Partnership, which is 69% owned by MEC Wales BV, 30% owned by Mission Energy Wales Company and 1% owned
by Mission Hydro (UK) Limited. All three partners to Mission Hydro Limited Partnership are 100% directly or
indirectly owned by Edison Mission Energy.
(c) In May 1997, Edison Mission Energy, through its indirect and direct subsidiaries, closed financing (the
"Financing") for the purchase of the remaining 49% of LYBJV. The Financing was structured on a non-recourse
basis.
Page 43
Advance Opinion Undertaking - In the Advance Opinion Undertaking, EME is obligated to Chase Securities (as
---------------------------
Security Agent under the Project Facility) to cause to make available to the Project funds in an amount
sufficient to pay income or capital gains taxes on assessments under the Australian income tax laws which
materially and adversely affect (a) the Project, (b) the operating cash flow of the Project or (c) the ability to
meet obligations to pay interest or repay principal or other amounts under the Project Facility (which result
from an assessment which directly conflicts with certain tax assumptions expressed in the Advance Opinion from
the Australian Tax Office).
On October 31, 2003, the existing EME Letter of Credit was retired and was replaced by one issued by
Bank of America on behalf of EME Australia Capital Pty Ltd., which is ultimately a wholly-owned subsidiary of MEC
International B.V., in favor of the Loy Yang B senior lenders, for the same amount.
LPP's and Gippsland's capital contribution = $50.8 million
(d) LPP's and Gippsland's Equity = $81.2 million
LPP's and Gippsland's Net Income after taxes for 2003 = $25.9 million
(e) An indirect, wholly owned subsidiary of MEC International B.V., Edison Mission Operation & Maintenance Loy
Yang Pty Ltd. operates the generating plant pursuant to an amended operating and maintenance contract. The
intermediate holding company of Edison Mission Operation & Maintenance Loy Yang Pty Ltd. is Edison Mission Energy
Holdings Pty Ltd. As operator, Edison Mission Operation & Maintenance Loy Yang Pty Ltd. performs the following
services: management and supervision of the construction commissioning, testing, operation and maintenance of
the Loy Yang B power station on behalf of the joint venture participants.
4.EME07 FIRST HYDRO COMPANY [FUCO]
(a) First Hydro Company ("FHC"), Bala House, St. David's Park, Deeside, Flintshire, Wales CH5 3XJ
The principal assets of FHC are two pumped storage stations located in North Wales at Dinorwig and Ffestiniog
which have a combined registered capacity of 2,088 MW. These facilities were built to provide additional
generation for meeting peak demand throughout the day and to provide rapid generation response to sudden changes
in electricity demands.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy, which through its
subsidiaries (i) wholly owned Mission Energy Wales Company, owns 30%LP of Mission Hydro Limited Partnership,
which in turn owns 100% of EME Generation Holdings Ltd., which in turn owns 100% of FHH No. 1 Limited, which owns
99% of First Hydro Holdings Company, which directly owns 99% of FHC and indirectly through its wholly owned
subsidiary First Hydro Finance plc owns the remaining 1% of FHC; (ii) wholly owned Mission Energy Holdings
International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and
indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or
100% of the Class B shares of MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C
shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned
subsidiary Edison Mission Project Co.; MECI owns 100% of Mission Energy Company (UK) Limited, which owns 100% of
Mission Hydro (UK) Limited, which in turn directly owns 1% of First Hydro Holdings Company through its 100%
interest in FHH No. 2 Limited and indirectly owns the remaining 99% of First Hydro Holdings Company through its
1%GP interest in Mission Hydro Limited Partnership, Mission Hydro Limited Partnership owns 100% of EME Generation
Holdings Limited, which owns 100% of FHH No. 1 Limited, which in turn owns 99% in first Hydro Holdings Company,
which in turn owns 100% of First Hydro Finance plc, which owns the remaining 1% of FHC, and (iii) the wholly
owned subsidiary Mission Energy Holdings International, Inc. owns 99.97% of MEC International B.V. (see above for
remaining 0.03%), which directly owns 100% of MEC Wales B.V., MEC Wales B.V. owns 69%LP of Mission Hydro Limited
Partnership, which in turn owns 100% of EME Generation Holdings, Ltd., which owns 99% of First Hydro Holdings
Company through its wholly owned subsidiary FHH No. 1 Limited; First Hydro Holdings Company owns 100% of First
Hydro Finance plc, which owns 1% of FHC the foreign utility company.
Page 44
(c) First Hydro Company ("FHC"), an indirect wholly owned subsidiary of EME, generates, markets and enters into
contracts for the purchase and sale of electricity. EME provides credit support to FHC in the form of guarantees
and letters of credit with respect to FHC's obligations arising out of these transactions. Following the
downgrade of EME on October 1, 2002, Edison Mission Operation & Maintenance Limited, an indirect wholly owned
subsidiary of EME ("EMOML") is providing credit support to FHC in the form of letters of credit, which replaced
the credit support provided by EME. Presently, EMOML is obligated to reimburse drawings under letters of credit
in an aggregate amount of $44.6 million.
(d) Capitalization or total equity = $314.5 million
Net income after taxes for 2003 = $15.9 million
(e) There are no contracts between FHC and any system company.
4.EME08 CBK POWER COMPANY LTD. [FUCO]
(a) CBK Power Company Limited, a Philippine limited partnership ("CBK"), 1701 One Magnificent Mile Building, San
Miguel Avenue, Ortigas Center, Pasig City, Philippines
Upon completion of all rehabilitation and upgrading (of 3 hydroelectric power plants known as Caliraya, Botocan,
and Kalayaan I and related civil structures located in the province of Laguna, Republic of the Philippines) and
construction of a new 355 MW, two-unit hydroelectric power plant and a new spillway), the new and upgraded CBK
Complex will have a reliable power output of 755 MW.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Edison Mission Millennium B.V. which owns 100% of EME Kalayaan B.V. and EME Caliraya
B.V.; EME Kalayaan B.V. owns 1% GP of CBK and EME Caliraya B.V. owns 49% LP of CBK.
(c) Capital invest as of December 31, 2003
Payment to IMPSA under General Engineering services = $20 million
Equity contribution = $58.2 million
Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution
obligation of $56 million (now $34 million). In the event EME should be down graded below investment grade, EME
would be required to provide a letter of credit to back up the uncontributed portion.
(d) Capitalization or total equity = $107.2 million
Net income after taxes for 2003 = $4.4 million
(e) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is $1.4 million.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is $765,000.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services. The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus. There are no consequential damages.
Page 45
4.EME09 KALAYAAN POWER MANAGEMENT CORPORATION (FUCO)
(a) Kalayaan Power Management Corporation, a Philippines Corporation, NPC Compound, Kalayaan, Province of
Laguna, Philippines
Kalayaan Power Management Corporation ("Kalayaan PMC"), Kalayaan PMC is to provide operation and services for CBK
Power Company Limited ("CBK") which is rehabilitating and upgrading four hydroelectric power plant projects in
the province of Laguna, Republic of the Philippines. Under the terms of a management and technical services
contract between CBK and this project. When this project is completed, the total installed capacity of these
four hydroelectric facilities will increase from 367.8 MW to approximately 728 MW, as follows: (1) the Kalayaan
I facility, a pumped storage facility with two turbine pump units will be upgraded such that both will be 168 MW,
for a total of 336 MW; (2) the Kalayaan II facility, another pumped storage facility, will be constructed to
consist of two pump units of 174.3 MW each, for a total of 348.6 MW; (3) the Caliraya hydroelectric facility will
be upgraded to divert water into two 11.3 MW units, for a total of 22.6 MW; and (4) the Botocan facility will be
upgraded to divert water into two 10 MW units, for a total of 20 MW. Each power plant will include auxiliary
equipment and interconnecting transmission facilities.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares). MECI owns 100% of Edison Mission Operation and Maintenance
Services B.V., which owns 50% of Kalayaan Power Management Corporation.
(c) Capital invest as of December 31, 2003 = $0.1 million
Equity Guarantee - Under the Capital Contribution Guarantee, EME guarantees its equity contribution obligation of
$56 million (now $34 million). In the event EME should be down graded below investment grade, EME would be
required to provide a letter of credit to back up the uncontributed portion.
(d) Capitalization or total equity = $0.3 million
Net income after taxes for 2003 = $0.1 million
(c) (1) Owner's Representative Agreement for onshore services - Entered into between CBK and EME Philippines
Services Corporation ("EME Philippines"). EME Philippines provides onshore owner's representative services to CBK
during the construction period. Total fee is $1.4 million.
(2) Owner's Representative Agreement for offshore services - Entered into between CBK and Edison Mission Energy
Asia ("EME Asia"). EME Asia provides offshore owner's representative services to CBK during the construction
period. Total fee is $765,000.
(3) Management and Technical Services Contract - This is the O&M contract entered into between CBK and Kalayann
Power Management Corporation ("KPMC") for 25 years commencing on February 9, 2001. KPMC is a 50/50 JV between
EMOM Services B.V. and IMPSA Construction and Services B.V. KPMC provides service to manage the maintenance,
repair and operation of CBK. The Fee is US$500,000 per year escalated according to US Producers Price Index.
CBK is also to reimburse all costs and expenses incurred by KPMC in performing these services. The aggregate
liability of KPMC shall in no event exceed the Management Fee plus bonus. There are no consequential damages.
4.EME10 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
(a) Italian Vento Power Corporation 4 S.r.l. ("IVPC"), Via Circumvallazione, 54/h, 83100 Avellino, Italy
IVPC is developing 280.7 MW of wind-generated capacity in rural Italy in eleven projects, consisting of clusters
of 660 kW and 600kW turbines and associated equipment in the following comunes (townships):
Page 46
(1) 47 turbines totaling 30 MW in Andretta and Bisaccia; (2) 60 turbines totaling 39.6 MW in Lacedonia and
Monteverde; (3) 41 turbines totaling 27.06 MW in Monacilioni, Pielracatella, and Sant Elia; (4) 60 turbines
totaling 39.6 MW in Forenza and Maschito; (5) 25 turbines totaling 15 MW in Volturara and Motta Moniecorvino; (6)
30 turbines totaling 18 MW in Roselo; (7) 47 turbines totaling 30.3 MW in Celle San Vito, Greci and Montaguto;
(8) 30 turbines totaling 19.8 MW in Panni; (9) 45 turbines totaling 29.7 MW in Bortigiadas, Aggius and Vidalba;
(10) 34 turbines totaling 22.44 MW in Avigliano; and (11) 14 turbines totaling 9.24 MW in Roseto. The projects
include transmission lines connecting the generating facilities to the grid, ranging in length from less than 100
meters to a maximum of 9 kilometers. IVPC is also constructing, but will not own, substations associated with the
projects. IVPC also owns and is currently operating a 2.4 MW project in Rocca San Felice consisting of four 600
kW turbines and associated equipment.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Edison Mission Wind Power Italy B.V. (formerly IVPC Energy 5 B.V.) ("EMWP"), which owns
50% of IVPC, the foreign utility company.
(c) The capital contribution made by Edison Mission Energy through Edison Mission Wind Power was $55.7 million.
Under the terms of the Intercreditor Agreement dated March 3, 2000, to which EMWP is a party, any Junior Debt,
which is widely defined as, essentially, any liability owed by IVPC to EMWP, is subordinated to the obligations
of IVPC to the banks party thereto, in a manner in which any amount received or otherwise receivable by EMWP from
IVPC may be applied against IVPC's debts to such banks, save for certain excepted payments specified therein,
referred to as Permitted Distributions.
Under the terms of the Project Finance Facilities Syndicated Credit Agreement dated September 7, 2000, to which
IVPC, but not EMWP, is a party, there are restrictions imposed upon IVPC on amounts that IVPC may distribute or
otherwise pay to EMWP and in certain circumstances amounts otherwise so distributable or payable may be applied
against the amounts outstanding under that agreement from IVPC to the banks lending thereunder.
EMWP has also pledged its shares to the lenders under the Facilities Agreement referred to above and other
financial institutions as security for IVPC's obligations.
(c.1) (a) on March 3, 2000, EMWP and IVPC entered into a "Subordinated Loan Agreement" according to which EMWP
has undertaken to finance IVPC by way of subordinated loans in the amounts set forth therein; and (b) according
to the "Development Permits for Stages A and B" letter dated March 15, 2000, MECI has undertaken toward UPC
International Partnership CV II, inter alia, the obligation to procure that EMWP extends a loan to IVPC for up to
50% of the equity contribution required to be contributed to IVPC with respect to such Stage under the Senior
Loan, in the event that any Permit for Stages A and B has not been issued.
(d) Capitalization or total equity = ($9.6 million)
Net income after taxes for 2003 = $8.6 million
(e) There are no services contracts between IVPC and any system company.
4.EME11 CONTACT ENERGY LIMITED [FUCO]
(a) Contact Energy Limited ("Contact"), Level 1, Harbour City Tower, 29 Brandon Street, Box 10-742, Wellington,
New Zealand
Page 47
In March 1999, Edison Mission Energy Taupo Ltd.("EME Taupo"), an indirect, wholly owned subsidiary of Edison
Mission Energy entered into agreements with the government of New Zealand to acquire 40% of Contact. Contact
owns and operates hydroelectric, geothermal and natural gas-fired power generating plants in New Zealand with a
total generating capacity of 2,449 MW. Contact also supplies gas and electricity to customers in New Zealand and
has a minority interest in a power project in Australia. The acquisition was conditioned on the New Zealand
government completing an initial public offering of the remaining 60% of Contact, which occurred in mid-May
1999. In December 2000, Edison Mission Energy's ownership increased a total of 2.26% due to (i) Contact's buyback
of shares from the open market and (ii) an additional purchase of shares by Mission Energy Pacific Holdings
(formerly EME Pacific Holdings ("Pacific").
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of EME Atlantic Holdings Limited, which owns 100% of EME Ascot Limited, which owns 100% of
EME Buckingham Limited, which owns 100% of EME Precision B.V., which owns 100% of Mission Energy Universal
Holdings [formerly EME Universal Holdings], which now owns 0.624% of Contact and 100% of Mission Energy Pacific
Holdings [formerly EME Pacific Holdings], which now owns 50.598% of Contact, the foreign utility company. EME,
through its subsidiaries, now owns 51.2% of Contact.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary Edison Mission Project
Company, in the amount of $467 million.
In December 2000, EME Taupo transferred its 40% interest in Contact to Pacific as part of a global restructuring
of Edison Mission Energy's investment in Contact (the "Transfer"). In connection with the Transfer, Edison
Mission Energy entered into a Deed of Covenant in favor of the institutional subscriber of (NZ)$160 million of
the preferred stock issued by EME Taupo in May 1999. This Deed of Covenant requires Edison Mission Energy to
compensate the institutional preferred stock subscriber in the event that a private binding ruling issued to it
by the New Zealand Inland Revenue Department ceases to apply as a direct result of the Transfer. The amount of
any compensation that may become payable by Edison Mission Energy under the further Deed of Covenant is limited
to that necessary to keep the preferred stock subscriber in the same position that it would have been in had the
private binding ruling continued to apply. Also in December 2000, Edison Mission Energy's ownership increased a
total of 2.26% due to (i) Contact's buyback of shares from the open market and (ii) an additional purchase of
shares by Pacific. In June of 2001, the existing EME Taupo and Pacific redeemable preference shares were
redeemed and Pacific issued new redeemable preference shares.
The redemption of the NZ$400 million preferred stock was funded by the issue of preferred stock through Mission
Contact Finance Limited and also by borrowings from CSFB for the US dollar equivalent of NZ$386,523,000.
(d) Capitalization or total equity = $527.9 million
Net income after taxes for 2003 = $39.6 million
(e) There are no service, sales or construction agreements between Contact and any system company.
4.EME12 TRI ENERGY COMPANY LIMITED [FUCO]
(a) Tri Energy Company Limited ("Tri Energy"), 16th Floor, Grand Amarin Tower, New Petchburi Road, Ratchathewi,
Bangkok 10320 Thailand
Tri Energy's facilities consist of a 700 MW gas turbine combined cycle facility located in Ratchaburi Province,
west of Bangkok, Thailand, and interconnection equipment necessary to connect the facility with
Page 48
the company's wholesale purchaser, the Electricity Generating Authority of Thailand. Tri Energy became
operational on June 30, 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of EME Tri Gen B.V., which owns 25% of Tri Energy Company Limited, the foreign utility
company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EME Tri Gen B.V. in the
amount of $23.3 million.
(d) Capitalization or total equity = $24.5 million
Net income after taxes for 2003 = $2.7 million
(e) Edison Mission Energy Asia Pacific Pte Ltd. ("EME Asia") and Tri Energy have entered into an Onshore Service
Agreement and an Offshore Service Agreement. Under the Onshore Service agreement, EME Asia is to provide
managerial, professional and technical services within Thailand to Tri Energy for a fixed annual fee of
$385,000. Under the Offshore Service agreement, EME Asia is to provide managerial, professional and technical
services outside of Thailand on an hourly fee basis. As of December 31, 2003, EME Asia has received payment of
$0.
4.EME13 IBERICA DE ENERGIAS, S.A. [FUCO]
(a) Iberica de Energias, S.A. ("Iberica"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
Iberica's facilities consist of the following fifteen mini-hydroelectric facilities which are capable of
producing a total of 48.55 MW:
Quintana: 1.48MW facility in Herrera de Valdecana, Palencia
La Flecha: 2.66MW facility in Arroyo Encomienda, Valladolid
Toro: 4.50MW facility in Toro, Zamora
Tudela: 1.48MW facility in Tudela de Duero, Valladolid
Sardon Bajo: 1.60MW facility in Villabanez, Valladolid
Bocos: 1.60MW facility in Bocos de Duero, Valladolid
Monasterio: 1.60MW facility in Quintanilla de Arriba, Valladolid
Logrono: 3.68MW facility in Logrono, La Rioja
Mendavia: 5.60MW facility in Mendavia, Navarra
La Ribera: 4.40MW facility in Pradejon, La Rioja
Gelsa: 7.20MW facility in Gelsa, Zaragoza
Alos: 4.80MW facility in Alos de Balaguer, Lerida
Castellas: 2.25MW facility in Valls de Aguilar, Lerida
Sossis: 3.3MW facility in Pyrenees (Lerida)
Olvera: 2.4MW facility in south of Spain (Jaen)
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power
Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 96.65% of Iberica de Energias,
the foreign utility company, and Iberian Hy-Power Amsterdam B.V. owns the remaining 3.35%.
Page 49
(c) The capital contribution made by Edison Mission Energy through its subsidiary Iberian Hy-Power Amsterdam
B.V. was $21,992,654. In August, 1993, MECI, through its 34% ownership interest and its direct ownership
interest in Hydro Energy B.V., acquired an aggregate 40.6% interest in Energias Hidraulicas, S.A. ("EH") from
Energies, S.A., the hydroelectric development subsidiary of Vivendi (formerly Compagne Generale des Eaux).
Subsequently, EH sold Iberica and Mediterranea to Hydro Energy B.V. Compagne Generale des Eaux is a French water
utility company. EH is a Spanish holding company which will develop water right concessions, but has no
operating facilities. During 1996, the five facilities previously owned by Compania Mediterranea de Energias,
S.A., were merged into Iberica. Also in 1996, Energias Hidraulicas' name was changed to Edison Mission Energy
Espana, S.A. During 1997, EH, Hidroelectrica de Sossis S.A. and Hidroelectrica de Olvera S.A. were merged into
Iberica.
In connection with the acquisition of EH, Vivendi provided to Iberica and Mediterranea a 10-year limited revenue
guaranty, which allowed Iberica and Mediterranea to secure non-resource project financing. Consideration to
Vivendi for the acquisition of Iberica and Mediterranea included the assumption of Hydro Energy B.V. of an
existing loan with deferred payments to Vivendi beginning in 1999 and ending in 2003. On September 30, 2003, the
loan was repaid to Vivendi in full.
(d) Capitalization or total equity = $59.7 million
Net income after taxes for 2003 = ($2.1 million)
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2003, EMESA has paid Iberica $554,000
for services rendered under this management fee arrangement.
4.EME14 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
(a) Electrometalurgica del Ebro, S.A. ("EMESA"), Paseo de Gracia 18, Planta 4, 08007, Barcelona, Spain
EMESA's facilities consist of three mini-hydroelectric facilities (Sastago I, Sastago II and Menza) all located
near the Ebro River in Zaragoza. The three mini-facilities are masonry weir, concrete intake structures capable
of producing 3 MW, 17.3 MW and 13 MW, respectively.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 10% of Hydro Energy B.V. and indirectly through its wholly owned subsidiary Iberian Hy-Power
Amsterdam B.V. owns the remaining 90% of Hydro Energy B.V.; Hydro Energy B.V. owns 96.65% of Iberica de Energias
and Iberian Hy-Power Amsterdam B.V. owns the remaining 3.35%; Iberica de Energias owns 91.32% of EMESA, the
foreign utility company.
(c) The capital contribution made by MECI through Iberian Hy-Power Amsterdam B.V. was $63,266.
(d) Capitalization or total equity = $9.5 million
Net income after taxes for 2003 = $2.1 million
(e) There is a management fee agreement between Iberica and Electro Metalurgica del Ebro S.L. (EMESA). Iberica
provides administrative and financial services to EMESA. As of December 31 2003, EMESA has paid Iberica $554,000
for services rendered under this management fee arrangement.
Page 50
4.EME15 PERTH POWER PARTNERSHIP [FUCO] - SUCCESSOR OF INTEREST TO KWINANA POWER PARTNERSHIP ("KPP")
(a) Perth Power Partnership ("PPP") (formerly Kwinana Power Partnership), James Court, Kwinana Beach 6167,
Western Australia.
PPP's facilities used for the generation, transmission, or distribution of electric energy for sale consist of a
116 MW gas-fired combined cycle cogeneration plant at the oil refinery owned and operated by British Petroleum
Refinery Proprietary Limited at Kwinana near Perth, Australia, and interconnection equipment necessary to connect
the plant with the refinery and with PPP's wholesale purchaser, Western Power Corporation. KPP commenced
operation in December 1996. On August 11, 2000, KPP sold 30% of the facilities and obligations related to the
facilities to SembCorp Energy (Kwinana) Pte Ltd. (SembCorp). KPP and SembCorp simultaneously formed PPP, a
partnership to directly own the facilities. SembCorp owns a 30% partnership interest in PPP, and KPP owns a 70%
partnership interest. The partners of KPP continue to be MEC Perth B.V. (99%) and Mission Energy (Kwinana) Pty
Ltd. (1%).
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of MEC Perth B.V.; MEC Perth B.V. owns 99% of KPP, which owns 70% of PPP, the foreign utility
company. MECI also directly owns 100% of Loy Yang Holdings Pty Ltd, which owns 100% of Edison Mission Energy
Holdings Pty Ltd, which owns 100% of Mission Energy (Kwinana) Pty Ltd, which owns the remaining 1% of KPP, which
owns 70% of PPP, the foreign utility company.
(c) The only outstanding guarantee by Edison Mission Energy or a subsidiary in relation to PPP is the Guarantee
and Indemnity dated March 21, 1995, between KPP and Edison Mission Operation & Maintenance, Inc. ("MOMI
Guarantee") (assigned to PPP on August 11, 2000). The MOMI Guarantee is given to Edison Mission Operation &
Maintenance, Inc. to guarantee the operations of Edison Mission Operations (Kwinana) Pty Ltd under the Kwinana
Operation and Maintenance Agreement dated March 21, 1995.
(d) Capitalization or total equity = $35 million
Net income after taxes for 2003 = $0.7 million
(e) The Administrative Support Agreement dated March 21, 1995, between Edison Mission Energy Holdings Pty Ltd
and KPP (assigned to PPP pursuant to Assumption Deed dated August 8, 2000). Under the Administrative Support
Agreement, Edison Mission Energy Holdings Pty Ltd agrees to provide personnel and administrative support, (e.g.,
accounting, banking and tax, business promotion) to KPP to assist KPP in fulfilling its obligations under the
Syndicated Project Facility Agreement dated March 21, 1995.
The Operation and Maintenance Agreement ("OMA") between Mission Operations (Kwinana) Pty Limited and KPP dated
March 21, 1995 (amended and restated pursuant to Deed of Amendment and Restatement dated August 7, 2000, and
assigned to PPP on August 11, 2000.) The OMA appoints an indirect, wholly owned subsidiary of MECI, Edison
Mission Operation & Maintenance Kwinana Pty Ltd ("EMOK") to operate and maintain the Kwinana cogeneration plant
and equipment. EMOK received $413,000 in compensation as operator in 2003.
Under the Professional and Administrative Services Agreement ("PASA") between EMOK and Edison Mission Energy
Holdings Pty Ltd. ("EMEH") dated March 17, 1995, EMEH agrees to provide professional and administrative services
(e.g., accounting, banking and tax, business promotion) and staff to EMOK to assist EMOK in fulfilling its
obligations under the OMA. EMEH received $0 in compensation under the PASA in 2003.
Under the Technical Support Agreement ("TSA") between Edison Mission Operation and Maintenance, Inc ("EMOMI") and
Edison Mission Operation & Maintenance Pty Ltd dated March 17, 1995, EMOMI provides
Page 51
technical support, (i.e., personnel and knowledge) to EMOK to enable EMOK to comply with its obligations under
the OMA. EMOMI received $0 in compensation under the TSA in 2003.
4.EME16 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
(a) Doga Enerji Uretim Sanayi ve Ticaret L.S. ("Doga"), Merkez Mahallesi, Birlik Caddesi 11/8, Esenyurt,
Istanbul, Turkey
Doga's facility used for the generation, transmission, or distribution of electric energy for sale consists of a
180 MW combined cycle turbine cogeneration plant in Istanbul, Turkey. Doga became operational in May 1999.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of MEC Esenyurt B.V.; MEC Esenyurt B.V. owns 80% of Doga, the foreign utility company.
(c) In connection with the financing of Doga, Edison Mission Operation & Maintenance, Inc. ("EMOMI"), pursuant
to a guarantee ("EMOMI Guarantee"), has guaranteed (for the benefit of Doga and the Banks) the financial
obligations of Doga Isletme ve Bakim Ticaret L.S. (as operator) to Doga under the Operation and Maintenance
Agreement for the operation and maintenance of the power plant. The maximum amount payable by EMOMI under the
EMOMI Guarantee is capped at the base fee paid in any given year (no more than $1 million per year.)
The capital contribution made by Edison Mission Energy through MEC Esenyurt B.V. was $31.4 million.
(d) Capitalization or total equity = $32.1 million
Net income after taxes for 2003 = $3.2 million
(e) There are no contracts between Doga and any system company.
4.EME17 PT. PAITON ENERGY [FUCO]
(a) PT. Paiton Energy ("Paiton"), Jl. Raya Surabaya Situbondo KM 141, Paiton 67291, Probolinggo, East Java,
Indonesia
Paiton's facilities consist of two coal-fired electric generating units in Paiton, Indonesia, on the northeast
Java coast, both of which achieved commercial operation during 1999. Each unit has a nominal net design capacity
of 605 MW and is comprised of a boiler and steam turbine generator with ancillary facilities. The two units
share a control room.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI directly owns 99% of MEC Indonesia B.V. and through its wholly owned subsidiary MEC International
Holdings B.V. indirectly owns the remaining 1% of MEC Indonesia B.V.; MEC Indonesia B.V. owns 40% of PT. Paiton
Energy, the foreign utility company.
Page 52
(c) Capital contribution made by Edison Mission Energy through its subsidiary MEC Indonesia B.V. was in the
amount of $125,694,200. Edison Mission Energy and its wholly owned affiliates, MEC Indonesia B.V., MEC
International B.V., and MEC International Holdings B.V. ("Mission Affiliates") have undertaken the following
obligations:
The project is financed by multiple credit facilities (the "Credit Facilities"), of varying terms and tenor,
provided by the Export-Import Bank of the United States, the Japan Bank for International Cooperation, Overseas
Private Investment Corporation and commercial banks. The project also contains financing indirectly provided by
the proceeds of $180,000,000 of bonds issued in reliance upon Rule 144A.
The following is a listing of the various obligations of EME with respect to the Paiton Project:
Guarantees Related to Equity Infusion. EME and its wholly-owned affiliates (MEC International, B.V.,
--------------------------------------
MEC International Holdings, B.V. and MEC Indonesia (the "Mission Affiliates")) have undertaken the following
obligations:
Equity Support Guarantee. EME and the Mission Affiliates have guaranteed payment of 47.06% of PE's
-------------------------
obligations to contribute base equity, overrun equity and contingent overrun equity to the Paiton
Project. EME and the Mission Affiliates' obligations are $320,008,000 for base equity (as of
December 31, 1999 these obligations had been fully funded), $82,355,000 for overrun equity (as of
September 30, 2000, this amount had been fully funded), and $58,825,000 for contingent overrun equity
(as of December 31, 2003, $14,067,784 remains outstanding). The total EME/Mission Affiliates'
commitment is $461,188,000.
(a) Overrun Equity. Overrun Equity in the amount of $82,355,000 (EME/Mission Affiliates' portion)
---------------
is for costs incurred by the Paiton Project that were not included in the project budget and
not otherwise covered by third parties such as insurers or the construction contractor.
(b) Contingent Overrun Equity. Contingent Overrun Equity in the amount of $58,825,000 (EME/Mission
--------------------------
Affiliates' portion) will be utilized on the same basis as Overrun Equity once the Overrun
Equity has been fully utilized.
(c) BHP Loans. EME has agreed to lend 47.06% of the equity amount required to be contributed by
----------
P.T. Batu Hitam Perkasa, an Indonesian limited liability company, and 15% shareholder in PE
(the "BHP Loans"). The BHP Loans are to be repaid out of PE dividends, carry an interest rate
of Libor plus 2.25%, a term of 20 years. The BHP Loan obligation is included in EME's Equity
Support Agreement commitment and accounts for $21,459,360 of that obligation. This obligation
has been fully funded.
(d) Capitalization or total equity = $159 million
Net loss after taxes for 2003 = $34.2 million
(e) Edison Mission Energy Asia Pte Ltd., a wholly owned subsidiary of MEC International B.V., has entered into
an Operation and Maintenance Agreement with Paiton to provide operation and maintenance services. The services
under the Operation and Maintenance Agreement have been assumed by P.T. Edison Mission Operation & Maintenance
Indonesia ("PTEMO&M"), another indirect subsidiary of Edison Mission Energy. PTEMO&M has received $18 million in
fees from Paiton in 2003.
4.EME18 ISAB ENERGY, s.r.l. [FUCO]
(a) ISAB Energy, s.r.l. ("ISAB"), Corso Gelone No. 103, Siracusa, Sicily, Italy
ISAB's facilities consist of a 512 MW integrated gasification and combined cycle power plant, located in Priolo
Gargallo, 8 kilometers from Siracusa, Sicily. ISAB became operational in April 2000.
Page 53
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI directly owns 100% of MEC Priolo B.V.; MEC Priolo B.V. owns 49% of ISAB, the foreign utility company.
(c) In connection with the refinancing of ISAB in June 2000, (i) the partners agreed to reduce the equity and
subordinated debt required from 25% of project costs to 10%, and (ii) Edison Mission Energy guaranteed (for the
benefit of the banks financing the construction of the power plant) MEC Priolo B.V.'s obligation to inject into
ISAB equity and subordinated debt totaling $45,133,150. In connection with the financing of ISAB, Edison
Mission Operation & Maintenance, Inc. ("EMOMI") pursuant to a guarantee (the "EMOMI Guarantee") has guaranteed
(for the benefit of ISAB and the banks financing the construction of the ISAB power plant) ISAB Energy Services'
financial obligations (as the operator) to ISAB under the Operation and Maintenance Agreement for the operation
and maintenance of the power plant. The maximum payable by EMOMI under the EMOMI Guarantee is capped at the
mobilization fee or base fee paid in any given year (anywhere from $3-5 million per year). Deasphalter O&M
(capped at base or mobilization fee - less than $1 million per year).
(d) Capitalization or total equity = $126 million
Net income after taxes for 2003 = $30.6 million
(e) ISAB and Edison Mission Energy Limited ("EMEL") entered into a Secondment Agreement on January 1, 1997,
wherein EMEL seconds certain of its employees to ISAB to assist in areas related to ISAB's business (i.e.,
project management). Under this agreement, EMEL has received compensation in the amount of $0 for 2003.
Mission Energy Italia s.r.l. ("MEI") and ISAB have entered into a Secondment Agreement effective January 1, 1997
(amended October 1, 2000), wherein MEI seconds certain of its employees to ISAB to assist in areas related to
ISAB's business (i.e., project control and general management). Under this Secondment Agreement, MEI has
received $14,000 for the year ended December 31, 2003.
EMEL entered into a Sponsor Support Agreement with ISAB effective January 1, 1997 (amended October 1, 2000),
wherein EMEL provides activities to ISAB in the areas which include the following: financial model
administration; maintenance and development of relationship with lenders to ISAB; advice on finance; maintenance
and development of relationship with insurance companies; maintenance and development of relationship with
international law firms; supervision and preparation of legal contracts and provide interpretation of existing
contracts. During 2003, EMEL has received $62,000 under this Sponsor Support Agreement.
4.EME19 DERWENT COGENERATION LIMITED [FUCO]
(a) Derwent Cogeneration Limited ("Derwent"), Lansdowne House, Berkeley Square, London W1X 5DH England
The 214 MW plant at Spondon, Derbyshire, England, went into operation in 1995.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 100% of Mission Energy Company (UK) Limited which owns 33% of Derwent, the foreign utility company.
Page 54
(c) Total capital contribution = $3 million
(d) Capitalization or total equity = $3.6 million
Net income after taxes for 2003 = $4.6 million
(e) Edison Mission Services Limited (formerly Mission Energy Services Limited) ("EMSL") provided construction
management services to Derwent throughout the construction phase of the project and is now the operator of the
facility. EMSL is to receive a fee of $3,266,808 per year for operation and maintenance services as well as
reimbursement from Derwent for expenditures incurred for operation and maintenance services. EMSL received
$3.2 million in fees in 2003.
4.EME20 LAKELAND POWER LTD. [FUCO]
(a) Lakeland Power Ltd. ("Lakeland"), Roosecote Power Station, Barrow-in-Furness, Cumbria, England LA13 OPQ
Lakeland's facilities consist of a 220 MW gas-fired combined cycle electricity generation plant.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project
Co. MECI owns 1% of Pride Hold Limited and 100% of Mission Energy Company (UK) Limited; Mission Energy Company
(UK) Limited owns 99% of Pride Hold Limited. Pride Hold Limited owns 100% of Lakeland Power Ltd., the foreign
utility company.
(c) The capital contribution made by Edison Mission Energy through its subsidiary Pride Hold Limited was
$0.
(d) Capitalization or total equity = $0
Net income after taxes for 2003 = $0
(e) There are no contracts between Lakeland and any system company.
4.EME21 ECOELECTRICA LP [FUCO]
(a) EcoElectrica L.P. ("EcoElectric"), a Bermuda limited partnership ("EcoElectrica") Plaza Scotiabank, Suite
902, Avenida Ponce de Leon 273, Hato Rey, Puerto Rico 00918
EcoElectrica owns and operates a liquefied natural gas marine unloading facility, two 1,000,000-barrel LNG
storage tanks, LNG vaporization equipment, an approximately 461 MW cogeneration power plant facility with two
natural gas turbines and one steam turbine, and a desalination plant, located in Penuelas, Puerto Rico.
EcoElectrica also owns and operates: a 2.3 mile, 230 kV transmission line connecting the power plant substation
to an existing Puerto Rico Electric Power Authority ("PREPA") substation, a 1.2 mile, 24 inch diameter natural
gas accumulator pipeline, a 3.5 mile, 10 inch diameter pipeline to supply liquefied petroleum gas ("LPG") to the
facility, and a 1.1 mile, 6 to 8 inch diameter pipeline connecting the natural gas accumulator and PREPA's Costa
Sur Power Plant. EcoElectrica became operational in March 2000.
(b) Edison International owns 100% of Edison Mission Group Inc.; Edison Mission Group Inc. owns 100% of Mission
Energy Holding Company; Mission Energy Holding Company owns 100% of Edison Mission Energy; Edison Mission Energy
owns 100% of Mission Energy Holdings International, Inc. Mission Energy Holdings International, Inc. directly
owns 99.97% (100% of the Class A shares) of MEC International B.V. ("MECI") and indirectly owns 0.02% of MECI
through its wholly owned subsidiaries EME UK International LLC, which owns 0.01% or 100% of the Class B shares of
MECI, and EME Southwest Power Corporation, which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission
Energy owns 0.01% (100% of the
Page 55
Class D shares) of MECI through its wholly owned subsidiary Edison Mission Project Co. MECI owns 100% of
EcoElectrica S.a.r.l; EcoElectrica S.a.r.l. owns 100% of EME del Caribe Holding GmbH; EME del Caribe Holding GmbH
owns 100% of EME del Caribe; EME del Caribe owns 50% of EcoElectrica Holdings, Ltd.; EcoElectrica Holdings, Ltd.
owns 100% of EcoElectrica Ltd. and 99%LP of EcoElectrica; EcoElectrica Ltd. owns 1%GP of EcoElectrica, the
foreign utility company.
(c) Capital contributions were made by Edison Mission Energy through its subsidiary EcoElectrica S.a.r.l. in the
amount of $258 million.
The following is a listing of the various obligations of Edison Mission Energy with respect to EcoElectrica:
EcoElectrica entered into an Option to Purchase Agreement with Union Carbide Caribe Inc. ("UCCI") under which
EcoElectrica agreed to indemnify UCCI with respect to certain post-closing activities (property damage or
personal injury) and environmental contamination on the plant site. This indemnity obligation was guaranteed by
Enron Power Corp. and Kenetech Energy Systems Inc., ("KES") pursuant to a Guaranty dated November 25, 1997 (the
"UCCI Guaranty").
Edison Mission Energy was required to execute a Guarantee Assumption Agreement under which Edison Mission Energy
agreed to assume all of the obligations of KES under the UCCI Guaranty.
(d) Capitalization or total equity = $31.2 million
Net income after taxes for 2003 = $8.3 million
(e) Assignment and Assumption Agreement: On October 31, 1997, KES Bermuda, Inc. and EcoElectrica entered into
that certain Administrative Services Agreement pursuant to which KES Bermuda, Inc. receives a fee, plus expense
reimbursement in return for providing advisory services to EcoElectrica. As of December 23, 1998, KES Bermuda,
Inc. assigned its rights, title and interests under said agreement to EME del Caribe. As of December 31, 2003,
EME del Caribe has received $762,000 for providing services to EcoElectrica.
Page 56
EXHIBIT A
A CONSOLIDATING STATEMENT OF INCOME AND SURPLUS OF THE
CLAIMANT AND ITS SUBSIDIARY COMPANIES FOR THE LAST CALENDAR YEAR,
TOGETHER WITH A CONSOLIDATING BALANCE SHEET OF CLAIMANT AND ITS
SUBSIDIARY COMPANIES AS OF THE CLOSE OF SUCH CALENDAR YEAR.
Consolidating statements of income and surplus for the year ended December 31, 2003, and consolidating
balance sheets as of December 31, 2003, for the claimant and its subsidiary companies.
EXHIBIT B
AN ORGANIZATIONAL CHART SHOWING THE RELATIONSHIP OF EACH EWG
OR FOREIGN UTILITY COMPANY TO ASSOCIATE COMPANIES IN THE HOLDING
COMPANY SYSTEM.
The above-named claimant has caused this statement to be duly executed on its behalf by its authorized
officer on this 27th day of February, 2004.
EDISON INTERNATIONAL
By: Kenneth S. Stewart
------------------
Kenneth S. Stewart
Assistant General Counsel
Corporate Seal
Attest:
Bonita J. Smith
---------------
Bonita J. Smith
Assistant Secretary
NAME, TITLE AND ADDRESS OF OFFICER TO WHOM NOTICES AND CORRESPONDENCE CONCERNING THIS STATEMENT SHOULD BE
ADDRESSED:
Kenneth S. Stewart Assistant General Counsel
-------------------------------------------------------------------------------------
(Name) (Title)
2244 Walnut Grove Avenue, Post Office Box 999, Rosemead, CA 91770
-----------------------------------------------------------------
(Address)
Page 57
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
Page 58
SCHEDULE I
SOUTHERN CALIFORNIA EDISON COMPANY
ELECTRIC GENERATING PROPERTIES
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
MAIN SYSTEM - SCE OWNED
COAL:
Four Corners San Juan, NM 4 07/01/1969 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
5 07/01/1970 818,100
Owned by Others - 52% (425,412)
----------------
Owned by SCE - 48% 392,688
TOTAL SCE 785,376
================
Mohave Clark, NV 1 04/01/1971 818,100
Owned by Others - 44% (359,964)
----------------
Owned by SCE - 56% 458,136
2 10/01/1971 818,100
Owned by Others - 44% (359,964)
----------------
Owned by SCE - 56% 458,136
TOTAL SCE 916,272
================
TOTAL COAL 1,701,648
================
NUCLEAR:
San Onofre San Diego 1 01/01/1968 0
Owned by Others - 20% 0
----------------
Owned by SCE - 80% 0
2 08/08/1983 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
3 04/01/1984 1,127,000
Owned by Others - 24.95% (281,185)
----------------
Owned by SCE - 75.05% 845,815
TOTAL SCE 1,691,630
================
Palo Verde Maricopa, AZ 1 02/01/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
2 09/19/1986 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
Page 59
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
3 01/20/1988 1,403,100
Owned by Others - 84.2% (1,181,410)
----------------
Owned by SCE - 15.8% 221,690
TOTAL SCE 665,070
================
TOTAL NUCLEAR: 2,356,700
================
HYDRO:
NORTHERN REGION HYDROELECTRIC PLANTS:
Big Creek #1 Fresno 1 11/08/1913 19,800
2 11/08/1913 15,750
3 07/12/1923 21,600
4 06/08/1925 31,200
----------------- ----------------
TOTAL PLANT 88,350
Big Creek #2 Fresno 3 12/18/1913 15,750
4 01/11/1914 15,750
5 02/01/1921 17,500
6 03/31/1925 17,500
----------------- ----------------
TOTAL PLANT 66,500
Big Creek #2A Fresno 1 08/06/1928 55,000
2 12/21/1928 55,000
----------------- ----------------
TOTAL PLANT 110,000
Big Creek #3 Fresno & Madera 1 10/03/1923 34,000
2 09/30/1923 34,000
3 10/05/1923 34,000
4 04/28/1948 36,000
5 02/24/1980 36,450
----------------- ----------------
TOTAL PLANT 174,450
Big Creek #4 Fresno & Madera 1 06/12/1951 50,000
2 07/02/1951 50,000
----------------- ----------------
TOTAL PLANT 100,000
Big Creek #4 Dam 7 Fresno & Madera 350
(fishwater generator)
Big Creek #8 Fresno 1 08/16/1921 30,000
2 06/08/1929 45,000
----------------- ----------------
TOTAL PLANT 75,000
Mammoth Pool Madera 1 03/28/1960 95,000
2 03/28/1960 95,000
----------------- ----------------
TOTAL PLANT 190,000
Page 60
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
NORTHERN REGION HYDROELECTRIC PLANTS
(continued)
Mammoth Pool - Res. Madera 937
(fishwater generator)
Portal Fresno 1 12/22/1956 10,800
John S. Eastwood Fresno 1 12/01/1987 199,800
TOTAL NORTHERN REGION HYDRO
PLANTS 1,016,187
================
EASTERN REGION HYDROELECTRIC PLANTS:
Fontana San Bernardino 1 12/22/1917 1,475
2 12/22/1917 1,475
----------------- ----------------
TOTAL PLANT 2,950
Kaweah #1 Tulare 1 05/25/1929 2,250
Kaweah #2 Tulare 2 09/13/1929 1,800
Kaweah #3 Tulare 1 05/29/1913 2,400
2 05/29/1913 2,400
----------------- ----------------
TOTAL PLANT 4,800
Kern River #1 Kern 1 05/19/1907 6,570
2 06/07/1907 6,570
3 07/29/1907 6,570
4 06/27/1907 6,570
----------------- ----------------
TOTAL PLANT 26,280
Kern River #3 Kern 1 05/13/1921 20,500
2 03/22/1921 19,675
----------------- ----------------
TOTAL PLANT 40,175
Kern River Borel Kern 1 12/31/1904 3,000
2 12/31/1904 3,000
3 01/23/1932 6,000
----------------- ----------------
TOTAL PLANT 12,000
Lytle Creek San Bernardino 1 10/23/1904 250
2 09/15/1904 250
----------------- ----------------
TOTAL PLANT 500
Ontario #1 Los Angeles 1 12/00/1902 200
2 12/00/1902 200
3 12/00/1902 200
----------------- ----------------
TOTAL PLANT 600
Ontario #2 Los Angeles 1 06/13/1963 320
Page 61
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
San Gorgonio #1* Riverside 1 12/05/1923 0
San Gorgonio #2* Riverside 1 12/17/1923 0
(Slated for decommissioning)
Santa Ana #1 San Bernardino 1 02/14/1899 800
2 02/10/1899 800
3 01/09/1899 800
4 01/10/1899 800
----------------- ----------------
TOTAL PLANT 3,200
Santa Ana #3 San Bernardino 1 11/16/1999 3,100
[Santa Ana #2 replaced by new Santa Ana #3 plant]
Sierra Los Angeles 1 01/12/1922 240
2 02/16/1922 240
----------------- ----------------
TOTAL PLANT 480
Tule River Tulare 1 09/14/1909 1,260
2 09/14/1909 1,260
----------------- ----------------
TOTAL PLANT 2,520
Mill Creek #1 San Bernardino 1 09/07/1893 800
Mill Creek #2* San Bernardino 1 08/03/1904 0
Mill Creek #3 San Bernardino 3 03/20/1903 1,000
4 01/23/1904 1,000
5 03/03/1904 1,000
----------------- ----------------
TOTAL PLANT 3,000
Bishop Creek #2 Inyo 1 11/00/1908 2,500
2 11/00/1908 2,500
3 06/00/1911 2,320
----------------- ----------------
TOTAL PLANT 7,320
Bishop Creek #3 Inyo 1 06/12/1913 2,750
2 06/12/1913 2,340
3 06/12/1913 2,750
----------------- ----------------
TOTAL PLANT 7,840
Bishop Creek #4 Inyo 1 09/20/1905 1,000
2 09/20/1905 1,000
3 00/00/1906 1,985
4 10/01/1907 1,985
5 00/00/1909 1,985
----------------- ----------------
TOTAL PLANT 7,955
Bishop Creek #5 Inyo 1 05/30/1943 2,000
2 06/01/1919 2,532
----------------- ----------------
TOTAL PLANT 4,532
*Not operational; currently being decommissioned.
Page 62
Generator
Location Unit Date of Nameplate
Name of Plant County No. Operation Rating kW
--------------------------------------------- --------------------- -------- ----------------- ----------------
EASTERN REGION HYDROELECTRIC PLANTS
(continued)
Bishop Creek #6 Inyo 1 03/12/1913 1,600
Lundy Mono 1 12/09/1911 1,500
2 02/02/1912 1,500
----------------- ----------------
TOTAL PLANT 3,000
Poole Mono 1 00/00/1924 11,250
Rush Creek Mono 1 10/17/1916 4,400
2 12/11/1917 4,000
----------------- ----------------
TOTAL PLANT 8,400
TOTAL EASTERN REGION HYDRO
PLANTS 156,672
================
TOTAL HYDRO PLANTS 1,172,859
================
TOTAL SCE OWNED RESOURCES (MAIN SYSTEM)
5,231,207
================
ISOLATED SYSTEMS:
Pebbly Beach (Diesel) Los Angeles 7 07/03/1958 1,000
(Catalina) 8 06/26/1963 1,500
10 07/25/1966 1,125
12 06/18/1976 1,550
14 10/24/1986 1,400
15 12/31/1995 2,800
----------------- ----------------
TOTAL PLANT 9,375
Catalina Hydro Los Angeles 1 05/05/1983 30
2 07/24/1985 22
3 07/24/1985 57
----------------- ----------------
TOTAL PLANT 109
TOTAL SCE OWNED RESOURCES: 9,484
================
TOTAL ISOLATED SYSTEMS RESOURCES
9,484
================
Page 63
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
Page 64
EXHIBIT A
CONSOLIDATING STATEMENTS OF INCOME AND SURPLUS
CONSOLIDATING BALANCE SHEETS
Attached hereto as Exhibit A are the following financial statements
dated as of December 31, 2003, or for the year then ended:
PAGES
Consolidating Balance Sheet and Consolidating Statements
of Income and Retained Earnings, unless otherwise noted:
-------------------------------Part 2------------------------------
Edison International and Subsidiaries 77-88
Southern California Edison Company and Subsidiaries 89-104
Southern California Edison Company and Subsidiaries
Equity Investments 105
Edison Ventures and Subsidiaries 106-111
Edison Mission Group Inc. and Subsidiaries 112-123
Edison Enterprises and Subsidiaries 124-129
Edison Source and Subsidiaries 130-135
Edison Technology Solutions and Subsidiaries 136-141
Edison Technology Solutions and Subsidiaries
Equity Investments 142
Mission Energy Holding Company and Subsidiaries 143-148
-------------------------------Part 3------------------------------
Edison Capital and Subsidiaries
Consolidating Balance Sheet 149-194
Consolidating Statements of Income and Retained Earnings 195-217
-------------------------------Part 4 -----------------------------
Edison Capital and Subsidiaries
Equity Investments in Real Estate Limited Partnerships
[Based on financial statements as of December 31, 2001] 218-285
Mission Land Company and Subsidiaries 286-300
Mission Power Engineering Company and Subsidiaries 301-306
-------------------------------Part 5 -----------------------------
Edison Mission Energy and Subsidiaries
Consolidating Balance Sheet 307-372
Consolidating Statements of Income and Retained Earnings 373-405
Equity Investments 406-412
-------------------------------Part 6------------------------------
Edison Mission Energy Fuel and Subsidiaries 413-421
Edison Mission Holdings Co. and Subsidiaries 422-430
EME CP Holdings Co. and Subsidiaries 431-439
EME Eastern Holdings Co. and Subsidiaries 440-445
Midwest Generation EME, LLC and Subsidiaries 446-454
Mission del Cielo, Inc. and Subsidiaries 455-460
Mission Energy Holdings International, Inc. and Subsidiaries 461-469
Mission Energy Wales Company and Subsidiaries 470-475
MEW, Mission Hydro Limited Partnership and Subsidiaries 476-481
MEW, MHLP, EME Generation Holdings Limited and Subsidiaries 482-490
MEW, MHLP, EGHI, EME Victoria Generation Limited and Subsidiaries 491-499
MEW, MHLP, EGHI, FFH No. 1 Limited and Subsidiaries 500-508
MEW, MHLP, EGHI, Loyvic Pty. Ltd. and Subsidiaries 509-514
Page 65
PAGES
-------------------------------Part 7 ------------------------------
MEC International B.V. and Subsidiaries 515-571
MECI, EcoElectrica S.a.r.l. and Subsidiaries 572-580
MECI, Edison Mission Millennium B.V. and Subsidiaries 581-589
MECI, Edison Mission Operation & Maintenance Services B.V. and Subsidiaries 590-595
MECI, EME Atlantic Holdings Limited and Subsidiaries 596-604
MECI, EMEA, Mission Energy Universal Holdings and Subsidiaries 605-613
-------------------------------Part 8 ------------------------------
MECI, Global Generation B.V. and Subsidiaries 614-619
MECI, GGBV, Edison First Power Holdings II and Subsidiaries 620-625
MECI, GGBV, EFPHII, Edison First Power Holdings I and Subsidiaries 626-634
MECI, GGBV, EFPHII, EFPHI, Maplekey Holdings Limited and Subsidiaries 635-640
MECI, Hydro Energy B.V. and Subsidiaries 641-646
MECI, Iberian Hy-Power Amsterdam B.V. and Subsidiaries 647-658
MECI, Latrobe Power Pty Ltd and Subsidiaries 659-664
MECI, Latrobe Valley B.V. and Subsidiaries 665-670
MECI, Loy Yang Holdings Pty Ltd and Subsidiaries 671-679
MECI, Loy Yang, Edison Mission Energy Holdings Pty Ltd and Subsidiaries 680-694
MECI, Loy Yang, Latrobe Power Pty Ltd and Subsidiaries 695-700
MECI, Loy Yang, Mission Energy Ventures Australia Pty Ltd and Subsidiaries 701-706
MECI, Loy Yang, Traralgon Power Pty. Ltd. and Subsidiaries 707-712
-------------------------------Part 9 ------------------------------
MECI, Majestic Energy Limited and Subsidiaries 713-718
MECI, MEC Esenyurt B.V. and Subsidiaries 719-724
MECI, MEC International Holdings B.V. and Subsidiaries 725-730
MECI, MEC Java B.V. and Subsidiaries 731-736
MECI, MEC Java, Edison Mission Energy Asia Pte Ltd. and Subsidiaries 737-745
MECI, MEC Perth B.V. and Subsidiaries 746-751
MECI, MEC San Pascual B.V. and Subsidiaries 752-757
MECI, MEC Wales B.V. and Subsidiaries 758-763
MECI, MEC Wales, Mission Hydro Limited Partnership and Subsidiaries 764-769
MECI, MEC Wales, MHLP, EME Generation Holdings Limited and Subsidiaries 770-778
MECI, MEC Wales, MHLP, EGHI, EME Victoria Generation Limited and Subsidiaries 779-787
MECI, MEC Wales, MHLP, EGHI, FFH No. 1 Limited and Subsidiaries 788-796
MECI, MEC Wales, MHLP, EGHI, Loyvic Pty. Ltd. and Subsidiaries 797-802
-------------------------------Part 10------------------------------
MECI, Mission Energy Company (U.K.) Limited and Subsidiaries 803-808
MECI, MEC(UK), Mission Hydro (UK) Limited and Subsidiaries 809-814
MECI, MEC(UK), MH(UK), FFH No. 2 Limited and Subsidiaries 815-823
MECI, MEC(UK), MH(UK), Mission Hydro Limited Partnership and Subsidiaries 824-829
MECI, MEC(UK), MH(UK), MHLP, EME Generation Holdings Limited and Subsidiaries 830-838
MECI, MEC(UK), MH(UK), MHLP, EME Gen, EME Victoria Generation Limited and Subsidiaries 839-847
MECI, MEC(UK), MH(UK), MHLP, EME Gen, FFH No. 1 Limited and Subsidiaries 848-856
MECI, MEC(UK), MH(UK), MHLP, EME Gen, Loyvic Pty Ltd. and Subsidiaries 857-862
MECI, MEC(UK), Pride Hold Limited and Subsidiaries 863-868
MECI, Pride Hold Limited and Subsidiaries 869-874
MECI, Traralgon Power Pty. Ltd. and Subsidiaries 875-880
MEC International B.V. and Subsidiaries Equity Investments 881-882
Page 66
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
Page 67
EXHIBIT B
EXEMPT WHOLESALE GENERATORS [EWGs]
AND FOREIGN UTILITY COMPANIES [FUCOs]
EDISON CAPITAL
--------------
4.EC01 ELECTRICIDAD DE LA PAZ S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Electricidad de La Paz S.A.
4.EC02 EMPRESA DE LUZ Y FUERZA ELECTRICA DE ORURO S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Edison Capital International (Bermuda) Ltd.
06 Edison Capital Latin American Investments (Bermuda) Ltd.
07 AIG-GE Capital Latin American Infrastructure Fund LP
08 Andes Energy XII Ltd.
09 Paz Holdings Ltd.
10 Empresa de Luz y Fuerza Electrica de Oruro S.A.
4.EC03 EPZ MISSION FUNDING MU TRUST [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Alpha
06 Mission Funding Mu
07 EPZ Mission Funding Mu Trust
4.EC04 EPZ MISSION FUNDING NU TRUST [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Epsilon
05 Mission Funding Delta
06 Mission Funding Nu
07 EPZ Mission Funding Nu Trust
4.EC05 LAKOTA RIDGE LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
Page 68
03 Edison Funding Company
04 Mission Funding Zeta
05 Lakota Ridge LLC 75%
4.EC06 SHAOKATAN HILLS LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Shaokatan Hills LLC 75%
4.EC07 WOODSTOCK HILLS LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Funding Zeta
05 Woodstock Hills LLC 75%
4.EC08 STORM LAKE POWER PARTNERS I LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Edison Capital
03 Edison Funding Company
04 Mission Iowa Wind Company
05 Storm Lake Partners I LLC 99%
EDISON MISSION ENERGY
---------------------
4.EME01 EME HOMER CITY GENERATION L.P. [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Chestnut Ridge Energy Company
06 EME Homer City Generation L.P. (99%LP)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Edison Mission Holdings Co.
05 Mission Energy Westside, Inc.
06 EME Homer City Generation L.P. (1%GP)
4.EME02 GORDONSVILLE ENERGY, LP [EWG] [Sold 11/21/2003]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Madison Energy Company
05 Gordonsville Energy, LP (49%)
Page 69
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Rapidan Energy Company
05 Gordonsville Energy, LP (1%)
4.EME03 MIDWEST GENERATION, LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Midwest Generation EME, LLC
05 Edison Mission Midwest Holdings Co.
06 Midwest Generation, LLC
4.EME04 SUNRISE POWER COMPANY LLC [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission del Cielo, Inc.
05 Mission del Sol, LLC
06 Sunrise Power Company, LLC (50%)
4.EME05 BROOKLYN NAVY YARD COGENERATION PARTNERS, LP [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy New York, Inc.
05 Brooklyn Navy Yard Cogeneration Partners, LP (50%)
4.EME06 LOY YANG B JOINT VENTURE [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06A Latrobe Power Pty Ltd (99%)
07A Mission Victoria Partnership (52.31%)
08A Latrobe Power Partnership (99%)
09A Loy Yang B Joint Venture (51%)
---
06B Loy Yang Holdings Pty Ltd
07B Edison Mission Energy Holdings Pty Ltd
08B Edison Mission Energy Australia Ltd
09B Latrobe Power Partnership (1%)
10B Loy Yang B Joint Venture (51%)
---
06C Loy Yang Holdings Pty Ltd
07C Latrobe Power Pty Ltd (1%)
08C Mission Victoria Partnership (52.31%)
09C Latrobe Power Partnership (99%)
10C Loy Yang B Joint Venture (51%)
Page 70
---
06D Loy Yang Holdings Pty Ltd
07D Mission Energy Ventures Australia Pty Ltd
08D Mission Victoria Partnership (1%)
09D Latrobe Power Partnership (99%)
10D Loy Yang B Joint Venture (51%)
---
06E Loy Yang Holdings Pty Ltd
07E Traralgon Power Pty Ltd (1%)
08E Mission Victoria Partnership (46.69%)
09E Latrobe Power Partnership (99%)
10E Loy Yang B Joint Venture (51%)
---
06F Traralgon Power Pty Ltd (99%)
07F Mission Victoria Partnership (46.69%)
08F Latrobe Power Partnership (99%)
09F Loy Yang B Joint Venture (51%)
---
06G Mission Energy Company (UK) Limited
07G Mission Hydro (UK) Ltd
08G Mission Hydro Limited Partnership (1%)
09G EME Generation Holdings Ltd
10G EME Victoria Generation Ltd
11G Mission Energy Development Australia Pty Ltd
12G Gippsland Power Pty Ltd
13G Loy Yang B Joint Venture (49%)
---
06H MEC Wales B.V. (100%)
07H Mission Hydro Limited Partnership (69%)
08H EME Generation Holdings Ltd
09H EME Victoria Generation Ltd
10H Mission Energy Development Australia Pty Ltd
11H Gippsland Power Pty Ltd
12H Loy Yang B Joint Venture (49%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 EME Victoria Generation Ltd
08 Mission Energy Development Australia Pty Ltd
09 Gippsland Power Pty Ltd
10 Loy Yang B Joint Venture (49%)
4.EME07 FIRST HYDRO COMPANY [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
---
06J Mission Energy Company (UK) Limited
07J Mission Hydro (UK) Ltd
08J Mission Hydro Limited Partnership (1%)
09J EME Generation Holdings Ltd
10J FFH No. 1 Limited
Page 71
11J First Hydro Holdings Company (99%)
12J First Hydro Company (99%)
---
12J First Hydro Finance plc
13J First Hydro Company (1%)
---
06K MEC Wales B.V. (100%)
07K Mission Hydro Limited Partnership (69%)
08K EME Generation Holdings Ltd
09K FFH No. 1 Limited
10K First Hydro Holdings Company (99%)
11K First Hydro Company (99%)
---
11K First Hydro Finance plc
12K First Hydro Company (1%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Wales Company
05 Mission Hydro Limited Partnership (30%)
06 EME Generation Holdings Ltd
07 FFH No. 1 Limited
08 First Hydro Holdings Company (99%)
09 First Hydro Company (99%)
---
09 First Hydro Finance plc
10 First Hydro Company (1%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Mission Hydro (UK) Ltd
08 FFH No. 1 Limited
09 First Hydro Holdings Company (1%)
10 First Hydro Company (99%)
---
10 First Hydro Finance plc
11 First Hydro Company (1%)
4.EME08 CBK POWER COMPANY LTD. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Millennium B.V.
07 EME Caliraya B.V. (75%)
08 CBK Power Company Ltd. (49%)
---
07 EME Kayalaan B.V.
08 CBK Power Company Ltd. (1%)
Page 72
4.EME09 KALAYAAN POWER MANAGEMENT CORPORATION [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Operation and Maintenance Services B.V.
07 Kalayaan Power Management Corporation (50%)
4.EME10 ITALIAN VENTO POWER CORPORATION 4 S.R.L. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Edison Mission Wind Power Italy B.V.
07 Italian Vento Power Corporation 4 S.r.l. (50%)
4.EME11 CONTACT ENERGY LIMITED [EWG]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Atlantic Holdings Limited
07 EME Ascot Limited
08 EME Buckingham Limited
09 EME Precision B.V.
10 Mission Energy Universal Holdings
11 Mission Energy Pacific Holdings
12 Contact Energy Limited (50.598%)
---
10 Mission Energy Universal Holdings
11 Contact Energy Limited (0.624%)
4.EME12 TRI ENERGY COMPANY LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EME Tri Gen B.V.
07 Tri Energy Company Limited (25%)
4.EME13 IBERICA DE ENERGIAS, S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
Page 73
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
---
07 Iberica de Energias (3.35%)
4.EME14 ELECTROMETALURGICA DEL EBRO, S.A. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Hydro Energy B.V. (10%)
07 Iberica de Energias, S.A. (96.65%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Iberian Hy-Power Amsterdam B.V.
07 Hydro Energy B.V. (90%)
08 Iberica de Energias, S.A. (96.65%)
09 Electrometalurgica del Ebro, S.A. (91.32%)
--
07 Iberica de Energias, S.A. (3.35%)
08 Electrometalurgica del Ebro, S.A. (91.32%)
4.EME15 PERTH POWER PARTNERSHIP [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Perth B.V. (100%)
07 Kwinana Power Partnership (99%)
08 Perth Power Partnership (70%)
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Loy Yang Holdings Pty. Ltd.
07 Edison Mission Energy Holdings Pty. Ltd.
08 Mission Energy (Kwinana) Pty. Ltd.
09 Kwinana Power Partnership (1%)
Page 74
10 Perth Power Partnership (70%)
4.EME16 DOGA ENERJI URETIM SANAYI VE TICARET L.S. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Esenyurt B.V. (100%)
07 Doya Enerji Uretim Sanayi ve Ticaret L.S. (80%)
4.EME17 PT. PAITON ENERGY COMPANY [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Indonesia B.V. (99%)
07 P. T. Paiton Energy Company (40%)
---
06 MEC International Holdings B.V.
07 MEC Indonesia B.V. (1%)
08 P. T. Paiton Energy Company (40%)
4.EME18 ISAB ENERGY, S.R.L. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 MEC Priolo B.V. (100%)
07 ISAB Energy, s.r.l. (49%)
4.EME19 DERWENT COGENERATION LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Derwent Cogeneration Limited (33%)
4.EME20 LAKELAND POWER LIMITED [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 Mission Energy Company (UK) Limited
07 Pride Hold Limited (99%)
08 Lakeland Power Limited
Page 75
---
06 Pride Hold Limited (1%)
07 Lakeland Power Limited
4.EME21 ECOELECTRICA L.P. [FUCO]
00 Edison International
01 Edison Mission Group Inc.
02 Mission Energy Holding Company
03 Edison Mission Energy
04 Mission Energy Holdings International, Inc.*
05 MEC International B.V.
06 EcoElectrica S.a.r.l.
07 EME del Caribe Holding GmbH
08 EME del Caribe
09 EcoElectrica Holdings, Ltd. 50%
10 EcoElectrica Ltd.
11 Ecoelectrica LP (1%)
---
10 Ecoelectrica LP (99%)
* Mission Energy Holdings International, Inc. directly owns 99.97% (100% of the Class A shares) of MEC
International B.V. ("MECI") and indirectly owns 0.02% of MECI through its wholly owned subsidiaries EME UK
International LLC, which owns 0.01% or 100% of the Class B shares of MECI, and EME Southwest Power Corporation,
which owns 0.01 or 100% of the Class C shares of MECI; Edison Mission Energy owns 0.01% (100% of the Class D
shares) of MECI through its wholly owned subsidiary Edison Mission Project Co.
Page 76
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 2 (PAGES 77 THROUGH 148)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $94 $1,016
Restricted Cash 12
Receivables - net 769 638
Accrued unbilled revenue 408
Fuel inventory 10 82
Materials and supplies, at average cost 168 84
Accumulated deferred income taxes - net 116
Trading and price risk management assets 48
Regulatory assets - net
Prepayments and other current assets 58 204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,623 2,085
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 116 7,585
Nuclear decommissioning trusts 2,530
Investments in partnerships
and unconsolidated subsidiaries 92 1,840
Investments in leveraged leases 2,361
Other investments 153 46
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,891 11,832
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,861
Generation 1,371
Accumulated provision for depreciation
and decommissioning (6,406)
Construction work in progress 600
Nuclear fuel, at amortized cost 141
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 10,567
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 868
Restricted cash 339
Regulatory assets - net 2,534
Other deferred charges 512 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3,046 2,580
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,127 $16,523
============================================================= ==================== ==================== ====================
Page 77
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Insurance Edison Drives Edison
Services, Inc. Electric (inactive) International
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1,087
Restricted Cash
Receivables - net $9 1,410
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9 2,497
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 6,741
Investments in leveraged leases
Other investments 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 23 6,741
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 5 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $37 $9,241
============================================================= ==================== ==================== ====================
Page 78
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EIX Trust I EIX Trust II EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 79
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison
Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2,197
Restricted cash 12
Receivables - net ($1,608) 1,218
Accrued unbilled revenue 408
Fuel inventory 92
Materials and supplies, at average cost 252
Accumulated deferred income taxes - net 116
Trading and price risk management assets 48
Regulatory assets - net
Prepayments and other current assets 263
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1,608) 4,606
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,702
Nuclear decommissioning trusts 2,529
Investments in partnerships
and unconsolidated subsidiaries (6,674) 2,000
Investments in leveraged leases 2,361
Other investments (46) 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (6,720) 14,768
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,861
Generation 1,371
Accumulated provision for depreciation
and decommissioning (6,406)
Construction work in progress 600
Nuclear fuel, at amortized cost 141
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 10,567
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 868
Restricted cash 339
Regulatory assets - net 2,534
Other deferred charges (968) 924
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (968) 4,665
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations (10) 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($9,306) $34,622
============================================================= ==================== ==================== ====================
Page 80
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $200 $52
Long-term debt due within one year 371 1,014
Preferred stock to be redeemed within one year 9
Accounts payable 894 245
Accrued taxes 556 38
Trading and price risk management liabilities 168
Regulatory liabilities 276
Other current liabilities 1,257 436
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,564 1,953
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,160 6,968
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,337 3,584
Accumulated deferred investment tax credits 136 13
Customer advances and other deferred credits 427 963
Power purchase contracts 216
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 141 164
Accumulated provision for pension and benefits 331 41
Asset retirement obligation 2,084 22
Other long-term liabilities 243
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,915 4,787
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 517
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 129
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 129
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,506 3,069
Accumulated other comprehensive loss (15) (31)
Retained earnings 1,868 (751)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,359 2,287
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,127 $16,523
============================================================= ==================== ==================== ====================
Page 81
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Insurance Edison Drives Edison
Services, Inc. Electric (inactive) International
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $2
Long-term debt due within one year 618
Preferred stock to be redeemed within one year
Accounts payable $5 1,595
Accrued taxes (210)
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 2,088
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,665
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 58
Asset retirement obligation
Other long-term liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 1,970
Accumulated other comprehensive income (6)
Retained earnings 25 3,466
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 27 5,430
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $37 $9,241
============================================================= ==================== ==================== ====================
Page 82
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EIX Trust I EIX Trust II EIX Trust III
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $16 $10
Accumulated other comprehensive (loss)
Retained earnings (3) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $13 $8
============================================================= ==================== ==================== ====================
Page 83
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison
Adjustments International
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt ($2) $252
Long-term debt due within one year 2,003
Preferred stock to be redeemed within one year 9
Accounts payable (1,617) 1,122
Accrued taxes 384
Trading and price risk management liabilities 168
Regulatory liabilities 276
Other current liabilities 1,776
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1,620) 5,990
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (967) 11,826
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5,921
Accumulated deferred investment tax credits 149
Customer advances and other deferred credits 1,390
Power purchase contracts 216
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 305
Accumulated provision for pension and benefits 429
Asset retirement obligation 2,106
Other long-term liabilities 247
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 10,763
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 517
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 129
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 129
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (5,603) 1,970
Accumulated other comprehensive income (52)
Retained earnings (1,137) 3,466
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6,740) 5,384
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($9,327) $34,622
============================================================= ==================== ==================== ====================
Page 84
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Southern Edison Mission Edison Ventures
California Edison Group Inc. Consolidated
Company Consolidated
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $8,853
Nonutility power generation $3,181
Financial services and other 101
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8,853 3,282
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 235 1,103
Purchased power 2,786
Provisions for regulatory adjustment clauses - net 1,138
Other operation and maintenance 2,054 1,316
Asset impairment 304
Depreciation, decommissioning and amortization 882 302
Property and other taxes 168 42
Net gain on sale of utility plant (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7,258 3,067
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,595 215
Interest and dividend income 100 27
Equity in income from partnerships and
unconsolidated subsidiaries - net 354
Other nonoperating income 104 (10)
Interest expense - net of amounts capitalized (457) (684)
Other nonoperating deductions (73)
Dividends on preferred securities subject to mandatory
redemption (5) (11)
Dividends on utility preferred stock not subject to
mandatory redemption (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1,260 (89)
Income taxes (benefit) 388 120
Minority interest 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 872 (8)
Income from discontinued operations - net 82 (1)
Income taxes on discontinued operations 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income before accounting change 922 (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Cumulative effect of accounting change (9)
Income tax benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 922 (17)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1892 (734)
Dividends declared on common stock 945
Dividends declared on preferred stock
Stock option appreciation
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,868 ($751)
=============================================================== ==================== ==================== ====================
Page 85
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Insurance Edison Drives EIX Trust I
Services, Inc. Electric (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $11
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 11
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 10
Interest and dividend income $36
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption (35)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 10 1
Income taxes (benefit) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 7 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income before accounting change
--------------------------------------------------------------- -------------------- -------------------- --------------------
Cumulative effect of accounting change
Income tax benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 7 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 18 2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $25 ($3)
=============================================================== ==================== ==================== ====================
Page 86
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EIX Trust II EIX Trust III Edison
International
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 85
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 85
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (29)
Interest and dividend income $26 4
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 3
Interest expense - net of amounts capitalized (130)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption (26)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (152)
Income taxes (benefit) 59
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (93)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income before accounting change (93)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Cumulative effect of accounting change
Income tax benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (93)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2,711
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) $3,466
=============================================================== ==================== ==================== ====================
Page 87
EDISON INTERNATIONAL and Subsidiaries [Tier 1]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Edison
Adjustments International
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $8,853
Nonutility power generation 3,181
Financial services and other ($67) 101
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (67) 12,135
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,338
Purchased power 2,786
Provisions for regulatory adjustment clauses - net 1,138
Asset impairment 304
Other operation and maintenance (67) 3,389
Depreciation, decommissioning and amortization 1,184
Property and other taxes 210
Net gain on sale of utility plant (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (67) 10,344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,791
Interest and dividend income (66) 127
Equity in income from partnerships and
unconsolidated subsidiaries - net 353
Other nonoperating income 27 124
Interest expense - net of amounts capitalized 66 (1,194)
Other nonoperating deductions 32 (115)
Dividends on preferred securities subject to mandatory
redemption (4) (87)
Dividends on utility preferred stock not subject to
mandatory redemption (1) (6)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (37) 993
Income taxes (benefit) 213
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1 780
Income from discontinued operations - net 2 83
Income taxes on discontinued operations 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income before accounting change 9 831
--------------------------------------------------------------- -------------------- -------------------- --------------------
Cumulative effect of accounting change (13)
Income tax benefit on discontinued operations (4)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1 821
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,176) 2,711
Dividends declared on common stock (65)
Dividends declared on preferred stock
Stock option appreciation (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,137) $3,466
=============================================================== ==================== ==================== ====================
Page 88
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
California Conservation Edison ESI
Electric Power Financing
Company Corporation
(dissolved
11/06/2003)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 3
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges $151
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 151
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $151 $9
============================================================= ==================== ==================== ====================
Page 89
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Material Mono Power Company SCE Capital
Supply LLC (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net $38
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost 104
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 142
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $142 $1
============================================================= ==================== ==================== ====================
Page 90
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Accrued unbilled revenue
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Regulatory assets - net
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 91
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
SCE UK Services Southern States Southern
Limited (inactive) Realty California Edison
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $90
Restricted cash
Receivables - net 807
Accrued unbilled revenue 408
Fuel inventory 10
Materials and supplies, at average cost 88
Accumulated deferred income taxes - net 116
Trading and price risk management assets
Regulatory assets - net (17)
Prepayments and other current assets 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,557
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 116
Nuclear decommissioning trusts 2,530
Investments in partnerships
and unconsolidated subsidiaries 333
Investments in leveraged leases
Other investments 153
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,132
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,861
Generation 1,371
Accumulated provision for depreciation
and decommissioning (6,406)
Construction work in progress 600
Nuclear fuel, at amortized cost 141
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 10,567
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net 2,534
Other deferred charges 415
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2,949
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18,205
============================================================= ==================== ==================== ====================
Page 92
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $94
Restricted cash
Receivables - net ($79) 769
Accrued unbilled revenue 408
Fuel inventory 10
Materials and supplies, at average cost (24) 168
Accumulated deferred income taxes - net 116
Trading and price risk management assets
Regulatory assets - net 17
Prepayments and other current assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (85) 1,623
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 116
Nuclear decommissioning trusts 2,530
Investments in partnerships
and unconsolidated subsidiaries (241) 92
Investments in leveraged leases
Other investments 153
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (241) 2,891
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution 14,861
Generation 1,371
Accumulated provision for depreciation
and decommissioning (6,406)
Construction work in progress 600
Nuclear fuel, at amortized cost 141
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 10,567
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net 2,534
Other deferred charges (54) 512
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (54) 3,046
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($381) $18,127
============================================================= ==================== ==================== ====================
Page 93
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
California Conservation Edison ESI
Electric Power Financing
Company (dissolved Corporation
11/06/2003)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($47) 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits 54
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 61 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 63
Accumulated other comprehensive loss
Retained earnings 27 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 90 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $151 $9
============================================================= ==================== ==================== ====================
Page 94
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Material Mono Power Company SCE Capital
Supply LLC (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $57 $3
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 87 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 50 $3
Accumulated other comprehensive loss
Retained earnings 5 (2) (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 55 1 ($3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $142 $1
============================================================= ==================== ==================== ====================
Page 95
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $106
Accumulated other comprehensive income
Retained earnings (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 93
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $93
============================================================= ==================== ==================== ====================
Page 96
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
SCE UK Services Southern States Southern
Limited (inactive) Realty California Edison
Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $200
Long-term debt due within one year 246
Preferred stock to be redeemed within one year 9
Accounts payable 930
Accrued taxes 557
Trading and price risk management liabilities
Regulatory liabilities 259
Other current liabilities 1,229
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3,430
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 4,285
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,383
Accumulated deferred investment tax credits 136
Customer advances and other deferred credits 427
Power purchase contracts 216
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 141
Accumulated provision for pension and benefits 331
Asset retirement obligation 2,084
Other long-term liabilities 195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5,913
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption 129
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 129
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,506
Accumulated other comprehensive loss (15)
Retained earnings 1,935
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4,426
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18,183
============================================================= ==================== ==================== ====================
Page 97
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $200
Long-term debt due within one year $125 371
Preferred stock to be redeemed within one year 9
Accounts payable (98) 894
Accrued taxes 557
Trading and price risk management liabilities
Regulatory liabilities 17 276
Other current liabilities (2) 1,257
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 42 3,564
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (125) 4,160
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,337
Accumulated deferred investment tax credits 136
Customer advances and other deferred credits (54) 427
Power purchase contracts 216
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 141
Accumulated provision for pension and benefits 331
Asset retirement obligation 2,084
Other long-term liabilities (6) 243
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (60) 5,915
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility: 129
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 129
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (222) 2,506
Accumulated other comprehensive income (15)
Retained earnings (87) 1,868
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (309) 4,359
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($452) $18,127
============================================================= ==================== ==================== ====================
Page 98
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
California Conservation Edison ESI
Electric Power Financing
Company (dissolved Corporation
11/06/2003)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $15
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power 1
Provisions for regulatory adjustment clauses - net 12
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 13
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1
Interest and dividend income $4
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 1
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 2 1
Income from discontinued operations - net
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 2 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 24 5
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $26 $6
=============================================================== ==================== ==================== ====================
Page 99
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Material Mono Power Company SCE Capital
Supply LLC (inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $399
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 399
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 397
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 397
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 2
Interest and dividend income 2
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($1)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 (1)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 4 (1)
Income from discontinued operations - net
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 4 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 ($2) (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 ($2) ($3)
=============================================================== ==================== ==================== ====================
Page 100
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
SCE Funding LLC SCE Trust I SCE Trust II
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $58
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 3
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 55
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (57)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (1)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (1)
Income from discontinued operations - net
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (12)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($13)
=============================================================== ==================== ==================== ====================
Page 101
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
SCE UK Services Southern States ENvestSCE
Limited (inactive) Realty
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 102
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Pipeline Edison Carrier Southern
and Terminal Solutions California Edison
Company [sold] Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility $45 $8,793
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 45 $8,793
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 235
Purchased power 2,786
Provisions for regulatory adjustment clauses - net 1,137
Other operation and maintenance 12 2,031
Asset impairment
Depreciation, decommissioning and amortization 8 874
Property and other taxes 168
Net gain on sale of utility plant (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 20 7,226
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 25 1,567
Interest and dividend income 95
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 104
Interest expense - net of amounts capitalized (460)
Other nonoperating deductions (73)
Dividends on preferred securities subject to mandatory
redemption (5)
Dividends on utility preferred stock not subject to
mandatory redemption (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 25 1,223
Income taxes (benefit) 8 378
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 17 846
Income from discontinued operations - net $82
Income taxes on discontinued operations 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 50 17 846
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1,892
Dividends declared on common stock 870
Dividends declared on preferred stock
Stock option appreciation
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $50 $17 $1,868
=============================================================== ==================== ==================== ====================
Page 103
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Southern
Adjustments California Edison
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility ($457) $8,853
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (457) 8,853
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 235
Purchased power 2,786
Provisions for regulatory adjustment clauses - net 1,138
Other operation and maintenance (401) 2,054
Asset impairment
Depreciation, decommissioning and amortization 882
Property and other taxes 168
Net gain on sale of utility plant (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (401) 7,258
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1,595
Interest and dividend income (2) 100
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income 104
Interest expense - net of amounts capitalized 61 (457)
Other nonoperating deductions (73)
Dividends on preferred securities subject to mandatory
redemption (5)
Dividends on utility preferred stock not subject to
mandatory redemption (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 1,259
Income taxes (benefit) 388
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 4 871
Income from discontinued operations - net 82
Income taxes on discontinued operations 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 4 921
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (14) 1,892
Dividends declared on common stock (76) 945
Dividends declared on preferred stock
Stock option appreciation
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($86) $1,868
=============================================================== ==================== ==================== ====================
Page 104
SOUTHERN CALIFORNIA EDISON COMPANY and Subsidiaries
Equity Investments
December 31, 2003
(In millions)
Bear Creek Uranium
Name of Entity: Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: To develop and operate an
integrated uranium mining
complex in Wyoming.
Ownership Interest(s): 50% by Mono Power Company
Page 105
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Ventures Edison TransEnergy Consolidating
(inactive) (inactive) Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 106
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Ventures
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 107
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Ventures Edison TransEnergy Consolidating
(inactive) (inactive) Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 108
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Ventures
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 109
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Ventures Edison TransEnergy Consolidating
(inactive) (inactive) Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 110
EDISON VENTURES and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Ventures
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Asset impairment
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 111
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $354 $2
Restricted cash 12
Receivables - net 44 3
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net 177
Trading and price risk management assets
Prepayments and other current assets 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 607 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 162
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 278
Investments in leveraged leases 2,361
Other investments $1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 2,802
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1 9 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 9 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2 $3,418 $27
============================================================= ==================== ==================== ====================
Page 112
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Edison OandM Edison Technology
Environmental Services (inactive) Solutions
Services Consolidated
(dissolved
11/06/2003)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5 $1
Restricted cash
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6 $2
============================================================= ==================== ==================== ====================
Page 113
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $654
Restricted cash
Receivables - net 391 $4
Fuel inventory 83
Materials and supplies, at average cost 83
Accumulated deferred income taxes - net
Trading and price risk management assets 48
Prepayments and other current assets 202 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,461 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,422
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,607
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 9,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 867
Restricted cash 339
Regulatory assets - net
Other deferred charges 558
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,764
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,260 $5
============================================================= ==================== ==================== ====================
Page 114
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Group Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
($12) $1,016
Cash and equivalents 12
Restricted cash 195 638
Receivables - net (1) 82
Accrued unbilled revenue 84
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (177)
Trading and price risk management assets 48
Regulatory assets - net
Prepayments and other current assets (19) 204
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1) 2,085
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1 7,585
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (45) 1,840
Investments in leveraged leases 2,361
Other investments 46
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 11,832
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 1 868
Restricted cash 339
Regulatory assets - net
Other deferred charges 802 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 803 2,580
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $803 $16,523
============================================================= ==================== ==================== ====================
Page 115
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $158
Preferred stock to be redeemed within one year
Accounts payable 4 $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 31 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 193 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 316
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,223 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 14
Asset retirement obligation
Other long-term liabilities $1 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,292 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3,068 81 312
Accumulated other comprehensive loss (7)
Retained earnings (734) 541 (306)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 615 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,336 $3,418 $27
============================================================= ==================== ==================== ====================
Page 116
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Edison OandM Edison Technology
Environmental Services (inactive) Solutions
Services Consolidated
(dissolved
11/06/2003)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 16 4
Accumulated other comprehensive loss
Retained earnings (14) (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6 $2
============================================================= ==================== ==================== ====================
Page 117
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 856
Preferred stock to be redeemed within one year
Accounts payable 238
Accrued taxes 38
Trading and price risk management liabilities 168
Regulatory liabilities
Other current liabilities 401 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,753 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 6,652 $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,360
Accumulated deferred investment tax credits 13
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 164
Accumulated provision for pension and benefits 30
Asset retirement obligation 22 2
Other long-term liabilities 901
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,490 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,218 3
Accumulated other comprehensive loss (25)
Retained earnings (1,344) 2 (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 849 2 ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,260 $5
============================================================= ==================== ==================== ====================
Page 118
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Group Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 1,014
Preferred stock to be redeemed within one year
Accounts payable 245
Accrued taxes 38
Trading and price risk management liabilities 168
Regulatory liabilities
Other current liabilities 436
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,953
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt ($7) 6,966
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (7) 3,584
Accumulated deferred investment tax credits 13
Customer advances and other deferred credits 963
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 164
Accumulated provision for pension and benefits (3) 41
Asset retirement obligation (2) 22
Other long-term liabilities (959)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (9) 4,787
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 517
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (2,634) 3,069
Accumulated other comprehensive loss (1) (31)
Retained earnings 1,121 (751)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 823 2,287
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,531) $16,523
============================================================= ==================== ==================== ====================
Oage 119
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Capital Edison Enterprises
Group Inc. Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $88 $8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 25 9
Asset impairment
Depreciation, decommissioning and amortization 12
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 37 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 51 (1)
Interest and dividend income 8
Equity in income from partnerships and
unconsolidated subsidiaries - net (14)
Other nonoperating income
Interest expense - net of amounts capitalized (26)
Other nonoperating deductions $6
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 6 19 (1)
Income taxes (benefit) (3) (38) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 3 57
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 3 57
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (682) 709 (306)
Dividends declared on common stock (52) (225)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($731) $541 ($306)
=============================================================== ==================== ==================== ====================
Page 120
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Edison OandM Edison Technology
Environmental Services (inactive) Solutions
Services Consolidated
(dissolved
11/06/2003)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (4)
Asset impairment
Depreciation, decommissioning and amortization 1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 6
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income (4)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 2
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (14)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($14)
=============================================================== ==================== ==================== ====================
Page 121
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Mission Land Mission Power
Holding Company Company Engineering
Consolidated Consolidated Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,181
Financial services and other $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,181 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,103
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,280
Asset impairment 304
Depreciation, decommissioning and amortization 290
Property and other taxes 42
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,019
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 163
Interest and dividend income 19
Equity in income from partnerships and
unconsolidated subsidiaries - net 368
Other nonoperating income 11
Interest expense - net of amounts capitalized (658)
Other nonoperating deductions 6
Dividends on preferred securities subject to mandatory
redemption (11)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (114) 1
Income taxes (benefit) 43 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (71)
Income from discontinued operations - net 2
Income taxes on discontinued operations 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (79)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,265) 8
Dividends declared on common stock 6
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,344) $2
=============================================================== ==================== ==================== ====================
Page 122
EDISON MISSION GROUP INC. and Subsidiaries [Tier 2]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Group Inc.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,181
Financial services and other 101
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue $1 3,282
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,103
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (21) 1,316
Asset impairment 304
Depreciation, decommissioning and amortization (1) 302
Property and other taxes 42
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (9) 3,067
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 11 215
Interest and dividend income 27
Equity in income from partnerships and
unconsolidated subsidiaries - net 354
Other nonoperating income 10
Interest expense - net of amounts capitalized (15) (684)
Other nonoperating deductions (6)
Dividends on preferred securities subject to mandatory
redemption (11)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (2) (89)
Income taxes (benefit) (10) 120
Minority interest 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 2 (8)
Income from discontinued operations - net (3) (1)
Income taxes on discontinued operations
Income before accounting change (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Cumulative effect of accounting change (9)
Income tax benefit on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (17)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 816 734
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1,103 ($751)
=============================================================== ==================== ==================== ====================
Page 123
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments $6 (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6 (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 12 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $18 $16 ($7)
============================================================= ==================== ==================== ====================
Page 124
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27
============================================================= ==================== ==================== ====================
Page 125
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $1 1 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 2 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 11 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 312 90 (90)
Accumulated other comprehensive loss
Retained earnings (306) (84) 84
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6 6 (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $18 $16 ($7)
============================================================= ==================== ==================== ====================
Page 126
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Enterprises
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 312
Accumulated other comprehensive loss
Retained earnings (306)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27
============================================================= ==================== ==================== ====================
Page 127
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Enterprises Edison Source Consolidating
Consolidated Adjustments
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Electric utility
Nonutility power generation
Financial services and other $8
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating revenue 8
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2 7
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Total operating expenses 2 7
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Operating income (2) 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Income from continuing operations before taxes (2) 1
Income taxes (benefit) (1)
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Income from continuing operations (1) 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Net income (1) 1
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Retained earnings - beginning of year (307) 1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- ------------------- --------------------- ---------------------
Retained earnings - end of year ($308) $2
=============================================================== =================== ===================== =====================
Page 128
EDISON ENTERPRISES and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Enterprises
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1)
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (1)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (306)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($306)
=============================================================== ==================== ==================== ====================
Page 129
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost $1
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14 $2
============================================================= ==================== ==================== ====================
Page 130
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $16
============================================================= ==================== ==================== ====================
Page 131
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 90
Accumulated other comprehensive loss
Retained earnings (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15 $1
============================================================= ==================== ==================== ====================
Page 132
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Source
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 90
Accumulated other comprehensive loss
Retained earnings (84)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16
============================================================= ==================== ==================== ====================
Page 133
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Source Edison Source G.H.V.
Norvik Company Refrigeration,
Inc. (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $7 $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6 1
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6 $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income 1
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2
=============================================================== ==================== ==================== ====================
Page 134
EDISON SOURCE and Subsidiaries [Tier 4]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Edison Source
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 7
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 1
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2
=============================================================== ==================== ==================== ====================
Page 135
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Technology Edison EV Consolidating
Solutions (inactive) Adjustments
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2
============================================================= ==================== ==================== ====================
Pagre 136
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Technology
Solutions
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2
============================================================= ==================== ==================== ====================
Page 137
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Technology Edison EV Consolidating
Solutions (inactive) Adjustments
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3 1
Accumulated other comprehensive loss
Retained earnings (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $1
============================================================= ==================== ==================== ====================
Page 138
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Technology
Solutions
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4
Accumulated other comprehensive loss
Retained earnings (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2
============================================================= ==================== ==================== ====================
Page 139
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Technology Edison EV Consolidating
Solutions (inactive) Adjustments
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 140
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Technology
Solutions
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and
unconsolidated subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 141
EDISON TECHNOLOGY SOLUTIONS and Subsidiaries
Equity Investments
December 31, 2003
(In millions)
Name of Entity: Facilichem, Inc.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: Research, development and
commercialization of
liquid membrane
technologies
Ownership Interest(s): 10% by Edison Technology
Solutions
Page 142
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $504 $150
Restricted cash
Receivables - net 387 4
Fuel inventory 83
Materials and supplies, at average cost 83
Accumulated deferred income taxes - net
Trading and price risk management assets 48
Prepayments and other current assets 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,307 154
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,422
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,607 1,905 ($1,905)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 9,029 1,905 (1,905)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 867
Restricted cash 338 1
Regulatory assets - net
Other deferred charges 532 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,737 27
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,079 $2,086 ($1,905)
============================================================= ==================== ==================== ====================
Page 143
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $654
Restricted cash
Receivables - net 391
Fuel inventory 83
Materials and supplies, at average cost 83
Accumulated deferred income taxes - net
Trading and price risk management assets 48
Prepayments and other current assets 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1,461
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7,422
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,607
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 9,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 867
Restricted cash 339
Regulatory assets - net
Other deferred charges 558
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,764
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $12,260
============================================================= ==================== ==================== ====================
Page 144
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 856
Preferred stock to be redeemed within one year
Accounts payable 238
Accrued taxes 38
Trading and price risk management liabilities 163 $5
Regulatory liabilities
Other current liabilities 341 60
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,688 65
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 5,486 1,166
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,356 4
Accumulated deferred investment tax credits 13
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 164
Accumulated provision for pension and benefits 30
Asset retirement obligation 22
Other long-term liabilities 901
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,486 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,697 2,554 ($3,033)
Accumulated other comprehensive loss (22) (3)
Retained earnings (772) (1,700) 1,128
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,903 851 (1,905)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,079 $2,086 ($1,905)
============================================================= ==================== ==================== ====================
Page 145
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Holding Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 856
Preferred stock to be redeemed within one year
Accounts payable 238
Accrued taxes 38
Trading and price risk management liabilities 168
Regulatory liabilities
Other current liabilities 401
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,753
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 6,652
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,360
Accumulated deferred investment tax credits 13
Customer advances and other deferred credits
Power purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 164
Accumulated provision for pension and benefits 30
Asset retirement obligation 22
Other long-term liabilities 901
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,490
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,218
Accumulated other comprehensive loss (25)
Retained earnings (1,344)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 849
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12,260
============================================================= ==================== ==================== ====================
Page 146
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Mission Energy Consolidating
Energy Consolidated Holding Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,181
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,181
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,103
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,278 $2
Asset Impairment 304
Depreciation, decommissioning and amortization 290
Property and other taxes 42
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,017 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 164 (2)
Interest and dividend income 16 3
Equity in income from partnerships and
unconsolidated subsidiaries - net 368
Other nonoperating income (35) $12
Interest expense - net of amounts capitalized (498) (160)
Other nonoperating deductions (39)
Dividends on preferred securities subject to mandatory
redemption (11)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (5) (159) (5)
Income taxes (benefit) 28 61
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 23 (98) (5)
Income from discontinued operations - net 2
Income taxes on discontinued operations (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 24 (98) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (792) (1,602) 1,129
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($768) ($1,700) $1,124
=============================================================== ==================== ==================== ====================
Page 147
MISSION ENERGY HOLDING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy
Holding Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $3,181
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3,181
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1,103
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1,280
Asset Impairment 304
Depreciation, decommissioning and amortization 290
Property and other taxes 42
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3,019
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 162
Interest and dividend income 19
Equity in income from partnerships and
unconsolidated subsidiaries - net 368
Other nonoperating income (23)
Interest expense - net of amounts capitalized (658)
Other nonoperating deductions (39)
Dividends on preferred securities subject to mandatory
redemption (11)
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (169)
Income taxes (benefit) 89
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (80)
Income from discontinued operations - net 2
Income taxes on discontinued operations (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (79)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,265)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,344)
=============================================================== ==================== ==================== ====================
Page 148
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 3 (PAGES 148 THROUGH 217)
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $354
Restricted cash 12
Receivables - net 44
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 112
Trading and price risk management assets
Prepayments and other current assets 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 542
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 162
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 278
Investments in leveraged leases 2,361
Other investments 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,802
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,352
============================================================= ==================== ==================== ====================
Page 149
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4 ($4) $354
Restricted cash 12
Receivables - net 44
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 65 177
Trading and price risk management assets
Prepayments and other current assets 1 (1) 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 70 (5) 607
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 162
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 127 (127) 278
Investments in leveraged leases 2,361
Other investments 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 127 (127) 2,802
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 9
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $197 ($131) $3,418
============================================================= ==================== ==================== ====================
Page 150
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding
Housing Beta Epsilon
Investments Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $146
Restricted cash
Receivables - net 18 $6 12
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 221 (3) 13
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 241 3 171
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 530
Investments in leveraged leases 565 996
Other investments 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 81 565 1,526
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $324 $568 $1,697
============================================================= ==================== ==================== ====================
Page 151
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $4 22 $3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 4 30 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases 282 537 26
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 282 537 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $286 $567 $30
============================================================= ==================== ==================== ====================
Page 152
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $7 $210 $1
Restricted cash
Receivables - net 5 (7)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 21 (170) 1
Trading and price risk management assets
Prepayments and other current assets 1 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 34 42 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1,360 (1,639)
Investments in leveraged leases (19)
Other investments (73)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,360 (1,731)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation 155
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant 155
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 3 4 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 3 4 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $192 $1,406 (1,718)
============================================================= ==================== ==================== ====================
Page 153
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Funding
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $366
Restricted cash
Receivables - net 44
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 112
Trading and price risk management assets
Prepayments and other current assets 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 542
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 162
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 278
Investments in leveraged leases 2,361
Other investments 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,802
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,352
============================================================= ==================== ==================== ====================
Page 154
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
Page 155
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
EC-SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $4
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4
============================================================= ==================== ==================== ====================
Page 156
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($1) ($3)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1) (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3 4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1) $3 $7
============================================================= ==================== ==================== ====================
Paeg 157
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $131
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 131
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $3
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 62 $2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 62 3 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $193 $3 $2
============================================================= ==================== ==================== ====================
Page 158
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1
============================================================= ==================== ==================== ====================
Page 159
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($1) ($1) $3
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1) (1) 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1) (2) 15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1) (2) 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) ($3) $18
============================================================= ==================== ==================== ====================
Page 160
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $1 $3 ($1)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets $1 $3 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1
Investments in leveraged leases
Other investments 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $4 ($1)
============================================================= ==================== ==================== ====================
Page 161
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $1
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $1
============================================================= ==================== ==================== ====================
Page 162
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($1)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 3
Investments in leveraged leases
Other investments $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $2
============================================================= ==================== ==================== ====================
{age 163
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $1 ($1)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $3
============================================================= ==================== ==================== ====================
Page 164
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 $2
Restricted cash
Receivables - net $18 18
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 91 (1) 221
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109 241
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 199 (227)
Investments in leveraged leases
Other investments 4 2 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 203 (225) 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $314 ($225) $324
============================================================= ==================== ==================== ====================
Page 165
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
55 (Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $146
Restricted cash
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net (3)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 144
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (4)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $140
============================================================= ==================== ==================== ====================
Page 166
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V. 110
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net ($1) (4)
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 35 148 $5
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 35 148 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $34 $148 $5
============================================================= ==================== ==================== ====================
Page 167
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $6
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $3 $1
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 6 3 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases 696 26
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 696 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6 $699 $27
============================================================= ==================== ==================== ====================
Page 168
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases $61
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets $61
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $61
============================================================= ==================== ==================== ====================
Page 169
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($1)
Restricted cash
Receivables - net 2
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net $1 $16
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 16 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 347 (1)
Investments in leveraged leases 213
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 560 ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $576
============================================================= ==================== ==================== ====================
Page 170
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding
Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $146
Restricted cash
Receivables - net 12
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 13
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 171
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 530
Investments in leveraged leases 996
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,526
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,697
============================================================= ==================== ==================== ====================
Page 171
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $158
Preferred stock to be redeemed within one year
Accounts payable 205
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (27)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 316
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,236
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,291
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 127
Accumulated other comprehensive income (loss) (7)
Retained earnings 650
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 770
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,352
============================================================= ==================== ==================== ====================
Page 172
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $158
Preferred stock to be redeemed within one year
Accounts payable $213 ($4) 4
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 11 31
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 224 (4) 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 316
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (12) (1) 2,223
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits 14 14
Other long-term liabilities 55 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 2,292
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 81 (127) 81
Accumulated other comprehensive income (loss) (1) 1 (7)
Retained earnings (109) 541
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (29) (126) 615
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $197 ($131) 3,418
============================================================= ==================== ==================== ====================
Page 173
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding
Housing Beta Epsilon
Investments Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($54) ($172) ($725)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (41) (172) (725)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18 580 1,038
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 29 580 1,038
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47 115 1,225
Accumulated other comprehensive income (loss) (6)
Retained earnings 281 45 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 328 160 1,384
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $324 $568 $1,697
============================================================= ==================== ==================== ====================
Page 174
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($98) $83 ($57)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (98) 83 (57)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 278 200 32
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 278 200 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 75 116 40
Accumulated other comprehensive income (loss)
Retained earnings 30 169 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 105 284 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $286 $567 $30
============================================================= ==================== ==================== ====================
Page 175
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $60 $99 ($1)
Preferred stock to be redeemed within one year
Accounts payable (54) 872 (1)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 8 5 (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 14 974 (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 309
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 40 49 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 30 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 70 63 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 92 127 (1,710)
Accumulated other comprehensive income (loss) (1)
Retained earnings 16 (69) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 108 58 (1,712)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $192 $1,406 ($1,718)
============================================================= ==================== ==================== ====================
Page 176
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Funding
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $158
Preferred stock to be redeemed within one year
Accounts payable (205)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (27)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 316
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2,236
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2,291
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 127
Accumulated other comprehensive income (loss) (7)
Retained earnings 650
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 770
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,352
============================================================= ==================== ==================== ====================
Page 177
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
Page 178
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
EC SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 179
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
Pennsylvania
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($5) ($6) ($7)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (5) (6) (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4 9 9
Accumulated other comprehensive income (loss)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4 9 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1) $3 $1
============================================================= ==================== ==================== ====================
Page 180
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $55 ($1)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 55 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $2
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (13)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 13 2
Accumulated other comprehensive income (loss)
Retained earnings 138 (1) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 151 (1) 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $193 $3 $2
============================================================= ==================== ==================== ====================
Page 181
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2) ($1) ($3)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2) (1) (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2 1 5
Accumulated other comprehensive income (loss)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2 $1 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
Page 182
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
(6)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($42) ($57) ($5)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (42) (57) (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 30 44 15
Accumulated other comprehensive income (loss)
Retained earnings 10 10 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 40 54 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2) ($3) $18
============================================================= ==================== ==================== ====================
Page 183
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($36) ($9) ($5)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (36) (9) (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 26 4 3
Accumulated other comprehensive income (loss)
Retained earnings 14 9 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 40 13 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3 $4 ($1)
============================================================= ==================== ==================== ====================
Page 184
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) ($14) ($10)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (7) (14) (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 4 10 8
Accumulated other comprehensive income (loss)
Retained earnings 3 5 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $7 15 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $1
============================================================= ==================== ==================== ====================
Page 185
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($5)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1 3
Accumulated other comprehensive income (loss)
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1
============================================================= ==================== ==================== ====================
Page 186
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) ($10)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1 13
Accumulated other comprehensive income (loss)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $3
============================================================= ==================== ==================== ====================
Page 187
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payabl $137 ($54)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities 12 $1 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 149 1 (41)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 31 18
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities 11 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 42 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 47 (225) 47
Accumulated other comprehensive income (loss)
Retained earnings 76 (2) 281
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 123 (227) 328
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $314 ($225) $324
============================================================= ==================== ==================== ====================
Page 188
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $126
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 126
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 7
Accumulated other comprehensive income (loss) (5)
Retained earnings 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $140
============================================================= ==================== ==================== ====================
Page 189
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V.
110
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $3 $27
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (5)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 29 124 $5
Accumulated other comprehensive income (loss) (1)
Retained earnings 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 31 126 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $34 $148 $5
============================================================= ==================== ==================== ====================
Page 190
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($209) ($17)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (209) (17)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 689 19
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 689 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $5 158 15
Accumulated other comprehensive income (loss)
Retained earnings 1 61 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 6 219 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6 $699 $27
============================================================= ==================== ==================== ====================
Page 191
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($20) ($36)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (20) (36)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 42
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 42
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 14 33
Accumulated other comprehensive income (loss)
Retained earnings 6 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $20 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $61
============================================================= ==================== ==================== ====================
Page 192
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($599)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (599)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 288
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $1 834
Accumulated other comprehensive income (loss)
Retained earnings 53
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 887
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $576
============================================================= ==================== ==================== ====================
Page 193
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Funding
Epsilon
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($725)
Accrued taxes
Trading and price risk management liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (725)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1,038
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,038
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,225
Accumulated other comprehensive income (loss) (6)
Retained earnings 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,384
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,697
============================================================= ==================== ==================== ====================
Page 194
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Burlington Edison Capital Edison Funding
Apartments, Inc. Europe Limited Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Depreciation, decommissioning and amortization 11
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 29
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 59
Interest and dividend income 8
Other nonoperating income
Interest expense - net of amounts capitalized (26)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 41
Income taxes (benefit) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 59
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 59
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 591
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $650
=============================================================== ==================== ==================== ====================
Page 195
EDISON CAPITAL and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $21 25
Depreciation, decommissioning and amortization $1 12
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 21 1 37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (21) (1) 51
Interest and dividend income 225 (225) 8
Equity in income from partnerships and unconsolidated
subsidiaries - net (14)
Other nonoperating income
Interest expense - net of amounts capitalized (26)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 204 (226) 19
Income taxes (benefit) (20) (38)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 224 (226) 57
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
Net income (loss) 224 (226) 57
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (108) $226 709
Dividends declared on common stock (225) (225)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($109) $541
=============================================================== ==================== ==================== ====================
Page 196
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding
Housing Beta Epsilon
Investments Consolidated
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $3 $14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3 14
Interest and dividend income 4
Other nonoperating income 21
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3 39
Income taxes (benefit) 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 42 165
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $45 $165
=============================================================== ==================== ==================== ====================
Page 197
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Funding Mission Funding Mission Funding
Gamma Kappa Zeta
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1 $63
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 63
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($2)
Depreciation, decommissioning and amortization 1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1 63 1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 63 1
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1 61 1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1 61 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 29 108 13
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $30 $169 $14
=============================================================== ==================== ==================== ====================
Page 198
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Iowa Wind Edison Funding Consolidating
Company Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2 $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9 8
Depreciation, decommissioning and amortization 1 (1)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (8) (5)
Interest and dividend income $3
Other nonoperating income (13) 7
Interest expense - net of amounts capitalized (1) (25)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (9) (35) 2
Income taxes (benefit) (7) 15 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2) (50) 0
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2) (50) 0
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 18 (19) (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $16 ($69) ($1)
=============================================================== ==================== ==================== ====================
Page 199
EDISON CAPITAL and Subsidiaries [Tier 4]
EDISON FUNDING COMPANY CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Funding
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2
Financial services and other 86
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 88
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Depreciation, decommissioning and amortization 11
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 29
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 59
Interest and dividend income 8
Other nonoperating income 0
Interest expense - net of amounts capitalized (26)
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 41
Income taxes (benefit) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 59
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 59
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 591
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $650
=============================================================== ==================== ==================== ====================
Page 200
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
EC Asset Services, EC Properties, Inc. EC Properties III,
Inc. Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1 $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 $1
=============================================================== ==================== ==================== ====================
Page 201
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
EC-SLP, Inc. ECHP Investment Edison Capital
Company Housing Delaware
Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 202
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
Housing Management Housing New Jersey Housing
Pennsylvania
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $2 ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 203
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Funding Edison Funding Edison Housing
Omicron Inc. Olive Court [6] North Carolina
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization $4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (4)
Interest and dividend income
Other nonoperating income (5)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (9)
Income taxes (benefit) (29)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 20
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 20
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 118 $1 $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $138 $1 $1
=============================================================== ==================== ==================== ====================
Page 204
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Housing EHI Development EHI Development
South Carolina Company Fund
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (1)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (1)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1 1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 205
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
MHICAL 94 Company MHICAL 95 Company Edison Housing
Consolidation Co.
[6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $10 $10 $8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $10 $10 $8
=============================================================== ==================== ==================== ====================
Page 206
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
MHICAL 96 Company MHICAL 97 Company Mission Housing
Alpha
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) ($2) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 12 8 $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $14 $9 $1
=============================================================== ==================== ==================== ====================
Page 207
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Beta Delta Denver
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $3 6 $3
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3 $5 $3
=============================================================== ==================== ==================== ====================
Page 208
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Housing Mission Housing Mission Housing
Epsilon Gamma Holdings
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $2 $4
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2 $4
=============================================================== ==================== ==================== ====================
Page 209
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Housing Mission Funding Mission Housing
Theta Theta [6] Zeta
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 210
EDISON CAPITAL and Subsidiaries [Tier 5]
EDISON CAPITAL HOUSING INVESTMENTS CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Consolidating Edison Capital
Housing Investments Adjustments Housing
Investments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $2 $1 $3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2 1 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 3
Depreciation, decommissioning and amortization 5 1 10
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6 1 13
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (4) (10)
Interest and dividend income 1 1
Other nonoperating income (10) (15)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (13) (24)
Income taxes (benefit) (42) 1 (69)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 29 (1) 45
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 29 (1) 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 46 (2) 236
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $76 ($3) $281
=============================================================== ==================== ==================== ====================
Page 211
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Edison Capital LAI Edison Capital
(Bermuda) (Bermuda) Ltd. [6] Latin American
Investments, Ltd. Investments
(Bermuda), Ltd. [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1
Interest and dividend income 4
Other nonoperating income 15
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 20
Income taxes (benefit) 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 12
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 12
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7
=============================================================== ==================== ==================== ====================
Page 212
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Edison Capital Edison Capital
International Latin American (Netherlands)
(Bermuda) Ltd. Investments Holdings Company
Holding Company B.V.
110
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 1
Interest and dividend income
Other nonoperating income 6
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 7
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 5
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $2 (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2 $3
=============================================================== ==================== ==================== ====================
Page 213
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Edison Capital Mission Funding Mission Funding Mu
(Netherlands) Alpha [6]
Investments B.V.
[6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $7 $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7 1
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 7 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 7 1
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 7 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1 54 9
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 $61 $10
=============================================================== ==================== ==================== ====================
Page 214
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Funding Mission Funding Nu Mission
Delta [6] Investments, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $3 $3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 3 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3 3
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3 3
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 3
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $6 20 ($3)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $6 $22
=============================================================== ==================== ==================== ====================
Page 215
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission (Bermuda) Mission Funding Consolidating
Investments, Ltd. Epsilon Adjustments
28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $4 $3 ($9)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4 3 (9)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 7 (7)
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7 (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4 (4) (2)
Interest and dividend income
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 (4) (2)
Income taxes (benefit) 28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32) (2)
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 (32) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($4) 85 $2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $53
=============================================================== ==================== ==================== ====================
Page 216
EDISON CAPITAL and Subsidiaries [Tier 5]
MISSION FUNDING EPSILON CONSOLIDATED
Consolidating Statements of Income (Loss) and Retained Earnings
December 31, 2003
(In millions)
Mission Funding
Epsilon
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 14
Interest and dividend income 4
Other nonoperating income 21
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities
Dividends on utility preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 39
Income taxes (benefit) 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Loss from discontinued operations
Income taxes (benefit) on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 165
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $165
=============================================================== ==================== ==================== ====================
Page 217
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
PART 4 (PAGES 218 THROUGH 306)
Name of Entity: 1st Time Homebuyer 1010 SVN Assoc LP 1028 Howard St Assoc LP
Opportunities LP (Chester
County Homes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.9% by Edison Capital 99.00% by Mission Housing
Housing Investments Housing Partners IX LP Investors Partnership
Name of Entity: 1101 Howard St Assoc LP 1475 167th Ave Assoc LP 16th and Church St Assoc
(Bermuda Gardens Apts) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XI LP Omicron Inc.
Page 218
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: 1732 Champa LP (Buerger 18303 Kittridge Assoc-39 1856 Wells Court Partners
Brothers Lofts) LP (Kittridge) LP (Wells Court)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $2 $2
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Investments Housing Investments Omicron Inc.
Name of Entity: 210 Washington Ave Assoc 2400 Locust Assoc LP 2601 North Broad St Assoc
(Renaissance Plaza) (Locust on the Park) LP (Station House)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $22 $0
Revenues $1 $3 $0
Net Income (Loss) ($3) $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Investments Housing Investments for Affordable Housing LP
II
Page 219
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: 2814 Fifth St Assoc LP 3790 Wisconsin Street 5363 Dent Ave Assoc LP
(Land Park Woods) Partners LP (Wisconsin
III)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MH II LP
Housing Partners IX LP Housing Investments
Name of Entity: 708 Pico LP (Wavecrest Aaron Michael Assoc LP Abby Assoc LP (Windmere)
Housing)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.9% by Edison Capital 99.00% by MHICAL 95 LP
Housing Partners XV LP Housing Partners XVIII LP
Page 220
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Admiralty Heights Assoc AE Assoc LP (Avenida Affordable/Citrus Glenn
II 1995 LP (Kent Manor) Espana) Phase II, Ltd (Citrus
Glenn Apts Phase II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $7 $3
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Partners VI LP Omicron Inc. Housing Partners VI LP
Name of Entity: Agape Housing LP Alhambra Apts LP Alma Place Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners IX LP
Page 221
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Altamont Hotel Assoc LP AMCAL Santa Barbara Fund Antelope Assoc LP
XXXVI LP (Positano)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VI LP Housing Partners V LP Housing Partners XVII LP
Name of Entity: Apollo Development Assoc Arbor Lane Assoc Phase II Argyle Redevelopment
LP (Apollo Hotel) LP (Timberwood) Partnership LP (The
Argyle)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $6
Revenues $0 $0 $4
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.00% by Edison Capital
Housing Partners XIV LP for Affordable Housing LP Housing Investments
Page 222
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Arroyo Vista Assoc LP Artloft Assoc LP Auburn Manor Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 35.60% by Corporations 99.00% by Edison Capital
for Affordable Housing LP for Affordable Housing LP Housing Partners XI LP
53.39% by Corporations
for Affordable Housing LP
II
Name of Entity: Auburn Manor LLC Avalon Courtyard LP B.A.I. Edison Ravenwood
(Carson Senior Housing) LP (Ravenwood)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 50.00% by Edison Capital 99.00% by MHIFED 95 LP 90.00% by Edison Capital
Housing Investments Housing Delaware, Inc.
Page 223
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Baker Park Assoc LP Barnsdall Court LP (Villa Bartlett Hill Assoc LP
Mariposa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XVII LP Housing Partners XI LP Housing Investments
Name of Entity: Beacon Manor Assoc LP Benton Green LP Berry Ave Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by MHIFED 94 LP
Housing Partners X LP Housing Partners XV LP
Page 224
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Bodega Hills Investors LP Borregas Court LP Boulder Creek Apartments
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners V LP Housing Partners XI LP Housing Partners X LP
Name of Entity: Bouquet Canyon Seniors LP Bracher Assoc LP Bradley Manor Senior
Apartments LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XVI LP Housing Partners XVIII LP Housing Partners VI LP
Page 225
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Brantwood II Assoc LP Brookline Housing Assoc Brooks School Assoc LP
LLC (Bridgewater)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $0 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Corporations 99.00% by Edison Funding
Omicron Inc. for Affordable Housing LP Omicron Inc.
II
Name of Entity: Bryn Mawr - Belle Shore Bryson Family Apts LP Burlington Senior Housing
LP (The) LLC
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $22 $0 $1
Revenues $2 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Partners XI LP Housing Partners X LP
Page 226
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Bush Hotel LP Caleb Affordable Housing California Park Apts LP
Assoc LP
(Ledges/Pinebrook)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $10 $0 $3
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Corporations 99.00% by MH I LP
Omicron Inc. for Affordable Housing LP
Name of Entity: Carlin LP (The) Carlton Way Apts LP Carson Housing LP (Carson
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 98.00% by Edison Capital
for Affordable Housing LP Housing Partners XI LP
Page 227
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Carson Terrace LP Casa Rampart LP (Rampart C-Court LP (Cawelti Court)
Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XIV LP Housing Partners XI LP Housing Partners VII LP
Name of Entity: CCS/Bellingham LP CCS/Mount Vernon Housing CCS/Renton Housing LP
(Washington Grocery LP (La Venture) (Renton)
Building)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners XIX LP Housing Partners X LP
Page 228
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: CDR Senior Housing Assoc Catalonia Assoc LP Cedarshores Limited
LP (Casa del Rio) Dividend Housing
Association LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.99% by Edison Capital
Housing Partners VIII LP Housing Partners XII LP
0.01% by Mission Funding
Theta LP
Syndicated in `02
Name of Entity: Centennial Place LP Centertown Assoc LP Centro Partners LP (El
Centro)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $6 $5
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MH V LP 99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Page 229
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Cincinnati Ravenwood Apts Chamber Apts LP (The Cochrane Village Apts LP
LP (Ravenwood) Chamber Bldg)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $1 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners XIX LP
0.95%% by B.A.I. Edison
Ravenwood LP (Ravenwood)
Name of Entity: Colina Vista LP Conejo Valley Community Coolidge Station Apts LLC
Housing Assoc (Community
House Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 95 LP 99.00% by Edison Capital 99.00% by Edison Capital
Housing Investments Housing Partners X LP
Page 230
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Corporations for Corporations for Corporations for
Affordable Housing LP Affordable Housing LP II Affordable Housing LP III
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $12
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 1.00% by EC Properties, 1.00% by EC Properties, 1.00% by EC Properties
Inc. Inc. III, Inc.
Name of Entity: Corona Ely/Ranch Assoc LP Cottonwood Affordable Coyote Springs Apts Assoc
Housing LP (Verde Vista) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $10
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners VII LP Omicron Inc.
Page 231
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Cypress Cove Assoc Davis MHA Twin Pines Del Carlo Court Assoc LP
Community Assoc LP
(Northstar Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XI LP Omicron Inc.
Name of Entity: Delta Plaza Apts LP DeRose Housing Assoc LP Diamond Creek Apts LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $4 $0
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MH III LP 99.90% by Edison Capital
Omicron Inc. Housing Partners XVI LP
Page 232
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Diamond Phase III Venture Don Avante Assoc I LP Don Avante Assoc II LP
LP (Don de Dios) (Village Avante)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.90% by Edison Capital
for Affordable Housing LP Housing Partners XV LP Housing Partners XIV LP
Name of Entity: Double X Assoc 1995 LP EAH Larkspur Creekside East Cotati Ave Partners
(Terrace Manor) Assoc LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Partners VI LP Omicron Inc. Omicron Inc.
Page 233
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Eastwood Homes LP ECH/HFC GP Partnership ECH/HFC GP Partnership
No. 1 No. 2
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $15 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 34.90% by Edison Capital 56.70% by Edison Capital
Housing Partners XI LP Housing Investments Housing Investments
50.44% by GP MHICAL 96 LP 43.30% GP by MHICAL 95
Company
14.66% by GP MHICAL 97 LP
Name of Entity: ECH Investor Partners ECH Investor Partners ECHP LLC
VI-A LP VI-B LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $0 $12
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 15.3877% by Edison 99% by Edison Capital 99.999% by ECHP
Capital Contributions VI Contributions VI Partners Investment Company
Partners
1% GP by Edison Capital 1% GP by Edison Capital
Housing Investments Housing Investments
Page 234
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: EDA LP (Eagle's Nest) Edison Capital Affordable Edison Capital Affordable
Housing 99A G.P. Housing 99B G.P.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $6 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 48.00% by Corporations 27.69% by Edison Capital 99.99% by Edison Capital
for Affordable Housing LP Housing Investments Housing Investments
II
36.47% GP by MHICAL 96 LP
33.05% by MHICAL 97 LP 0.01% by Mission Funding
Theta
2.78% by Mission Housing
Epsilon
0.01% by Mission Funding
Theta
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners V LP Partners VI LP Partners VII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $5
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 16.18% by Edison Capital 61.8166% by ECH Investor 19.4187% GP by ECH/HFC GP
Housing Investments Partners VI-A LP Partnership No. 1
37.1834% by ECH Investor
Partners VI-B LP
1% GP by Edison Capital
Housing Investments
Page 236
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners VIII LP Partners IX LP Partners X LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $7 $9
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 18.54% by ECH/HFC GP 13.5533% GP by Edison 19.3952% by Edison
Partnership No. 2 Capital Affordable Capital Affordable
Housing 99A G.P. Housing 99B GP
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XI LP Partners XII LP Partners XIII LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $4 $1
Revenues $0 $0 $0
Net Income (Loss) ($1) $0 $0
Ownership Interest(s): 18.62486% by Edison 13.73759% by Edison 17.03513% by Edison
Capital Affordable Capital Affordable Capital Affordable
Housing 99B GP Housing 99B GP Housing 99B GP
Page 237
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XIV LP Partners XV LP Partners XVI LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 7.6118% by Edison Capital 9.567% by Edison Capital 0.01% by ECHP LLC
Affordable Housing 99B GP Affordable Housing 99B GP
Name of Entity: Edison Capital Housing Edison Capital Housing Edison Capital Housing
Partners XVII LP Partners XVIII LP Partners XIX LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $24
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($2)
Ownership Interest(s): 0.01% by ECHP LLC 0.01% by ECHP LLC 0.01% by ECHP LLC
Page 238
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Edison Capital Edgewood Manor Assoc II LP Edmundson Assoc LP (The
Contributions VI Partners Willows)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $19 $0 $3
Revenues $0 $0 $0
Net Income (Loss) ($1) $0 $0
Ownership Interest(s): 91.77% by Edison Capital 99.00% by Corporations 99.00% by Edison Funding
Housing Investments for Affordable Housing LP Omicron Inc.
II
4.03% GP by Edison
Housing North Carolina
4.20% GP by Edison
Housing South Carolina
Name of Entity: El Barrio Academy Urban Electra Arms Senior Assoc Elizabeth West and East LP
Renewal Assoc LP (Academy LP
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $3 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Funding
Omicron Inc. Housing Partners XI LP Omicron Inc.
Page 239
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Emanuel Grant Company LLC Eugene Hotel LP Fairmont Hotel Urban
(Capitol Heights) Renewal Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners XV LP Housing Partners XVI LP for Affordable Housing LP
Name of Entity: Fairview Village Assoc LP Farm (The) Assoc LP Fell St Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $6 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.00% by Edison Funding 99.00% by MHIFED 94 LP
Omicron Inc.
Page 240
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Fifth and Wilshire Apts LP Flagstaff Affordable Florence Apts LLC
Housing II LP (Forest
View Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners VII LP Housing Investments
Name of Entity: Florin Woods Assoc LP Forest Winds Assoc LP Fremont Building LP
(Crescent Arms)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Mission Housing 99.00% by Edison Capital
Housing Partners XVIII LP Investors Partnership Housing Partners XVII LP
Page 241
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Garnet Housing Assoc LP Gateway Housing LP Gilroy Redwood Assoc LP
(Garnet Lane Apts) (Gateway Plaza) (Redwoods)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 97 LP 99.00% by Corporations 99.00% by Edison Funding
for Affordable Housing LP Omicron Inc.
II
Name of Entity: Ginzton Assoc LP Glen Eden Assoc LP (A Good Samaritan Assoc LP
Street)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $9 $0 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Mission Housing 99.00% by MHIFED 96A LP
Omicron Inc. Investors Partnership
Page 242
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Grace Housing LP (Grace Gray's Meadows Investors Greenway Village Assoc LP
Street) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Mission Housing 99.00% by MHICAL 96 LP
Housing Partners XI LP Investors Partnership
Name of Entity: Grossman Apts Investors LP Hamilton Place Apts LP Hamilton Place Senior
(Larkin Place) Living LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $3 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners VI LP Housing Partners VI LP
Page 243
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Hearthstone Group 3 LP Heather Glen Assoc LP Hercules Senior Housing
(Evergreen Court) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $4 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners VI LP Omicron Inc. Housing Partners XVII LP
Name of Entity: Heritage Partners LP Highland Village Partners Hilltop Farms LP
(Heritage Villas) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XII LP Housing Partners XV LP Housing Partners XVI LP
Page 244
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: HMB-Atlanta I LP (Spring Hollywood El Centro LP Holy Family Assoc LP
Branch)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $0 $9
Revenues $1 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 95 LP 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Name of Entity: Homestead Village Assoc LP Hope West Apts LP Hotel Elkhart LLC (The
Cornerstone)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 94 LP 99.00% by Mission Housing
for Affordable Housing LP Epsilon
II
Page 245
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Huff Ave Assoc LP I.G. Partners LP (Island Josephinum Assoc LP (The)
Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $1 $7
Revenues $0 $0 $1
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners XV LP Housing Investments
Name of Entity: Junction City Apts LP Karen Partners LP KDF Malabar LP (Malabar
(Green Park) Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $5
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners XV LP Housing Partners VI LP
II
Page 236
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: KDF Park Glenn LP (Park KDF Park Glenn Seniors LP KDF Santa Paula LP (Santa
Glenn Apartments) (Park Glenn Senior Apts Paula)
II)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XVI LP Housing Partners XVI LP Housing Partners XIX LP
Name of Entity: Kennedy Court Partners LP Kennedy Lofts Assoc LP King Road Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $12 $0
Revenues $0 $3 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.00% by Edison Capital 99.90% by Edison Capital
Housing Investments Housing Partners XVI LP
Page 247
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Klamath Assoc LP Knolls Community Assoc LP La Brea/Franklin LP
(The Knolls)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 96 LP 99.90% by Edison Capital 99.00% by MHIFED 95 LP
Housing Partners IX LP
Name of Entity: Lackawana Housing Assoc Lark Ellen LP Larkin Pine LP
(Goodwill)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.00% by MHIFED 95 LP
Omicron Inc. Housing Partners X LP
Page 248
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: La Terraza Assoc LP Laurel Lakes LP Lavell Village Assoc LP
(Villa Loma)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 1.0% by LL Housing LLC 99.00% by MHIFED 96 LP
Housing Partners XVII LP
Name of Entity: LL Housing LLC Liberty House Assoc LP Lilac Estates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 24.50% by Mission Housing 99.00% by Corporations 99.90% by Edison Capital
Alpha for Affordable Housing LP Housing Partners XV LP
II
Page 249
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: LINC-Bristol Assoc I, LP Lovejoy Station LP Mackenzie Park Assoc LP
(City Gardens)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $0 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners VI LP Housing Partners XVIII LP for Affordable Housing LP
Name of Entity: Madison/Mollison LP (Park Maple Ridge Development Maplewood Housing
Mollison) Assoc LP Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $0 $5
Revenues $1 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.90% by Edison Capital
Housing Investments for Affordable Housing LP Housing Investments
II
Page 250
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Maplewood School Apts LP Mar Assoc LP (Frank Mar) MAS-WT LP (Washington
Terrace)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $5 $9 $6
Revenues $0 $1 $1
Net Income (Loss) $0 ($1) $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners VI LP
Name of Entity: Mayacamas Village Assoc LP McFarland Press Assoc LP Mercantile Housing LLC
(Mercantile Square)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $6 $6 $17
Revenues $0 $0 $2
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHICAL 94 LP 99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Page 251
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Mercy Housing California Mercy Housing California Mercy Housing California
III LP (3rd and Reed) IV LP (Vista Grande) VI LP (205 Jones)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.00% by Edison Capital 99.00% by MHICAL 95 LP
Housing Partners V LP
Name of Entity: Mercy Housing California Merrill Road Assoc LP Metro Senior Assoc LP
IX LP (Sycamore)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $3 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by MHIFED 96A LP
Housing Partners X LP Omicron Inc.
Page 252
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: MH I LP MH II LP MH III LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 ($1)
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Edison Funding 99.00% by Mission Housing 99.00% by Mission Housing
Omicron Inc. Delta Delta
Name of Entity: MH IV LP MH V LP MHIFED 94 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets ($1) $0 $28
Revenues $0 $0 $0
Net Income (Loss) $0 $0 ($3)
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Mission Housing 99.00% by Mission Housing
Delta Delta
Page 253
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: MHICAL 94 LP MHIFED 95 LP MHICAL 95 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $24 $0
Revenues $0 $0 $0
Net Income (Loss) $0 ($4) $0
Ownership Interest(s): 1.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by Edison Funding 99.00% by Edison Funding
Omicron Inc. Omicron Inc.
Name of Entity: MHIFED 96 LP MHIFED 96A LP MHICAL 96 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $24 $4
Revenues $0 $0 $0
Net Income (Loss) $0 ($2) ($1)
Ownership Interest(s): 5.00% by Edison Capital 1.00% by Edison Capital 1.00% by Edison Capital
Housing Investments Housing Investments Housing Investments
99.00% by MHICAL 96
Company
Page 254
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: MHICAL 97 LP Mid-Peninsula Century Mid-Peninsula Sharmon
Village Assoc LP (Century Palms Assoc LP (Sharmon
Village) Palms)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $3
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 1.00% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Capital
Housing Investments Omicron Inc. Housing Investments
99.00% by MHICAL 97
Company
Name of Entity: Mission Capp LP Mission Housing Investors Mission Housing
Partnership Partnership 1996 LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $4 $18 $0
Revenues $0 $0 $0
Net Income (Loss) $0 ($2) $0
Ownership Interest(s): 99.00% by Edison Funding 5.00% by Mission Housing 1.00% by Edison Capital
Omicron Inc. Theta Housing Investments
99.00% by Edison Funding
Omicron Inc.
Page 255
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Monterra Village Assoc LP Morgan Hill Ranch Housing Morrone Gardens Assoc LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by MHIFED 94 LP
Housing Partners IX LP Housing Partners X LP
Name of Entity: Mountainlands Housing Mountain View Townhomes MPT Apts LP (MacArthur
Partners LP (Holiday Assoc LP Park)
Village Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $5
Revenues $0 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by MH IV LP
Housing Partners XV LP Housing Partners VII LP
Page 256
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: NAHF Brockton LP National Boston Lofts Neary Lagoon Partners LP
(Southfield Gardens) Assoc LLLP (Boston Lofts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $20 $8
Revenues $0 $2 $1
Net Income (Loss) $0 $0 ($1)
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Funding
Housing Partners XV LP Housing Investments Omicron Inc.
Name of Entity: Northern Senior Housing North Park Village LLC North Town Housing
LP (St. Johnsbury) Partners LP (Villa del
Norte Village)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Funding 99.00% by MHIFED 96 LP
Housing Partners XV LP Omicron Inc.
Page 257
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Northwood Manor Assoc LP Oak Forest Assoc LP Oakdale Terrace Leased
Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 98.99% by Edison Capital
Housing Partners VI LP Housing Partners VII LP Housing Investments
0.01% by Mission Funding
Theta
Name of Entity: Oceanside Gardens LP Ohlone Housing Assoc LP Olive Court Housing
Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 98.90% by Edison Capital
Omicron Inc. Housing Partners VIII LP Housing Investments
1.10% by Edison Funding
Olive Court
Page 258
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: OL Hope LP (Olympic Hope) Omaha Amber Ridge LP Ontario Senior Housing LP
(Amber Ridge) (Ontario Plaza)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $7 $0
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 98.90% by Edison Capital
Housing Partners XVIII LP Omicron Inc. Housing Partners XIX LP
Name of Entity: Open Door Assoc LP Osage Terrace LP Oxnard Housing Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $7 $0 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.89% by Edison Capital 99.00% by MHIFED 96A LP
Omicron Inc. Housing Partners XII LP
Page 259
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Pacific Terrace Assoc LP Pacifica Community Assoc Pacific Vista Las Flores
LP (Villa Pacifica) LP (Vista Las Flores)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $6
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners IX LP Housing Partners X LP Housing Investments
Name of Entity: Pajaro Court Assoc LP Palmer Heights, LLC Palmer House LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XVIII LP Omicron Inc.
Page 260
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Paradise Road Partners LP Park Land Senior Apts Park Place Terrace LP
(Gateway Village) Investors LP (Banducci)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 #1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners VII LP Housing Partners XIII LP Housing Partners V LP
Name of Entity: Park Place 1998, LLC Park Williams Partners LP Parkside Assoc LP
(Parkside Senior)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Corporations
Housing Partners XV LP Housing Partners XV LP for Affordable Housing LP
Page 261
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Parkview Apts Assoc LP Parsonage Cottage Senior Patriots Pointe at
(Parkview/Sunburst) Residence LP Colonial Hills LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Corporations 99.9% by Edison Capital
Housing Partners XVII LP for Affordable Housing LP Housing Partners XV LP
II
Name of Entity: Pecan Court Assoc LP Pellettieri Homes Urban Persimmon Assoc LP
Renewal Assoc LP (Persimmon Tree)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XIX LP Housing Partners XIX LP Housing Partners X LP
Page 262
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Piedmont Housing Assoc Pilot Grove LP Pines Housing LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $5 $0
Revenues $0 $1 $0
Net Income (Loss) $0 ($1) $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Corporations
for Affordable Housing LP Housing Investments for Affordable Housing LP
III
Name of Entity: Pines Housing II LP Pines Housing III LP Pinmore Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Corporations 99.90% by Edison Capital
for Affordable Housing LP for Affordable Housing LP Housing Partners XVIII LP
III
Page 263
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Pinole Grove Assoc LP PlumTree Preservation LP Poco Way Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.9% by Edison Capital 99.00% by MHIFED 96 LP
Housing Partners XV LP
Name of Entity: Poinsettia Housing Post Office Plaza LP Preservation Properties I
Associates LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $48 $0
Revenues $0 $6 $0
Net Income (Loss) $0 ($3) $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners XV LP Housing Investments Housing Partners XIV LP
Page 264
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Preservation Properties Preservation Properties Preservation Properties
II LP III LP IV LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners XIV LP Housing Partners XIV LP Housing Partners XIV LP
Name of Entity: Preservation Properties V President John Adams Prince Bozzuto LP
LP Manor Apts LP (Fairground Commons)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Mission Housing
Housing Partners XIV LP Housing Partners XIII LP Investors Partnership
Page 265
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Project Home I LLC Providence-Brown St PVA LP (Park Victoria)
Housing LP (Brown St)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.99% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners X LP Housing Partners IX LP
Name of Entity: Quebec Arms Apartments LP Rancho Park Assoc LP Red Lake LP #1
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Mission Housing 99.90% by Edison Capital
Housing Partners XVII LP Investors Partnership Housing Partners XVI LP
0.05% by Mission Housing
Alpha
Page 266
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Reseda Village LP Richmond City Center Rincon De Los Esteros
Assoc LP Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $6 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.00% by Edison Funding 99.90% by Edison Capital
Omicron Inc. Housing Partners XIX LP
Name of Entity: Rittenhouse School LP Riverside/ Liebrandt River Walk Apts Homes LP
Partners LP (La Playa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Funding 99.00% by Edison Capital
for Affordable Housing LP Omicron Inc. Housing Partners V LP
II
Page 267
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Riverwalk Apts, Ltd Roebling Village Inn Rosebloom Assoc LP
(Colorado) Urban Renewal LP (Oakshade)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.80% by Edison Capital 99.00% by Edison Funding 99.00% by Edison Funding
Housing Partners XIII LP Omicron Inc. Omicron Inc.
Name of Entity: Rosecreek Senior Living LP Round Walk Village Apts LP Rowland Heights
Preservation LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by MHIFED 96A LP 99.9% by Edison Capital
Housing Partners XIII LP Housing Partners XIV LP
Page 268
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Rustic Gardens Assoc LP Salem Lafayette Urban San Diego Golden Villa
Renewal Assoc LP Partners LP (Golden Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Mission Housing 99.00% by Corporations 98.90% by Edison Capital
Investors Partnership for Affordable Housing LP Housing Partners V LP
III
Name of Entity: San Juan Commons 1996 LP San Martin de Porres LP San Pablo Senior Housing
Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $3
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners X LP Housing Partners XVI LP Omicron Inc.
Page 268
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: San Pedro Gardens Assoc LP Santa Alicia Family Santa Alicia Gardens
Housing Assoc Townhomes LP (Gardens
Townhomes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 96A LP 99.00% by Edison Capital
Omicron Inc. Housing Partners V LP
Name of Entity: Santa Paulan Senior Apts Saratoga Vacaville LP Schoolhouse Court Housing
Assoc LP (The Paulan) (Saratoga Senior) Assoc LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $8 $1 $0
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Partners XV LP Housing Partners XIX LP
Page 269
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: SD Regency Centre LP Sea Ranch Apts LP Seasons Affordable Senior
Housing LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Mission Housing 99.00% by MHIFED 96 LP
Housing Partners XVIII LP Investors Partnership
Name of Entity: Second St Center LP Serena Sunbow LP (Villa Sherman Glen, LLC
Serena)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 95 LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners IX LP
Page 270
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Silver City Housing LP Silver Lake Properties LP Sky Parkway Housing Assoc
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners VI LP Housing Partners XVII LP
II
Name of Entity: Smyrna Gardens Assoc LP Solinas Village Partners South 55th St LP
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by MHIFED 95 LP 49.5% by Corporations for
for Affordable Housing LP Affordable Housing LP II
Page 271
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: South Beach Housing Assoc South Winery Assoc LP Southern Hotel LP
LP (Steamboat Point) (The Winery Apts)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $11 $7 $0
Revenues $1 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.90% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XVI LP
Name of Entity: Springdale Kresson Assoc Springdale Preservation Spring Valley Commons
LP (Jewish Federation) LP (Springdale West)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Mission Housing 99.90% by Edison Capital 99.00% by Corporations
Investors Partnership Housing Partners XIV LP for Affordable Housing LP
III
Page 272
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Stevenson Housing Assoc St. Hedwig's Gardens St. Regis Park LP (Pear
(Park Vista) Tree)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Edison Capital 99.9% by Edison Capital
for Affordable Housing LP Housing Partners V LP Housing Partners XV LP
III
Name of Entity: Stoney Creek Assoc LP Stony Point Apt Investors Strobridge Housing Assoc
LP (Panas Place) LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $8 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XI LP Housing Partners IX LP
Page 273
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Studebaker Building LP Sultana Acres Assoc LP Sunset Creek Partners LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Funding 99.00% by Edison Capital
Omicron Inc. Omicron Inc. Housing Partners XVII LP
Name of Entity: Sunshine Terrace LP Tabor Grand LP Terra Cotta Housing Assoc
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $3 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.90% by Edison Capital
Housing Partners V LP Housing Investments Housing Partners XVI LP
Page 274
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Thomson Rental Housing LP Three Oaks Housing LP Tierra Linda Assoc LP
(Washington Place)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by MHIFED 95 LP 99.00% by MHIFED 94 LP
Omicron Inc.
Name of Entity: Timber Sound, Ltd Timber Sound II, Ltd Tioga Gardens LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $2 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Capital 99.00% by Corporations
Housing Partners X LP Housing Partners X LP for Affordable Housing LP
Page 275
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Tlaquepaque Housing Assoc Trinity Park Apts LP Trolley Terrace Townhomes
LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 94 LP 99.90% by Edison Capital 99.90% by Edison Capital
Housing Partners X LP Housing Partners IX LP
Name of Entity: Tuscany Assoc LP (Tuscany Twin Ponds Apts LP Union Meadows Apts
Villa)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $3 $2 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.90% by Edison Capital 99.00% by Edison Capital
Omicron Inc. Housing Partners XIII LP Housing Partners V LP
Page 276
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: University Manor University Park Upland Senior Housing LP
Apartments LP Properties LP (Coy D. Estes)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Capital 99.00% by Edison Capital
Housing Partners XVII LP Housing Partners VI LP Housing Partners VI LP
0.05% by Mission Housing
Alpha
Name of Entity: Venbury Trail LP Villa Maria Housing Vine St Court LP
Partnership
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $5 $0
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.00% by MHIFED 96A LP
Housing Partners X LP Omicron Inc.
Page 277
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Vine St Court LP II Virginia Lane LP Vista Properties LLC
(Maplewood/Golden Glenn) (Vista View)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by MHIFED 96A LP 99.90% by Edison Capital 99.00% by Edison Capital
Housing Partners XIX LP Housing Partners VI LP
Name of Entity: Vista Sonoma Senior Vista Verde Housing Vista Verde Townhomes II
Living LP Associates LP (California) LLC (Colorado)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $2 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.9% by Edison Capital 99.00% by Edison Capital
Housing Partners XV LP Housing Partners XVII LP Housing Partners VI LP
Page 278
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: W.M. Housing Assoc LP Walden Pond Ltd LP Wall Street Palmer House
(Williamsport Manor) (Hamlet) LP (Palmer Hotel)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $0 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.00% by Corporations 99.00% by Edison Capital
for Affordable Housing LP for Affordable Housing LP Housing Partners XI LP
II
Name of Entity: Walnut Ave Partnership LP Washington Creek Assoc LP West Capital Courtyard LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $3 $6
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Capital 99.00% by Edison Funding 99.00% by MHICAL 94 LP
Housing Partners IX LP Omicron Inc.
Page 279
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Westfair LLC (Cedar Ridge) Westfield Condominium Westgate Townhomes Assoc
Investment LP LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $4
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 98.99% by Edison Capital 99.00% by MHICAL 96 LP
Housing Partners XV LP Housing Investments
0.01% by Mission Funding
Theta
Name of Entity: West Oaks Apts LP Westport Village Homes West Valley Hart LP (Hart
Assoc LP and Alabama)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.00% by Edison Funding 99.90% by Edison Capital
Housing Partners XII LP Omicron Inc. Housing Investments
Page 280
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Wheeler Manor Assoc LP White Mountain Apache Wilmington Housing Assoc
Housing LP (New Harbor Vista)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $10 $2 $2
Revenues $1 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Edison Funding 99.00% by Edison Capital 99.90% by Edison Capital
Omicron Inc. Housing Investments Housing Partners XI LP
Name of Entity: Windrush Apartments of Winfield Hill Assoc LP Wingate LLC (Regency Park)
Statesville LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $0 $2
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.9% by Edison Capital 99.00% by Edison Capital 99.9% by Edison Capital
Housing Partners XV LP Housing Partners XIX LP Housing Partners XV LP
Page 281
EDISON CAPITAL
Equity Investments in Real Estate Limited Partnerships
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Winnsboro Apts LP (Deer Women's Westlake LP Woodland Arms Apts, Ltd
Wood) (Dorothy Day) (Willow Creek)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $1 $1
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.00% by Corporations 99.90% by Edison Capital 99.00% by Edison Capital
for Affordable Housing LP Housing Partners XIII LP Housing Partners VII LP
II
Name of Entity: Woodleaf Village LP Yale Street LP YWCA Villa Nueva Partners
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $1 $1 $7
Revenues $0 $0 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 99.90% by Edison Capital 99.90% by Edison Capital 99.00% by Edison Funding
Housing Partners XIII LP Housing Partners XII LP Omicron Inc.
Page 282
EDISON CAPITAL
Equity Investments
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: AIG Asian Infrastructure AIG Emerging Europe AIG Emerging Europe
Fund II LP Infrastructure Fund LP Infrastructure Management
LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $39 $31 $0
Revenues $1 $1 $2
Net Income (Loss) $1 ($1) $0
Ownership Interest(s): 5.80% by Edison Capital 22.70% by Edison Capital 18.05% by Edison Capital
Latin American Latin American Latin American
Investments (Bermuda) Ltd. Investments (Bermuda) Ltd. Investments (Bermuda) Ltd.
Name of Entity: AIG-GE Capital Latin Compania Adminstradora de Electricidad de La Paz,
American Infrastructure Empresas Bolivia SA (Cade) S.A. (Electropaz)
Fund LP
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $41 $1 $10
Revenues $1 $0 $0
Net Income (Loss) ($6) $0 $0
Ownership Interest(s): 8.00% by Edison Capital 12.55% by Edison Capital 10% by Edison Capital
Latin American International (Bermuda) International (Bermuda)
Investments (Bermuda) Ltd. Ltd. Ltd.
Page 283
EDISON CAPITAL
Equity Investments
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Empresa de Servicios Empresa de Luz y Fuerza Huntington LP
Edeser S.A. (Edesar) Electrica de Oruro SA
(Elfeo)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $0 $2 $0
Revenues $0 $1 $0
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 12.55% by Edison Capital 12.55% by Edison Capital 37.707% by Mission
International (Bermuda) International (Bermuda) Funding Zeta
Ltd. Ltd.
Name of Equity Lakota Ridge LLC Olmeca Cable Investments Shaokatan Hills LLC
Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $14 $18 $16
Revenues $1 $0 $1
Net Income (Loss) $0 $0 $0
Ownership Interest(s): 75.00% by Mission Funding 21.7% by Edison Capital 75.00% by Mission Funding
Zeta International (Bermuda) Zeta
Ltd.
Page 284
EDISON CAPITAL
Equity Investments
December 31, 2003 - Based on financial statements as of December 31, 2002
(In millions)
Name of Entity: Storm Lake Power Partners Trinidad and Tobago Woodstock Hills LLC
Methanol Company Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $170 $11
Revenues $11 $1
Net Income (Loss) ($7) $0
Ownership Interest(s): 99.00% by Mission Iowa 1.0% by Edison Capital 75.00% by Mission Funding
Wind Company LAI (Bermuda) Ltd. Zeta
Page 285
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (inactive) (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 286
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 287
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 288
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 289
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5 $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5 $5
============================================================= ==================== ==================== ====================
Page 290
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (inactive) (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 291
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 292
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 293
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt as due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 294
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $1 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 2 2
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5 $5
============================================================= ==================== ==================== ====================
Page 295
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Associated Calabasas Carol Stream
Southern Palatino, Inc. Developers G.P.
Investment Company (inactive) (inactive)
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 296
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Centrelake Irwindale Land Mission Airport
Partners LP Company (inactive) Park Development
(inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 297
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Industrial Mission-Oceangate Mission/Ontario,
Constructors, Inc. (inactive) Inc. (inactive)
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 298
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission South Bay Mission Texas Mission Vacaville
Company (inactive) Property Holdings, LP (inactive)
Inc. (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 299
MISSION LAND COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Land Consolidating Mission Land
Company Adjustments Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other $1 $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 1
Income taxes (benefit) 1 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 8 8
Dividends declared on common stock 6 6
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2 $2
=============================================================== ==================== ==================== ====================
Page 300
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (inactive)
Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 301
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 302
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (inactive)
Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3
Accumulated other comprehensive income (loss)
Retained earnings (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 303
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Power
Engineering
Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $9
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 3
Accumulated other comprehensive income (loss)
Retained earnings (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 304
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Associated Mission Power Consolidating
Southern Engineering Adjustments
Engineering Company (inactive)
Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnership and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 305
MISSION POWER ENGINEERING COMPANY and Subsidiaries [Tier 3]
Consolidating Statements of Income (Loss) and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Power
Engineering
Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Other nonoperating income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to
mandatory redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 306
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 5 (PAGES 307 THROUGH 412)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($2) $17
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2) 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) $17
============================================================= ==================== ==================== ====================
Page 307
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 308
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 93
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 93
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $94
============================================================= ==================== ==================== ====================
Page 309
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 310
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $7
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7
============================================================= ==================== ==================== ====================
Page 311
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company (inactive)
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 312
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company (inactive) Generating Company Development, Inc.
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 313
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Energy Interface
Consolidated Corp. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $112
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 112
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash $33
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $112 $33
============================================================= ==================== ==================== ====================
Page 314
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Services, Fuel Resources, Fuel
Inc. Inc. Transportation,
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 315
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $16 $92
Restricted cash
Receivables - net 93 4
Fuel inventory 13
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 30 5
Prepayments and other current assets 17 38
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 156 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 7 449
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 7 450
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 2
Restricted cash
Regulatory assets - net
Other deferred charges 195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 195
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $165 $821
============================================================= ==================== ==================== ====================
Page 316
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company (inactive)
Maintenance, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 7
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $563
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 563
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $9 $563
============================================================= ==================== ==================== ====================
Page 317
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (2)
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $11
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $96 $11
============================================================= ==================== ==================== ====================
Page 318
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 319
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 320
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Jefferson Energy Kings Canyon Kingspark Energy
Company (inactive) Energy Company Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 321
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 322
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 323
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $38
Restricted cash
Receivables - net 39
Fuel inventory 65
Materials and supplies, at average cost 19
Accumulated deferred income taxes - net
Trading and price risk management assets 13
Prepayments and other current assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 184
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,661
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,661
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 87
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 87
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,932
============================================================= ==================== ==================== ====================
Page 324
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (50)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (49)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($49)
============================================================= ==================== ==================== ====================
Page 325
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges $5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4 $5
============================================================= ==================== ==================== ====================
Page 326
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (inactive)
International Inc. (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $218
Restricted cash
Receivables - net 220
Fuel inventory
Materials and supplies, at average cost 45
Accumulated deferred income taxes - net
Trading and price risk management assets 27
Prepayments and other current assets 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 621
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,519
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 955
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 877
Restricted cash 173
Regulatory assets - net
Other deferred charges 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,243
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,344
============================================================= ==================== ==================== ====================
Page 327
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net $9 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 9 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 34 (188)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 34 1,476
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (58)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 329
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $43 $1,975
============================================================= ==================== ==================== ====================
Page 328
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 329
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 330
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company (inactive) Limited Services Limited
[5]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 331
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 332
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 333
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $52 $64
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 52 64
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $52 $64
============================================================= ==================== ==================== ====================
Page 334
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15
============================================================= ==================== ==================== ====================
Page 335
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 336
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $42 $17
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 42 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $42 $17
============================================================= ==================== ==================== ====================
Page 337
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $136
Restricted cash
Receivables - net 40
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 173
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 10
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $58 6,528
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 58 6,538
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 10
Regulatory assets - net
Other deferred charges 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $58 $6,734
============================================================= ==================== ==================== ====================
Page 338
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($68) $504
Restricted cash
Restricted Cash
Receivables - net (84) 387
Fuel inventory 5 83
Materials and supplies, at average cost (13) 83
Accumulated deferred income taxes - net
Trading and price risk management assets (51) 48
Prepayments and other current assets 19 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (192) 1,307
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (2,889) 7,422
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (6,726) 1,607
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (9,615) 9,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill (316) 867
Restricted cash 39 338
Regulatory assets - net
Other deferred charges 1 532
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (276) 1,737
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($10,083) $12,079
============================================================= ==================== ==================== ====================
Page 339
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($34) $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (33) 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 28 4
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 28 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 8 9
Accumulated other comprehensive income (loss) 2
Retained earnings (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2) $17
============================================================= ==================== ==================== ====================
Page 340
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 341
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($30)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (30)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 17
Accumulated deferred investment tax credits 6
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 49 $2
Accumulated other comprehensive income (loss)
Retained earnings 52 ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 101
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $94
============================================================= ==================== ==================== ====================
Page 342
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 343
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2
Accumulated other comprehensive income (loss)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7
============================================================= ==================== ==================== ====================
Page 344
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company (inactive)
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 345
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company (inactive) Generating Company Development, Inc.
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($70)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (70)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 84
Accumulated other comprehensive income (loss)
Retained earnings (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $70
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 346
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Energy Interface
Consolidated Corp. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $51
Preferred stock to be redeemed within one year
Accounts payable ($11) (161)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (11) (106)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 139
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 11
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 87
Accumulated other comprehensive income (loss)
Retained earnings 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 112
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $112 $33
============================================================= ==================== ==================== ====================
Page 347
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Services, Fuel Resources, Fuel
Inc. Inc. Transportation,
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 348
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $90 $44
Accrued taxes 1 1
Trading and price risk management liabilities 30 13
Regulatory liabilities
Other current liabilities 2 28
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 123 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (9) 33
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset Retirement Obligation 4
Asset retirement obligation
Other long-term liabilities 3 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (6) 67
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 60 593
Accumulated other comprehensive income (loss) (10)
Retained earnings (12) 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 48 668
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $165 $821
============================================================= ==================== ==================== ====================
Page 349
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company (inactive)
Maintenance, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($17)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 14 $563 $9
Accumulated other comprehensive income (loss)
Retained earnings 5 ($9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 563
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $9 $563
============================================================= ==================== ==================== ====================
Page 350
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable (4) ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 15
Accumulated other comprehensive income (loss)
Retained earnings 7 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $96 $11
============================================================= ==================== ==================== ====================
Pag3 351
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($8)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9
Accumulated other comprehensive income (loss)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 352
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $1
Accumulated other comprehensive income (loss)
Retained earnings ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 353
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Jefferson Energy Kings Canyon Kingspark Energy
Company (inactive) Energy Company Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 354
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2
Accumulated other comprehensive income (loss)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 355
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $10
Accumulated other comprehensive income (loss)
Retained earnings ($10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 356
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $703
Preferred stock to be redeemed within one year
Accounts payable ($27) (1,396) ($253)
Accrued taxes
Trading and price risk management liabilities 11
Regulatory liabilities
Other current liabilities 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (28) (548) (253)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) 17
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 103
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2) 120
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 22 3,074 249
Accumulated other comprehensive income (loss) 2
Retained earnings 7 (15) 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $29 3,061 $253
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,932
============================================================= ==================== ==================== ====================
Page 357
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($155) $8
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (155) 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable 150
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 150
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (87)
Additional Paid in Capital 5
Accumulated other comprehensive income (loss)
Retained earnings 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $5 (62)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($49)
============================================================= ==================== ==================== ====================
Page 358
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2 $2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 5 6
Accumulated other comprehensive income (loss)
Retained earnings (2) (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4 $5
============================================================= ==================== ==================== ====================
Page 359
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (inactive)
International Inc. (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 110
Preferred stock to be redeemed within one year
Accounts payable (209)
Accrued taxes
Trading and price risk management liabilities 132
Regulatory liabilities
Other current liabilities 509
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 594
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 3,436
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 627
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities 746
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1,309
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 1,619 $1
Accumulated other comprehensive income (loss) (31)
Retained earnings (1,120) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7,344
============================================================= ==================== ==================== ====================
Page 360
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)7
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable ($104) (522)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (104) (431)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 22 310
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset Retirement Obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 22 487
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 21
Additional Paid in Capital 265
Accumulated other comprehensive income (loss) 33
Retained earnings (140) 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 125 569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $43 $1,975
============================================================= ==================== ==================== ====================
Page 361
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
(inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 362
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($4) ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 4
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 3
Accumulated other comprehensive income (loss)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 363
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company (inactive) Limited Services Limited
[5]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $8
Accumulated other comprehensive income (loss)
Retained earnings ($8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 364
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $5 $1
Accumulated other comprehensive income (loss)
Retained earnings ($5) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 365
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($6)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2
Accumulated other comprehensive income (loss)
Retained earnings 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 366
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $10 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7 16
Accumulated deferred investment tax credits 2
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 9 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 10 5
Accumulated other comprehensive income (loss) 11
Retained earnings 23 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 33 46
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $52 $64
============================================================= ==================== ==================== ====================
Page 367
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 8
Accumulated other comprehensive income (loss)
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15
============================================================= ==================== ==================== ====================
Page 368
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $7
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $4
Accumulated other comprehensive income (loss)
Retained earnings ($4) (6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($6)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 369
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($46) $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (46) 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 6 4
Accumulated deferred investment tax credits 3
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 9 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 44 8
Accumulated other comprehensive income (loss) 2
Retained earnings 35 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 79 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $42 $17
============================================================= ==================== ==================== ====================
Page 370
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) ($48) $2,488
Accrued taxes 7
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 95
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (48) 2,590
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,675
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1) 10 88
Accumulated deferred investment tax credits 3
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 30
Asset retirement obligation
Other long-term liabilities 38
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1) 13 156
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 64
Additional Paid in Capital 1 51 2,641
Accumulated other comprehensive income (loss) 108
Retained earnings 1 42 (500)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2 93 2,313
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $58 $6,734
============================================================= ==================== ==================== ====================
Page 371
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year ($27) 856
Preferred stock to be redeemed within one year
Accounts payable 691 238
Accrued taxes 24 38
Trading and price risk management liabilities (38) 163
Regulatory liabilities
Other current liabilities (497) 341
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 153 1,688
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (2,263) 5,486
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 145 1,356
Accumulated deferred investment tax credits (1) 13
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption 164
Accumulated provision for pension and benefits 30
Asset retirement obligation 17 22
Other long-term liabilities (195) 901
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 34 2,486
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (1,025) 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding (150)
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries (150)
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2,588 2,697
Additional Paid in Capital (9,443)
Accumulated other comprehensive income (loss) (139) (22)
Retained earnings 229 (772)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (6,765) 1,903
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($10,083) $12,079
============================================================= ==================== ==================== ====================
Page 372
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Aguila Energy Anacapa Energy Arrowhead Energy
Company Company Company
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in Income from partnerships and unconsolidated (2) $4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) 4
Income taxes (benefit) (7) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (9) ($2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5)
=============================================================== ==================== ==================== ====================
Page 373
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Balboa Energy Blue Ridge Energy Bretton Woods
Company (inactive) Company (inactive) Energy Company
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 374
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Camino Energy Centerport Energy Chesapeake Bay
Company Company (inactive) Energy Company
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in Income from partnerships and unconsolidated 50
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49
Income taxes (benefit) 19
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 30
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 30
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 22 ($2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $52 ($2)
=============================================================== ==================== ==================== ====================
Page 375
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Chester Energy Clayville Energy Colonial Energy
Company (inactive) Company (inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 376
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Coronado Energy Crescent Valley Del Mar Energy
Company (inactive) Energy Company Company
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated $3
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 377
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Delaware Energy Desert Sunrise Devereaux Energy
Conservers, Inc. Energy Company Company (inactive)
(inactive) (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) ($4)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (6)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2)
=============================================================== ==================== ==================== ====================
Page 378
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
East Maine Energy Edison Alabama Edison Mission
Company (inactive) Generating Company Development, Inc.
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($14)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($14)
=============================================================== ==================== ==================== ====================
Page 379
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Funding Energy Interface
Consolidated Corp. Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income $16
Equity in Income from partnerships and unconsolidated 32
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($16)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 31
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 38
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 38
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 18
Dividends declared on common stock (31)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $25
=============================================================== ==================== ==================== ====================
Page 380
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Services, Fuel Resources, Fuel
Inc. Inc. Transportation,
Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 381
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Midwest Generation Edison Mission
Marketing and Energy Services, Holdings Co.
Trading, Inc. LLC [5] Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $33 $531
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 33 531
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 193
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 20 182
Asset impairment
Depreciation, decommissioning and amortization 2 16
Property and other taxes 2
Write down of nonutility assets
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 22 393
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 11 138
Interest and dividend income (2) 2
Equity in Income from partnerships and unconsolidated (1)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 9 138
Income taxes (benefit) 10 59
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) 79
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) 79
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (11) 94
Dividends declared on common stock (88)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($12) $85
=============================================================== ==================== ==================== ====================
Page 382
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission El Dorado Energy
Operation and Project Co. Company (inactive)
Maintenance, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $24
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 20
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 20
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income .
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4
Income taxes (benefit) 1 $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3 (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2 (8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 ($9)
=============================================================== ==================== ==================== ====================
Page 383
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME CP Holdings EME Eastern EMOM Services, Inc.
Co. Consolidated Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7 $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in Income from partnerships and unconsolidated ($3)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 (3)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1 (3)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1 (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5
Dividends declared on common stock 1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7 ($3)
=============================================================== ==================== ==================== ====================
Page 384
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EMP, Inc. Four Counties Gas Global Power
(inactive) Company (inactive) Investors, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 385
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Hancock Generation Holtsville Energy Indian Bay Energy
LLC (inactive) Company (inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 386
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Jefferson Energy Kings Canyon Kingspark Energy
Company (inactive) Energy Company Company (inactive)
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 387
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Laguna Energy La Jolla Energy Lakeview Energy
Company (inactive) Company (inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 388
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Lehigh River Longview Madera Energy
Energy Company Cogeneration Company (inactive)
(inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($10)
=============================================================== ==================== ==================== ====================
Page 389
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Madison Energy Midwest Generation Midwest Peaker
Company (inactive) EME, LLC Holdings, Inc.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,052
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,052
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 391
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 375
Asset Impairment $6 245
Depreciation, decommissioning and amortization 162
Property and other taxes 22
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6 1,195
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (6) (143)
Interest and dividend income 117
Equity in Income from partnerships and unconsolidated 7
subsidiaries - net
Other nonoperating income (37)
Interest expense - net of amounts capitalized (171)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 (234)
Income taxes (benefit) (2) (78)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3 (156)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3 (156)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 4 107 $4
Dividends declared on common stock 34
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7 ($15) $4
=============================================================== ==================== ==================== ====================
Page 390
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Capital LP Mission Del Cielo, Mission/Eagle
Inc. Consolidated Energy Company
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $14
Equity in Income from partnerships and unconsolidated $40
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (7)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory ($7)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 40
Income taxes (benefit) 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 25
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 25
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $25
=============================================================== ==================== ==================== ====================
Page 391
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Construction Generation, Inc. Holdings, Inc.
Services, Inc. (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $9
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (4)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5
Income taxes (benefit) $2 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2) (2)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) ($3)
=============================================================== ==================== ==================== ====================
Page 392
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Mission Energy Mission Energy
Holdings Indonesia Mexico (inactive)
International Inc. (inactive)
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,526
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,526
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 517
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 522
Asset impairment
Depreciation, decommissioning and amortization 140
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,179
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 347
Interest and dividend income 8
Equity in Income from partnerships and unconsolidated 117
subsidiaries - net
Other nonoperating income 12
Interest expense - net of amounts capitalized (221)
Other nonoperating deductions (44)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 219
Income taxes (benefit) 119
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 100
Income from discontinued operations - net 2
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 102
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,438) ($1)
Dividends declared on common stock 216
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,120) ($1)
=============================================================== ==================== ==================== ====================
Page 393
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy New Mission Energy Mission Triple
York, Inc. Wales Company Cycle Systems
Consolidated Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $4 $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 77
Asset impairment 53
Depreciation, decommissioning and amortization 1 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 55 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (51) 79
Interest and dividend income (7) 46
Equity in Income from partnerships and unconsolidated (7)
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions (5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (65) 6
Income taxes (benefit) (27) (42)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (38) 48
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (38) 48
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (102) 467
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($140) $515
=============================================================== ==================== ==================== ====================
Page 394
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
North Jackson Northern Sierra Ortega Energy
Energy Company Energy Company Company (inactive)
(inactive) (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 395
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Panther Timber Paradise Energy Pleasant Valley
Company (inactive) Company (inactive) Energy Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 396
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Quartz Peak Energy Rapid Energy Edison Mission
Company (inactive) Limited Services Limited
[5]
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8)
=============================================================== ==================== ==================== ====================
Page 397
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Rapidan Energy Reeves Bay Energy Ridgecrest Energy
Company (inactive) Company (inactive) Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $2
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (2)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2) ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($5) ($1)
=============================================================== ==================== ==================== ====================
Page 398
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Rio Escondido Riverport Energy San Gabriel Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $4
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $4
=============================================================== ==================== ==================== ====================
Page 399
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
San Joaquin Energy San Juan Energy San Pedro Energy
Company Company Company (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in Income from partnerships and unconsolidated 19 $10
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 18 10
Income taxes (benefit) 6 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 12 5
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 12 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 11 25
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $23 $30
=============================================================== ==================== ==================== ====================
Page 400
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Santa Ana Energy Santa Clara Energy Silverado Energy
Company (inactive) Company (inactive) Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated $4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2
=============================================================== ==================== ==================== ====================
Page 401
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Silver Springs Sonoma Geothermal South Coast Energy
Energy Company Company (inactive) Company (inactive)
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in Income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit) $6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (6)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (6)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($4)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4) ($6)
=============================================================== ==================== ==================== ====================
Page 402
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Southern Sierra Thorofare Energy Viejo Energy
Energy Company Company (inactive) Company
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income (1)
Equity in Income from partnerships and unconsolidated 36 $4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 34 4
Income taxes (benefit) 16 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 18 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 18 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 17 (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $35 $1
=============================================================== ==================== ==================== ====================
Page 403
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Vista Energy Western Sierra Edison Mission
Company (inactive) Energy Company Energy
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 2
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 97
Asset impairment
Depreciation, decommissioning and amortization 9
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 108
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (107)
Interest and dividend income 1 (136)
Equity in Income from partnerships and unconsolidated 44 2
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (157)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 44 (401)
Income taxes (benefit) ($2) 18 (240)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 26 (161)
Income from discontinued operations -net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 26 (161)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) 16 (339)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 $42 ($500)
=============================================================== ==================== ==================== ====================
Page 404
EDISON MISSION ENERGY and Subsidiaries [Tier 4]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Energy Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($421) $3,181
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (421) 3,181
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (222) 1,103
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (24) 1,278
Asset Impairment 304
Depreciation, decommissioning and amortization (69) 290
Property and other taxes 1 42
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (314) 3,017
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (107) 164
Interest and dividend income (51) 16
Equity in Income from partnerships and unconsolidated 9 368
subsidiaries - net
Other nonoperating income (4) (35)
Interest expense - net of amounts capitalized 196 (498)
Other nonoperating deductions 10 (39)
Dividends on preferred securities subject to mandatory (4) (11)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 75 (5)
Income taxes (benefit) 88 (28)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (13) 23
Income from discontinued operations -net 2
Income taxes on discontinued operations 1 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (14) 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 375 (792)
Dividends declared on common stock (132)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $229 ($768)
=============================================================== ==================== ==================== ====================
Page 405
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: American Bituminous Power American Kiln Partners, Bretton Woods
Partners, LP LP (inactive) Cogeneration, LP
(inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $63
Revenues $15
Net Income (Loss)
Nature/Purpose of Business: To own an 80MW Currently inactive. To own and operate power
cogeneration facility in production facilities.
Grant Town, WV.
Ownership Interest(s): 49.5% LP by Aguila Energy 2% GP by Panther Timber 50% GP by Blue Ridge
Company Company Energy Company
0.5% GP by Pleasant 49.5% of 53% LP by Aguila 50% GP and LP by Bretton
Valley Energy Co. Energy Company Woods Energy Company
0.5% of 53% GP by
Pleasant Valley Energy
Company
Name of Entity: Brookhaven Cogeneration Brooklyn Navy Yard CL Power Sales One,
LP (inactive) Cogeneration Partners, LP L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $240 $13
Revenues $102
Net Income (Loss) ($15) $1
Nature/Purpose of Business: To own and operate power To own and operate a To own and operate power
production facilities. 286MW power production production facilities.
facility near the
Brooklyn Bridge, NY.
Ownership Interest(s): 50% GP and LP by 50% GP and LP by Mission 25% by Citizens Power
Holtsville Energy Company Energy New York, Inc. Holdings One, LLC
50% GP by Madera Energy
Company
Page 406
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: CL Power Sales Two, CL Power Sales Six, CL Power Sales Seven,
L.L.C. [6] L.L.C. [6] L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $8 $5
Revenues
Net Income (Loss) $1
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 25% by Citizens Power
Holdings One, LLC Holdings One, LLC Holdings One, LLC
Name of Entity: CL Power Sales Eight, CL Power Sales Nine, CL Power Sales Ten,
L.L.C. [6] L.L.C. [6] L.L.C. [6]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $22 $8
Revenues
Net Income (Loss) ($4) ($1)
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 25% by Citizens Power 25% by Citizens Power 25% by Citizens Power
Holdings One, LLC Holdings One, LLC Holdings One, LLC
Page 407
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: Coalinga Cogeneration Delaware Clean Energy Four Star Oil and Gas
Company Project (inactive) Company [sold 01/072004]
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $17 $131
Revenues $16 $122
Net Income (Loss) $3 $42
Nature/Purpose of Business: To own and operate a 38MW To own and operate power To own an interest in
cogeneration facility in production facilities. common stock of domestic
Fresno County, CA. oil and gas exploration
and production co.
Ownership Interest(s): 50% GP by Silverado 50% GP by Chesapeake Bay 35.84% by Edison Mission
Energy Company Energy Company Energy Oil and Gas [sold
01/07/2004]
Name of Entity: Georgia Peaker, LP Gordonsville Energy, LP Kern River Cogeneration
(inactive) [sold 11/21/2003] Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $59
Revenues $132
Net Income (Loss) $36
Nature/Purpose of Business: To own and operate power To own and operate a To own and operate a
production facilities. 240MW cogeneration 300MW Kern River (Omar
facility in Gordonsville, Hill) cogeneration
VA. facility at Texaco's Kern
River Oil Field near
Bakersfield, CA.
Ownership Interest(s): 50% by Lakeview Energy 49% LP by Madison Energy 50% GP by Southern Sierra
Company Company Energy Company
50% by Silver Springs 1% GP by Rapidan Energy
Energy Company Company
Page 408
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: March Point Cogeneration Mid-Set Cogeneration Midway-Sunset
Company Company Cogeneration Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $77 $9 $76
Revenues $44 $16 $92
Net Income (Loss) $14 $3 $18
Nature/Purpose of Business: To own and operate a To own and operate a 38MW To own and operate a
140MW cogeneration cogeneration facility in 225MW cogeneration
facility in Anacortes, WA. Kern Co., CA facility near Taft in
Kern County, CA.
Ownership Interest(s): 50% GP by San Juan Energy 50% GP by Del Mar Energy 50% GP by San Joaquin
Company Company Energy Company
Name of Entity: Mission Interface North Shore Energy, LP Northville Energy
Partnership (inactive) Corporation (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 50% by Edison Mission 50% GP and LP by Reeves 100% by North Shore
Energy Interface, Ltd Bay Energy Company Energy LP
50% GP by Santa Clara
Energy Company
Page 409
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: Oconee Energy, LP Riverhead Cogeneration I, Riverhead Cogeneration
(inactive) LP (inactive) II, LP (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets
Revenues
Net Income (Loss)
Nature/Purpose of Business: To own and operate power To own and operate power To own and operate power
production facilities. production facilities. production facilities.
Ownership Interest(s): 50% by Clayville Energy 50% GP and LP by 50% GP and LP by
Company Centerport Energy Company Riverport Energy Company
50% by Coronado Energy 50% GP by Ridgecrest 50% GP by San Pedro
Company Energy Company Energy Company
Name of Entity: Riverhead Cogeneration Salinas River Sargent Canyon
III, LP (inactive) Cogeneration Company Cogeneration Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $19 $18
Revenues $15 $16
Net Income (Loss) $4 $4
Nature/Purpose of Business: To own and operate power To own and operate a 38MW To own and operate a 38MW
production facilities. cogeneration facility in cogeneration facility in
Monterey Co., CA. Monterey Co, CA
Ownership Interest(s): 50% GP and LP by Indian 50% GP by Anacapa Energy 50% GP by Viejo Energy
Bay Energy Company Company Company
50% GP by Santa Ana
Energy Company
Page 410
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: Smithtown Cogeneration, Sobel Cogeneration Sunrise Power Company, LLC
LP (inactive) Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $242
Revenues $55
Net Income (Loss) $35
Nature/Purpose of Business: To own and operate power Currently is inactive. To own and operate a
production facilities. 320MW power production
facility in Fellows, CA.
Ownership Interest(s): 50% GP by Balboa Energy 50% GP by Northern Sierra 50% GP by Mission del
Company Energy Company Sol, LLC
50% GP and LP by
Kingspark Energy Company
Name of Entity: Sycamore Cogeneration TM Star Fuel Company Triple Cycle Partnership
Company (inactive)
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $75 $51
Revenues $140 $11
Net Income (Loss) $44 ($9)
Nature/Purpose of Business: To own and operate a To own a 50% interest in To own 25% interest in
300MW cogeneration a domestic oil and gas partnership that has
facility at Texaco's Kern exploration and rights to a proprietary
River Oil Field near production company. technology.
Bakersfield, CA.
Ownership Interest(s): 50% GP by Western Sierra 50% GP by Southern Sierra 50% GP by Mission Triple
Energy Co. Gas Company Cycle Systems Company
Page 411
EDISON MISSION ENERGY [Tier 5]
Equity Investments
December 31, 2003
(In millions)
Name of Entity: Watson Cogeneration
Company
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $100
Revenues $170
Net Income (Loss) $49
Nature/Purpose of Business: To own and operate a
385MW cogeneration
facility at ARCO's LA
Refinery in Carson, CA
Ownership Interest(s): 49% GP by Camino Energy
Company
Page 412
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 6 (PAGES 413 THROUGH 514)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $23 $56
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 23 56
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $23 $56
============================================================= ==================== ==================== ====================
Page 413
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Pocono Fuels Southern Sierra Consolidating
Company (inactive) Gas Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash Restricted cash Restricted cash Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($10) $43
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (10) 43
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($10) $43
============================================================= ==================== ==================== ====================
Page 414
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $112
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 112
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $112
============================================================= ==================== ==================== ====================
Page 415
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($10)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 15
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2 $16
Accumulated other comprehensive loss
Retained earnings 16 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 18 56
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $23 $56
============================================================= ==================== ==================== ====================
Page 416
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Pocono Fuels Southern Sierra Consolidating
Company (inactive) Gas Company Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 1 $68
Accumulated other comprehensive income (loss)
Retained earnings 1 (7) (25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $1 (6) 43
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($10) $43
============================================================= ==================== ==================== ====================
Page 417
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Fuel
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($11)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 11
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 87
Accumulated other comprehensive income (loss)
Retained earnings 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 112
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $112
============================================================= ==================== ==================== ====================
Page 418
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Energy Oil and Gas Energy Petroleum
[sold 01/07/2004]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (1)
Interest and dividend income
Equity income from partnerships & unconsolidated ($4) $45
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
Mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (4) 44
Income taxes (benefit) 10 (12)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (14) 56
Income from discontinued operations net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (14) 56
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 17 9
Dividends declared on common stock 13 (25)
Dividends declared on preferred stock 0
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $16 $40
=============================================================== ==================== ==================== ====================
Page 419
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Pocono Fuels Southern Sierra Consolidating
Company (inactive) Gas Company Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity income from partnerships and unconsolidated ($9)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
Mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (9)
Income taxes (benefit) ($1) (4)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations $1 (5)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1 (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) ($7)
Dividends declared on common stock (1) (18)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 ($7) ($25)
=============================================================== ==================== ==================== ====================
Page 420
EDISON MISSION ENERGY FUEL and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission
Energy Fuel
Consolidated
---------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
---------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
---------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
---------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
---------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity income from partnerships & unconsolidated subs - net 32
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
Mandatory redemption
---------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 31
Income taxes (benefit) (7)
---------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 38
Income from discontinued operations - net
Income taxes on discontinued operations
---------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 38
---------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 18
Dividends declared on common stock (31)
Dividends declared on preferred stock
---------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $25
================================================================ ==================== ==================== ====================
Page 421
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $92
Restricted cash
Receivables - net 4
Fuel inventory 13
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 5
Prepayments and other current assets 38
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,942
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $64
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 64 1,942
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $64 $2,158
============================================================= ==================== ==================== ====================
Page 422
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Homer City Mission Energy Edison Mission
Property Holdings, Westside, Inc. Holdings Co.
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1 $607
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 607
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1 $607
============================================================= ==================== ==================== ====================
Page 423
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $92
Restricted cash
Receivables - net 4
Fuel inventory 13
Materials and supplies, at average cost 24
Accumulated deferred income taxes - net
Trading and price risk management assets 5
Prepayments and other current assets 38
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($1,493) 449
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (671) 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2,164) 450
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 155 195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 155 195
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2,009) $821
============================================================= ==================== ==================== ====================
Page 424
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $30
Preferred stock to be redeemed within one year
Accounts payable ($1) 588 ($543)
Accrued taxes 1
Trading and price risk management liabilities 13
Regulatory liabilities
Other current liabilities 68
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) 700 (543)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,397
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3 (28)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 4
Asset retirement obligation
Other long-term liabilities 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 64 63 538
Accumulated other comprehensive loss (10)
Retained earnings (2) 2 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 62 55 $543
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $64 $2,158
============================================================= ==================== ==================== ====================
Page 425
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Homer City Mission Energy Edison Mission
Property Holdings, Westside, Inc. Holdings Co.
Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $1 $593
Accumulated other comprehensive loss
Retained earnings 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1 607
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1 $607
============================================================= ==================== ==================== ====================
Page 426
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($30)
Preferred stock to be redeemed within one year
Accounts payable $44
Accrued taxes 1
Trading and price risk management liabilities 13
Regulatory liabilities
Other current liabilities (40) 28
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (70) 86
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (1,397)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 58 33
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement Obligation 4
Other long-term liabilities 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 58 67
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (666) 593
Accumulated other comprehensive loss (10)
Retained earnings 66 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (600) 668
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2,009) $821
============================================================= ==================== ==================== ====================
Page 427
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Chestnut Ridge EME Homer City Edison Mission
Energy Company Generation LP [6] Finance Co.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $531
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 531
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 193
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 81
Asset impairment
Depreciation, decommissioning and amortization 63
Write-down of Nonutility Assets
Property and other taxes 2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 339
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income loss 192
Interest and dividend income (40) $42
Equity in income from partnerships and unconsolidated (1)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (115)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 36 42
Income taxes (benefit) 18 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 18 25
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 18 25
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($19) (15) 33
Dividends declared on common stock 17 (1) (53)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) $2 $5
=============================================================== ==================== ==================== ====================
Page 428
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Homer City Mission Energy Edison Mission
Property Holdings, Westside, Inc. Holdings Co.
Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit) ($3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57
Dividends declared on common stock (46)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $14
=============================================================== ==================== ==================== ====================
Page 429
EDISON MISSION HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Edison Mission
Adjustments Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $531
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 531
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 193
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $101 182
Asset impairment
Depreciation, decommissioning and amortization (47) 16
Write-down of Nonutility Assets
Property and other taxes 2
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 54 393
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (54) 138
Interest and dividend income 2
Equity in income from partnerships and unconsolidated (1)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 114 (1)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 60 138
Income taxes (benefit) 27 59
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 33 79
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 33 79
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 38 94
Dividends declared on common stock (5) (88)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $66 $85
=============================================================== ==================== ==================== ====================
Page 430
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Seventeen, L.L.C. Nineteen, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (2)
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $96
============================================================= ==================== ==================== ====================
Page 431
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
CP Power Sales Sunapee Funding I, EME CP Holdings Co.
Twenty, L.L.C. L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $15
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $15
============================================================= ==================== ==================== ====================
Page 432
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1
Restricted cash
Receivables - net 1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (2)
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($15)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 96
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($15) $96
============================================================= ==================== ==================== ====================
Page 433
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Seventeen, L.L.C. Nineteen, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $96
============================================================= ==================== ==================== ====================
Page 434
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
CP Power Sales Sunapee Funding I, EME CP Holdings Co.
Twenty, L.L.C. L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($4)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $15
============================================================= ==================== ==================== ====================
Page 435
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME CP Holdings
Adjustments Co. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $2
Preferred stock to be redeemed within one year
Accounts payable (4)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 10
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss
Retained earnings ($15) 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (15) 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($15) $96
============================================================= ==================== ==================== ====================
Page 436
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Bretton Woods CP Power Sales CP Power Sales
Funding I, L.L.C. Seventeen, L.L.C. Nineteen, L.L.C.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 12
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $13
=============================================================== ==================== ==================== ====================
Page 437
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
CP Power Sales Sunapee Funding I, EME CP Holdings Co.
Twenty, L.L.C. L.L.C.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to
mandatory redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $9
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9
=============================================================== ==================== ==================== ====================
Page 438
EME CP HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating EME CP Holdings
Adjustments Co. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $7
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($16) 5
Dividends declared on common stock 1 1
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($15) $7
=============================================================== ==================== ==================== ====================
Page 439
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2
============================================================= ==================== ==================== ====================
Page 440
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $5 $4 $11
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5 4 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $5 $4 $11
============================================================= ==================== ==================== ====================
Page 441
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (1)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 7
Accumulated other comprehensive income loss
Retained earnings (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2
============================================================= ==================== ==================== ====================
Page 442
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net $1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 7 $1 15
Accumulated other comprehensive loss
Retained earnings (3) 3 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4 4 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $5 $4 $11
============================================================= ==================== ==================== ====================
Page 443
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Athens Funding, Citizens Power CP Power Sales
L.L.C. Holdings One, LLC Twelve, L.L.C.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated ($3)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (3)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (2)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3)
=============================================================== ==================== ==================== ====================
Page 444
EME EASTERN HOLDINGS CO. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Eastern Consolidating EME Eastern
Holdings Co. Adjustments Holdings Co.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated ($3)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (3)
Income taxes (benefit) $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (1) (3)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (1) (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1
Dividends declared on common stock (3) $3
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) $3 ($3)
=============================================================== ==================== ==================== ====================
Page 445
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $1 $1
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 5
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2,458 3,100
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,463 3,100
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 67 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 67 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,531 $3,105
============================================================= ==================== ==================== ====================
Page 446
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 447
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $36 $38
Restricted cash
Receivables - net 39 39
Fuel inventory 65 65
Materials and supplies, at average cost 19 19
Accumulated deferred income taxes - net
Trading and price risk management assets 13 13
Prepayments and other current assets 10 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 182 184
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,646 $10 3,661
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (5,558)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,646 (5,548) 3,661
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 16 87
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 16 87
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,844 ($5,548) $3,932
============================================================= ==================== ==================== ====================
Page 448
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $693
Preferred stock to be redeemed within one year
Accounts payable $23 (52)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities (1) 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 22 645
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 3,074 2,975
Accumulated other comprehensive loss
Retained earnings (565) (517)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 2,509 2,458
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,531 $3,105
============================================================= ==================== ==================== ====================
Page 449
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2,765)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2,765)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2,681
Accumulated other comprehensive loss
Retained earnings 88
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $2,769
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 450
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $10 $703
Preferred stock to be redeemed within one year
Accounts payable 1,398 (1,396)
Accrued taxes
Trading and price risk management liabilities 11 11
Regulatory Liabilities
Other current liabilities 160 ($29) 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,579 (29) (548)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,159 (860) 1,299
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (329) 348 17
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 103 103
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (226) 348 120
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 1,200 (6,856) 3,074
Accumulated other comprehensive loss 2 2
Retained earnings (870) 1,849 (15)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 332 (5,007) 3,061
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,844 ($5,548) $3,932
============================================================= ==================== ==================== ====================
Page 451
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Midwest Generation Collins Holdings Edison Mission
EME, LLC EME, LLC Midwest Holdings
Co.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $18 $36 $9
Asset impairment
Depreciation, decommissioning and amortization 3
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 21 36 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (21) (36) (9)
Interest and dividend income (1) 2
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (83)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (22) (36) (90)
Income taxes (benefit) (8) (37)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (14) (36) (53)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (14) (36) (53)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 49 82
Dividends declared on common stock (600) $36 (546)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($565) ($517)
=============================================================== ==================== ==================== ====================
Page 452
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Fuel Overseas Co. [6] Overseas Ltd. [7]
Services, LLC [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income $222 $1
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 222
Income taxes (benefit) 90
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 132
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 132
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 36
Dividends declared on common stock (80)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $88
=============================================================== ==================== ==================== ====================
Page 453
MIDWEST GENERATION EME, LLC and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Midwest Generation Consolidating Midwest Generation
LLC [6] Adjustments EME, LLC
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,052 $1,052
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,052 1,052
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 391 391
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 317 ($6) 375
Asset impairment 1,025 (780) 245
Depreciation, decommissioning and amortization 172 (13) 162
Property and other taxes 22 22
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,927 (799) 1,195
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (875) 799 (143)
Interest and dividend income (107) 117
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (1) (36) (37)
Interest expense - net of amounts capitalized (125) 37 (171)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (1,108) 800 (234)
Income taxes (benefit) (430) 307 (78)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (678) 493 (156)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (678) 493 (156)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (192) 132 107
Dividends declared on common stock 1,224 34
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($870) $1,849 ($15)
=============================================================== ==================== ==================== ====================
Page 454
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $85
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $101 $114
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 101 114 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $101 $114 $85
============================================================= ==================== ==================== ====================
Page 455
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission De Las Consolidating Mission del Cielo
Estrellas LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($84) $1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (265) (50)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (349) (49)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($349) ($49)
============================================================= ==================== ==================== ====================
Page 456
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $8 ($80)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8 (80)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $76 94 165
Accumulated other comprehensive loss
Retained earnings 25 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 101 101 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $101 $114 $85
============================================================= ==================== ==================== ====================
Page 457
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission De Las Consolidating Mission del Cielo,
Estrellas, LLC [7] Adjustments Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $80 $8
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 80 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 5
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (422) (87)
Accumulated other comprehensive loss
Retained earnings (7) 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (429) (62)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($349) ($49)
============================================================= ==================== ==================== ====================
Page 458
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission del Cielo Mission del Sol LLC Sunrise Power
Inc. Company, LLC [6]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $40
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 40
Income taxes (benefit) 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 25
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 25
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $25 (18)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $25 $7
=============================================================== ==================== ==================== ====================
Page 459
MISSION DEL CIELO, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission De Las Consolidating Mission del Cielo
Estrellas, LLC [7] Adjustments Inc. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income
Equity in income from partnerships and unconsolidated $40
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 40
Income taxes (benefit) 15
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 25
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 25
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($7)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($7) $25
=============================================================== ==================== ==================== ====================
Page 460
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Investments, EME Southwest EME UK
LLC (inactive) Power Corporation International LLC
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $387 $349
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 387 349
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $387 $349
============================================================= ==================== ==================== ====================
Page 461
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $218 $20 ($20)
Restricted cash
Receivables - net 220
Fuel inventory
Materials and supplies, at average cost 45
Accumulated deferred income taxes - net
Trading and price risk management assets 27
Prepayments and other current assets 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 621 20 (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,519
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 954 899 (1,634)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,473 899 (1,634)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of Discontinued Operations 6
Goodwill 877
Restricted Cash 153 20
Regulatory assets - net
Other deferred charges 174 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,210 19 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,304 $938 ($1,634)
============================================================= ==================== ==================== ====================
Page 462
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $218
Restricted cash
Receivables - net 220
Fuel inventory
Materials and supplies, at average cost 45
Accumulated deferred income taxes - net
Trading and price risk management assets 27
Prepayments and other current assets 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 621
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,519
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 955
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,474
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of Discontinued Operations 6
Goodwill 877
Restricted cash
Regulatory assets - net
Restricted cash 173
Other deferred charges 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,249
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,344
============================================================= ==================== ==================== ====================
Page 463
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Investments, EME Southwest EME UK
LLC (inactive) Power Corporation International LLC
-------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 ($100)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
-------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 (100)
-------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
-------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subject to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
-------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
-------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
-------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
-------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
-------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 385 444
Accumulated other comprehensive loss
Retained earnings 1 5
-------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 386 449
-------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $387 $349
============================================================== ==================== ==================== ====================
Page 464
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003 (In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 110
Preferred stock to be redeemed within one year
Accounts payable 230 ($340)
Accrued taxes
Trading and price risk management liabilities 132
Regulatory liabilities
Other current liabilities 505 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,029 (336)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,640 796
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 627
Accumulated deferred investment tax credits
Customer advances and other deferred credits
LT Liab under Trading/Risk Mgmt 137
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 746 $563
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 133 (133)
Additional Paid in Capital 1,718 1,618 (2,546)
Accumulated other comprehensive loss (31)
Retained earnings (468) (1,140) 482
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,352 478 (2,197)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7,304 $938 ($1,634)
============================================================= ==================== ==================== ====================
Page 465
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Balance Sheet
December 31, 2003 (In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 110
Preferred stock to be redeemed within one year
Accounts payable (209)
Accrued taxes
Trading and price risk management liabilities 132
Regulatory liabilities
Other current liabilities 509
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 594
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 3,436
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 627
Accumulated deferred investment tax credits
Customer advances and other deferred credits
LT Liab under Trading/Risk Mgmt 137
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1,309
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 1,619
Accumulated other comprehensive loss (31)
Retained earnings (1,120)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 468
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7,344
============================================================= ==================== ==================== ====================
Page 466
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Investments, EME Southwest EME UK
LLC (inactive) Power Corporation International LLC
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $4
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $1 3
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1 $5
=============================================================== ==================== ==================== ====================
Page 467
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC International Mission Energy Consolidating
B.V. Consolidated Holdings Adjustments
International, Inc.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,526
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,526
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 517
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 522
Asset impairment
Depreciation, decommissioning and amortization 140
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,179
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 347
Interest and dividend income (5) $9
Equity in income from partnerships and unconsolidated 117
subsidiaries - net
Other nonoperating income 12
Interest expense - net of amounts capitalized (218) (3)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 253 6
Income taxes (benefit) 103 (7) ($21)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (44)
Income from continuing operations 106 13 (21)
Income from discontinued operations - net 2
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 104 13 (21)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (580) (741) (121)
Dividends declared on common stock 4 (412) 624
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($472) ($1,140) $482
=============================================================== ==================== ==================== ====================
Page 468
MISSION ENERGY HOLDINGS INTERNATIONAL, INC. and Subsidiaries [Tier 5]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy
Holdings
International,
Inc. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,526
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,526
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 517
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 522
Asset impairment
Depreciation, decommissioning and amortization 140
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,179
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 347
Interest and dividend income 8
Equity in income from partnerships and unconsolidated
subsidiaries - net 117
Other nonoperating income 12
Interest expense - net of amounts capitalized (221)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 263
Income taxes (benefit) 119
--------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (44)
Income from continuing operations 100
Income from discontinued operations - net 2
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 98
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,438)
Dividends declared on common stock 216
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,124)
=============================================================== ==================== ==================== ====================
Page 469
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (189) $6 ($5)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,475 6 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted Cash 83
Regulatory assets - net
Other deferred charges (60) 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,972 $7 ($4)
============================================================= ==================== ==================== ====================
Page 470
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (188)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,476
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted Cash 83
Regulatory assets - net
Other deferred charges (58)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 329
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,975
============================================================= ==================== ==================== ====================
Page 471
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (150) ($372)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (59) (372)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303 $7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 192 225 (396)
Accumulated other comprehensive income (loss) 40 35 (42)
Retained earnings 200 119 196
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 432 379 (242)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,972 $7 ($4)
============================================================= ==================== ==================== ====================
Page 472
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Wales Company
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (522)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (431)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 310
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 487
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 21
Accumulated other comprehensive income (loss) 33
Retained earnings 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,975
============================================================= ==================== ==================== ====================
Page 473
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro Mission Energy Consolidating
Limited Wales Company Adjustments
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 38 $8
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions ($5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3 8 (5)
Income taxes (benefit) (37) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40 13 (5)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 40 13 (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 160 106 201
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $200 $119 $196
=============================================================== ==================== ==================== ====================
Page 474
MISSION ENERGY WALES COMPANY AND SUBSIDIARIES [TIER 5]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy
Wales Company
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 46
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions (5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 6
Income taxes (benefit) (42)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 48
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 48
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 467
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $515
=============================================================== ==================== ==================== ====================
Page 475
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (157) $87 ($119)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,507 87 (119)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Regulatory assets - net
Restricted cash 83
Other deferred charges (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
Page 476
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (189)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,972
============================================================= ==================== ==================== ====================
Page 477
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (134) ($15) ($1)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (43) (15) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,174 (54) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 158 151 (117)
Accumulated other comprehensive income (loss) 33 7
Retained earnings 202 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $393 156 (117)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
Page 478
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (150)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 192
Accumulated other comprehensive income (loss) 40
Retained earnings 200
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,972
============================================================= ==================== ==================== ====================
Page 479
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 36 $2
Equity in income from partnerships and unconsolidated s
subsidiaries - net
Other nonoperating income (2) ($1)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redempton
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 (1)
Income taxes (benefit) (36) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 162 (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202 ($2)
=============================================================== ==================== ==================== ====================
Page 480
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 38
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3
Income taxes (benefit) (37)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 160
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $200
=============================================================== ==================== ==================== ====================
Page 481
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation and Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash $45
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 45
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $45 $945
============================================================= ==================== ==================== ====================
Page 482
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
Page 483
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15 $69
Restricted cash
Receivables - net 8 58
Fuel inventory
Materials and supplies, at average cost 6 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 5 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 34 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 590 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $209 (1,153) (157)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 209 (563) 1,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash (77)
Regulatory assets - net
Other deferred charges 23 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (54) 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 484
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18 $18
Preferred stock to be redeemed within one year
Accounts payable $3 (33) 497
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 44 25 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss (25) (82)
Retained earnings (2) (356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (2) ($25) (438)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $45 $945
============================================================= ==================== ==================== ====================
Page 485
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable $530 $28 (33)
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27 $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (831) 182
Accumulated other comprehensive income (loss) (196) 59
Retained earnings (356) 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1,383) 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 486
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($37) $17
Preferred stock to be redeemed within one year
Accounts payable ($1) (1,125) (134)
Accrued taxes 1 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities (18) 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (1,179) (43)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (15) (1,300) 1,174
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 177 177
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 195 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 180 627 158
Accumulated other comprehensive income (loss) 30 247 33
Retained earnings 15 827 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 225 1,701 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 487
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income ($1) $50 $1
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50) (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (1) (49)
Income taxes (benefit) (17)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (1) (32)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (1) (32)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) (324)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) ($356)
=============================================================== ==================== ==================== ====================
Page 488
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Enerloy Pty Ltd [8] FHH No. 1 Limited Loyvic Pty. Ltd.
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income $49 3 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59) ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 49 10
Income taxes (benefit) 17 (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 32 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 32 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (388) 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $74
=============================================================== ==================== ==================== ====================
Page 489
MISSION ENERGY WALES COMPANY, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $56 $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 56 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 77
Asset impairment
Depreciation, decommissioning and amortization 12 28
Property and other taxes 1 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13 79
Interest and dividend income $1 (117) 36
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 98 (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory 13 (13)
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 14 (19) 4
Income taxes (benefit) (29) (36)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 14 10 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 14 10 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 817 162
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $15 $827 $202
=============================================================== ==================== ==================== ====================
Page 490
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 491
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15
Restricted cash
Receivables - net (14)
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 630
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 630
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $655
============================================================= ==================== ==================== ====================
Page 492
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($15)
Restricted cash
Receivables - net 14
Fuel inventory
Materials and supplies, at average cost (6)
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (630)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,575)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash (6)
Regulatory assets - net
Other deferred charges (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,600)
============================================================= ==================== ==================== ====================
Page 493
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 $530
Accrued taxes
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (831)
Accumulated other comprehensive loss (82) (196)
Retained earnings (356) (356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) ($1,383)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945
============================================================= ==================== ==================== ====================
Page 494
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($117)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (105)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 405 $25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 175
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 78
Accumulated other comprehensive loss (25) (5)
Retained earnings 109 (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 162 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $655
============================================================= ==================== ==================== ====================
Page 495
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable ($943) (33)
Accrued taxes
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (955)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (2,111) 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (18)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities (175)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (193)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 753
Accumulated other comprehensive income (loss) 283 (25)
Retained earnings 623
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,659 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,600)
============================================================= ==================== ==================== ====================
Page 496
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd [9] Mission Energy
Partnership Development
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Incomefrom continuing operations (32) 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) (388)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) ($356)
=============================================================== ==================== ==================== ====================
Page 497
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [9] Venture [10] Generation Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $46
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Asset impairment
Depreciation, decommissioning and amortization 13
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3
Interest and dividend income (17)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (16)
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (18)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 127 ($20)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109 ($20)
=============================================================== ==================== ==================== ====================
Page 498
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($46)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (12)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (18)
Asset impairment
Depreciation, decommissioning and amortization (13)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3)
Interest and dividend income 17 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 2 ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 16
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 18
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 605
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $623
=============================================================== ==================== ==================== ====================
Page 499
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [9] Finance plc [9]
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 49
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $24 790
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 962 $12
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 986 790 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $986 $899 $44
============================================================= ==================== ==================== ====================
Page 500
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54 ($54)
Restricted cash
Receivables - net 49 (48)
Fuel inventory
Materials and supplies, at average cost 2 (2)
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109 (82)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 790 (530)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,132)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 790 (1,662)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 501
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
Page 502
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [9] Finance plc [9]
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $741 ($7) ($706)
Accrued taxes 4
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 741 (3) (679)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 713
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182 680
Accumulated other comprehensive income (loss) 58 28 1
Retained earnings 5 193 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 245 901 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $986 $899 $44
============================================================= ==================== ==================== ====================
Page 503
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) $7
Accrued taxes 4 (4)
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 283
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 680 (1,360)
Accumulated other comprehensive income (loss) 28 (56)
Retained earnings 193 (326)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 901 (1,742)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 504
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $28
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182
Accumulated other comprehensive income (loss) 59
Retained earnings 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 505
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [9] Finance plc [9]
[8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 59
Asset impairement
Depreciation, decommissioning and amortization 12
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 80
Interest and dividend income (58) 2 $60
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 63 (77)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 5 1
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 4 6 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 4 6 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 187 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 $193 $9
=============================================================== ==================== ==================== ====================
Page 506
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [10] Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377 ($387)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377 (387)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210 (210)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 (60)
Asset impairment
Depreciation, decommissioning and amortization 12 (8)
Property and other taxes 16 (16)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 297 (294)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 80 (93)
Interest and dividend income 2 (3)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory (77) 91
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 5 (5)
Income taxes (benefit) (1) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 6
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 187 (326)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $193 ($326)
=============================================================== ==================== ==================== ====================
Page 507
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income 3
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 10
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $74
=============================================================== ==================== ==================== ====================
Page 508
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 509
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($945)
============================================================= ==================== ==================== ====================
Page 510
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 ($530)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 (530)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 (853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831
Accumulated other comprehensive income (loss) (82) 196
Retained earnings (356) 356
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) $1,383
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945
============================================================= ==================== ==================== ====================
Page 511
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable (33)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($831)
Accumulated other comprehensive loss (114)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($945)
============================================================= ==================== ==================== ====================
Page 512
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [8] [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (32) 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) 324
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $356
=============================================================== ==================== ==================== ====================
Page 513
MISSION ENERGY WALES COMPANY
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 514
MEC INTERNATIONAL B.V. and Subsidiaries [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 7 (PAGES 553 THROUGH 663)
Beheer-en Vindoor Coaltrade Services
BeleggingsmaatschappiInvestments International Pte
Jydeno B.V. Mauritius Limited Ltd. [8]
[7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($2)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2)
============================================================= ==================== ==================== ====================
Page 515
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd. [7]
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $230
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 230
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $230
============================================================= ==================== ==================== ====================
Pagew 516
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Ausone Pty. Ltd. Energy Energy Services
(inactive) International B.V. B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $182
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 182
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $182
============================================================= ==================== ==================== ====================
Page 517
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Millennium B.V. Operation and
[7] Consolidated Maintenance
Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $75
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $75
============================================================= ==================== ==================== ====================
Page 518
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Retail Pty. Ltd. Utilities Pty. Wind Power Italy
(inactive) Ltd. (inactive) B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($10)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($10)
============================================================= ==================== ==================== ====================
Page 519
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] (inactive) Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $49
Restricted cash
Receivables - net 111
Fuel inventory 7
Materials and supplies, at average cost 14
Accumulated deferred income taxes - net
Trading and price risk management assets (58)
Prepayments and other current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,683
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (3)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 574
Restricted cash
Regulatory assets - net
Other deferred charges 138
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 712
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,526
============================================================= ==================== ==================== ====================
Page 520
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
(Inactive) Renewables Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $20
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $20
============================================================= ==================== ==================== ====================
Page 521
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro Global Generation Hydro Energy B.V
Renewables B.V. Consolidated Consolidated
Number 2 Limited
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $5 $4
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (6)
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6 101
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 364 25
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 370 126
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $376 $139
============================================================= ==================== ==================== ====================
Page 522
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $4 $14
Restricted cash
Receivables - net 8 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets (6)
Prepayments and other current assets 1 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 125 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 125 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 7
Regulatory assets - net
Other deferred charges 6 (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6 (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $138 $756
============================================================= ==================== ==================== ====================
Page 523
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Valley Power Pty Loy Yang Holdings Majestic Energy
Ltd. [7] Pty. Ltd. Limited
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $10 $64
Restricted cash
Receivables - net 36 $1
Fuel inventory
Materials and supplies, at average cost 25
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10 146 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 71 3,130
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 31
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 3,161
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 26
Regulatory assets - net
Other deferred charges 6 (262) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6 (236) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $87 $3,071
============================================================= ==================== ==================== ====================
Page 524
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Esenyurt B.V. MEC IES ISAB Energy
Consolidated B.V. Services s.r.l. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $27
Restricted cash
Receivables - net 16
Fuel inventory 5
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 106
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $2
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 106 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 19
Regulatory assets - net
Other deferred charges 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 31
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $188 $2
============================================================= ==================== ==================== ====================
Page 525
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
------------------------------------------------------------- --------------------- --------------------- --------------------
ASSETS
------------------------------------------------------------- --------------------- --------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Total current assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $16
Investments in leveraged leases
Other investments
------------------------------------------------------------- --------------------- --------------------- --------------------
Total investment and other assets 16
------------------------------------------------------------- --------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- --------------------- --------------------- --------------------
Total utility plant
------------------------------------------------------------- --------------------- --------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- --------------------- --------------------- --------------------
Total deferred charges
------------------------------------------------------------- --------------------- --------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- --------------------- --------------------- --------------------
Total assets $16
============================================================= ===================== ===================== ====================
Page 526
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $10
Restricted cash
Receivables - net 11 15 $8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13 25 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 159 352
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 159 352
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted Cash 2
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $173 $379 $8
============================================================= ==================== ==================== ====================
Page 527
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [7] [sold
12/12/2003]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8
Restricted cash
Receivables - net 5
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 75
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $55
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 75 55
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $88 $55
============================================================= ==================== ==================== ====================
Page 528
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated (inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 529
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69 $128
Restricted cash
Receivables - net 58 110
Fuel inventory
Materials and supplies, at average cost 8 10
Accumulated deferred income taxes - net
Trading and price risk management assets 26 52
Prepayments and other current assets 9 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170 314
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664 2,739
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (188) (334)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,476 2,405
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304 608
Restricted cash 83 114
Regulatory assets - net
Other deferred charges (58) (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 329 663
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,975 $3,382
============================================================= ==================== ==================== ====================
Page 530
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission NZ Pride Hold Limited Southwestern
Operations B.V. Consolidated Generation B.V.
(Inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 531
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14 $19 ($209)
Restricted cash
Receivables - net 8 (183)
Fuel inventory (12)
Materials and supplies, at average cost 6 (28)
Accumulated deferred income taxes - net
Trading and price risk management assets 19
Prepayments and other current assets 5 43
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33 19 (370)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782 (6,745)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 33 1,860 (1,916)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 815 1,860 (8,661)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill (609)
Restricted cash (99)
Regulatory assets - net
Other deferred charges (60) 513
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (60) (195)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $788 $1,879 ($9,220)
============================================================= ==================== ==================== ====================
Page 532
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $218
Restricted cash
Receivables - net 220
Fuel inventory
Materials and supplies, at average cost 45
Accumulated deferred income taxes - net
Trading and price risk management assets 27
Prepayments and other current assets 111
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 621
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 4,519
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 954
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 5,473
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 877
Restricted cash 153
Regulatory assets - net
Other deferred charges 174
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1,204
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7,304
============================================================= ==================== ==================== ====================
Page 533
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Beheer-en Vindoor Coaltrade Services
BeleggingsmaatschappiInvestments International Pte
Jydeno B.V. (Mauritius) Ltd. [8]
Limited [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($2)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2)
============================================================= ==================== ==================== ====================
Page 534
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd. [7]
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 261
Accumulated other comprehensive income (loss) (30)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $230
============================================================= ==================== ==================== ====================
Page 535
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Ausone Pty Ltd. Energy Energy Services
(inactive) International B.V. B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $206
Accumulated other comprehensive income (loss) (24)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 182
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $182
============================================================= ==================== ==================== ====================
Page 536
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Millennium B.V. Operation and
[7] Consolidated Maintenance
Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $79
Accumulated other comprehensive income (loss) (12)
Retained earnings 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $75
============================================================= ==================== ==================== ====================
Page 537
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Retail Pty. Ltd. Utilities Pty. Wind Power Italy
(inactive) Ltd. (inactive) B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($19)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (19)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($10)
============================================================= ==================== ==================== ====================
Page 538
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] (inactive) Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 36
Preferred stock to be redeemed within one year
Accounts payable (69)
Accrued taxes (50)
Trading and price risk management liabilities 53
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 34
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 290
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 164
Other preferred securities subj. to mandatory redemption
Asset retirement obligation 12
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 470
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 503
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 573
Accumulated other comprehensive income (loss) 124
Retained earnings 39
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 736
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,526
============================================================= ==================== ==================== ====================
Page 539
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
[Inactive] Renewables Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $24
Accumulated other comprehensive income (loss) (5)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $20
============================================================= ==================== ==================== ====================
Page 540
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro Global Generation Hydro Energy B.V.
Renewables Number B.V. Consolidated Consolidated
2 Limited
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29 $7
Preferred stock to be redeemed within one year
Accounts payable 924 34
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 953 41
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1,420 22
Accumulated other comprehensive income (loss) (77)
Retained earnings (1,920) 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (577) 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $376 $139
============================================================= ==================== ==================== ====================
Page 541
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
HyPower Amsterdam Ltd. Consolidated
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $7
Preferred stock to be redeemed within one year
Accounts payable 47 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 54 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 66 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2 (20)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities (2) 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 264
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 9 (77)
Accumulated other comprehensive income (loss) (1) (87)
Retained earnings 9 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 17 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $138 $756
============================================================= ==================== ==================== ====================
Page 542
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Valley Power Pty Loy Yang Holdings Majestic Energy
Ltd. [7] Pty Ltd. Limited
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4 $5
Preferred stock to be redeemed within one year
Accounts payable 37 (3)
Accrued taxes 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 9 42
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 50 45
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 40 1,874
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (19)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Asset Retirement Obligation 22
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Other long-term liabilities 1,156
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,159
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (8) 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (5) (230) $305
Accumulated other comprehensive income (loss) 1 (326)
Retained earnings 9 516 ($305)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 5 (40)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $87 $3,071
============================================================= ==================== ==================== ====================
age 543
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Esenyurt B.V. MEC IES B.V. ISAB Energy
Consolidated Services s.r.l. [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $11
Preferred stock to be redeemed within one year
Accounts payable (31) ($2)
Accrued taxes 9
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (7) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 73
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (31)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37
Accumulated other comprehensive income (loss)
Retained earnings 26 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 63 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $188 $2
============================================================= ==================== ==================== ====================
Page 544
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $16
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $16
============================================================= ==================== ==================== ====================
Page 545
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $6 ($28)
Accrued taxes 3
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10 (26)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 5 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 128 338 $6
Accumulated other comprehensive income (loss) (20)
Retained earnings 50 60 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 158 398 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $173 $379 $8
============================================================= ==================== ==================== ====================
Page 546
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [7] [sold
12/12/2003]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable (32) ($20)
Accrued taxes 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (20) (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 52
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 2
Other long-term liabilities 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 31
Accumulated other comprehensive income (loss) 6
Retained earnings 29 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 35 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $88 $55
============================================================= ==================== ==================== ====================
Page 547
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated (inactive) (inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($8)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt $8
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $5
Accumulated other comprehensive income (loss)
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 548
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt within one year $17 $18
Preferred stock to be redeemed within one year
Accounts payable (522) (135)
Accrued taxes 5 9
Trading and price risk management liabilities 15 30
Regulatory liabilities
Other current liabilities 54 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (431) 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119 1,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 310 588
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Asset Retirement Obligation 1
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 176 194
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 487 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 21 410
Accumulated other comprehensive income (loss) 33 90
Retained earnings 515 263
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 569 763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,975 $3,382
============================================================= ==================== ==================== ====================
Page 549
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission NZ Pride Hold Limited Southwestern
Operations B.V. Consolidated Generation B.V.
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 14
Retained earnings (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Pzge 550
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($29)
Preferred stock to be redeemed within one year
Accounts payable ($12) $381 (317)
Accrued taxes (3) 25
Trading and price risk management liabilities 34
Regulatory liabilities
Other current liabilities 12 269
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 378 (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456 1 (4,187)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7 (501)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures (164)
Accumulated provision for pension and benefits 1 (1)
Asset retirement obilgation (37)
LT Liab under trading/risk Mgmt 137
Other long-term liabilities 284 (1,601)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 292 (2,167)
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations (535)
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) 513
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Common Stock 133
Additional paid in capital (77) 1,575 (3,359)
Accumulated other comprehensive income (loss) (90) (15) 388
Retained earnings 209 (60) (152)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 42 1,500 (2,990)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $788 $1,879 ($9,220)
============================================================= ==================== ==================== ====================
Page 551
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 110
Preferred stock to be redeemed within one year
Accounts payable 230
Accrued taxes
Trading and price risk management liabilities 132
Regulatory liabilities
Other current liabilities 505
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1,029
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 2,640
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 627
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
LT Liab under Trading/Risk Mgmt 137
Other long-term liabilities 609
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,373
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations (535)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1,281
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 133
Additional paid in capital 1,718
Accumulated other comprehensive income (loss) (31)
Retained earnings (468)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,352
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7,304
============================================================= ==================== ==================== ====================
Page 552
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Beheer-en Vindoor Coaltrade Services
BeleggingsmaatschappiInvestments International Pte
Jydeno B.V. (Mauritius) Ltd [8]
Limited [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 553
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EcoElectrica Edison Mission Edison Mission LYB
S.a.r.l. Advantage B.V. PEDS Pty Ltd [7]
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $7
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7)
Interest and dividend income
Equity in income from partnerships and unconsolidated 8
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 554
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Ausone Pty. Ltd. Energy Energy Services
(inactive) International B.V. B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 555
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Australia Edison Mission Edison Mission
Capital Pty. Ltd. Millennium B.V. Operation and
[7] Consolidated Maintenance
Services B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and unconsolidated 4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $8
=============================================================== ==================== ==================== ====================
Page 556
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Retail Pty. Ltd. Utilities Pty. Wind Power Italy
(inactive) Ltd. (inactive) B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $8
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized (1)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 5
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 4
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9
=============================================================== ==================== ==================== ====================
Page 557
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Italian Vento Edison Mission EME Atlantic
Power Corporation Vendesi Pty Ltd. Holdings Limited
4 S.r.l. [7] (inactive) Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 177
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 354
Asset impairment
Depreciation, decommissioning and amortization 63
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 594
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 161
Interest and dividend income 10
Equity in income from partnerships and unconsolidated 5
subsidiaries - net
Other nonoperating income (4)
Interest expense - net of amounts capitalized (68)
Other nonoperating deductions (38)
Dividends on preferred securities subject to mandatory (4)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 62
Income taxes (benefit) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 19
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 19
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $39
=============================================================== ==================== ==================== ====================
Page 558
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Tri Gen B.V. EME Victoria B.V. First Hydro
(Inactive) Renewables Limited
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $3
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 559
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro Global Generation Hydro Energy B.V.
Renewables Number B.V. Consolidated Consolidated
2 Limited
(inactive) [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1 $22
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 22
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 15 6
Asset impairment
Depreciation, decommissioning and amortization 3 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 18 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (17) 12
Interest and dividend income (30)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (11)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (47) 1
Income taxes (benefit) 5 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (52)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (52)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,868) 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,920) $8
=============================================================== ==================== ==================== ====================
Page 560
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Iberian Latrobe Power Pty. Latrobe Valley B.V.
Hy-Power Amsterdam Ltd. Consolidated
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $22 $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 22 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 6 18
Asset impairment
Depreciation, decommissioning and amortization 4 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 12 77
Interest and dividend income (24)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (11) (2)
Other nonoperating deductions (27)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 24
Income taxes (benefit) 2 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 11 188
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9 $188
=============================================================== ==================== ==================== ====================
Page 561
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Valley Power Pty Loy Yang Holdings Majestic Energy
Ltd. [7] Pty. Ltd. Limited
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $16 $503
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 16 503
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 50
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 95
Asset impairment
Depreciation, decommissioning and amortization 2 65
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3 210
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13 293
Interest and dividend income (97)
Equity in income from partnerships and unconsolidated 26
subsidiaries - net
Other nonoperating income 8
Interest expense - net of amounts capitalized (5) (13)
Other nonoperating deductions (4) (28)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 189
Income taxes (benefit) 44 ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 145 (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 145 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5 371 (304)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9 $516 ($305)
=============================================================== ==================== ==================== ====================
Page 562
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Esenyurt B.V. MEC IES B.V. ISAB Energy
Consolidated Services s.r.l. [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $125
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 125
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 84
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 11
Asset impairment
Depreciation, decommissioning and amortization 6
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 101
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 24
Interest and dividend income
Equity in income form partnerships and unconsolidated $2
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized (10)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 12 2
Income taxes (benefit) 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 22 2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $26 $4
=============================================================== ==================== ==================== ====================
Page 563
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Indo Coal B.V. MEC Indonesia B.V. Edison Mission
Energy Power
(inactive) [7]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income form partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 564
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC International MEC Java B.V. MEC Laguna Power
Holdings B.V. Consolidated B.V. (inactive)
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18 $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 14 8
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4 10
Interest and dividend income 22
Equity in income from partnerships and unconsolidated 34
subsidiaries - net
Other nonoperating income 5 $13
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 38 37 13
Income taxes (benefit) 1 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 37 28 13
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 37 28 13
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 13 32 (11)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $50 $60 $2
=============================================================== ==================== ==================== ====================
Page 565
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Gulf Power MEC Perth B.V. MEC Priolo B.V.
Generation Co. Consolidated
Ltd. [7] [sold
12/12/2003]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $39
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 20
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8 $1
Asset impairment
Depreciation, decommissioning and amortization 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 32 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7 (1)
Interest and dividend income 1
Equity in income from partnerships and unconsolidated 28
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1 24
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1 24
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 28 20
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $29 $44
=============================================================== ==================== ==================== ====================
Page 566
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC San Pascual MEC Sidi Krir B.V. MEC Sumatra B.V.
B.V. Consolidated (inactive) (inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $3
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2)
=============================================================== ==================== ==================== ====================
Page 567
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Wales B.V. Mission Energy Mission Energy
Consolidated Company (UK) Italia s.r.l.
Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423 $794
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423 794
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222 433
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77 150
Asset impairment
Depreciation, decommissioning and amortization 28 45
Property and other taxes 17 33
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344 661
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79 133
Interest and dividend income 46 40
Equity in income from partnerships and unconsolidated 5
subsidiaries - net
Other nonoperating income (3) 7
Interest expense - net of amounts capitalized (111) (171)
Other nonoperating deductions (5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 6 14
Income taxes (benefit) (42) (44)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 48 58
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 48 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 467 205
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $515 $263
=============================================================== ==================== ==================== ====================
Page 568
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission NZ Pride Hold Limited Southwestern
Operations B.V. Consolidated Generation B.V.
(Inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($18)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($18)
=============================================================== ==================== ==================== ====================
Page 569
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Traralgon Power MEC International Consolidating
Pty. Ltd. B.V. Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $123 ($1,458)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 123 (1,458)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 (493)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 $1 (270)
Asset impairment
Depreciation, decommissioning and amortization 16 3 (120)
Property and other taxes (50)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 46 4 (933)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 77 (4) (525)
Interest and dividend income (24) 51
Equity in income from partnerships and unconsolidated 25 (34)
subsidiaries - net
Other nonoperating income 2 (8)
Interest expense - net of amounts capitalized (2) (9) 202
Other nonoperating deductions 103
Dividends on preferred securities subject to mandatory 4
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 76 (11) (207)
Income taxes (benefit) 21 16 (14)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (44)
Income (loss) from continuing operations 55 (27) (265)
Income from discontinued operations - net 2
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 55 (27) (263)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20 (33) 241
Dividends declared on common stock 134 (130)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $209 ($60) ($152)
=============================================================== ==================== ==================== ====================
Page 570
MEC INTERNATIONAL B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC International
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1,526
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1,526
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 517
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 522
Asset impairment
Depreciation, decommissioning and amortization 140
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1,179
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 347
Interest and dividend income (5)
Equity in income from partnerships and unconsolidated 117
subsidiaries - net
Other nonoperating income 12
Interest expense - net of amounts capitalized (218)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 253
Income taxes (benefit) 103
--------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (44)
Income (loss) from continuing operations 106
Income from discontinued operations - net 2
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 108
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (580)
Dividends declared on common stock 4
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($468)
=============================================================== ==================== ==================== ====================
Page 571
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $257 $230
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 257 230
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $257 $230
============================================================= ==================== ==================== ====================
Page 572
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $225 ($482)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 225 (482)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $225 ($482)
============================================================= ==================== ==================== ====================
Page 573
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $230
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 230
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $230
============================================================= ==================== ==================== ====================
Page 574
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 258 $257
Accumulated other comprehensive income (loss) (28)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 258 230
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $257 $230
============================================================= ==================== ==================== ====================
Page 575
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $225 ($479)
Accumulated other comprehensive income (loss) (2)
Retained earnings (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 225 (482)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $225 ($482)
============================================================= ==================== ==================== ====================
Page 576
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EcoElectrica
S.a.r.l.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 261
Accumulated other comprehensive income (loss) (30)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $230
============================================================= ==================== ==================== ====================
Page 577
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME del Caribe EME del Caribe [8] EcoElectrica
Holding GmbH Holdings, Ltd. [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $6
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (6)
Interest and dividend income
Equity in income from partnerships and unconsolidated 8
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 2
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 578
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EcoElectrica Ltd. EcoElectrica Consolidating
[10] S.a.r.l. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1)
=============================================================== ==================== ==================== ====================
Page 579
MEC INTERNATIONAL B.V.
ECOELECTRICA S.A.R.L. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EcoElectrica
S.a.r.l.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $7
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (7)
Interest and dividend income
Equity in income from partnerships and unconsolidated 8
subsidies - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 580
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $75
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $75
============================================================= ==================== ==================== ====================
Page 581
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
---------------------------------------------------------------- --------------------- --------------------- ---------------------
ASSETS
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Total current assets
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $79 ($79)
Investments in leveraged leases
Other investments
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Total investment and other assets 79 (79)
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Total utility plant
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Total deferred charges
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Assets of discontinued operations
---------------------------------------------------------------- --------------------- --------------------- ---------------------
Total assets $79 ($79)
================================================================ ===================== ===================== =====================
Page 582
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Millennium B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $75
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $75
============================================================= ==================== ==================== ====================
Page 583
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $79
Accumulated other comprehensive income (loss) (12)
Retained earnings 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $75
============================================================= ==================== ==================== ====================
Page 584
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Balance Sheet
December 31, 2003
(In millions)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $79 ($79)
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 79 (79)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $79 ($79)
============================================================= ==================== ==================== ====================
Page 585
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Millennium B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $79
Accumulated other comprehensive income (loss) (12)
Retained earnings 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $75
============================================================= ==================== ==================== ====================
Page 586
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Caliraya B.V. CBK Power Company EME Kayalaan B.V.
Ltd. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and unconsolidated 4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $8
=============================================================== ==================== ==================== ====================
Page 587
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
CBK Power Company Edison Mission Consolidating
Ltd. [8] Millennium B.V. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 588
MEC INTERNATIONAL B.V.
EDISON MISSION MILLENNIUM B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission
Millennium B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization $1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1)
Interest and dividend income
Equity in income from partnerships and unconsolidated 4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $8
=============================================================== ==================== ==================== ====================
Page 589
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 590
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
------------------------------------------------------------- --------------------- --------------------- --------------------
ASSETS
------------------------------------------------------------- --------------------- --------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Total current assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- --------------------- --------------------- --------------------
Total investment and other assets
------------------------------------------------------------- --------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- --------------------- --------------------- --------------------
Total utility plant
------------------------------------------------------------- --------------------- --------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- --------------------- --------------------- --------------------
Total deferred charges
------------------------------------------------------------- --------------------- --------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- --------------------- --------------------- --------------------
Total assets
============================================================= ===================== ===================== ====================
Page 591
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 592
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 593
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission EME Philippines Kalayaan Power
Operation and Services Management
Maintenance Corporation Corporation
(Thailand) Company
Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 594
MEC INTERNATIONAL B.V.
EDISON MISSION OPERATION AND MAINTENANCE SERVICES, B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Consolidating Edison Mission
Operation and Adjustments Operation and
Maintenance Maintenance
Services, B.V. Services B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses $2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 595
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $297 $297 $134
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 297 297 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $297 $297 $134
============================================================= ==================== ==================== ====================
Page 596
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $49
Restricted cash
Receivables - net 111
Fuel inventory 7
Materials and supplies, at average cost 14
Accumulated deferred income taxes - net
Trading and price risk management assets (58)
Prepayments and other current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,683
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (3) $297 ($1,025)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,680 297 (1,025)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 574
Restricted cash
Regulatory assets - net
Other deferred charges 138
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 712
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,526 $297 ($1,025)
============================================================= ==================== ==================== ====================
Page 597
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Atlantic
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $49
Restricted cash
Receivables - net 111
Fuel inventory 7
Materials and supplies, at average cost 14
Accumulated deferred income taxes - net
Trading and price risk management assets (58)
Prepayments and other current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 134
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,683
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (3)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,680
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 574
Restricted cash
Regulatory assets - net
Other deferred charges 138
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 712
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,526
============================================================= ==================== ==================== ====================
Page 598
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($208)
Accrued taxes 10
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities ($198)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $297 $297 297
Accumulated other comprehensive income (loss) 18
Retained earnings 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 297 297 332
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $297 $297 $134
============================================================= ==================== ==================== ====================
Page 599
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 36
Preferred stock to be redeemed within one year
Accounts payable 138 $1
Accrued taxes (58) (2)
Trading and price risk management liabilities 53
Regulatory liabilities
Other current liabilities 11 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 232
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 290
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable 164
securities of subsidiaries holding solely parent
company debentures
Accumulated provision for pension and benefits
Asset of retirement obligation 12
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 470
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 503
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 442 $297 (1,057)
Accumulated other comprehensive income (loss) 106
Retained earnings (10) 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 538 297 (1,025)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,526 $297 ($1,025)
============================================================= ==================== ==================== ====================
Page 600
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Atlantic
Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 36
Preferred stock to be redeemed within one year
Accounts payable (69)
Accrued taxes (50)
Trading and price risk management liabilities 53
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 34
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 290
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures 164
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset Retirment Obligation 12
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 470
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 503
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 573
Accumulated other comprehensive income (loss) 124
Retained earnings 39
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 736
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,526
============================================================= ==================== ==================== ====================
Page 601
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Ascot Limited EME Buckingham EME Precision B.V.
Limited [8] [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $8
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 6
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 13
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $17
=============================================================== ==================== ==================== ====================
Page 602
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy EME Atlantic Consolidating
Universal Holdings Holdings Limited Adjustments
Consolidated [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 177
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 353 $1
Asset Impairment 63
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 593 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 162 (1)
Interest and dividend income 2
Equity in income from partnerships and unconsolidated 5
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized (68)
Other nonoperating deductions (38)
Dividends on preferred securities subject to mandatory (4)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 57 (1)
Income taxes (benefit) 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 16 (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 16 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (26) $33
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($10) $32
=============================================================== ==================== ==================== ====================
Page 603
MEC INTERNATIONAL B.V.
EME ATLANTIC HOLDINGS LIMITED AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Atlantic
Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 177
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 354
Asset Impairment 63
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 594
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 161
Interest and dividend income 10
Equity in income from partnerships and unconsolidated 5
subsidiaries - net
Other nonoperating income (4)
Interest expense - net of amounts capitalized (68)
Other nonoperating deductions (38)
Dividends on preferred securities subject to mandatory (4)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 62
Income taxes (benefit) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 19
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 19
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $39
=============================================================== ==================== ==================== ====================
Page 604
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restrictec cash
Receivables - net 106
Fuel inventory 7
Materials and supplies, at average cost 14
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 153
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 1 $164
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 2,230 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 122
Restricted cash
Regulatory assets - net
Other deferred charges 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 162
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,545 $164
============================================================= ==================== ==================== ====================
Page 605
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [12] Universal Holdings
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
ASSETS
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Cash and equivalents $33 $14 $1
Restricted cash
Receivables - net 106
Fuel inventory 7
Materials and supplies, at average cost 14
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 12
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total current assets 33 153 1
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Nonutility property - net 2,229
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 604 1 171
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total investment and other assets 604 2,230 171
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total utility plant
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Goodwill 8 122
Restricted cash
Regulatory assets - net
Other deferred charges 4 40
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total deferred charges 12 162
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Assets of discontinued operations
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total assets $649 $2,545 $172
============================================================= ====================== ====================== ======================
Page 606
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
ASSETS
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Cash and equivalents ($13) $49
Restricted cash
Receivables - net (101) 111
Fuel inventory (7) 7
Materials and supplies, at average cost (14) 14
Accumulated deferred income taxes - net
Trading and price risk management assets (58) (58)
Prepayments and other current assets (13) 11
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total current assets (206) 134
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Nonutility property - net (2,775) 1,683
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (944) (3)
Investments in leveraged leases
Other investments
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total investment and other assets (3,719) 1,680
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total utility plant
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Goodwill 322 574
Restricted cash
Regulatory assets - net
Other deferred charges 54 138
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total deferred charges 376 712
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Assets of discontinued operations
------------------------------------------------------------- ---------------------- ---------------------- ----------------------
Total assets ($3,549) $2,526
============================================================= ====================== ====================== ======================
Page 607
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 36
Preferred stock to be redeemed within one year
Accounts payable 112 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 205 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 698
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 37
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-0bligated mandatorily redeemable $164
securities of subsidiaries holding solely parent
company debentures
Accumulated provision for pension and benefits
Asset Retirement Obligation 12
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 53 164
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 348
Accumulated other comprehensive income (loss) 1,213 (1)
Retained earnings 28 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,589 ($2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,545 $164
============================================================= ==================== ==================== ====================
Page 608
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [12] Universal Holdings
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $52
Long-term debt due within one year 37
Preferred stock to be redeemed within one year
Accounts payable $27 112 ($3)
Accrued taxes 3
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 4 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 31 205
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 187 698
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 37
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable 164
securities of subsidiaries holding solely parent
company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset Retirement Obligation 12
Other long-term liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 164 53
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 161 348 167
Accumulated other comprehensive income (loss) 93 1,213 8
Retained earnings 13 28 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 267 1,589 172
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $649 $2,545 $172
============================================================= ==================== ==================== ====================
Page 609
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt ($52) $52
Long-term debt due within one year (37) 36
Preferred stock to be redeemed within one year
Accounts payable (112) 138
Accrued taxes (61) (58)
Trading and price risk management liabilities 53 53
Regulatory liabilities
Other current liabilities (2) 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (211) 232
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (800) 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 216 290
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable (164) 164
securities of subsidiaries holding solely parent
company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset Retirement Obligation (12) 12
Other long-term liabilities (4) 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 36 470
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 503 503
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (582) 442
Accumulated other comprehensive income (loss) (2,420) 106
Retained earnings (75) (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (3,077) 538
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($3,549) $2,526
============================================================= ==================== ==================== ====================
Page 610
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Contact Energy Mission Contact Mission Energy
Limited Finance Limited Five Star
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $753
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 753
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 178
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 353
Asset impairment
Depreciation, decommissioning and amortization 67
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 598
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 155
Interest and dividend income 1
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (48)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 108
Income taxes (benefit) 36
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 72
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 72
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (44) ($1)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $28 ($1)
=============================================================== ==================== ==================== ====================
Page 611
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Contact Energy Mission Energy
Pacific Holdings Limited [12] Universal Holdings
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $753
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 753
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 178
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 353
Asset impairment
Depreciation, decommissioning and amortization 67
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 598
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 155
Interest and dividend income 1
Equity in income from partnerships and unconsolidated ($11)
subsidiaries - net
Other nonoperating income ($2)
Interest expense - net of amounts capitalized (18) (48)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 114 39
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 85 108 37
Income taxes (benefit) 7 36 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 78 72 33
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 78 72 33
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (65) (44) (36)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $13 $28 ($3)
=============================================================== ==================== ==================== ====================
Page 612
MEC INTERNATIONAL B.V., EME ATLANTIC HOLDINGS LIMITED,
MISSION ENERGY UNIVERSAL HOLDINGS AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Mission Energy
Adjustments Universal Holdings
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($751) $755
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (751) 755
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (179) 177
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (353) 353
Asset impairment
Depreciation, decommissioning and amortization (71) 63
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (603) 593
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (148) 162
Interest and dividend income 2
Equity in income from partnerships and unconsolidated 16 5
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized 46 (68)
Other nonoperating deductions (38) (38)
Dividends on preferred securities subject to mandatory (157) (4)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (281) 57
Income taxes (benefit) (42) 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (239) 16
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (239) 16
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 164 (26)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earninggs - end of year ($75) ($10)
=============================================================== ==================== ==================== ====================
Page 613
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 8 (PAGES 614 THROUGH 712)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 364
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 370
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1
Regulated assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $376
============================================================= ==================== ==================== ====================
Page 614
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
ASSETS
-------------------------------------------------------------- -------------------- --------------------- --------------------
Cash and equivalents $5
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total current assets 5
-------------------------------------------------------------- -------------------- --------------------- --------------------
Nonutility property - net 6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $1,236 ($1,236) 364
Investments in leveraged leases
Other investments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total investment and other assets 1,236 (1,236) 370
-------------------------------------------------------------- -------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total utility plant
-------------------------------------------------------------- -------------------- --------------------- --------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total deferred charges 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Assets of discontinued operations
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total assets $1,236 ($1,236) $376
============================================================== ==================== ===================== ====================
Page 615
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29
Preferred stock to be redeemed within one year
Accounts payable 6
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
------------------------------------------------------------- -------------------- -------------------- --------------------
Asset retirement obligation
------------------------------------------------------------- -------------------- -------------------- --------------------
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $559 1,646
Accumulated other comprehensive income (loss) 1 (77)
Retained earnings ($560) (1,228)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 341
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $376
============================================================= ==================== ==================== ====================
Page 616
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29
Preferred stock to be redeemed within one year
Accounts payable $918 924
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 918 953
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 450 ($1,235) 1,420
Accumulated other comprehensive income (loss) (1) (77)
Retained earnings (132) (1,920)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 318 (1,236) (577)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,236 ($1,236) $376
============================================================= ==================== ==================== ====================
Page 617
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Caresale Services Edison First Power Redbill Contracts
Limited Holdings II Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 15
Asset impairment
Depreciation, decommissioning and amortization 3
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (17)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (17)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (18)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($560) (1,210)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($560) ($1,228)
=============================================================== ==================== ==================== ====================
Page 618
MEC INTERNATIONAL B.V.
GLOBAL GENERATION B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Global Generation Consolidating Global Generation
B.V. Adjustments B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 15
Asset impairment
Depreciation, decommissioning and amortization 3
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (17)
Interest and dividend income ($30) (30)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (30) (47)
Income taxes (benefit) 4 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (34) (52)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (34) (52)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (98) (1,868)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($132) ($1,920)
=============================================================== ==================== ==================== ====================
Page 619
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power Edison First Power Consolidating
Holdings I Holdings II Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- ----------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- ----------------------
Cash and equivalents
Restricted cash
Receivables - net $2 $3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total current assets 2 3
------------------------------------------------------------- -------------------- -------------------- ----------------------
Nonutility property - net 6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 364
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total investment and other assets 370
------------------------------------------------------------- -------------------- -------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- ----------------------
Goodwill
Restricted cash 1
Regulated assets - net
Assets of Discontinued Operations
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total assets $373 $3
============================================================= ==================== ==================== ======================
Page 620
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power
Holdings II
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 364
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 370
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulated assets - net 1
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $376
============================================================= ==================== ==================== ====================
Page 621
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power Edison First Power Consolidating
Holdings I Holdings II Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $28 $1
Preferred stock to be redeemed within one year
Accounts payable 182 ($176)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities (2) 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 208 (176) 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2,509 961 (1,824)
Accumulated other comprehensive income (loss) (79) 6 (4)
Retained earnings (2,265) (791) 1,828
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 165 $176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $373 $3
============================================================= ==================== ==================== ====================
Page 622
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power
Holdings II
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29
Preferred stock to be redeemed within one year
Accounts payable 6
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 1,646
Accumulated other comprehensive income (loss) (77)
Retained earnings (1,228)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 341
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $376
============================================================= ==================== ==================== ====================
Page 623
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison First Power Edison First Power Consolidating
Holdings I Holdings II Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 7 $18 ($10)
Asset impairment
Depreciation, decommissioning and amortization (3) 6
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4 18 (4)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (3) (18) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3) (18) 4
Income taxes (benefit) 2 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (5) (18) 5
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (5) (18) 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,260) (773) 1,823
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,265) ($791) $1,828
=============================================================== ==================== ==================== ====================
Page 624
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison First Power
Holdings II
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $15
Asset impairment
Depreciation, decommissioning and amortization 3
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (17)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (17)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (18)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1,210)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1,228)
=============================================================== ==================== ==================== ====================
Page 625
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net ($3)
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6 ($3)
============================================================= ==================== ==================== ====================
Page 626
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Generation Maplekey Holdings South Australian
Finance UK PLC Limited Holdings
Consolidated [dissolved
03/04/2003]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6
============================================================= ==================== ==================== ====================
Page 627
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
-------------------------------------------------------------- -------------------- -------------------- ---------------------
ASSETS
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Cash and equivalents
Restricted cash
Receivables - net $2
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Total current assets 2
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Nonutility property - net 6
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $364 364
Investments in leveraged leases
Other investments
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Total investment and other assets 364 370
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Total utility plant
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Total deferred charges 1
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Assets of discontinued operations
-------------------------------------------------------------- -------------------- -------------------- ---------------------
Total assets $364 $373
============================================================== ==================== ==================== =====================
Page 628
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $29
Preferred stock to be redeemed within one year
Accounts payable $6 (29)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 6 (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $560 18
Additional Paid In Captial
Accumulated other comprehensive income (loss) 1
Retained earnings ($561) (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6 ($3)
============================================================= ==================== ==================== ====================
Page 629
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Generation Maplekey Holdings South Australian
Finance UK PLC Limited Holdings Limited
Consolidated [dissolved
03/04/2003]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $205
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 205
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 2,495
Accumulated other comprehensive income (loss) (31)
Retained earnings (2,663)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (199)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6
============================================================= ==================== ==================== ====================
Page 630
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($1) $28
Preferred stock to be redeemed within one year
Accounts payable 182
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 208
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Liabilities of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $784 (1,348) 2,509
Accumulated other comprehensive income (loss) 4 (53) (79)
Retained earnings ($788) 1,765 (2,265)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 364 165
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $364 $373
============================================================= ==================== ==================== ====================
Page 631
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Caresale Services Edison Mission EME Finance UK
Limited Marketing and Limited
Services Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $6 $16
Asset impairment
Depreciation, decommissioning and amortization 3
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 9 16
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (9) (16)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income $16
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (9)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (9)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (9)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($561) (9)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($561) ($18)
=============================================================== ==================== ==================== ====================
Page 632
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Generation Maplekey Holdings South Australian
Finance UK PLC Limited Holdings Limited
Consolidated [dissolved
03/04/2003]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $31
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 31
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (31)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 3
Interest expense - net of amounts capitalized (12)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (40)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (40)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (40)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2,623)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2,663)
=============================================================== ==================== ==================== ====================
Page 633
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.,
EDISON FIRST POWER HOLDINGS II,
EDISON FIRST POWER HOLDINGS I AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison First Power Consolidating Edison First Power
Holdings I Adjustments Holdings I
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1 $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $25 (71) 7
Asset impairment
Depreciation, decommissioning and amortization (6) (3)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 25 (77) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (25) 78 (3)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (19)
Interest expense - net of amounts capitalized 12
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (25) 71 (3)
Income taxes (benefit) 1 1 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (26) 70 (5)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (26) 70 (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (762) 1,695 (2,260)
Ddends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($788) 1,765 ($2,265)
=============================================================== ==================== ==================== ====================
Page 634
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [11] Limited [12]
[10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6
============================================================= ==================== ==================== ====================
Page 635
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $5
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $6
============================================================= ==================== ==================== ====================
Page 636
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [11] Limited [12]
[10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $205
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 205
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $433 $433 1,195
Accumulated other comprehensive income (loss) 1 1 (35)
Retained earnings ($434) ($434) (1,359)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (199)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6
============================================================= ==================== ==================== ====================
Page 637
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $205
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 205
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital $433 $1 2,495
Accumulated other comprehensive income (loss) 1 1 (31)
Retained earnings ($434) ($2) (2,663)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (199)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $6
============================================================= ==================== ==================== ====================
Page 638
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Maplekey UK Maplekey UK Edison First Power
Finance Limited Limited [11] Limited [12]
[10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $10
Depreciation, decommissioning and amortization
Asset impairment
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (10) 1
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 3
Interest expense - net of amounts capitalized (11)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (10) (7)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (10) (7)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (10) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($434) (424) (1,352)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($434) ($434) ($1,359)
=============================================================== ==================== ==================== ====================
Page 639
MEC INTERNATIONAL B.V., GLOBAL GENERATION B.V.
EDISON FIRST POWER HOLDINGS II, EDISON FIRST POWER HOLDINGS I
MAPLEKEY HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10. ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Maplekey Holdings Consolidating Maplekey Holdings
Limited Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($1)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $10 11 $31
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 10 11 31
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (10) (12) (31)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 3
Interest expense - net of amounts capitalized (1) (12)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (10) (13) (40)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (10) (13) (40)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (10) (13) (40)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (424) 11 (2,623)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($434) ($2) ($2,663)
=============================================================== ==================== ==================== ====================
Page 640
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 54
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 4 $25
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 58 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $67 $25
============================================================= ==================== ==================== ====================
Page 641
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Hydro Energy B.V.
Adjustments Consolidated
-------------------------------------------------------------- -------------------- --------------------- --------------------
ASSETS
-------------------------------------------------------------- -------------------- --------------------- --------------------
Cash and equivalents $1 $4
Restricted cash
Receivables - net 5 8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (6) (6)
Prepayments and other current assets 1
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total current assets 7
-------------------------------------------------------------- -------------------- --------------------- --------------------
Nonutility property - net 47 101
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (4) 25
Investments in leveraged leases
Other investments
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total investment and other assets 43 126
-------------------------------------------------------------- -------------------- --------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total utility plant
-------------------------------------------------------------- -------------------- --------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 4 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total deferred charges 4 6
-------------------------------------------------------------- -------------------- --------------------- --------------------
Total assets $47 $139
============================================================== ==================== ===================== ====================
Page 642
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V.AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4
Preferred stock to be redeemed within one year
Accounts payable (6) $37
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2) 37
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 25
Accumulated other comprehensive income (loss) 4 (1)
Retained earnings 22 (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 51 (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $67 $25
============================================================= ==================== ==================== ====================
Page 643
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Hydro Energy B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $3 $7
Preferred stock to be redeemed within one year
Accounts payable 3 34
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 6 41
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 49 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (2)
Accumulated deferred investment tax credits
Customer advances and other deferred credits 3 3
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (3) 22
Accumulated other comprehensive income (loss) (3)
Retained earnings (3) 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (9) 30
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $47 $139
============================================================= ==================== ==================== ====================
Page 644
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Iberica de Electrometalurgica Hydro Energy B.V
Energias S.L. del Ebro, S.L. [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $10
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4
Asset impairment
Depreciation, decommissioning and amortization 2
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (2) ($1)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3 (1)
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20 (10)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22 ($11)
=============================================================== ==================== ==================== ====================
Pge 645
MEC INTERNATIONAL B.V.
HYDRO ENERGY B.V. AND SUBSIDIARIES [TIER 6]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Hydro Energy B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $12 $22
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 12 22
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 6
Depreciation, decommissioning and amortization 2 4
Asset impairment
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 4 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 8 12
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (1)
Interest expense - net of amounts capitalized (8) (11)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) 1
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2) 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) $8
=============================================================== ==================== ==================== ====================
Page 646
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $3 54
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $25 4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3 25 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3 $25 $67
============================================================= ==================== ==================== ====================
Page 647
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 3
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 54
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 4
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $67
============================================================= ==================== ==================== ====================
Page 648
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 649
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($2) $4
Restricted cash
Receivables - net 2 8
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets (6) (6)
Prepayments and other current assets (1) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (7) 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 13 125
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (35)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (22) 125
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($27) $138
============================================================= ==================== ==================== ====================
Page 650
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4
Preferred stock to be redeemed within one year
Accounts payable $37 (6)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 37 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $4 25
Accumulated other comprehensive income (loss) (1) 4
Retained earnings (1) (11) 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3 (12) 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3 $25 $67
============================================================= ==================== ==================== ====================
Page 651
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4
Preferred stock to be redeemed within one year
Accounts payable (6)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 25
Accumulated other comprehensive income (loss) 4
Retained earnings 22
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $67
============================================================= ==================== ==================== ====================
Page 652
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $12
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 2
Accumulated other comprehensive income (loss)
Retained earnings (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (9)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 653
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($1) $7
Preferred stock to be redeemed within one year
Accounts payable 10 47
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 9 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 32 66
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 2 2
Accumulated deferred investment tax credits
Customer advances and other deferred credits (2) (2)
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (47) 9
Accumulated other comprehensive income (loss) (8) (1)
Retained earnings (12) 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (67) 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($27) $138
============================================================= ==================== ==================== ====================
Page 654
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Hydro Energy B.V. Iberica de
Energy Desarrollos Energias, S.L. [8]
Espana, S.L.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $10
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4
Asset impairment
Depreciation, decommissioning and amortization 2
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized ($1) (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) 3
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) (10) 20
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) ($11) $22
=============================================================== ==================== ==================== ====================
Page 655
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberica de
del Ebro, S.L. [9] Rueda, S.L. [10] Energias S.L.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $10
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4
Asset impairment
Depreciation, decommissioning and amortization 2
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 1
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 3
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22
=============================================================== ==================== ==================== ====================
Page 656
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Electrometalurgica Monasterio de Iberian Hy-Power
del Ebro, S.L. [8] Rueda, S.L. [9] Amsterdam B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income ($2)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemtpion
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (2)
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (3)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($11)
=============================================================== ==================== ==================== ====================
Page 657
MEC INTERNATIONAL B.V.
IBERIAN HY-POWER AMSTERDAM B.V. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Iberian Hy-Power
Adjustments Amsterdam B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $2 $22
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 2 22
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (2) 6
Asset impairment
Depreciation, decommissioning and amortization 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (2) 10
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4 12
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (1) (1)
Interest expense - net of amounts capitalized (6) (11)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (3)
Income taxes (benefit) 1 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (2) (2)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (2) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (10) 11
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($12) $9
=============================================================== ==================== ==================== ====================
Page 658
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $71
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $71 $823
============================================================= ==================== ==================== ====================
Page 659
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $37 ($108)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 37 (108) 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1 7
Regulatory assets - net
Other deferred charges (68) (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (67) (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $37 ($175) $756
============================================================= ==================== ==================== ====================
Page 660
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 1
Asset retirement obligation
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid In Capital ($77) (76)
Accumulated other comprehensive income (loss) (44) (41)
Retained earnings 192 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $71 $823
============================================================= ==================== ==================== ====================
Page 661
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($16) $17 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (16) 17 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 34 (54) (20)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation (1)
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 34 (55) 264
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital 76 (77)
Accumulated other comprehensive income (loss) (3) 1 (87)
Retained earnings 22 (212) 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 (135) 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $37 ($175) $756
============================================================= ==================== ==================== ====================
Page 662
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $54 $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 54 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 54 77
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 54 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 54 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 138 76
Dividends declared on common stock 58
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $192 $186
=============================================================== ==================== ==================== ====================
Page 653
MEC INTERNATIONAL B.V.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 7, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $28 ($81) $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 28 (81) 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 18
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (82) 77
Interest and dividend income 1 (24)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions (27) (27)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 28 (108) 24
Income taxes (benefit) 25 1 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3 (109)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3 (109)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19 (45) 188
Dividends declared on common stock (58)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22 ($212) $188
=============================================================== ==================== ==================== ====================
Page 664
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $10
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 71
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 4
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $87
============================================================= ==================== ==================== ====================
Page 665
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $10
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 71
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 4
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $87
============================================================= ==================== ==================== ====================
Page 666
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $4
Preferred stock to be redeemed within one year
Accounts payable 37
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (8) $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (5) 5
Accumulated other comprehensive income (loss) 1 (1)
Retained earnings 9 (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 5 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $87
============================================================= ==================== ==================== ====================
Page 667
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Valley
B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt $4
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable 37
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 40
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital
Accumulated other comprehensive income (loss)
Retained earnings 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $87
============================================================= ==================== ==================== ====================
Page 668
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Valley Power Pty Latrobe Valley B.V. Consolidating
Ltd. Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $16
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 16
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment
Depreciation, decommissioning and amortization 2
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (5)
Other nonoperating deductions (4)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5 ($8)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $9 ($8)
=============================================================== ==================== ==================== ====================
Page 669
MEC INTERNATIONAL B.V.
LATROBE VALLEY B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Latrobe Valley
B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $16
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 16
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1
Asset impairment
Depreciation, decommissioning and amortization 2
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (5)
Other nonoperating deductions (4)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (3)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $1
=============================================================== ==================== ==================== ====================
Page 670
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $23 $14 $14
Restricted cash
Receivables - net 12 8 8
Fuel inventory
Materials and supplies, at average cost 6 6 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 6 5 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 47 33 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 783 782 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (2) 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 781 782 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6 7 6
Regulatory assets - net
Other deferred charges (63) (66) (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (57) (59) (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $771 $756 $756
============================================================= ==================== ==================== ====================
Page 671
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14 ($1)
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6 1
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782 1
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 33 (1)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 815
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6 1
Regulatory assets - net
Other deferred charges (66) ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $788
============================================================= ==================== ==================== ====================
Page 672
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Loy Yang Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $64
Restricted cash
Receivables - net 36
Fuel inventory
Materials and supplies, at average cost 25
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 21
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 146
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 3,130
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 31
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3,161
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 26
Regulatory assets - net
Other deferred charges (262)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (236)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3,071
============================================================= ==================== ==================== ====================
Page 673
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable 23 $2 $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 20 12 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 48 14 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 508 456 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (19) (20) (20)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Retirement Obligation 3 1
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 304 284 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 288 264 265
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 5 (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (76) (77) (77)
Accumulated other comprehensive income (loss) (103) (87) (87)
Retained earnings 101 188 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (78) 24 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $771 $756 $756
============================================================= ==================== ==================== ====================
Paeg 674
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($12) ($17)
Accrued taxes 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12 (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (30)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 7 33
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1 17
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 292 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) 34
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (77) 77
Accumulated other comprehensive income (loss) (90) 41
Retained earnings 209 (170)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 42 ($52)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $788
============================================================= ==================== ==================== ====================
Page 675
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Loy Yang Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable (3)
Accrued taxes 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 42
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 45
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,874
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (19)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 22
Other long-term liabilities 1,156
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1,159
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid In Capital (230)
Accumulated other comprehensive income (loss) (326)
Retained earnings 516
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (40)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3,071
============================================================= ==================== ==================== ====================
Page 676
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Latrobe Power Pty. Mission Energy
Energy Holdings Ltd. Consolidated Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $134 $123 $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 134 123 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 12 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 42 18 17
Asset impairment
Depreciation, decommissioning and amortization 17 16 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 71 46 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 63 77 78
Interest and dividend income (23) (24) (25)
Equity in income from partnerships and unconsolidated (2)
subsidiaries - net
Other nonoperating income 10
Interest expense - net of amounts capitalized (8) (2)
Other nonoperating deductions (1) (27) (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 41 24 50
Income taxes (benefit) (2) 24 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 43 51
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 43 51
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 58 188 137
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $101 $188 $188
=============================================================== ==================== ==================== ====================
Page 677
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Traralgon Power Loy Yang Holdings Consolidating
Pty. Ltd. Pty. Ltd. Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 $2
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 46 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 77 (2)
Interest and dividend income (24) (1)
Equity in income from partnerships and unconsolidated 25 3
subsidiaries - net
Other nonoperating income (2)
Interest expense - net of amounts capitalized (2) (1)
Other nonoperating deductions 1
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 76 (2)
Income taxes (benefit) 21 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 55 (4)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 55 (4)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 154 (166)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $209 ($170)
=============================================================== ==================== ==================== ====================
Page 678
MEC INTERNATIONAL B.V.
LOY YANG HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Loy Yang Holdings
Pty. Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $503
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 503
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 50
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 95
Asset impairment
Depreciation, decommissioning and amortization 65
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 210
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 293
Interest and dividend income (97)
Equity in income from partnerships and unconsolidated 26
subsidiaries - net
Other nonoperating income 8
Interest expense - net of amounts capitalized (13)
Other nonoperating deductions (28)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 189
Income taxes (benefit) 44
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 145
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 145
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 371
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $516
=============================================================== ==================== ==================== ====================
Page 679
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($2)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2) 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) $823
============================================================= ==================== ==================== ====================
Page 680
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Maintenance Loy
Ltd. (inactive) Kwinana Pty. Ltd. Yang Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets
============================================================= ==================== ==================== ====================
Page 681
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost $2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 83
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 83
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $85
============================================================= ==================== ==================== ====================
Page 682
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8 $1
Restricted cash
Receivables - net 5 ($1)
Fuel inventory
Materials and supplies, at average cost (2)
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 12 1 (95)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 12 1 (95)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2 (67)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 (67)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $27 $2 ($164)
============================================================= ==================== ==================== ====================
Page 683
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $23
Restricted cash
Receivables - net 12
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 47
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 783
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (2)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 781
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges (63)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (57)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $771
============================================================= ==================== ==================== ====================
Page 684
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($1) $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (2) (76)
Accumulated other comprehensive income (loss) 1 (41)
Retained earnings (1) 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (2) 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($3) $823
============================================================= ==================== ==================== ====================
Page 685
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Maintenance Loy
Ltd. (inactive) Kwinana Pty. Ltd. Yang Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($3)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 1
Retained earnings 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity $3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity
============================================================= ==================== ==================== ====================
Page 686
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $25
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 14
Retained earnings 44
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 58
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $85
============================================================= ==================== ==================== ====================
Pge 687
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable (23) ($18) $42
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 3 2 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (15) (16) 43
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 52
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (2) (17)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 2
Other long-term liabilities 13 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 13 (2) (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 43 (41)
Accumulated other comprehensive income (loss) (9) 5 (74)
Retained earnings (57) 15 (88)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (23) 20 (203)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $27 $2 ($163)
============================================================= ==================== ==================== ====================
Page 688
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable 23
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 20
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 48
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 508
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (19)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 3
Other long-term liabilities 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 288
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Additional Paid in Capital (76)
Accumulated other comprehensive income (loss) (103)
Retained earnings 101
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (78)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $771
============================================================= ==================== ==================== ====================
Page 689
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Latrobe Power Loy Yang B Joint
Energy Australia Partnership [9] Venture [10]
Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 77
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($1) 134
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($1) $186
=============================================================== ==================== ==================== ====================
Page 690
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Australia Operation and Operation and
Pilbara Power Pty. Maintenance Maintenance Loy
Ltd. (inactive) Kwinana Pty. Ltd. Yang Pty. Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $2
=============================================================== ==================== ==================== ====================
Pge 691
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Mission Energy Kwinana Power
Holdings (Kwinana) Pty. Ltd. Partnership [9]
Superannuation
Fund Pty. Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $41
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 41
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 20
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4
Asset impairment
Depreciation, decommissioning and amortization 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 13
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 13
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 13
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $44
=============================================================== ==================== ==================== ====================
Page 692
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Perth Power Edison Mission Consolidating
Partnership [10] Energy Holdings Adjustments
Pty. Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($3) ($26)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (3) (26)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (20)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 $8 12
Asset impairment
Depreciation, decommissioning and amortization 1 1 (5)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 9 (13)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (5) (9) (13)
Interest and dividend income 2
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 10
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (11) 1 (12)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (11) 1 (12)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (11) 1 (12)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (46) 14 (76)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($57) $15 ($88)
=============================================================== ==================== ==================== ====================
Page 693
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
EDISON MISSION ENERGY HOLDINGS PTY. LTD. AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission
Energy Holdings
Pty. Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $134
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 134
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 42
Asset impairment
Depreciation, decommissioning and amortization 17
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 71
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 63
Interest and dividend income (23)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 10
Interest expense - net of amounts capitalized (8)
Other nonoperating deductions (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 41
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 43
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 58
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $101
=============================================================== ==================== ==================== ====================
Page 694
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $71
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $71 $823
============================================================= ==================== ==================== ====================
Page 695
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $37 ($108)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 37 (108) 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 1 7
Regulatory assets - net
Other deferred charges (68) (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (67) (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Assets of discontinued operations
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $37 ($175) $756
============================================================= ==================== ==================== ====================
Page 696
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($77) (76)
Accumulated other comprehensive income (loss) (44) (41)
Retained earnings 192 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $71 $823
============================================================= ==================== ==================== ====================
Page 697
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($16) $17 $2
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (16) 17 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 34 (54) (20)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation (1)
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 34 (55) 264
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 76 (77)
Accumulated other comprehensive income (loss) (3) 1 (87)
Retained earnings 22 (212) 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 (135) 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $37 ($175) $756
============================================================= ==================== ==================== ====================
Page 698
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $54 $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 54 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 54 77
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 54 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 54 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 138 76
Dividends declared on common stock 58
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $192 $186
=============================================================== ==================== ==================== ====================
Page 699
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
LATROBE POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Latrobe Power Pty. Consolidating Latrobe Power Pty.
Ltd. Adjustments Ltd. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $28 ($81) $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 28 (81) 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 18
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 28 (82) 77
Interest and dividend income 1 (24)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions (27) (27)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 28 (108) 24
Income taxes (benefit) 25 1 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 3 (109)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 3 (109)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19 (45) 188
Dividends declared on common stock (58)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22 ($212) $188
=============================================================== ==================== ==================== ====================
Page 700
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $71
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $71 $823
============================================================= ==================== ==================== ====================
Page 701
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($70) 1
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (70) 783
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges (68) (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (68) (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($138) $756
============================================================= ==================== ==================== ====================
Page 702
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($77) (76)
Accumulated other comprehensive income (loss) (44) (41)
Retained earnings 192 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $71 $823
============================================================= ==================== ==================== ====================
Page 703
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net ($20) (20)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (20) 265
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 76 (77)
Accumulated other comprehensive income (loss) (2) (87)
Retained earnings (190) 188
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (116) 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($138) $756
============================================================= ==================== ==================== ====================
Page 704
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $54 $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 54 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 54 77
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated (2)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 54 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 54 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 138 76
Dividends declared on common stock 58
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $192 $186
=============================================================== ==================== ==================== ====================
Page 705
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
MISSION ENERGY VENTURES AUSTRALIA PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Ventures Australia Adjustments Ventures Australia
Pty. Ltd. Pty. Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($53) $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (53) 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net 17
Other operation and maintenance 16
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (53) 78
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated (2)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions (1) (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (54) 50
Income taxes (benefit) 1 (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (55) 51
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (55) 51
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (77) 137
Dividends declared on common stock (58)
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($190) $188
=============================================================== ==================== ==================== ====================
Page 706
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $71
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $71 $823
============================================================= ==================== ==================== ====================
Page 707
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $33 ($71) 33
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 33 (71) 815
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges (68) (66)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (68) (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33 ($139) $788
============================================================= ==================== ==================== ====================
Page 708
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 1
Asset retirement obligation
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($77) (76)
Accumulated other comprehensive income (loss) (44) (41)
Retained earnings 192 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $71 $823
============================================================= ==================== ==================== ====================
Page 709
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($13) ($12)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 27 ($20) 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 1
Asset retirement obligation
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 27 (20) 292
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 76 (77)
Accumulated other comprehensive income (loss) (3) (2) (90)
Retained earnings 22 (191) 209
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 (117) 42
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33 ($139) $788
============================================================= ==================== ==================== ====================
Page 710
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [9] Venture [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 77
Interest and dividend income (25)
Equity in income from partnerships and unconsolidated $54
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 54 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 54 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 138 76
Dividends declared on common stock 58
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $192 $186
=============================================================== ==================== ==================== ====================
Page 711
MEC INTERNATIONAL B.V., LOY YANG HOLDINGS PTY. LTD.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1 $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 1 77
Interest and dividend income 1 (24)
Equity in income form partnerships and unconsolidated 25 (54) 25
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 25 (53) 76
Income taxes (benefit) 23 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 (53) 55
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 (53) 55
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20 (214) 20
Dividends declared on common stock 76 134
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22 ($191) $209
=============================================================== ==================== ==================== ====================
Page 712
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 9 (PAGES 713 THROUGH 802)
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (7)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($7)
============================================================= ==================== ==================== ====================
Page 713
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net $1
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $7
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7
============================================================= ==================== ==================== ====================
Page 714
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $305 $303
Accumulated other comprehensive loss (105) (1)
Retained earnings (207) ($302)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($7)
============================================================= ==================== ==================== ====================
Page 715
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($303) $305
Accumulated other comprehensive income (loss) 106
Retained earnings 204 ($305)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7
============================================================= ==================== ==================== ====================
Page 716
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Majestic Energy EME Royale Edison Mission
Limited Energy Taupo
Limited (inactive)
[8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit) $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (208) ($302)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($207) ($302)
=============================================================== ==================== ==================== ====================
Page 717
MEC INTERNATIONAL B.V.,
MAJESTIC ENERGY LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Majestic Energy
Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit) $1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year $204 (306)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $204 ($305)
=============================================================== ==================== ==================== ====================
Page 718
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $27
Restricted cash
Receivables - net 16
Fuel inventory 7
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 53
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 24
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 24
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 19
Regulatory assets - net
Other deferred charges 150
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 169
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $246
============================================================= ==================== ==================== ====================
Page 719
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $27
Restricted cash
Receivables - net 16
Fuel inventory ($2) 5
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (2) 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $11 71 106
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 2 (2)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 13 69 106
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 19
Regulatory assets - net
Other deferred charges (138) 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (138) 31
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $13 ($71) $188
============================================================= ==================== ==================== ====================
Page 720
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $11 ($1)
Accrued taxes 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 16 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 85
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 36
Accumulated other comprehensive income (loss)
Retained earnings 109 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 145 $1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $246
============================================================= ==================== ==================== ====================
Page 721
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $11 $11
Preferred stock to be redeemed within one year
Accounts payable ($21) (20) (31)
Accrued taxes 8 9
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (21) (1) (7)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (12) 73
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (31) (31)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 82 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 51 51
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 8 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 37 (36) 37
Accumulated other comprehensive income (loss)
Retained earnings (3) (81) 26
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 34 (117) 63
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $13 ($71) $188
============================================================= ==================== ==================== ====================
Page 722
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Doga Enerji Uretim Doga Isi Satis Doga Isletme ve
Sanayi ve Ticaret Hizmetleri ve Bakim Ticaret L.S.
L.S. Ticaret L.S.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $146 $2
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 146 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 85 2
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 9 1 $2
Asset impairment
Depreciation, decommissioning and amortization 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 98 3 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 48 (1) (2)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (9) $1 3
Interest expense - net of amounts capitalized (8)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 31 1
Income taxes (benefit) 7
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 24 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 24 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 85
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109 $1
=============================================================== ==================== ==================== ====================
Page 723
MEC INTERNATIONAL B.V.
MEC ESENYURT B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Esenyurt B.V. Consolidating MEC Esenyurt B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($23) $125
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (23) 125
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (3) 84
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 (2) 11
Asset impairment
Depreciation, decommissioning and amortization 2 6
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 (3) 101
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) (20) 24
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (1) 4 (2)
Interest expense - net of amounts capitalized (2) (10)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (2) (18) 12
Income taxes (benefit) 3 (2) 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (1) (20) 4
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (20) 4
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (2) (61) 22
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($3) ($81) $26
=============================================================== ==================== ==================== ====================
Page 724
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Indonesia B.V. Edison Mission P.T. Edison
Energy Power [8] Mission Operation
and Maintenance
Indonesia
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 11
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $159
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $160 $13
============================================================= ==================== ==================== ====================
Page 725
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2
Restricted cash
Receivables - net 11
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 159
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 159
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $173
============================================================= ==================== ==================== ====================
Page 726
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Indonesia B.V. Edison Mission P.T. Edison Mission
Energy Power [8] Operation and
Maintenance Indonesia
------------------------------------------------------------- -------------------- -------------------- -------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- -------------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 $5
Accrued taxes 3
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- -------------------------
Total current liabilities 1 9
------------------------------------------------------------- -------------------- -------------------- -------------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- -------------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandary redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- -------------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- -------------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- -------------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- -------------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- -------------------------
Common stock 127 1
Accumulated other comprehensive loss (21)
Retained earnings 53 3
------------------------------------------------------------- -------------------- -------------------- -------------------------
Total common shareholders' equity 159 4
------------------------------------------------------------- -------------------- -------------------- -------------------------
Total liabilities and shareholders' equity $160 $13
============================================================= ==================== ==================== =========================
Page 727
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $6
Accrued taxes 3
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $5 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 128
Accumulated other comprehensive income (loss) 1 (20)
Retained earnings (6) 50
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($5) 158
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $173
============================================================= ==================== ==================== ====================
Page 728
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Indonesia B.V. Edison Mission P.T. Edison
Energy Power [8] Mission Operation
and Maintenance
Indonesia
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 14
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated $34
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 34 4
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 34 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 34 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 19
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $53 $3
=============================================================== ==================== ==================== ====================
Page 729
MEC INTERNATIONAL B.V.
MEC INTERNATIONAL HOLDINGS B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC International Consolidating MEC International
Holdings B.V. Adjustments Holdings B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 14
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4
Interest and dividend income
Equity in income from partnerships and unconsolidated 34
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 38
Income taxes (benefit) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 37
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 37
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($6) 13
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($6) $50
=============================================================== ==================== ==================== ====================
Page 730
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9 $10
Restricted cash
Receivables - net 16 15
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $338 351 352
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 338 351 352
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 2 2
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $338 $378 $379
============================================================= ==================== ==================== ====================
Page 731
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC Java B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($9) $10
Restricted cash
Receivables - net (16) 15
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (25) 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (689) 352
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (689) 352
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash (2) 2
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (2) 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($716) $379
============================================================= ==================== ==================== ====================
Page 732
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($29)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (27)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $338 338 $379
Accumulated other comprehensive income (loss)
Retained earnings 64
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 338 402 379
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $338 $378 $379
============================================================= ==================== ==================== ====================
Page 733
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC Java B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1 ($28)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 (26)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 4 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (717) 338
Accumulated other comprehensive income (loss)
Retained earnings (4) 60
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (721) 398
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($716) $379
============================================================= ==================== ==================== ====================
Page 734
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Island Capital Edison Mission MEC Java B.V.
S.a.r.l. Energy Asia Pte.
Ltd. Consolidated
[8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 10
Interest and dividend income 22
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 5
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 37
Income taxes (benefit) 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 32
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $64
=============================================================== ==================== ==================== ====================
Page 735
MEC INTERNATIONAL B.V.
MEC JAVA B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating MEC Java B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 10
Interest and dividend income 22
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 5
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 37
Income taxes (benefit) $4 9
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (4) 28
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (4) 28
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 32
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($4) $60
=============================================================== ==================== ==================== ====================
Page 736
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte. Ltd. Company Pte. Ltd. Maintenance
Services Pte. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3
Restricted cash
Receivables - net 4
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $7
============================================================= ==================== ==================== ====================
Page 737
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------------- -------------------- -------------------- ----------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- ----------------------
Cash and equivalents $2 $5 ($1)
Restricted cash
Receivables - net 10 2
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total current assets 12 5 1
------------------------------------------------------------- -------------------- -------------------- ----------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 348 3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total investment and other assets 348 3
------------------------------------------------------------- -------------------- -------------------- ----------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- ----------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- ----------------------
Total assets $12 $355 $4
============================================================= ==================== ==================== ======================
Page 738
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $9
Restricted cash
Receivables - net 16
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 351
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 351
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $378
============================================================= ==================== ==================== ====================
Page 739
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte. Ltd. Company Pte. Ltd. Maintenance
Services Pte. Ltd.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss)
Retained earnings $7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $7
============================================================= ==================== ==================== ====================
Page 740
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $5 ($35) $1
Accrued taxes 2 (2)
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 8 (36) 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 1 338 (1)
Accumulated other comprehensive income (loss)
Retained earnings 3 50 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 4 388 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $12 $355 $4
============================================================= ==================== ==================== ====================
Page 741
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($29)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (27)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 3
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 338
Accumulated other comprehensive income (loss)
Retained earnings 64
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 402
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $378
============================================================= ==================== ==================== ====================
Page 742
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Edison Mission Edison Mission
Energy Asia Energy Fuel Operation and
Pacific Pte. Ltd. Company Pte. Ltd. Maintenance
Services Pte. Ltd.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $3
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 10
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 7
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 5
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 2
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7
=============================================================== ==================== ==================== ====================
Page 743
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
P.T. Edison Edison Mission Consolidating
Mission Operation Energy Asia Pte. Adjustments
and Maintenance Ltd.
Indonesia
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 14 $1 ($10)
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14 1 (10)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 4 (1) 10
Interest and dividend income 22
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 5 (10)
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 26
Income taxes (benefit) 1 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 3 24
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 3 24
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 26 4
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $3 $50 $4
=============================================================== ==================== ==================== ====================
Page 744
MEC INTERNATIONAL B.V. MEC JAVA B.V.,
EDISON MISSION ENERGY ASIA PTE. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission
Energy Asia Pte.
Ltd. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $18
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 8
Depreciation, decommissioning and amortization
Asset impairment
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 8
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 10
Interest and dividend income 22
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 5
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 37
Income taxes (benefit) 5
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 32
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $64
=============================================================== ==================== ==================== ====================
Page 745
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8
Restricted cash
Receivables - net 5
Fuel inventory
Materials and supplies, at average cost $2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 2 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 83 12
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments ($1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 83 12 (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $85 $27 ($1)
============================================================= ==================== ==================== ====================
Page 746
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $8
Restricted cash
Receivables - net 5
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net ($20) 75
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (19) 75
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges (4) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (4) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($23) $88
============================================================= ==================== ==================== ====================
Page 747
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable $25 (23) ($37)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 2 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 27 (15) (37)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 52
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 1
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 2
Other long-term liabilities 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 13 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 43
Accumulated other comprehensive income (loss) 14 (9) 6
Retained earnings 44 (57) 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 58 (23) 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $85 $27 ($1)
============================================================= ==================== ==================== ====================
Page 748
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC Perth B.V.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $5
Preferred stock to be redeemed within one year
Accounts payable $3 (32)
Accrued taxes 1 1
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 1 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 5 (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 52
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (5) (4)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 2
Other long-term liabilities 8 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 3 17
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 4 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (43)
Accumulated other comprehensive income (loss) (5) 6
Retained earnings 13 29
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (35) 35
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($23) $88
============================================================= ==================== ==================== ====================
Page 749
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Kwinana Power Perth Power MEC Perth B.V.
Partnership Partnership [8]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $41 ($3)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 41 (3)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 20
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 4 1 $1
Asset impairment
Depreciation, decommissioning and amortization 4 1
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 28 2 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13 (5) (1)
Interest and dividend income
Equity in income from partnerships and unconsolidated 4
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 13 (11) 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 13 (11) 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 13 (11) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 31 (46) 26
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $44 ($57) $29
=============================================================== ==================== ==================== ====================
Page 750
MEC INTERNATIONAL B.V.
MEC PERTH B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating MEC Perth B.V.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1 $39
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 39
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 20
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 2 8
Asset impairment
Depreciation, decommissioning and amortization (1) 4
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 7
Interest and dividend income 1 1
Equity in income from partnerships and unconsolidated (4)
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (6)
Other nonoperating deductions (1) (1)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (4) 1
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (4) 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (4) 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 17 28
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $13 $29
=============================================================== ==================== ==================== ====================
Page 751
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 752
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 753
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $5
Accumulated other comprehensive loss
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 754
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $5
Accumulated other comprehensive loss
Retained earnings (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 755
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
San Pascual Morningstar MEC San Pascual
Cogeneration Holdings B.V. B.V.
Company
International B.V.
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $3
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income) 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2)
=============================================================== ==================== ==================== ====================
Page 756
MEC INTERNATIONAL B.V.
MEC SAN PASCUAL B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating MEC San Pascual
Adjustments B.V. Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income
Equity in income from partnerships and unconsolidated $3
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 3
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 3
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (5)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2)
=============================================================== ==================== ==================== ====================
Page 757
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (189) $6 ($5)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,475 6 (5)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (60) 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327 1 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,972 $7 ($4)
============================================================= ==================== ==================== ====================
Page 758
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (188)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,476
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (58)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 329
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,975
============================================================= ==================== ==================== ====================
Page 759
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (150) ($372)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (59) (372)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303 $7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480 7
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 192 225 (396)
Accumulated other comprehensive income (loss) 40 35 (42)
Retained earnings 200 119 196
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 432 379 (242)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,972 $7 ($4)
============================================================= ==================== ==================== ====================
Page 760
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
MEC Wales B.V.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (522)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (431)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 310
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 487
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest 231
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 21
Accumulated other comprehensive income (loss) 33
Retained earnings 515
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 569
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,975
============================================================= ==================== ==================== ====================
Page 761
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Hydro MEC Wales B.V. Consolidating
Limited Adjustments
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 38 $8
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions ($5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3 8 (5)
Income taxes (benefit) (37) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40 13 (5)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 40 13 (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 160 106 201
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $200 $119 $196
=============================================================== ==================== ==================== ====================
Page 762
MEC INTERNATIONAL B.V.
MEC WALES B.V. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
MEC Wales B.V.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 46
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions (5)
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 6
Income taxes (benefit) (42)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 48
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 48
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 467
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $515
=============================================================== ==================== ==================== ====================
Page 763
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (157) $87 ($119)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,507 87 (119)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
============================================================= ==================== ==================== ====================
Page 764
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (189)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 83
Regulatory assets - net
Other deferred charges (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,972
============================================================= ==================== ==================== ====================
Page 765
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (134) ($15) ($1)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (43) (15) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,174 (54) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 158 151 (117)
Accumulated other comprehensive income (loss) 33 7
Retained earnings 202 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 393 156 (117)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
Page 766
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (150)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 192
Accumulated other comprehensive income (loss) 40
Retained earnings 200
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,972
============================================================= ==================== ==================== ====================
Page 767
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 36 $2
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (2) ($1)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 (1)
Income taxes (benefit) (36) ($1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 162 (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202 ($2)
=============================================================== ==================== ==================== ====================
Page 768
MEC INTERNATIONAL B.V., MEC WALES B.V.
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 38
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 3
Income taxes (benefit) (37)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 160
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $200
=============================================================== ==================== ==================== ====================
Page 769
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash $45
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 45
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $45 $945
============================================================= ==================== ==================== ====================
Page 770
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships (158)
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
{age 771
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15 $69
Restricted cash
Receivables - net 8 58
Fuel inventory
Materials and supplies, at average cost 6 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 5 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 34 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 590 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $209 (1,153) (157)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 209 (563) 1,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash (77)
Regulatory assets - net
Other deferred charges 23 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (54) 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 772
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18 $18
Preferred stock to be redeemed within one year
Accounts payable $3 (33) 497
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 44 25 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss (25) (82)
Retained earnings (2) (356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (2) ($25) (438)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $45 $945
============================================================= ==================== ==================== ====================
Page 773
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable $530 $28 (33)
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27 $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (831) 182
Accumulated other comprehensive income (loss) (196) 59
Retained earnings (356) 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1,383) 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 774
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($37) $17
Preferred stock to be redeemed within one year
Accounts payable ($1) (1,125) (134)
Accrued taxes 1 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities (18) 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (1,179) (43)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (15) (1,300) 1,174
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 177 177
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 195 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 180 627 158
Accumulated other comprehensive income (loss) 30 247 33
Retained earnings 15 827 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 225 1,701 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 775
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income ($1) $50 $1
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50) (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (1) (49)
Income taxes (benefit) (17)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (1) (32)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (32)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) (324)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) ($356)
=============================================================== ==================== ==================== ====================
Pagew 776
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[10] Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income $49 3 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59) ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 49 10
Income taxes (benefit) 17 (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 32 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 32 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (388) 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $74
=============================================================== ==================== ==================== ====================
Page 777
MEC INTERNATIONAL B.V.
MEC WALES B.V., MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $56 $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 56 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 77
Asset impairment
Depreciation, decommissioning and amortization 12 28
Property and other taxes 1 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13 79
Interest and dividend income $1 (117) 36
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 98 (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 13 (13)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 14 (19) 4
Income taxes (benefit) (29) (36)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 14 10 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 14 10 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 817 162
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $15 $827 $202
=============================================================== ==================== ==================== ====================
Page 778
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 779
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15
Restricted cash
Receivables - net (14)
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 630
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 630
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $655
============================================================= ==================== ==================== ====================
Page 780
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($15)
Restricted cash
Receivables - net 14
Fuel inventory
Materials and supplies, at average cost (6)
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (630)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,575)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash (6)
Other deferred charges (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,600)
============================================================= ==================== ==================== ====================
Page 781
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 $530
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831
Accumulated other comprehensive income (loss) (82) 196
Retained earnings (356) 356
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) 1,383
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945 $2,766
============================================================= ==================== ==================== ====================
Page 782
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($117)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (105)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 405 $25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 175
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 78
Accumulated other comprehensive loss (25) (5)
Retained earnings 109 (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 162 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $655
============================================================= ==================== ==================== ====================
Page 783
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable ($943) (33)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities (12)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (955) 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (2,111) 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (18)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities (175)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (193)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 753
Accumulated other comprehensive income (loss) 283 (25)
Retained earnings 623
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,659 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,600)
============================================================= ==================== ==================== ====================
Page 784
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [11] Development
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (32) 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) (388)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) ($356)
=============================================================== ==================== ==================== ====================
Page 785
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [11] Venture [12] Generation Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $46
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Asset impairment
Depreciation, decommissioning and amortization 13
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3
Interest and dividend income (17)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (16)
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (18)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 127 ($20)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109 ($20)
=============================================================== ==================== ==================== ====================
Page 786
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($46)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (46)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (12)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (18)
Asset impairment
Depreciation, decommissioning and amortization (13)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3)
Interest and dividend income 17 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 2 ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 16
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 18
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 605
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $623
=============================================================== ==================== ==================== ====================
Page 787
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 49
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $24 790
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 962 $12
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 986 790 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $986 $899 $44
============================================================= ==================== ==================== ====================
Page 788
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54 ($54)
Restricted cash
Receivables - net 49 (48)
Fuel inventory
Materials and supplies, at average cost 2 (2)
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109 (82)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 790 (530)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,132)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 790 (1,662)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Other deferred charges (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 789
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
Page 790
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $741 ($7) ($706)
Accrued taxes 4
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 741 (3) (679)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 713
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182 680
Accumulated other comprehensive income (loss) 58 28 1
Retained earnings 5 193 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 245 901 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $986 $899 $44
============================================================= ==================== ==================== ====================
Page 791
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) $7
Accrued taxes 4 (4)
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 283
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 680 (1,360)
Accumulated other comprehensive income (loss) 28 (56)
Retained earnings 193 (326)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 901 (1,742)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 792
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $28
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182
Accumulated other comprehensive income (loss) 59
Retained earnings 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 793
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [11] Finance plc [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 59
Asset impairment
Depreciation, decommissioning and amortization 12
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 80
Interest and dividend income (58) 2 $60
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 63 (77)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 4 5 1
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 4 6 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 6 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 187 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 $193 $9
=============================================================== ==================== ==================== ====================
Page 794
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [12] Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377 ($387)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377 (387)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210 (210)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 (60)
Asset impairment
Depreciation, decommissioning and amortization 12 (8)
Property and other taxes 16 (16)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 297 (294)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 80 (93)
Interest and dividend income 2 (3)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory (77) 91
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 5 (5)
Income taxes (benefit) (1) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 6
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 187 (326)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $193 ($326)
=============================================================== ==================== ==================== ====================
Page 795
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income 3
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 10
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $74
=============================================================== ==================== ==================== ====================
Page 796
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 797
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($945)
============================================================= ==================== ==================== ====================
Page 798
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [11]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 ($530)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 (530)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 (853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831
Accumulated other comprehensive income (loss) (82) 196
Retained earnings (356) 356
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) $1,383
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945
============================================================= ==================== ==================== ====================
Page 799
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable (33)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($831)
Accumulated other comprehensive loss (114)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($945)
============================================================= ==================== ==================== ====================
Page 800
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [11]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32) 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) 324
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $356
=============================================================== ==================== ==================== ====================
Page 801
MEC INTERNATIONAL B.V. MEC WALES B.V.,
MISSION HYDRO LIMITED PARTNERSHIP, EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 802
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
PART 10 (PAGES 803 THROUGH 882)
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $2 $123
Restricted cash
Receivables - net 108
Fuel inventory
Materials and supplies, at average cost 10
Accumulated deferred income taxes - net
Trading and price risk management assets 52
Prepayments and other current assets 1 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 3 306
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1 2,738
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (340)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1 2,398
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 608
Restricted cash 32
Other deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $4 $3,367
============================================================= ==================== ==================== ====================
Page 803
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $3 $128
Restricted cash
Receivables - net 2 110
Fuel inventory
Materials and supplies, at average cost 10
Accumulated deferred income taxes - net
Trading and price risk management assets 52
Prepayments and other current assets 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 5 314
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,739
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 9 ($3) (334)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 9 (3) 2,405
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 608
Restricted cash 82 114
Other deferred charges (82) (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $14 ($3) $3,382
============================================================= ==================== ==================== ====================
Page 804
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable ($4) (132)
Accrued taxes 9
Trading and price risk management liabilities 30
Regulatory liabilities
Other current liabilities 1 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 588
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 176 $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 764 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 381
Accumulated other comprehensive Income (loss) 1 101 14
Retained earnings 6 282 (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 7 764 ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $4 $3,367
============================================================= ==================== ==================== ====================
Page 805
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable $1 (135)
Accrued taxes 9
Trading and price risk management liabilities 30
Regulatory liabilities
Other current liabilities 82
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 1 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 588
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $14 194
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 14 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 38 (9) 410
Accumulated other comprehensive income (loss) (2) (24) 90
Retained earnings (23) 16 263
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 13 (17) 763
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $14 ($3) $3,382
============================================================= ==================== ==================== ====================
Page 806
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission Mission Hydro (UK) Pride Hold Limited
Energy Limited Limited Consolidated
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $790
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 790
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 432
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $13 136
Asset impairment
Depreciation, decommissioning and amortization 1 44
Property and other taxes 33
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14 645
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (14) 145
Interest and dividend income 41
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income 15 (3)
Interest expense - net of amounts capitalized (170)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not sjbuect to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 1 13
Income taxes (benefit) (44)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 1 57
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income) 1 57
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 5 225 ($18)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $6 $282 ($18)
=============================================================== ==================== ==================== ====================
Page 807
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Energy Consolidating Mission Energy
Company (UK) Adjustments Company (UK)
Limited Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $4 $794
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 4 794
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 1 433
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 1 150
Asset impairment
Depreciation, decommissioning and amortization 45
Property and other taxes 33
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 2 661
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 2 133
Interest and dividend income (1) 40
Equity in oncome from partnerships and unconsolidated 5 5
subsidiaries - net
Other nonoperating income ($6) 1 7
Interest expense - net of amounts capitalized (1) (171)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory 4 (4)
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes (2) 2 14
Income taxes (benefit) (44)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations (2) 2 58
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income) (2) 2 58
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (21) 14 205
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($23) $16 $263
=============================================================== ==================== ==================== ====================
Page 808
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54 $69
Restricted cash
Receivables - net 50 58
Fuel inventory
Materials and supplies, at average cost 2 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26 26
Prepayments and other current assets 4 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158) (189) $9
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916 1,475 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304 304
Regulatory assets - net
Restricted cash 32
Other deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388 $1,972 $9
============================================================= ==================== ==================== ====================
Page 809
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $123
Restricted cash
Receivables - net 108
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net 10
Trading and price risk management assets 52
Prepayments and other current assets 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 306
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 2,738
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($2) (340)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (2) 2,398
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 608
Restricted cash 32
Other deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 663
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($2) $3,367
============================================================= ==================== ==================== ====================
Page 810
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable $28 (149) ($10)
Accrued taxes 4 5
Trading and price risk management liabilities 15 15
Regulatory liabilities
Other current liabilities 27 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74 (58) (10)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 714 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285 479
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182 192 9
Accumulated other comprehensive income (loss) 59 40 2
Retained earnings 74 200 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315 432 19
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388 $1,972 $9
============================================================= ==================== ==================== ====================
Page 811
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $1 $18
Preferred stock to be redeemed within one year
Accounts payable (1) (132)
Accrued taxes 9
Trading and price risk management liabilities 30
Regulatory liabilities
Other current liabilities 81
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 6
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,833
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 588
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 176
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 764
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (2) 381
Accumulated other comprehensive income (loss) 101
Retained earnings 282
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (2) 764
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($2) $3,367
============================================================= ==================== ==================== ====================
Page 812
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
FHH No. 2 Limited Mission Hydro Mission Hydro (UK)
Consolidated Limited Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367 $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 77
Asset impairment
Depreciation, decommissioning and amortization 16 28
Property and other taxes 16 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income 66 79
Interest and dividend income 3 38
Equity in income from partnerships and unconsolidated
subsidiaries - net
Equity in income from unconsolidated subsidiaries
Other nonoperating income (3)
Interest expense - net of amounts capitalized (59) (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations before taxes 10 3
Income taxes (benefit) (7) (37)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income from continuing operations 17 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income 17 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57 160 $8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $74 $200 $8
=============================================================== ==================== ==================== ====================
Page 813
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED AND SUBSIDIARIES [TIER 8, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Mission Hydro (UK)
Adjustments Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $790
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 790
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 432
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 136
Asset impairment
Depreciation, decommissioning and amortization 44
Property and other taxes 33
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 645
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 145
Interest and dividend income 41
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income (3)
Interest expense - net of amounts capitalized (170)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 13
Income taxes (benefit) (44)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 57
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 57
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 225
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $282
=============================================================== ==================== ==================== ====================
Page 814
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 49
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $24 790
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 962 $12
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 986 790 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $986 $899 $44
============================================================= ==================== ==================== ====================
Page 815
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54 ($54)
Restricted cash
Receivables - net 49 (48)
Fuel inventory
Materials and supplies, at average cost 2 (2)
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109 (82)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 790 (530)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,132)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 790 (1,662)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 816
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 2 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
Page 817
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $741 ($7) ($706)
Accrued taxes 4
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 741 (3) (679)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 713
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock $182 680
Accumulated other comprehensive income (loss) 58 28 1
Retained earnings 5 193 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 245 901 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $986 $899 $44
============================================================= ==================== ==================== ====================
Page 818
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) $7
Accrued taxes 4 (4)
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 283
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 680 (1,360)
Accumulated other comprehensive income (loss) 28 (56)
Retained earnings 193 (326)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 901 (1,742)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 819
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 2 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $28
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory edemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182
Accumulated other comprehensive income (loss) 59
Retained earnings 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 820
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [10] Finance plc [10]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 59
Asset impairment
Depreciation, decommissioning and amortization 12
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 80
Interest and dividend income (58) 2 $60
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 63 (77)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 5 1
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 6 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 6 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 187 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 $193 $9
=============================================================== ==================== ==================== ====================
Page 821
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro FFH No. 2 Limited Consolidating
Company [10] Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377 ($387)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377 (387)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210 (210)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 (60)
Asset impairment
Depreciation, decommissioning and amortization 12 (8)
Property and other taxes 16 (16)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 297 (294)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 80 (93)
Interest and dividend income 2 (3)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory (77) 91
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5 (5)
Income taxes (benefit) (1) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 6
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 187 (326)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $193 ($326)
=============================================================== ==================== ==================== ====================
Page 822
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
FFH NO. 2 LIMITED AND SUBSIDIARIES [TIER 9, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
FFH No. 2 Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income 3
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject ot mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 10
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $74
=============================================================== ==================== ==================== ====================
Page 823
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (157) $87 ($119)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,507 87 (119)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash
Regulatory assets - net
Other deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
Page 824
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $69
Restricted cash
Receivables - net 58
Fuel inventory
Materials and supplies, at average cost 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (189)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 1,475
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash
Regulatory assets - net
Other deferred charges 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,972
============================================================= ==================== ==================== ====================
Page 825
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (134) ($15) ($1)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (43) (15) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,174 (54) (1)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 177
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 158 151 (117)
Accumulated other comprehensive income (loss) 33 7
Retained earnings 202 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 393 156 (117)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $2,004 $87 ($119)
============================================================= ==================== ==================== ====================
Page 826
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $17
Preferred stock to be redeemed within one year
Accounts payable (150)
Accrued taxes 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (59)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1,119
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 177
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 192
Accumulated other comprehensive income (loss) 40
Retained earnings 200
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 432
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,972
============================================================= ==================== ==================== ====================
Page 827
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Mission Hydro Consolidating
Holdings Limited Limited Partnership Adjustments
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 36 $2
Equity in income from partnerships and unconsolidated
subsidiaries - nt
Other nonoperating income (2) ($1)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 (1)
Income taxes (benefit) (36) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 162 (2)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $202 ($2)
=============================================================== ==================== ==================== ====================
Page 828
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED
MISSION HYDRO (UK) LIMITED
MISSION HYDRO LIMITED PARTNERSHIP AND SUBSIDIARIES [TIER 9]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Hydro
Limited
Partnership
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 77
Asset impairment
Depreciation, decommissioning and amortization 28
Property and other taxes 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 79
Interest and dividend income 38
Equity in income from partnerships and unconsolidated
subsidiaries - nt
Other nonoperating income (3)
Interest expense - net of amounts capitalized (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from connuing operations before taxes 3
Income taxes (benefit)
(37)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 160
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $200
=============================================================== ==================== ==================== ====================
Page 829
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash $45
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 45
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $45 $945
============================================================= ==================== ==================== ====================
Page 830
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
============================================================= ==================== ==================== ====================
Page 831
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15 $69
Restricted cash
Receivables - net 8 58
Fuel inventory
Materials and supplies, at average cost 6 8
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 5 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 34 170
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 590 1,664
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $209 (1,153) (157)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 209 (563) 1,507
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash (77)
Regulatory assets - net
Other deferred charges 23 23
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (54) 327
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 832
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18 $18
Preferred stock to be redeemed within one year
Accounts payable $3 (33) 497
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 3 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 44 25 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive loss (25) (82)
Retained earnings (2) (356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (2) ($25) (438)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $45 $945
============================================================= ==================== ==================== ====================
Page 833
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable $530 $28 (33)
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27 $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (831) 182
Accumulated other comprehensive income (loss) (196) 59
Retained earnings (356) 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($1,383) 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 834
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year ($37) $17
Preferred stock to be redeemed within one year
Accounts payable ($1) (1,125) (134)
Accrued taxes 1 5
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities (18) 54
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (1) (1,179) (43)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (15) (1,300) 1,174
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18 303
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 177 177
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 195 480
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 180 627 158
Accumulated other comprehensive income (loss) 30 247 33
Retained earnings 15 827 202
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 225 1,701 393
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $209 ($583) $2,004
============================================================= ==================== ==================== ====================
Page 835
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Edison Mission EME Victoria Energy Capital
Operation & Generation Limited Partnership
Maintenance Limited Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income ($1) $50 $1
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50) (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (1) (49)
Income taxes (benefit) (17)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (1) (32)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (1) (32)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (1) (324)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($2) ($356)
=============================================================== ==================== ==================== ====================
Page 836
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Enerloy Pty Ltd FHH No. 1 Limited Loyvic Pty. Ltd.
[11] Consolidated Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income $49 3 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59) ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 49 10
Income taxes (benefit) 17 (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 32 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 32 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (388) 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $74
=============================================================== ==================== ==================== ====================
Page 837
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED AND SUBSIDIARIES [TIER 10, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
EME Generation Consolidating EME Generation
Holdings Limited Adjustments Holdings Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $56 $423
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 56 423
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12 222
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18 77
Asset impairment
Depreciation, decommissioning and amortization 12 28
Property and other taxes 1 17
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43 344
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 13 79
Interest and dividend income $1 (117) 36
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 98 (111)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 13 (13)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 14 (19) 4
Income taxes (benefit) (29) (36)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 14 10 40
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 14 10 40
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 817 162
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $15 $827 $202
=============================================================== ==================== ==================== ====================
Page 838
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [12] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 839
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $15
Restricted cash
Receivables - net (14)
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 11
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 630
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 630
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 14
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $655
============================================================= ==================== ==================== ====================
Page 840
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents ($15)
Restricted cash
Receivables - net 14
Fuel inventory
Materials and supplies, at average cost (6)
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets (11)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net (630)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (1,575)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash (6)
Regulatory assets - net
Other deferred charges (8)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (14)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($1,600)
============================================================= ==================== ==================== ====================
Page 841
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [12] Development
Australia Pty Ltd
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 $530
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 530
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 853
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock (831)
Accumulated other comprehensive loss (82) (196)
Retained earnings (356) (356)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) ($1,383)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945
============================================================= ==================== ==================== ====================
Page 842
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($117)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (105)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 405 $25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 18
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 175
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 193
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 78
Accumulated other comprehensive loss (25) (5)
Retained earnings 109 (20)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 162 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $655
============================================================= ==================== ==================== ====================
Page 843
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable ($943) (33)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities (12) 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (955)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt (2,111) 25
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net (18)
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities (175)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities (193)
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 753
Accumulated other comprehensive income (loss) 283 (25)
Retained earnings 623
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 1,659 ($25)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($1,600)
============================================================= ==================== ==================== ====================
Page 844
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd Mission Energy
Partnership [12] Development
Australia Pty Ltd
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32) 32
Imcome from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) (388)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) ($356)
=============================================================== ==================== ==================== ====================
Page 845
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Gippsland Power Loy Yang B Joint EME Victoria
Pty Ltd [12] Venture [13] Generation Limited
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $46
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 18
Asset impairment
Depreciation, decommissioning and amortization 13
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 43
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 3
Interest and dividend income (17)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (16)
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (18)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (18)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 127 ($20)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $109 ($20)
=============================================================== ==================== ==================== ====================
Page 846
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
EME VICTORIA GENERATION LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating EME Victoria
Adjustments Generation Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation ($46)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue (46)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel (12)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance (18)
Asset impairment
Depreciation, decommissioning and amortization (13)
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (43)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (3)
Interest and dividend income 17 $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized 2 ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 16
Income taxes (benefit) 2
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 18
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 18
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 605
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $623
=============================================================== ==================== ==================== ====================
Page 847
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [12] Finance plc [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 49
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net $24 790
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries 962 $12
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 986 790 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 32
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $986 $899 $44
============================================================= ==================== ==================== ====================
Page 848
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54 ($54)
Restricted cash
Receivables - net 49 (48)
Fuel inventory
Materials and supplies, at average cost 2 (2)
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4 (4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 109 (82)
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 790 (530)
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (1,132)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 790 (1,662)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges (32)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 304
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 849
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $54
Restricted cash
Receivables - net 50
Fuel inventory
Materials and supplies, at average cost 2
Accumulated deferred income taxes - net
Trading and price risk management assets 26
Prepayments and other current assets 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 136
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 1,074
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries (158)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 916
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill 304
Restricted cash 32
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 336
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $1,388
============================================================= ==================== ==================== ====================
Page 850
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [12] Finance plc [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $741 ($7) ($706)
Accrued taxes 4
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 741 (3) (679)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 713
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182 680
Accumulated other comprehensive income (loss) 58 28 1
Retained earnings 5 193 9
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 245 901 10
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $986 $899 $44
============================================================= ==================== ==================== ====================
Page 851
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($7) $7
Accrued taxes 4 (4)
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (3) 18
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 1
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities 1 (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 1 283
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 680 (1,360)
Accumulated other comprehensive income (loss) 28 (56)
Retained earnings 193 (326)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 901 (1,742)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $899 ($1,440)
============================================================= ==================== ==================== ====================
Page 852
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $28
Accrued taxes 4
Trading and price risk management liabilities 15
Regulatory liabilities
Other current liabilities 27
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 714
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 285
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 182
Accumulated other comprehensive income (loss) 59
Retained earnings 74
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 315
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $1,388
============================================================= ==================== ==================== ====================
Page 853
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro First Hydro First Hydro
Holdings Company Company [12] Finance plc [12]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 59
Asset impairment
Depreciation, decommissioning and amortization 12
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 297
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 80
Interest and dividend income (58) 2 $60
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory 63 (77)
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 4 5 1
Income taxes (benefit) (1)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 4 6 1
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 4 6 1
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 1 187 8
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $5 $193 $9
=============================================================== ==================== ==================== ====================
Page 854
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
First Hydro FFH No. 1 Limited Consolidating
Company [13] Adjustments
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $377 ($387)
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 377 (387)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210 (210)
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59 (60)
Asset impairment
Depreciation, decommissioning and amortization 12 (8)
Property and other taxes 16 (16)
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 297 (294)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 80 (93)
Interest and dividend income 2 (3)
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory (77) 91
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 5 (5)
Income taxes (benefit) (1) (5)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 6
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 6
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 187 (326)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $193 ($326)
=============================================================== ==================== ==================== ====================
Page 855
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
FFH NO. 1 LIMITED AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
FFH No. 1 Limited
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $367
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 367
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 210
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 59
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes 16
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 301
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 66
Interest and dividend income 3
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (59)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 10
Income taxes (benefit) (7)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 17
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 57
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $74
=============================================================== ==================== ==================== ====================
Page 856
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $945
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 945
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $945
============================================================= ==================== ==================== ====================
Page 857
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($945)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($945)
============================================================= ==================== ==================== ====================
Page 858
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable 497 ($530)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 530 (530)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 853 (853)
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 831
Accumulated other comprehensive income (loss) (82) 196
Retained earnings (356) 356
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (438) $1,383
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $945
============================================================= ==================== ==================== ====================
Page 859
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year $18
Preferred stock to be redeemed within one year
Accounts payable (33)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities $15
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($831)
Accumulated other comprehensive income (loss) (114)
Retained earnings
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity (945)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($945)
============================================================= ==================== ==================== ====================
Page 860
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Energy Capital Enerloy Pty Ltd. Loyvic Pty. Ltd.
Partnership [12]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $1 $49
Equity in income from partnerships and unconsolidated
subsidiaries - nt
Other nonoperating income
Interest expense - net of amounts capitalized (50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (49) 49
Income taxes (benefit) (17) 17
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (32) 32
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (32) 32
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (324) 324
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($356) $356
=============================================================== ==================== ==================== ====================
Page 861
MEC INTERNATIONAL B.V., MISSION ENERGY COMPANY (UK) LIMITED,
MISSION HYDRO (UK) LIMITED, MISSION HYDRO LIMITED PARTNERSHIP,
EME GENERATION HOLDINGS LIMITED,
LOYVIC PTY. LTD. AND SUBSIDIARIES [TIER 11, ET SEQ.]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Loyvic Pty. Ltd.
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss)
Interest and dividend income $50
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized ($50)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year
=============================================================== ==================== ==================== ====================
Page 862
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($3)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3)
============================================================= ==================== ==================== ====================
Page 863
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 864
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $16
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 4 (2)
Retained earnings (8) (17)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($4) (19)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($3)
============================================================= ==================== ==================== ====================
Page 865
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($16)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 12 14
Retained earnings 7 (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 866
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $14
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (14)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (14)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (14)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (14)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($8) (3)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8) ($17)
=============================================================== ==================== ==================== ====================
Page 867
MEC INTERNATIONAL B.V.
MISSION ENERGY COMPANY (UK) LIMITED
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 8]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($14)
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (14)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 14
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 14
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 14
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (7) ($18)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7 ($18)
=============================================================== ==================== ==================== ====================
Page 868
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries ($3)
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets (3)
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets ($3)
============================================================= ==================== ==================== ====================
Page 869
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents
Restricted cash
Receivables - net
Fuel inventory
Materials and supplies, at average cost
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $3
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 3
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $3
============================================================= ==================== ==================== ====================
Page 870
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $16
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 16
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Asset retirement obligation
Accumulated provision for pension and benefits
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 4 (2)
Retained earnings (8) (17)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity ($4) (19)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity ($3)
============================================================= ==================== ==================== ====================
Page 871
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($16)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (16)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation
Other long-term liabilities $4
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 4
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock
Accumulated other comprehensive income (loss) 12 14
Retained earnings 7 (18)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 ($4)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $3
============================================================= ==================== ==================== ====================
Page 872
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Lakeland Power Lakeland Power Pride Hold Limited
Development Limited (inactive)
Company Limited
(inactive)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $14
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (14)
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes (14)
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations (14)
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) (14)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year ($8) (3)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year ($8) ($17)
=============================================================== ==================== ==================== ====================
Page 873
MEC INTERNATIONAL B.V.
PRIDE HOLD LIMITED AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Consolidating Pride Hold Limited
Adjustments Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance ($14)
Asset impairment
Depreciation, decommissioning and amortization
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses (14)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 14
Interest and dividend income
Equity in income from partnerships and unconsolidated
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 14
Income taxes (benefit)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 14
Income from discontinued operations net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 14
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year (7) ($18)
Dividends declared on common stock
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $7 ($18)
=============================================================== ==================== ==================== ====================
Page 874
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $71
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 71 782
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash 6
Regulatory assets - net
Other deferred charges 2
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges 8
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $71 $823
============================================================= ==================== ==================== ====================
Page 875
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
ASSETS
------------------------------------------------------------- -------------------- -------------------- --------------------
Cash and equivalents $14
Restricted cash
Receivables - net 8
Fuel inventory
Materials and supplies, at average cost 6
Accumulated deferred income taxes - net
Trading and price risk management assets
Prepayments and other current assets 5
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current assets 33
------------------------------------------------------------- -------------------- -------------------- --------------------
Nonutility property - net 782
Nuclear decommissioning trusts
Investments in partnerships
and unconsolidated subsidiaries $33 ($71) 33
Investments in leveraged leases
Other investments
------------------------------------------------------------- -------------------- -------------------- --------------------
Total investment and other assets 33 (71) 815
------------------------------------------------------------- -------------------- -------------------- --------------------
Utility plant, at original cost:
Transmission and distribution
Generation
Accumulated provision for depreciation
and decommissioning
Construction work in progress
Nuclear fuel, at amortized cost
------------------------------------------------------------- -------------------- -------------------- --------------------
Total utility plant
------------------------------------------------------------- -------------------- -------------------- --------------------
Goodwill
Restricted cash
Regulatory assets - net
Other deferred charges (68) (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred charges (68) (60)
------------------------------------------------------------- -------------------- -------------------- --------------------
Total assets $33 ($139) $788
============================================================= ==================== ==================== ====================
Page 876
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable $1
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities 13
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits
Asset retirement obligation 1
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 285
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock ($77) (76)
Accumulated other comprehensive loss (44) (41)
Retained earnings 192 186
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 71 69
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $71 $823
============================================================= ==================== ==================== ====================
Page 877
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Balance Sheet
December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
------------------------------------------------------------- -------------------- -------------------- --------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------- -------------------- -------------------- --------------------
Short-term debt
Long-term debt due within one year
Preferred stock to be redeemed within one year
Accounts payable ($13) ($12)
Accrued taxes
Trading and price risk management liabilities
Regulatory liabilities
Other current liabilities 12
------------------------------------------------------------- -------------------- -------------------- --------------------
Total current liabilities (13)
------------------------------------------------------------- -------------------- -------------------- --------------------
Long-term debt 456
------------------------------------------------------------- -------------------- -------------------- --------------------
Accumulated deferred income taxes - net 27 (20) 7
Accumulated deferred investment tax credits
Customer advances and other deferred credits
Power-purchase contracts
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities subj. to mandatory redemption
Accumulated provision for pension and benefits 1
Asset retirement obligation
Other long-term liabilities 284
------------------------------------------------------------- -------------------- -------------------- --------------------
Total deferred credits and other liabilities 27 (20) 292
------------------------------------------------------------- -------------------- -------------------- --------------------
Minority Interest (2) (2)
------------------------------------------------------------- -------------------- -------------------- --------------------
Preferred stock of utility:
Not subject to mandatory redemption
Subject to mandatory redemption
Company-obligated mandatorily redeemable
securities of subsidiaries holding
solely parent company debentures
Other preferred securities
------------------------------------------------------------- -------------------- -------------------- --------------------
Total preferred securities of subsidiaries
------------------------------------------------------------- -------------------- -------------------- --------------------
Common stock 76 (77)
Accumulated other comprehensive loss (3) (2) (90)
Retained earnings 22 (191) 209
------------------------------------------------------------- -------------------- -------------------- --------------------
Total common shareholders' equity 19 (117) 42
------------------------------------------------------------- -------------------- -------------------- --------------------
Total liabilities and shareholders' equity $33 ($139) $788
============================================================= ==================== ==================== ====================
Page 878
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Mission Victoria Latrobe Power Loy Yang B Joint
Partnership Partnership [8] Venture [9]
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $122
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 122
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance 17
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 45
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) 77
Interest and dividend income (25)
Equity income from partnerships and unconsolidated $54
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 54 50
Income taxes (benefit) (2)
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 54 52
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 54 52
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 138 76
Dividends declared on common stock 58
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $192 $186
=============================================================== ==================== ==================== ====================
Page 879
MEC INTERNATIONAL B.V.
TRARALGON POWER PTY. LTD. AND SUBSIDIARIES [TIER 7]
Consolidating Statements of Income and Retained Earnings
For the Year Ended December 31, 2003
(In millions)
Traralgon Power Consolidating Traralgon Power
Pty. Ltd. Adjustments Pty. Ltd.
Consolidated
--------------------------------------------------------------- -------------------- -------------------- --------------------
Electric utility
Nonutility power generation $1 $123
Financial services and other
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating revenue 1 123
--------------------------------------------------------------- -------------------- -------------------- --------------------
Fuel 12
Purchased power
Provisions for regulatory adjustment clauses - net
Other operation and maintenance $1 18
Asset impairment
Depreciation, decommissioning and amortization 16
Property and other taxes
Net gain on sale of utility plant
--------------------------------------------------------------- -------------------- -------------------- --------------------
Total operating expenses 1 46
--------------------------------------------------------------- -------------------- -------------------- --------------------
Operating income (loss) (1) 1 77
Interest and dividend income 1 (24)
Equity income from partnerships and unconsolidated 25 (54) 25
subsidiaries - net
Other nonoperating income
Interest expense - net of amounts capitalized (2)
Other nonoperating deductions
Dividends on preferred securities subject to mandatory
redemption
Dividends on utility preferred stock not subject to mandatory
redemption
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations before taxes 25 (53) 76
Income taxes (benefit) 23 21
--------------------------------------------------------------- -------------------- -------------------- --------------------
Income (loss) from continuing operations 2 (53) 55
Income from discontinued operations - net
Income taxes on discontinued operations
--------------------------------------------------------------- -------------------- -------------------- --------------------
Net income (loss) 2 (53) 55
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - beginning of year 20 (214) 20
Dividends declared on common stock 76 134
Dividends declared on preferred stock
--------------------------------------------------------------- -------------------- -------------------- --------------------
Retained earnings - end of year $22 ($191) $209
=============================================================== ==================== ==================== ====================
Page 880
MEC INTERNATIONAL B.V.
Equity Investments
December 31, 2003
(In millions)
Name of Entity: CBK Power Company Ltd. Derwent Cogeneration EcoElectrica, L.P.
Limited
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $275 $69 $407
Revenues $33 $35 $120
Net Income (Loss) $17 $4 $9
Nature/Purpose of Business: To own and operate a 728 To own and operate a 214 To own and operate a 540
MW hydroelectric power MW gas-fired, combined MW gas-fired, combined
plant in the Philippines. cycle cogeneration cycle cogeneration
facility in the United facility in Puerto Rico
Kingdom.
Ownership Interest(s) 49% LP by EME Caliraya 33% by Mission Energy 99.0% of 50% by
B.V. Company (UK) Limited EcoElectrica Holdings,
Ltd.
1% GP by EME Kayalaan B.V. 1.0% of 50% by
EcoElectrica Ltd., which
is owned by EcoElectrica
Holdings, Ltd.
Name of Entity: ISAB Energy s.r.l. P.T. Adaro Indonesia P.T. Paiton Energy
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $562 $1,165
Revenues $237 $213
Net Income (Loss) $43 $34
Nature/Purpose of Business: To own and operate a 518 Fuel supplier for P.T. To own and operate a
MW cogeneration facility Paiton Energy Company 1,230 MW cogeneration
located in Sicily, Italy located in Indonesia facility located in
Indonesia.
Ownership Interest(s) 99% of 49% by MEC Priolo 8.17% MEC Indo Coal B.V. 40% by MEC Indonesia B.V.
B.V.
Page 881
MEC INTERNATIONAL B.V.
Equity Investments
December 31, 2003
(In millions)
Name of Entity: San Pascual Cogeneration Tri Energy Company Limited I.V.P.C. 4 S.r.1
Company (Philippines) Ltd.
---------------------------------------- --------------------------- --------------------------- ---------------------------
Equity Interest:
Assets $95 $225
Revenues $54 $43
Net Income (Loss) $6 $10
Nature/Purpose of Business: To develope a 300 MW To own and operate a 700 To own and operate
combined cycle MW combined cycle facilites which use wind
cogeneration facility cogeneration facility to generate electricity.
located in Philippines. located in Thailand.
Ownership Interest(s) 1% GP and 74% LP by San 25% by EME Tri Gen B.V. 50% by Edison Mission
Pascual Cogeneration Wind Power Italy B.V.
Company International B.V.
Page 882