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File No. 1-9120
FORM U-3A-2
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
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
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
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(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:
As filed with the SEC on February 28, 2003
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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.
1. Public Service Enterprise Group Incorporated (PSEG), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSEG has four direct wholly-owned subsidiaries, Public Service
Electric and Gas Company (PSE&G), PSEG Power LLC (Power), PSEG Energy Holdings
L.L.C. (Energy Holdings), and PSEG Services Corporation (Services). PSEG also
has 424 indirect subsidiaries. Details are as follows:
1.1. PSE&G, a New Jersey corporation, with its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102, is an operating public utility company
engaged principally in the transmission, distribution and sale of electric
energy service and in the transmission, distribution and sale of gas service in
New Jersey. As of December 31, 2002, PSE&G comprised 48% of PSEG's assets.
PSE&G's 2002 revenues were 47% of PSEG's revenues and PSE&G's earnings available
to PSEG were $201 million.
PSE&G has five direct wholly-owned subsidiaries; one direct 99%-owned subsidiary
(the remaining 1% of which is owned by PSE&G's subsidiary, Public Service
Corporation of New Jersey); one direct 50%-owned subsidiary (the remaining 50%
of which is owned by Potomac Electric Power Company, an unrelated corporation)
and two indirect wholly-owned subsidiaries, as follows:
1.1.A. New Jersey Properties, Inc. (NJP), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. NJP
acquires real estate from time to time.
1.1.B. Public Service Corporation of New Jersey (PSC of NJ), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSC of NJ owns 1% of Public Service New Millennium Economic
Development Fund L.L.C. (see below).
1.1.C. Public Service New Millennium Economic Development Fund L.L.C. (New
Millennium) has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. New Millennium is a direct 99%-owned subsidiary of PSE&G, with the
remaining 1% owned by PSC of NJ. New Millennium supports economic development
and programs providing technology to improve education and health care in urban
areas of New Jersey, and has one direct wholly-owned subsidiary, discussed
below.
1.1.D. Tradelink New Jersey International Business Center, Inc. (Tradelink), a
New Jersey corporation, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Tradelink is presently inactive.
1.1.E. Gridco International L.L.C. (Gridco International), a Delaware
corporation, has its principal executive offices at 1209 Orange Street, New
Castle County, Wilmington, Delaware 19801. Gridco International, a direct
50%-owned subsidiary of PSE&G with the remaining 50% owned by Potomac Electric
Power Company and is currently inactive.
1.1.F. PSE&G Transition Funding LLC (Transition Funding), a Delaware limited
liability company, has its principal offices at 1209 Orange Street, Wilmington,
Delaware 19801. PSE&G is the sole member (parent) of Transition Funding.
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Transition Funding, which was organized for the purpose of purchasing intangible
transition property and issuing transition bonds purchased PSE&G's property
right in certain intangible transition property and issued transition bonds, on
January 31, 2001.
1.1.G. PSEG Area Development LLC (Area Development), a New Jersey limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Area Development, a wholly-owned subsidiary of PSE&G, was
formed to hold membership interests in limited liability companies that will
provide the following services in New Jersey: real estate site finding, listing
and referral and corporate relocation, strategic land use and economic
development planning.
1.1.G.1. PSEG SiteFinders LLC (SiteFinders), a New Jersey limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. SiteFinders, a wholly-owned subsidiary of Area Development, was
formed to provide real estate site finding, listing and referral services in New
Jersey.
1.1.G.2. PSEG Economic Development LLC (Economic Development), a New Jersey
limited liability company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Economic Development, a wholly-owned subsidiary of
Area Development, was formed to provide corporate relocation, strategic land use
and economic development planning services in New Jersey.
1.2. PSEG Power LLC (Power), a Delaware limited liability company and a
wholly-owned subsidiary of PSEG, has its principal executive offices at 80 Park
Plaza, Newark, New Jersey 07102. Power and its subsidiaries were formed to
acquire, own and operate the output of the electric generation-related assets
formerly owned by PSE&G as well as new plants that it acquires or develops.
Power has 6 direct wholly-owned subsidiaries and 11 indirect wholly-owned
subsidiaries, discussed below. As of December 31, 2002, net of eliminations,
Power comprised 25% of PSEG's assets. Power's 2002 revenues were 43% of PSEG's
revenues and Power's 2002 earnings available to PSEG were $468 million.
1.2.A. PSEG Fossil LLC (Fossil), a Delaware limited liability company, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Fossil
is an EWG and was formed to own and operate the fossil-fueled electric
generation assets formerly owned by PSE&G, as well as to acquire, own and
operate additional fossil-fueled electric generation assets. Fossil has 7 direct
wholly-owned subsidiaries, discussed below.
1.2.A.1. PSEG Power New York Inc. (Power New York), a Delaware corporation, has
its principal executive offices at Route 144 Glenmont, New York 12077. Power New
York was formed in 1999 to acquire a fossil-fueled electric generation plant
from Niagara Mohawk Power Corporation located near Albany, New York. EWG status
was granted on June 21, 2000. Power New York has one direct wholly-owned
subsidiary discussed below.
1.2.A.1. (a) PSEG Power Hudson LLC (Power Hudson), a New York limited liability
company, has its registered office at 111 Eighth Avenue, New York, NY 10011.
Power Hudson was formed to acquire fossil-fueled electric generation assets
located in the state of New York.
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1.2.A.2. PSEG Power Cross Hudson Corporation (formerly PSEG Midwest Operating
Company Inc.) (Cross Hudson), a Delaware corporation, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801 and was renamed in 2001 for
the purpose of developing power projects for delivery into New York City. Cross
Hudson has two direct wholly-owned subsidiaries discussed below.
1.2.A.2.(a) PSEG In-City I LLC (formerly PSEG Sidney Township Energy Company
LLC), a Delaware limited liability company, has its registered office at 1209
Orange Street, Wilmington, Delaware 19801 and was renamed in 2001 for the
purpose of developing power projects for delivery into New York City.
1.2.A.2.(b) PSEG In-City II LLC (formerly PSEG Power Fostoria Energy LLC), a
Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801 and was renamed in 2001 for the purpose of
developing power projects for delivery into New York City.
1.2.A.3. PSEG Lawrenceburg Energy Company LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801 and was formed for the purpose of investing in a power facility in
Lawrenceburg, Indiana. This company received EWG status on March 26, 2001.
1.2.A.4. PSEG Power Bellport LLC (formerly PSEG Morristown Energy Company LLC),
a Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801 and was formed for the purpose of investing
in power facilities in Indiana.
1.2.A.5. PSEG Waterford Energy LLC, a Delaware limited liability company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801 and was
formed for the purpose of investing in a power facility in Waterford, Ohio. This
company is a wholly-owned subsidiary of Fossil. This company received EWG status
on March 26, 2001.
1.2.A.6. PSEG Power Midwest LLC, a Delaware limited liability company, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801 and was
formed for the purpose of operating power facilities in the Midwestern United
States. This company received EWG status on October 4, 2001.
1.2.A.7. PSEG Power Connecticut LLC, a Connecticut limited liability company,
has its registered office at 1 Commercial Plaza, Hartford, Connecticut 06103 in
care of CT Systems. On December 6, 2002 Fossil acquired the membership interests
of Wisvest-Connecticut LLC from Wisvest Corporation, an unrelated Wisconsin
corporation, and thereafter changed the name to Power Connecticut. Power
Connecticut is an EWG and its purpose is to own and operate fossil-fueled
electric generation assets in Connecticut.
1.2.B. PSEG Nuclear LLC (Nuclear), a Delaware limited liability company, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Nuclear
is an EWG and was formed to own and operate the nuclear-fueled electric
generation assets formerly owned by PSE&G, as well as to acquire, own and
operate additional nuclear-fueled generation assets. Nuclear has one direct
wholly-owned subsidiary, discussed below.
1.2.B.1 The Francis Corporation (TFC), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. TFC
acquires real estate from time to time.
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1.2.C. PSEG Power Fuels LLC (Power Fuels), a Delaware limited liability company,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801.
This company was formed in 2000 to hold an interest in Keystone Fuel LLC.
1.2.D. PSEG Energy Resources & Trade LLC (ER&T), a Delaware limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. ER&T will provide energy and capacity to PSE&G under a full
requirements contract through the end of July 2002, and will provide nergy and
capacity to suppliers in the New Jersey Basic Generation Service auction through
July 2003. ER&T also markets electricity, natural gas and capacity and ancillary
services throughout the greater North East region (Northeast, Mid Atlantic and
Mid-West) of the United States.
1.2.E. PSEG Power Capital Investment Co. LLC (Power Capital LLC), a Delaware
limited liability company, formerly PSEG Power Capital Investment Co. (Power
Capital), a Delaware corporation, has its principal executive offices at 1300
Market Street, Suite 602, Wilmington, Delaware 19801. Power Capital LLC was
formed to provide financing to Power and its subsidiaries. On January 31, 2003,
Power Capital was converted to a limited liability company under Delaware law by
filing a certificate of conversion and certificate of formation with the office
of the Delaware Secretary of State. Power Capital LLC is the result of the
conversion. Power Capital is expected to continue to provide financing to Power
and its subsidiaries.
1.2.F. PSEG Power Development LLC (formerly PSEG Americas Development LLC), a
Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801 and whose purpose is to support continuing
development activities of Power.
1.3. PSEG Energy Holdings LLC (Energy Holdings), a New Jersey limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. In October 2002, PSEG Energy Holdings, Inc. (Energy Holdings Inc.)
converted from a New Jersey corporation into a New Jersey limited liability
company pursuant to a restructuring in which Energy Holdings Inc. merged with a
newly formed, direct wholly-owned subsidiary of PSEG, PSEGH LLC, a New Jersey
limited liability company, and following such merger, PSEGH LLC, the surviving
entity, changed its name to PSEG Energy Holdings LLC.Energy Holdings is the
parent of PSEG's other energy-related businesses besides Power and PSEG. As of
December 31, 2002, Energy Holdings comprised 26% of PSEG's assets. Energy
Holdings' 2002 revenues were 9% of PSEG's revenues and Energy Holdings' 2002
losses available to PSEG were $403 million. Energy Holdings' 6 direct
wholly-owned subsidiaries and 394 indirect subsidiaries are as follows:
1.3.A. PSEG Resources L.L.C. (PSEG Resources), a New Jersey limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. In October 2002, PSEG Resources subsidiary PSEG Resources Inc.
(Resources Inc.), formed a New Jersey limited liability company, PSEGR LLC, as a
direct, wholly owned subsidiary. Following the formation of PSEGR LLC, Resources
Inc. transferred, by means of a dividend, its entire membership interest in
PSEGR LLC to Energy Holdings and Energy Holdings contributed 100% of the
outstanding stock of PSEG Resources Inc. to PSEGR LLC. Following the member
interest and stock transfers, PSEG Resources Inc. adopted the name Public
Service Resources Corporation (PSRC) and PSEGR LLC adopted the name PSEG
Resources LLC. PSEG Resources provides energy infrastructure financing in
developed countries. PSEG Resources invests primarily in energy related
financial transactions and manages a diversified portfolio of more than 60
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investments, including leveraged leases, operating leases and leveraged buyout
(LBO) funds, limited partnerships and marketable securities. The remainder of
PSEG Resources' portfolio is further diversified across a wide spectrum of asset
types and business sectors, including leveraged leases of aircraft, railcars,
real estate and industrial equipment, limited partnership interests in project
finance transactions, LBO and venture funds and marketable securities. Some of
the transactions in which PSEG Resources and its subsidiaries participate
involve other equity investors. As of December 31, 2002, PSEG Resources
comprised 12% of PSEG's assets. PSEG Resources' 2002 revenues were 3% of PSEG's
revenues and PSEG Resources' 2002 earnings available to PSEG were $78 million.
PSEG Resources is a wholly-owned subsidiary of Energy Holdings. PSEG Resources
has three direct and forty-four indirect wholly-owned subsidiaries as follows:
1.3.A.1. Public Service Resources Corporation (PSRC), a New Jersey corporation
(formerly Resources Inc), has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. PSRC invests primarily in energy related financial
transactions and manages a diversified portfolio of investments, including
leveraged leases, operating leases and leveraged buyout (LBO) funds, limited
partnerships and marketable securities. The remainder of PSRC's portfolio is
further diversified across a wide spectrum of asset types and business sectors,
including leveraged leases of aircraft, railcars, real estate and industrial
equipment, limited partnership interests in project finance transactions, LBO
and venture funds and marketable securities. Some of the transactions in which
PSRC and its subsidiaries participate involve other equity investors. PSRC has
fifteen direct and twenty-three indirect wholly-owned subsidiaries as follows:
1.3.A.1.(a) Resources Capital Financing Corporation (RCFC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. RCFC is presently inactive.
1.3.A.1.(b) Resources Capital Investment Corporation (RCIC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. RCIC has investments in several leveraged lease transactions. RCIC
has one direct wholly-owned subsidiary as follows:
1.3.A.1.(b)(i) Peterborough Power Limited C, Inc. (PPLC), a Delaware
corporation, has its principal executive offices at 1300 North Market Street,
Suite 405, Wilmington, Delaware 19801. PPL C held the beneficial interest in PPL
Facility Trust 97-C with respect to a cross border power plant lease in the
United Kingdom. The PPLC lease terminated on December 30, 2002 and thereafter
PPLC became inactive.
1.3.A.1.(c) Resources Capital Sales Corporation (RCSC) is incorporated under the
laws of the United States Virgin Islands and has its principal executive offices
at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands
00801. RCSC was formed in connection with investment activities of PSRC to
receive the benefits available to a foreign sales corporation (FSC) under the
Internal Revenue Code for the purpose of arranging the export of sales and
leases of United States manufactured products, including the financing,
management, negotiation and contracting of such sales and leases.
1.3.A.1.(d) Resources Capital Management Corporation (RCMC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. As of December 31, 2002, RCMC comprised 4% of PSEG's assets.
RCMC's 2002 revenues were less than 1% of PSEG's revenues and RCMC's earnings
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available to PSEG were $37 million. RCMC has investments in a project financing
and several leveraged leases. RCMC has six direct and five indirect wholly-owned
subsidiaries as follows:
1.3.A.1.(d)(i) LMC Phase II, LLC (LMC), a Delaware limited liability company,
has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
LMC acts as ground lessee, operating lessor and borrower of a first mortgage
loan with respect to the leveraged lease investment of RCMC in a Detroit,
Michigan office complex.
1.3.A.1.(d)(ii) RCMC Sales Corporation (RCMC SC) is incorporated under the laws
of the United States Virgin Islands, and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
RCMC SC was formed as a FSC in connection with investment activities of RCMC.
RCMC SC is presently inactive.
1.3.A.1.(d)(iii) RCMC One, Incorporated, a New Jersey corporation has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, and is
presently inactive.
1.3.A.1.(d)(iv) RCMC, Inc. (RCMCI), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
RCMCI has an investment in a limited partnership investment in an advanced flue
gas desulfurization facility in Porter County, Indiana. RCMCI has one direct
wholly-owned subsidiary as follows:
1.3.A.1.(d)(iv)(A) KLF 98-C2, Inc. (KLFC2), a Delaware corporation, has its
principal executive offices at 1300 North Market Street, Suite 405, Wilmington,
Delaware 19801. KLFC2 held the beneficial interest in King's Lynn Facility Trust
98-C2 with respect to a cross border power plant lease in the United Kingdom.
The KLFC2 lease terminated on December 30, 2002 and thereafter KLFC2 became
inactive.
1.3.A.1.(d)(v) RCMC I, Inc. (RCMC I), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
RCMC I has investments in a leveraged lease of an undivided interest of System
Energy Resources Inc.'s interest in a nuclear generating station in Port Gibson,
Mississippi and in a leveraged lease of an office facility in Denver, Colorado.
1.3A.1.(d)(vi) PSEG Newburgh Holdings LLC, (Newburgh), a Delaware limited
liability company, has its principal executive offices at 1300 North Market
Street, Suite 405, Wilmington, Delaware 19801. Newburgh has indirect investments
in two (2) oil/natural gas-fired boiler and steam turbine generators, and an
undivided interest in certain common facilities related thereto located in
Newburgh, New York. Newburgh has two direct and two indirect wholly-owned
subsidiaries as follows:
1.3.A.1.(d)(vi)(A) Danskammer OP LLC, (Danskammer OP), a Delaware limited
liability company, has its principal executive offices at 1300 North Market
Street, Suite 405, Wilmington, Delaware 19801. Danskammer OP is the Owner
Participant in connection with Newburgh's investment in the Danskammer facility,
an oil/natural gas-fired boiler and steam turbine generator, and an undivided
interest in certain common facilities related thereto located in Newburgh, New
York, and is an EWG. Danskammer OP has one direct wholly-owned subsidiary as
follows:
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1.3.A.1.(d)(vi)(A)(i) Danskammer OL LLC, (Danskammer OL), a Delaware limited
liability company, has its principal executive offices at 1300 North Market
Street, Suite 405, Wilmington, Delaware 19801. Danskammer OL is the Owner Lessor
in connection with Newburgh's investment in the Danskammer facility, an
oil/natural gas-fired boiler and steam turbine generator, and an undivided
interest in certain common facilities related thereto located in Newburgh, New
York, and is an EWG.
1.3.A.1.(d)(vi)(B) Roseton OP LLC, (Roseton OP), a Delaware limited liability
company, has its principal executive offices at 1300 North Market Street, Suite
405, Wilmington, Delaware 19801. Roseton OP is the Owner Participant in
connection with Newburgh's investment in the Roseton facility, an oil/natural
gas-fired boiler and steam turbine generator, and an undivided interest in
certain common facilities related thereto located in Newburgh, New York, and is
an EWG. Roseton OP has one direct wholly-owned subsidiary as follows:
1.3.A.1.(d)(vi)(B)(i) Roseton OL LLC, (Roseton OL), a Delaware limited liability
company, has its principal executive offices at 1300 North Market Street, Suite
405, Wilmington, Delaware 19801. Roseton OL is the Owner Lessor in connection
with Newburgh's investment in the Roseton facility, an oil/natural gas-fired
boiler and steam turbine generator, and an undivided interest in certain common
facilities related thereto located in Newburgh, New York, and is an EWG.
1.3.A.1.(e) PSRC Sales Corporation One (PSRC One) is incorporated under the laws
of the United States Virgin Islands and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
PSRC One was formed as a FSC in connection with certain investment activities of
PSEG Resources.
1.3.A.1.(f) PSRC Sales Corporation Two (PSRC Two) is incorporated under the laws
of the United States Virgin Islands and has its principal executive offices at
Guardian Building, Havensight, Saint Thomas, United States Virgin Islands 00801.
PSRC Two was formed as a FSC in connection with certain investment activities of
PSEG Resources.
1.3.A.1.(g) PSRC Sales Corporation Three (PSRC Three) is incorporated under the
laws of the United States Virgin Islands and has its principal executive offices
at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands
00801. PSRC Three was formed as a FSC in connection with certain investment
activities of PSEG Resources, and is presently inactive.
1.3.A.1.(h) PSRC Sales Corporation Four (PSRC Four) is incorporated under the
laws of the United States Virgin Islands and has its principal executive offices
at Guardian Building, Havensight, Saint Thomas, United States Virgin Islands
00801. PSRC Four was formed as a FSC in connection with certain investment
activities of PSEG Resources.
1.3.A.1.(i) PSRC, Inc. (PSRCI), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
PSRCI has investments in several leveraged lease transactions and a limited
partnership interest in a developer of an historic real estate rehabilitation
project in Philadelphia, Pennsylvania. PSRCI has one direct wholly-owned
subsidiary as follows:
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1.3.A.1(i)(A). PPL B KLF 98-C1, Inc. (PPLKLF), a Delaware corporation, has its
has its principal executive offices at 1300 North Market Street, Suite 405,
Wilmington, Delaware 19801. PPLKLF held the beneficial interests in King's Lynn
Facility Trust 98-C1 and in PPL Facility Trust 97-C with respect to a cross
border power plant leases in the United Kingdom. The PPLBKLF leases terminated
on December 30, 2002 and thereafter PPL8KLF became inactive.
1.3.A.1.(j) PSRC II, Inc. (PSRC II), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 405, Wilmington, Delaware 19801.
PSRC II has investments in leveraged buyout funds, limited partnerships and
securities.
1.3.A.1.(k) Enterprise Energy Technology Group, Inc. (EETGI), a Delaware
corporation, has its principal executive offices at 1300 Market Street,
Wilmington, Delaware 19801, and is presently inactive.
1.3.A.1.(l) PSEGR PJM, LLC (PSEGR PJM), a Delaware limited liability company,
has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
PSEGR PJM has indirect investments in three (3) generation facilities: (1) the
Conemaugh Station (Conemaugh), a generating facility located near New Florence,
Pennsylvania. PSEGR PJM indirectly owns an undivided interest in Conemaugh, (2)
the Keystone Station (Keystone), a generating facility located in Plumcreek
Township, Pennsylvania. PSEGR PJM indirectly owns an undivided interest in
Keystone, and (3) the Shawville Station (Shawville), a generating facility
located in Bradford Township, Pennsylvania. PSEGR PJM indirectly owns a 100%
interest in Shawville. PSEGR PJM has three direct and six indirect wholly-owned
subsidiaries as follows:
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1.3.A.1.(l)(i) PSEGR Conemaugh, LLC (PSEGR Conemaugh), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. PSEGR Conemaugh has an indirect investment in Conemaugh. PSEGR
Conemaugh has one direct and one indirect wholly-owned subsidiary as follows:
1.3.A.1.(l)(i)(A) PSEGR Conemaugh Generation, LLC (Conemaugh Generation), a
Delaware limited liability company, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102. Conemaugh Generation is the Owner
Participant in connection with an undivided interest in three generating
stations with a collective capacity of approximately 1,711 megawatts located in
New Florence, Pennsylvania (Conemaugh). Conemaugh Generation has one direct
wholly-owned subsidiary as follows:
1.3.A.1.(l)(i)(A)(i) Conemaugh Lessor Genco, LLC (Conemaugh Lessor), a Delaware
limited liability company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Conemaugh Lessor is the lessor of an undivided
interest in Conemaugh, and is an EWG.
1.3.A.1.(l)(ii) PSEGR Keystone, LLC (PSEGR Keystone), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. PSEGR Keystone has an indirect investment in Keystone. PSEGR
Keystone has one direct and one indirect wholly-owned subsidiary as follows:
1.3.A.1.(l)(ii)(A) PSEGR Keystone Generation, LLC (Keystone Generation), a
Delaware limited liability company, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102. Keystone Generation is the Owner
Participant in connection with an undivided interest in three generating
stations with a collective capacity of approximately 1,711 megawatts located in
Plumcreek Township, Pennsylvania (Keystone). Keystone Generation has one direct
wholly-owned subsidiary as follows:
1.3.A.1.(l)(ii)(A)(i) Keystone Lessor Genco, LLC (Keystone Lessor), a Delaware
limited liability company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Keystone Lessor is the lessor of an undivided interest
in Keystone, and is an EWG.
1.3.A.1.(l)(iii) PSEGR Shawville, LLC (PSEGR Shawville), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. PSEGR Shawville has an indirect investment in Shawville. PSEGR
Shawville has one direct and one indirect wholly-owned subsidiary as follows:
1.3.A.1.(l)(iii)(A) PSEGR Shawville Generation, LLC (Shawville Generation), a
Delaware limited liability company, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102. Shawville Generation is the Owner
Participant in connection with an undivided interest in three generating
stations with a collective capacity of approximately 613 megawatts located in
Bradford Township, Pennsylvania (Shawville). Shawville Generation has one direct
wholly-owned subsidiary as follows:
1.3.A.1.(l)(iii)(A)(i) Shawville Lessor Genco, LLC (Shawville Lessor), a
Delaware limited liability company, has its principal executive offices at 80
Park Plaza, Newark, New Jersey 07102. Shawville Lessor is the lessor of an
undivided interest in Shawville, and is an EWG.
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1.3.A.1(n). PSEG Asset Management Co., Inc., (AMC), a Delaware corporation, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. AMC
was formed to act as a holding company for Resources' demand side management
operating companies. AMC has three direct wholly-owned subsidiaries as follows:
1.3.A.1(n)(i). PSEG Demand Management Co., Inc., (DMC), a Delaware corporation,
has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
DMC is a party to certain demand side management contracts.
1.3.A.1(n)(ii). PSEG Asset Co. 1, Inc., (AC1), a Delaware corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. AC1 is
presently inactive.
1.3.A.1(n)(iii). PSEG Asset Services Co., Inc., (ASC), a Delaware corporation,
has its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
ASC is a party to an administrative services agreement with DMC.
1.3.A.2. PSEG Collins Generation, LLC (Collins Generation), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Collins Generation has indirect investments in five
gas/oil-fired steam generating units located in Grundy County, Illinois. Collins
Generation has four direct wholly-owned subsidiaries as follows:
1.3.A.2.(a) Collins Generation I, LLC (Collins I), a Delaware limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. Collins I is the Owner Participant in connection with an undivided
interest in five gas/oil-fired steam generating units located in Grundy County,
Illinois.
1.3.A.2.(b) Collins Generation II, LLC (Collins II), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Collins II is the Owner Participant in connection with an
undivided interest in five gas/oil-fired steam generating units located in
Grundy County, Illinois.
1.3.A.2.(c) Collins Generation III, LLC (Collins III), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Collins III is the Owner Participant in connection with an
undivided interest in five gas/oil-fired steam generating units located in
Grundy County, Illinois.
1.3.A.2.(d) Collins Generation IV, LLC (Collins IV), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Collins IV is the Owner Participant in connection with an
undivided interest in five gas/oil-fired steam generating units located in
Grundy County, Illinois.
1.3.A.3. PSEGR Midwest, LLC (PSEGR Midwest), a Delaware limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSEGR Midwest has an indirect investment in two coal-fired steam
generating units located in Pekin, Illinois (Powerton) and Joliet, Illinois
(Joliet), respectively with a collective capacity of approximately 2,582
megawatts. PSEGR Midwest has two direct wholly-owned subsidiaries as follows:
1.3.A.3.(A) Powerton Generation I, LLC (Powerton Generation), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Powerton Generation is the Owner Participant in connection
with a 100% interest in Powerton.
1.3.A.3.(B) Joliet Generation I, LLC (Joliet Generation), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Joliet Generation is the Owner Participant in connection with
a 100% interest in Joliet.
1.3.A.3.(C). PSEG Asset Co. 1, Inc., (AC1), a Delaware corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. AC1 is a
party to certain public utility demand side management contracts as the energy
services provider and AC1's customers and certain contracts between DMC and
various electric public utilities relating to the implementation of the
utilities' demand side management programs.
1.3.B. PSEG Global Inc. (PSEG Global), a New Jersey corporation, has its
principal executive offices at 35 Waterview Boulevard, Parsippany, New Jersey
07054. PSEG Global invests and participates in the development and operation of
projects in the generation and distribution of energy, which includes
cogeneration and independent power production facilities (IPP), and electric
distribution companies. The majority of such cogeneration and IPP facilities are
domestic facilities designated as "qualifying facilities" (QFs) under the Public
Utility Regulatory Policies Act of 1978, as amended (PURPA), some of the
remaining facilties are "foreign utility companies" (FUCOs) under the Public
Utility Holding Company Act of 1935, as amended (PUHCA), and some are as "exempt
10
wholesale generators" (EWGs) under PUHCA. PSEG Global is a wholly-owned
subsidiary of PSEG Energy Holdings L.L.C. PSEG Global has five direct
wholly-owned subsidiaries, PSEG Baja Inc. (Baja), PSEG Global USA Inc. (PSEG
Global USA), PSEG India Company, PSEG Europe (Delaware) LLC (PEDLLC), and PSEG
Global International Holdings LLC (PGIHLLC), as well as 301 indirect
subsidiaries including limited and general partnership interests. Baja wasm
formed for the purpose of investing in North America. PSEG Global USA and its
subsidiaries invest in projects which sell power to other domestic and foreign
entities as well as distribution projects. PSEG India Company and its
subsidiaries invest in projects in India. PEDLLC and its subsidiaries invest in
projects in Europe. PGIHLLC and its subsidiaries invest in projects
internationally. In addition to its investment in Baja, PSEG Global USA, PSEG
India Company, PEDLLC and PGIHLLC, PSEG Global is a limited partner in Luz Solar
Partners Ltd. III (8.9% limited partnership interest) which owns a 86.842%
partnership interest in Solar Generating System III which owns a solar facility
in Kramer Junction, California that is a QF. As of December 31, 2002, PSEG
Global comprised 15% of PSEG's assets. PSEG Global's 2002 revenues were 6% of
PSEG's revenues and PSEG Global's 2002 losses available to PSEG were $400
million.
1.3.B.1. PSEG Baja Inc., a Delaware corporation, has its registered office at
1209 Orange Street, Wilimington, Delaware 19801 and was formed for the purpose
of investing in North America.
1.3.B.2. PSEG Global USA, a New Jersey corporation, has its principal executive
offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054. PSEG Global USA
has a total of 23 direct and 87 indirect subsidiaries including limited and
general partnership interests as described below:
1.3.B.2.(a) CEMAS Corporation (CEMAS), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801 and was
formed for the purpose of investing in Latin America.
1.3.B.2.(b) PSEG Sviluppo Srl, an Italian Company, has its registered office at
Via Guiseppe Cuboni, n.12, Rome Italy and was formed for the purpose of asset
management in Italy. PSEG Sviluppo Srl is owned 98% by PSEG Global USA Inc. and
2% by PSEG International Inc. Dissolution proceedings were started January 1,
2003 and are expected to take up to two months.
1.3.B.2.(c) National Energy Partners, a Delaware limited partnership, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns
100% of GWF Power Systems Company, Inc. (GWF PSC). PSEG Global USA is a 50%
general partner in National Energy Partners. National Energy Partners has the
following direct and indirect subsidiaries, described below.
1.3.B.2.(c)(i) GWF PSC, a California corporation, has its principal executive
offices at 4300 Railroad Avenue, Pittsburg, California 94565. GWF PSC has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(c)(i)(A) GWF Bay Area, Inc. (GWF Bay), a California corporation, has
its principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565. GWF Bay is a 2% managing general partner of GWF Power Systems LP (GWFLP).
GWF Bay is an indirect 50% owned subsidiary of PSEG Global USA.
11
1.3.B.2.(c)(i)(A)(i) GWFLP, a Delaware limited partnership, has its principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565, and owns
and operates five petroleum coke-fired small power production QFs in Contra
Costa County, California. PSEG Global USA directly owns a 48.5% limited
partnership interest in GWFLP. In addition, PSEG Bay Area Inc. (PSEG Bay)
(described below), owns a 0.5% general partnership interest in GWFLP.
1.3.B.2.(c)(i)(B) GWF Hanford, Inc. (GWF HI), a California corporation, has its
principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565. GWF HI is a 2% managing general partner of Hanford L.P. (HLP). GWF HI is
an indirect 50% owned subsidiary of PSEG Global USA.
1.3.B.2.(c)(i)(B)(i) HLP, a Delaware limited partnership, has its principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565 and is
the owner of a petroleum coke-fired small power production QF in Hanford,
California. PSEG Global USA directly owns a 48.5% limited partnership interest
in HLP. PSEG Hanford Inc. (PSEG HI) (described below) owns a 0.5% general
partnership interest in HLP.
1.3.B.2.(d) PSEG Asia Inc. (PSEG Asia), a Delaware corporation, has its
principal executive offices at Room 1701 Harbour Centre, 25 Harbour Road,
Wanchai, Hong Kong Special Administrative Region, People's Republic of China
(China) and is presently inactive. PSEG Asia has one direct wholly-owned
subsidiary, as discussed below.
1.3.B.2.(d)(i) PSEG Asia Ltd., a Bermuda limited liability company, has its
principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda and is a developer of EWG and FUCO power production facilities in Asia.
PSEG Asia Ltd. is presently inactive.
1.3.B.2.(e) PSEG Conemaugh Management Inc. (PSEG CMI), a New Jersey corporation,
has its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG CMI is a 0.5% general partner in Pennsylvania Renewable
Resources Associates (PRRA).
1.3.B.2.(e)(i) PRRA, a Pennsylvania limited partnership, has its principal
executive offices at 1370 Avenue of the Americas, Suite 3300, New York, New York
10019. PRRA owns a hydroelectric QF in Saltsburg, Pennsylvania. PSEG Mount
Carmel Inc. (described below) is a 49.5% limited partner in PRRA.
1.3.B.2.(f) PSEG GWF Inc., a New Jersey corporation, has its principal executive
offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and has the
following direct wholly-owned subsidiaries as described below:
1.3.B.2.(f)(i) PSEG Bay, a Delaware corporation, has its principal executive
offices at 4300 Railroad Avenue, Pittsburg, California 94565. PSEG Bay is a 0.5%
general partner in GWFLP (described above), which is the owner and operator of
five petroleum coke-fired small power production facilities in Contra Costa
County, California. PSEG Global USA directly owns a 48.5% limited partnership
interest in GWFLP. All five facilities are QFs.
1.3.B.2.(f)(ii) PSEG HI, a Delaware corporation, has its principal executive
offices at 4300 Railroad Avenue, Pittsburg, California 94565. PSEG HI is a 0.5%
general partner in HLP
12
(described above), which is the owner of a petroleum coke-fired small power
production QF in Hanford, California. PSEG Global USA directly owns a 48.5%
limited partnership interest in HLP.
1.3.B.2.(g) PSEG Hawaiian Investment Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and owns a
48.49% limited partnership interest in Kalaeloa Investment Partners, L.P.
(KIPLP), a Delaware limited partnership.
1.3.B.2.(h) PSEG Hawaiian Management Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and is a 1%
general partner in KIPLP.
1.3.B.2.(h)(i) KIPLP, a Delaware limited partnership, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801, and owns a 99% limited
partnership interest in Kalaeloa Partners, L.P. (KPLP).
1.3.B.2.(h)(i)(a) KPLP, a Delaware limited partnership, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, is an EWG, and owns a
heavy oil-fired cogeneration QF on the Island of Oahu in Hawaii.
1.3.B.2.(i) PSEG India Inc., a Delaware corporation, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801 and holds one share of PSEG
India Private Limited (PIPL).
1.3.B.2.(j) PSEG India Private Ltd. (PIPL), an Indian company, has registered
office at "Prince Towers", Floor No. 9, No. 25-26, College Road, Chennai, India
600006, and was formed for the purpose of developing power production facilities
in India. All but one share of PIPL is owned by PSEG Global USA Inc. The
remaining 1 share is owned by PSEG India Inc.
1.3.B.2.(k) PSEG International Services Inc., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and
provides management, operations and maintenance personnel to some of the
international subsidiaries of PSEG Global USA.
1.3.B.2.(l) PSEG Kalaeloa Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and was formed for the
purpose of acquiring a 1% general partnership interest in KPLP (described
above), a Delaware limited partnership. (The remaining 99% limited partnership
interest is owned by KIPLP, which is also described above.)
1.3.B.2.(m) PSEG Leasing Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a 50% general partner in National Energy Leasing Partners, (NELP).
1.3.B.2.(m)(i) NELP, a Delaware limited partnership, has its principal executive
offices at One Riverchase Parkway South, Birmingham, Alabama 35244. NELP has
entered into lease transactions with respect to certain of the equipment
installed at the Hanford small power production QF of HLP (described above) and
the five Contra Costa County, California small power production QFs of GWFLP
(described above).
1.3.B.2.(n) PSEG Henrietta Turbine Inc., formerly PSEG Mexico Inc., a Delaware
corporation, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and is presently inactive.
13
1.3.B.2.(o) PSEG Mount Carmel Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a 49.5% limited partner in PRRA (described above). PSEG Conemaugh Management
Inc. owns a 0.5% general partnership interest in PRRA, resulting in a 50%
indirect ownership by PSEG Global USA.
1.3.B.2.(p) PSEG New Hampshire Inc. (PSEG NH), a New Hampshire corporation, has
its principal executive offices in Bridgewater, New Hampshire. PSEG NH is a
co-managing 40% general partner in Bridgewater Power Company, L.P. (BPCLP).
1.3.B.2.(p)(i) BPCLP, a New Hampshire limited partnership, has its principal
executive offices at Route 3, Bridgewater, New Hampshire 03222. BPCLP owns a
biomass-fired small power production QF in Bridgewater, New Hampshire.
1.3.B.2.(q) PSEG Project Services Inc. (PSEG PRO), a New Jersey corporation, has
its principal executive offices at 35 Waterview Boulevard, Parsippany, New
Jersey 07054. PSEG PRO provides engineering, procurement, construction and
management services and owns a 50% general partnership interest in each of the
two following limited partnerships:
1.3.B.2.(q)(i) National Energy Constructors, a Delaware general partnership, has
its principal executive offices at One Riverchase Parkway South, Birmingham,
Alabama 35244, and has constructed five petroleum coke-fired small power
production QFs owned and operated by GWFLP (described above) and a petroleum
coke-fired small power production QF owned by HLP (described above).
1.3.B.2.(q)(ii) Tracy Operators, a California general partnership, has its
principal executive offices at 14800 West Schulte Road, Tracy, California 95376,
and operates and maintains a biomass-fired small power production QF in Tracy,
California in which PSEG Tracy Inc. (described below) has an ownership interest.
1.3.B.2.(r) PSEG Tracy Inc., a New Jersey corporation, has its principal
executive offices at 35 Waterview Boulevard, Parsippany, New Jersey 07054, and
is a co-managing 34.5% general partner in Thermal Energy Development
Partnership, L.P. (TEDPLP).
1.3.B.2.(r)(i) TEDPLP, a Delaware limited partnership, has its principal
executive offices at 14800 West Schulte Road, Tracy, California 95376. TEDPLP
owns a biomass-fired small power production QF in Tracy, California.
1.3.B.2.(s) PSEG U.S. Services Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and was formed for the
purposes of future investment in Texas and is now inactive.
1.3.B.2.(t) PSEG International Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has the following
direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(t)(i) PSEG Americas Services Inc. (PSEG-ASI), a Delaware corporation,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801.
PSEG-ASI provides management,
14
operations and maintenance personnel to some of the international subsidiaries
of PSEG Global USA.
1.3.B.2.(t)(ii) PSEG Middle East Inc., formerly PSEG Barka Inc., a Delaware
corporation, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is currently inactive and has the following direct wholly-owned
subsidiary:
1.3.B.2.(t)(ii)(A) PSEG Global Power Holdings Ltd. (GPH), formerly Barka Power
Holdings Ltd., a Bermuda limited liability company, has its principal offices at
Clarendon House, 2 Church Street, Hamilton HMCX HM11, Bermuda and is currently
inactive.
1.3.B.2.(t)(iii) PSEG (Bermuda) Holdings II Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, and has the following direct and indirect wholly and
partially owned subsidiaries:
1.3.B.2.(t)(iii)(A) PSEG Bhilai Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius has one direct 45% owned subsidiary, and is an EWG.
1.3.B.2.(t)(iii)(A)(i) Bhilai Power Supply Company Limited, an Indian company,
has its registered office at Gulab Bhawan, 2nd Floor, 6 Bahadurshah Zafar Marg,
New Delhi 110 002, India, its intended objective was to construct and own a 574
MW coal-fired power plant in Madhya Pradesh, India. The project is now defunct.
1.3.B.2.(t)(iv) ECI International Development, Inc., a Delaware corporation, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and is
presently inactive.
1.3.B.2.(t)(v) PSEG Americas Inc., a Delaware corporation, has its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, and has the following
direct and indirect wholly and partially owned subsidiaries and owns a 0.01%
interest in PSEG Americas Operating Company (PSEGAOC) as described below:
1.3.B.2.(t)(v)(A) La Plata I Inc.(La Plata I), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and was
formed for the purpose of acting as a holding company for purposes of investing
in and holding interests in La Plata Partners, L.P. La Plata I is a direct and
wholly owned subsidiary of PSEG Americas Inc.
1.3.B.2.(t)(v)(A)(i) La Plata Partners L.P., a Delaware limited partnership, has
its principal executive offices at 1001 North 19th Street, Arlington, Virginia
22209, and was formed for the purpose of holding shares or other equity
interests and to invest in other entities which are directly or indirectly
engaged in the electric energy business. La Plata I holds a direct 33.33%
interest in La Plata Partners L.P. La Plata II, Inc. (described below) holds a
direct 1% interest in La Plata Partners L.P.
1.3.B.2.(t)(v)(A)(i)(a) La Plata Holdings, Inc.(La Plata Holdings), a Delaware
corporation, has its principal executive offices at 1001 North 19th Street,
Arlington, Virginia 22209, and was formed
15
for the purpose of acting as a holding company for purposes of investing in and
holding interests in Camille, Ltd. La Plata Holdings is a direct wholly-owned
subsidiary of La Plata Partners L.P.
1.3.B.2.(t)(v)(A)(i)(a)(i) Camille Ltd., a Cayman Islands company, has its
registered offices at Leeward One Building, Safe Haven Corporate Centre, West
Bay Road, P.O. Box 31106SMB, George Town, Grand Cayman, Cayman Islands, British
West Indies, and was formed for the purpose of executing, delivering and
performing its obligations under and consummating the transaction contemplated
by the Stock Purchase Agreement. 100% of Class A Preferred stock is directly
owned by La Plata Holdings 33.33% of the Class B Common stock is directly owned
by Wildwood I Ltd. (described below).
1.3.B.2.(t)(v)(A)(i)(a)(i)(A) Luz de la Plata S.A., an Argentine sociedad
anonima, has its registered offices in Buenos Aires, Argentina, and was formed
for the purpose of investing in generation, transmission, distribution,
commercialization, purchase and sale of electricity. Luz de la Plata S.A. is a
direct wholly-owned subsidiary of Camille Ltd.
1.3.B.2.(t)(v)(A)(i)(a)(i)(B) Compania de Inversiones en Electricidad S.A.
(COINELEC), an Argentine Sociedad Anonima, has its registered offices in Buenos
Aires, Argentina and was formed for the purpose of making investments, including
participation in joint ventures, buying and selling stocks, bonds, debentures or
other assets, public or private, and any related activities. A 40% interest in
COINELEC is directly owned by Camille Ltd. (described above), the remaining 60%
interest is directly owned by Luz de la Plata S.A. (described above).
1.3.B.2.(t)(v)(A)(i)(a)(i)(B)(i) Empresa Distribuidora La Plata S.A. (EDELAP),
an Argentine sociedad anonima, has its registered offices in Buenos Aires,
Argentina, is a FUCO, and was formed for the purpose of offering services of
distribution and commercialization of electricity in accordance with the terms
of the Concession Contract. 51% of EDELAP Class A stock is directly owned by
COINELEC (described above), 31.942% of EDELAP Class B shares is directly owned
by Luz de la Plata S.A. (described above) and an additional 7.058% of EDELAP
Class B Shares are directly owned by Camille Ltd. (described above).
1.3.B.2.(t)(v)(A)(i)(a)(i)(B)(ii) Central Dique Sociedad Anonima (Central
Dique), an Argentine Sociedad Anonima, has its registered offices in Buenos
Aires, Argentina, and was formed for the purpose of producing electricity and
selling it in bulk. COINELEC (described above) holds 51% Class A shares in
Central Dique.
1.3.B.2.(t)(v)(B) La Plata II, Inc., a Delaware corporation, has its principal
executive offices at 1001 North 19th Street, Arlington, Virginia 22209, and was
formed for the purpose of acting as a holding company for purposes of investing
in and holding interests in La Plata Partners, L.P. A 33.33% interest in La
Plata II, Inc. is directly held by PSEG Americas Inc. (described above).
1.3.B.2.(t)(v)(C) PSEG Texgen Holdings Inc. (Texgen Holdings), a Delaware
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801 and was formed for the purpose of future investments in Texas. Texgen
Holdings has the following direct and indirect subsidiaries:
16
1.3.B.2.(t)(v)(C)(i) PSEG Texgen I Inc. (Texgen I), a Delaware company, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801 and owns a
0.5% interest in Texas Independent Energy, L.P.
1.3.B.2.(t)(v)(C)(ii) PSEG Texgen II Inc. (Texgen II), a Delaware company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801 and owns
a 49.5% interest in Texas Independent Energy, L.P.
1.3.B.2.(t)(v)(C)(ii)(a) Texas Independent Energy, L.P. (TIELP), a Delaware
limited partnership, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and was formed for the purpose of investing in power
generating facilities in Texas. PSEG Texgen I and II together own 50% of TIELP.
TIELP has seven direct and 4 indirect subsidiaries as described below.
1.3.B.2.(t)(v)(C)(ii)(a)(i) Archer Power I, LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and owns a 1% general partnership
interest in Archer Power Partners, L.P. as described below.
1.3.B.2.(t)(v)(C)(ii)(b) Archer Power II, LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and owns a 99% limited partnership
interest in Archer Power Partners, L.B as described below.
1.3.B.2.(t)(v)(C)(ii)(b)(i) Archer Power Partners, L.B, a Delaware limited
partnership, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801 and was formed for the purpose of investing in a future power
generating facility in Archer County, Texas, which will be an EWG if built.
1.3.B.2.(t)(v)(C)(ii)(c) Guadalupe Power I, LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and owns a 1% general partnership
interest in Guadalupe Power Partners, LP as described below.
1.3.B.2.(t)(v)(C)(ii)(d) Guadalupe Power II, LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and owns a 99% limited partnership
interest in Guadalupe Power Partners, LP as described below.
1.3.B.2.(t)(v)(C)(ii)(d)(i) Guadalupe Power Partners, LP (GPP), a Delaware
limited partnership, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and owns a natural gas-fired power generating
facility in Guadalupe County, Texas, which power generating facility is an EWG.
1.3.B.2.(t)(v)(C)(ii)(e) Odessa-Ector Power I, LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and owns a 1% general partnership
interest in Odessa-Ector Power Partners, LP and Odessa-Ector Power Partners
Services, L.P. as described below.
17
1.3.B.2.(t)(v)(C)(ii)(f) Odessa-Ector Power II, LLC, a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly-owned subsidiary of TIELP, and owns a 99% limited
partnership interest in Odessa-Ector Power Partners, L.P. and Odessa-Ector Power
Partners Services, L.P. as described below.
1.3.B.2.(t)(v)(C)(ii)(f)(i) Odessa-Ector Power Partners, L.P. (OEPP), a Delaware
limited partnership, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and owns a natural gas-fired power generating
facility in Ector County, Texas, which power generating facility is an EWG.
1.3.B.2.(t)(v)(C)(ii)(f)(ii) Odessa-Ector Power Partners Services, L.P., a
Delaware limited partnership, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and was formed for the purpose of holding an interest
in a natural gas transportation pipeline located in Ector County, Texas.
1.3.B.2.(t)(v)(C)(ii)(g) Texas Independent Energy Operating Company, LLC (TIE),
a Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, is a wholly-owned subsidiary of TIELP, and
was formed to operate and maintain the eligible power generating facility owned
by each of GPP and OEPP.
1.3.B.2.(t)(v)(C)(iii) PSEG Preferred Partner L.L.C., a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for the purpose of investing in power generating
facilities in Texas including investments in GPP and OEPP.
1.3.B.2.(t)(v)(D) PSEG Global Funding II LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801 and directly owns PSEG Global Funding Corp. (PSEG GFC).
1.3.B.2.(t)(v)(D)(i) PSEG GFC, a Delaware corporation, has its registered office
at 1209 Orange Street, Wilmington, Delaware 19801 and wholly owns PSEG Global
Funding III Company (PSEG GFCIII). In addition, PSEG GFC has an 80% interest in
Asociacion o Cuentas en Participacion (ACP).
1.3.B.2.(t)(v)(D)(i)(a) PSEG GFCIII, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has two subsidiaries as follows:
1.3.B.2.(t)(v)(D)(i)(a)(i) ACP, is simply a contractual obligation which is
considered a non-entity according to Chilean law, but is treated as an entity
for U.S. tax purposes and was formed in accordance with Chilean tax laws. It has
the following subsidiaries:
1.3.B.2.(t)(v)(D)(i)(a)(i)(a) PSEG Finance Company (PSEGFC), a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for tax
reasons under Chilean tax law. PSEGFC is wholly owned by ACP.
18
1.3.B.2.(t)(v)(D)(i)(a)(i)(b) PSEG Peru SRL, a Peruvian limited liability
company, has its registered office at Victor Andres Belaunde 147, Via Principal
155, Edificio Centro Empresarial Camino Real, Oficina 1201, San Isidro, Peru and
is 99.97% owned by ACP and .03% owned by PSEGFC.
1.3.B.2.(t)(v)(E) PSEG Global Management Inc., formerly Mendoza Energia, Inc., a
Delaware corporation, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of providing
energy-related services.
1.3.B.2.(t)(v)(F) Sempra Energy International Chile Holdings I B.V., a
Netherlands company, has its principal executive offices at Weena 340,
Rotterdam, The Netherlands 3012NJ, and was formed for the purpose of investing
in Latin America and is owned 0.1% by PSEH Americas Inc.
1.3.B.2(t)(v)(G) PSEG Energy Co., formerly Cuyana, Inc., a Delaware corporation,
has its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and
in currently inactive.
1.3.B.2.(t)(vi) PSEG China Holdings Ltd., formerly PSEG Gongyi Power Ltd.,
(China Holdings), a Bermuda limited liability company, has its principal offices
at Clarendon House, 2 Church Street, Hamilton, Bermuda and has the following
wholly-owned subsidiary:
1.3.B.2.(t)(vi)(A) PSEG Philippines Power LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, and is presently inactive.
1.3.B.2.(t)(vii) PSEG Philippines Holdings LLC, a Delaware limited liability
company, has its registered office at 1209 Orange Street, Wilmington, Delaware
19801, is an EWG, has one direct 27.8% owned subsidiary and four indirect
partially owned subsidiaries as described below:
1.3.B.2.(t)(vii)(A) Magellan Capital Holdings Corporation (MCHC), a Philippine
company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines, was formed for the purpose of investing in power facilities in the
Philippines which are expected to qualify upon completion as EWGs and has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.2.(t)(vii)(A)(i) Magellan Utilities Development Corporation (MUDC), a
Philippines company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig
City, Philippines, and was formed for the purpose of investing in a power
facility in the Philippines which is expected upon completion to qualify as an
EWG. MUDC is 43% owned by MCHC.
1.3.B.2.(t)(vii)(A)(i)(a) Pinamucan Power Corporation (PPC), a Philippines
company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines and is presently inactive. PPC is 99.8% owned by MUDC.
1.3.B.2.(t)(vii)(A)(i)(b) Batangas Agro-Industrial Development Corporation
(BAID), a Philippines company, has its offices at 4/F Ortigas Bldg., Ortigas
Avenue, Pasig City, Philippines and owns certain real property that is the site
of the EWG to be constructed by MUDC. BAID is 100% owned by MCHC.
19
1.3.B.2.(t)(vii)(A)(i)(c) Pinamucan Industrial Estates, Inc. (PIE), a
Philippines company, has its offices at 4/F Ortigas Bldg., Ortigas Avenue, Pasig
City, Philippines, and is presently inactive. PIE is 99.9% owned by MCHC.
1.3.B.2.(t)(viii) PSEG Pontianak Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and is
currently inactive.
1.3.B.2.(t)(ix) PSEG Pontianak (L) Ltd., a Malaysian company, has its offices at
Level 10, Wisma Oceanic, Jalan O.K.K. Awang Besar, 87007 Labuan F.T., Malaysia,
and has one direct 93.75% owned subsidiary as described below:
1.3.B.2.(t)(ix)(A) PT Pontianak Power, an Indonesian company, has its principal
executive offices at JI. Dr. Saharjo 52 Jakarta, 12970 Indonesia, and is
currently inactive.
1.3.B.2.(t)(x) PSEG Zhou Kou Power Ltd., a Bermuda limited liability company,
has its principal executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, and is currently inactive.
1.3.B.2.(t)(xi) PSEG Europe Ltd., (formerly PSEG Global Ltd.), a United Kingdom
company, has its principal executive offices at Millbank Tower, 29th Floor,
21-24 Millbank, London SW1P 4QP, England, and was formed for the purpose of
managing development activities in Europe and the Middle East. PSEG Europe Ltd.
has the following wholly-owned subsidiaries described below:
1.3.B.2.(t)(xi)(A) PSEG Plan Ltd. (formerly Opalshore Limited), a United Kingdom
company, has its principal executive offices at Millbank Tower, 29th Floor,
21-24 Millbank, London SW1P 4QP, England, and was formed for the purpose of
serving PSEG Europe Ltd. as Trustee for its benefits plan and is currently
inactive.
1.3.B.2.(t)(xi)(B) PSEG Technical Services Ltd., a United Kingdom company, has
its principal executive offices at Millbank Tower, 29th Floor, 21-24 Millbank,
London SW1P 4QP, England, was formed for the purpose of providing technical
services to power facilities in Poland.
1.3.B.2.(t)(xi)(C) PSEG Offshore Operations Ltd., formerly PSEG Operations Ltd.,
a United Kingdom company, has its principal executive offices at Millbank Tower,
29th Floor, 21-24 Millbank, London SW1P 4QP, England, was formed for the purpose
of providing construction, management, operation and maintenance services
offshore to Carthage Power Company Sarl.
1.3.B.2.(t)(xi)(D) PSEG Operations (Tunisia) Ltd., a United Kingdom company, has
its principal executive offices at Millbank Tower, 29th Floor, 21-24 Millbank,
London SW1P 4QP, England, was formed for the purpose of providing construction,
manangement, operation and maintenance services offshore to Carthage Power
Company Sar and is currently inactive.
1.3.B.2.(t)(xii) (E) PSEG Operaciones I Company (PSEG Operaciones I), formerly
PSEG Elecrica and Turbogeneradores de Cagua Company, a Cayman Islands company,
has its registered office at Ugland House, P.O. Box 309, George Town, Grand
Cayman, Cayman Islands, British West Indies and was formed for the purpose of
making investments in South America.
20
1.3.B.2.(t)(i)(xiii) PSEG Operaciones II Company (PSEG Operaciones II), formerly
Peru Power LTD., a Cayman Islands company, has its registered office at Ugland
House, P.O. Box 309, George Town, Grand Cayman, Cayman Islands, British West
Indies and was formed for the purpose of making investments in South America.
1.3.B.2.(t)(xiii)(i) Asociacion o Cuentas en Participacion II, a Chilean
contractual obligation treated as an entity for U.S. tax purposes, is owned 80%
by PSEG Operaciones II and 20% by PSEG Operaciones I and was formed for the
purpose of making investments in South America.
1.3.B.2.(t)(xiii)(i)(a) PSEG Cuenta Finance Company, formerly Andina Mendoza I
Company, a Cayman Islands company, has its registered office at Ugland House,
P.O. Box 309, George Town, Grand Cayman, Cayman Islands, British West Indies and
was formed for the purpose of making investments in South America.
1.3.B.2.(t)(xiii)(i)(b) PSEG Genaracion y Energia Chile Limitada, a Chilean
limited liability company, was formed for the purpose of making investments in
Latin America.
1.3.B.2.(t)(xiv) North Bay Power LLC, a Delaware company, a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for the purpose of investing in North America.
1.3.B.2.(t)(xv) PSEG California Corp., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and was
formed for the purpose of investing in North America and has the following 50%
owned subsidiary:
1.3.B.2.(t)(xv)(a) GWF Energy LLC, a Delaware company a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for the purpose of investing in three natural
gas-fired peaker facilities in California, two of which are operating and one of
which is under construction. GWF Energy LLC is an EWG.
1.3.B.2.(t)(xvi) PSEG California II Corp., formerly Andina Electrica, Inc., a
Delaware corporation, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, and was formed for the purpose of investing in North
America. PSEG California II Corp. owns a 13% interest in GWF Energy LLC
(described above).
1.3.B.2.(t)(xvii) PSEG California III Corp., formerly Andian Mendoza Partners
LP, a Delaware corporation, has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, and was formed for the purpose of investing in North
America. PSEG California III Corp. owns a 13% interest in GWF Energy LLC
(described above).
1.3.B.2.(t)(xviii) PSEG Tracy Turbine Inc., formerly PSEG Peru Inc., a Delaware
corporation, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and is presently inactive.
1.3.B.2 (u) PSEG Chilquinta Finance LLC (Chilquinta Finance), a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for the purpose of operating and investing in
various projects in Latin America. Chilquinta Finance has the following 50%
owned subsidiary:
21
1.3.B.2 (u)(i) Chilquinta Energia Finance Co. LLC (Energia Finance), a Delaware
limited liability company, has its registered office in Delaware, and was formed
for the purpose of operating and investing in various projects in Latin America.
1.3.B.2.(v) PSEG Polska Sp. z o.o. (Polska), a Polish company, has its
registered office at ul. Emilii Plater #53, Warsaw, Poland 00-113, and was
formed for the purpose of investing in Poland.
1.3.B.3 PSEG Global International Holdings LLC (PGIHLLC), a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801 and was formed for the purpose of serving as a holding company
for various international investments. This company is wholly-owned by PSEG
Global Inc.
1.3.B.3.(a) PSEG Americas Ltd., a Bermuda limited liability company, has its
principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda. PSEG Americas Ltd. has the following direct and indirect wholly and
partially owned subsidiaries as described below.
1.3.B.3.(a)(i) Andina Mendoza Company (AMCO), a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
investing internationally.
1.3.B.3.(a)(ii) Inversiones PSEG Americas Chile Holding Limitada (Inversiones
Chile), a Chilean limited liability company, has its registered office in
Santiago, Chile and was formed for the purpose of investing in Latin America.
Inversiones Chile is 99.99% owned by PSEG Americas Ltd. and 0.01% by PSEG
Chilean Equity II Ltd.
1.3.B.3.(a)(ii)(A) Empresa Electrica de la Frontera S.A. (Frontel), a Chilean
company, has its registered office in Chile and was formed for the purpose of
investing in Latin America. Frontel is 95.88% owned by Inversiones Chile and
0.006% owned by PSEG Chilean Equity II td. Frontel owns a 0.10% direct interest
in each of Creo and STS described below. Frontel is a FUCO.
1.3.B.3.(a)(ii)(B) Sociedad Austral de Electricidad S.A. (Saesa), a Chilean
sociedad anonima, has its registered office in Chile and was formed for the
purpose of investing in Latin America. Saesa is 99.922% owned by Inversiones
Chile and 0.0056% owned by PSEG Chilean Equity II Ltd. Saesa has the following
direct and indirect, partially owned subsidiaries described below.
1.3.B.3.(a)(ii)(B)(i Empresa de Energia Rio Negro S.A. (Edersa), an Argentine
sociedad anonima, has its registered office in Argentina and was formed for the
purpose of investing in Latin America. Edersa is 50% owned by Saesa. Edersa is a
FUCO.
1.3.B.3.(a)(ii)(B)(ii) Empresa Electrica de Aisen S.A. (Edelaysen), a Chilean
sociedad anonima, has its registered office in Chile and was formed for the
purpose of investing in Latin America. Edelaysen is 91.66% owned by Saesa,
above. Edelaysen is a FUCO.
22
1.3.B.3.(a)(ii)(B)(iii) Compania Electrica Osorno S.A. (Creo), a Chilean
sociedad anonima, has its registered office in Chile and was formed for the
purpose of investing in Latin America. Creo is .10% owned by Frontel and 99.90%
owned by Saesa. Creo is a FUCO.
1.3.B.3.(a)(ii)(B)(iv) Sistema de Transmision del Sur S.A. (STS), a Chilean
sociedad anonima, has its registered office in Chile and was formed for the
purpose of investing in Latin America. STS is .10% owned by Frontel and 99.90%
owned by Saesa. STS has one 8.33% owned subsidiary, below. STS is a FUCO.
1.3.B.3.(a)(ii)(B)(iv)(a) Centro de Despacho Economico de Carga del Sistema
Electrico Interconectado Central CDEC-SIC Limitada (CDEC-SIC), a Chilean limited
liability company, has its registered office in Chile and was formed for the
purpose of investing in Latin America. CDEC-SIC is 8.33% owned by STS.
1.3.B.3.(a)(iii) PSEGAOC, a Cayman Island company, has its registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies, and owns a 99.99% interest in PSEG Operating Argentina
S.A.(PSEG OA). The remaining 0.01% interest is owned by CEMAS Corporation
(described above). PSEGAOC is a directly 90% owned subsidiary of PSEG Americas
Ltd. PSEG Americas Inc. holds an additional 0.01% interest in this company.
1.3.B.3.(a)(iii)(A) PSEG OA, an Argentine sociedad anonima, has its registered
office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires, Argentina, and has two
33.34% owned subsidiaries:
1.3.B.3.(a)(iii)(A)(i) Empresa Distribuidora de Energia Norte S.A., an Argentine
sociedad anonima, has its principal executive offices at Calle 48, numero 786,
La Plata, Argentina and owns a distribution facility in the province of Buenos
Aires, Argentina, and is a FUCO.
1.3.B.3.(a)(iii)(A)(ii) Empresa Distribuidora de Energia Sur S.A., an Argentine
sociedad anonima, has its principal executive offices at Calle 48, numero 786,
La Plata, Argentina and owns a distribution facility in the province of Buenos
Aires, Argentina, and is a FUCO.
1.3.B.3.(a)(iv) Compania de Inversiones en Energia Electrica S.A. (CIEESA), an
Argentine company, has its registered offices in Buenos Aires, Argentina and was
formed for the purpose of investing in power facilities in Latin America. CIEESA
is 99.9917% directly owned by PSEG Americas Ltd. and 0.0083% owned by PSEG
Operadora S.R.L.
1.3.B.3.(a)(iv)(A) Inversora en Distribucion de Entre Rios S.A. (Inverder), an
Argentine sociedad anonima, has its registered offices in Buenos Aires,
Argentina and was formed for the purpose of investing in power facilities in
Latin America. Inverder is 80.9% owned by CIEESA and 19.1% owned by PSEG
Americas Ltd.
1.3.B.3.(a)(iv)(A)(i) Empresa Distribuidora De Electricidad De Entre Rios S.A.
(EDEERSA), an Argentine sociedad anonima, has its registered offices in Buenos
Aires, Argentina and was formed for the purpose of distributing and transmitting
electric power to the province of Entre Rios, Argentina. EDEERSA is 90% directly
owned by Inverde, and is a FUCO.
23
1.3.B.3.(a)(v) PSEG Brasil Ltda., a Brazilian limited liability company, has its
registered office at Avenida Nacoes Unidas, 12.995, 10 andar, Salas 20 e 21,
Edificio Plaza Centenario, Brooklin, Sao Paulo, Sao Paulo, CEP 04578-000,
Brazil, and provides management and business development services. PSEG Brasil
Ltda. is 99.99% directly owned by PSEG Americas Ltd. (described above) and 0.01%
directly owned by IPE Energia S.A. (IPE) (described below).
1.3.B.3.(a)(vi) PSEG Brazil II Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has one 50% owned subsidiary.
1.3.B.3.(a)(vi)(A) PSEG Trader S.A. (PSEGTSA), formerly Terra Roxa Participacoes
S.A., a Brazilian company, has its registered office at Avenida das Nacoes
Unidas, 12995, 2 andar, conjunto 22, Edificio Plaza Centenario, Chacara Itaim,
Sao Paulo, Sao Paulo, CEP 04578-000, Brazil and is currently inactive. PSEG
Brazil III Company owns the remaining 50% interest in PSEGTSA.
1.3.B.3.(a)(vii) PSEG Brazil III Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and has one 50% owned subsidiary,
(PSEGTSA) (described above) which is also 50% owned by PSEG Brazil II Company
(described above).
1.3.B.3.(a)(viii) PSEG Brazil Investment Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
indirectly acquiring privatized assets in Brazil. PSEG Brazil Investment Company
has the following direct and indirect wholly and partially owned subsidiaries:
1.3.B.3.(a)(viii)(A) Pampa Energia Ltda., a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
indirectly acquiring privatized assets in Brazil. Pampa Energia Ltda. has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.3.(a)(viii)(A)(i) PSEG Brazil Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
indirectly acquiring an interest in Rio Grande Energia, S.A. (RGE), a Brazilian
sociedade anonima, formerly Companhia Norte-Nordeste de Distribuicao de Energia
Eletrica, a Brazilian electrical distribution company located in the State of
Rio Grande do Sul and currently owns a 50% interest in PSEG Participacoes S.A.
and IPE. The remaining 50% interest in each company is owned by PSEG Brazil I
Company.
1.3.B.3.(a)(viii)(A)(i)(a) PSEG Participacoes S.A., a Brazilian sociedade
anonima, has its registered office at Av. das Nacoes Unidas, 12995, 10 andar,
conjunto 101, sala E, Edificio Plaza Centenario Building, Chacara Itaim, Sao
Paulo, Sao Paulo, CEP 04578-000, Brazil and is presently inactive.
1.3.B.3.(a)(viii)(A)(i)(b) IPE Energia Ltda., (IPE) a Brazilian company, has its
registered office at Avenida das Nacoes Unidas, no 12.995, 10 Andar, sala no 11,
Edificio Plaza Centenario,
24
Chacara Itaim, Sao Paulo, CEP 04578-000, Brazil, and owns a 32.46% interest in
RGE. IPE also owns 0.01% of PSEG Brazil Ltda.
1.3.B.3.(a)(viii)(A)(i)(b)(i)RGE, a Brazilian sociedade anonima, has its
registered office at Rua da Consolaco #247, 8th Floor, Room 12, Sao Paulo,
Brazil 01301903, is 32.46% owned by IPE, and is a FUCO. RGE has the following
wholly-owned subsidiary, described below:
1.3.B.3.(a)(viii)(A)(i)(b)(i)(A) Sul Geradora Participacoes S.A. (Sul), a
Brazilian sociedade anonima, has its registered office at Av. Eng. Luiz Carlos
Berrini, 1297-13 anadar parte, CEP 04571-010, Sao Paulo, Brazil and was formed
for the purpose of participation in importation, exportation and commerce of
agricultural products.
1.3.B.3.(a)(viii)(A)(ii) PSEG Brazil I Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
acquiring an indirect ownership interest in RGE and currently owns a 50%
interest in PSEG Participacoes S.A. and a 50% interest in IPE. The remaining 50%
interest in each company is owned by PSEG Brazil Company, (described above), and
a 99.94% interest in Conversora de Fertilizante e Energia do Parana Ltda., a
Brazilian limited liability company (COFEPAR). The remaining 0.06% ownership
interest in COFEPAR is held by PSEG Brazil Company.
1.3.B.3.(a)(viii)(A)(iii) COFEPAR (formerly CEA Brasil Operacoes Ltda.), has its
registered office at Avenida das Nacoes Unidas, 12.995, 10 andar, Conjunto 101,
Sala 01"A", Edificio Plaza Centenario, Chacara Itaim, Sao Paulo, Sao Paulo, CEP
04578-000, Brazil, and is developing a cogeneration facility in Brazil which is
expected to qualify upon completion as an EWG. PSEG Brasil I Company presently
owns a direct 99.94% interest in Conversora de Fertilizante e Energia do Parana
Ltda., and PSEG Brazil Company directly owns the remaining 0.06%.
1.3.B.3.(a)(ix) PSEG Brazil Operating Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
providing operating and maintenance serivcies to RGE.
1.3.B.3 (a)(x) PSEG (Bermuda) Holdings III Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda and was formed for the purpose of investing in India.
It has one direct wholly owned subsidiary and several indirect subsidiaries as
described below.
1.3.B.3.(a)(x)(A) PSEG India Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and owns
the following direct wholly-owned and indirect partially-owned subsidiaries:
1.3.B.3.(a)(x)(A)(i) PSEG Ambalamugal Energy Company Ltd. (Ambalamugal), a
Mauritius company, has its registered office at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and was formed for the purpose of investing in
power facilities in India. Ambalamugal owns one share of PSEG PPN Operations
Private Ltd. (as described below).
25
1.3.B.3.(a)(x)(A)(ii) PSEG Cochin Energy Company Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and is currently inactive.
1.3.B.3.(a)(x)(A)(iii)PSEG Kakinada Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and is currently inactive.
1.3.B.3.(a)(x)(A)(iv) PSEG North Chennai Ltd. (formerly PSEG North Madras Ltd.),
a Mauritius company, has its registered office at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, and was formed for the purpose of investing in
power facilities in India. PSEG North Chennai Ltd. has a 26% interest in
Tri-Sakthi Investments Limited (TSIL) and a 50% interest in Tri-Sakthi Energy
Private Limited (TSEPL). PSEG North Chennai Ltd. is an EWG.
1.3.B.3.(a)(x)(A)(iv)(a) TSIL, a Mauritius company, has its registered office at
608 St. James Court, St. Denis Street, Port Louis, Mauritius and has a 50%
interest in TSEPL.
1.3.B.3.(a)(x)(A)(iv)(a)(i) TSEPL, an Indian company, has its registered office
at No. 7 "Mamatha Complex", II Floor, 13 Whites Road, Chennai, India 600014 and
was formed for future investments in India. TSEPL has had one project only, the
525 MW North Chennai Phase III thermal power project at Ennore. The Madras High
Court has admitted a winding-up petition filed against TSEPL by PSEG North
Chennai Ltd.
1.3.B.3.(a)(x)(A)(v) PSEG Yamunanagar Energy Company Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and is currently inactive.
1.3.B.3.(a)(x)(A)(vii) PSEG Tanir Bavi Energy Company Ltd., formerly Sundawn
Mauritius Ltd., a Mauritius company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius, and is currently inactive.
1.3.B.3.(a)(xi) PSEG Cayman Americas Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and has the following wholly-owned
and partially-owned direct and indirect subsidiaries as described below:
1.3.B.3.(a)(xi)(A) PSEG Cayman Americas V Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and has five partially-owned
subsidiaries as described below:
1.3.B.3.(a)(xi)(A)(i) AES Parana Operations SRL (AES Operations), an Argentine
limited liability company, has its registered office in Buenos Aires, Argentina
and will provide maintenance and operations services to the project being
constructed by AES Parana SCA. AES Parana Operations is 33.26% owned by PSEG
Cayman Americas V Company. AES Operations is a FUCO.
1.3.B.3.(a)(xi)(A)(ii) Shazia SRL, an Argentine limited liability company, has
its registered office in Buenos Aires, Argentina and owns 1% of AES Parana SCA.
Shazia SRL is 33.33% owned by PSEG Cayman Americas V Company.
26
1.3.B.3.(a)(xi)(AL)(iii) AES Parana SCA (AES Parana), an Argentine company, has
its registered office in Buenos Aires, Argentina and owns a natural gas-fired
electric generating facility under construction in Argentina and is a FUCO. AES
Parana SCA is 33% owned by PSEG Cayman Americas V Company and 1% owned by Shazia
SRL.
1.3.B.3.(a)(xi)(A)(iv) AES Parana Gas S.A., an Argentine sociedad anonima, has
its registered office in Buenos Aires, Argentina and provides natural gas
brokerage services. AES Parana Gas S.A. is 33.33% owned by PSEG Cayman Americas
V Company.
1.3.B.3.(a)(xi)(A)(v) AES Parana Propiedades S.A., an Argentine sociedad
anonima, has its registered office in Buenos Aires, Argentina and provides
administration of personal and real property. AES Parana Propiedades S.A. is
33.33% owned by PSEG Cayman Americas V Company.
1.3.B.3.(a)(xi)(B) PSEG Inversora S.A., an Argentine sociedad anonima, has its
registered office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires, Argentina,
and is currently inactive. PSEG Cayman Americas Company (described above) owns
99.99% of PSEG Inversora S.A. and PSEG Americas Ltd. owns the remaining 0.01%.
1.3.B.3.(a)(xii) PSEG Global Funding II Corp., a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801 and was
formed for future investments in South America.
1.3.B.3.(a)(xiii)PSEG Luxembourg S.a.r.l., a Luxembourg company, has its
registered office at 4 Rue Carlo Hemmer, Luxembourg, and was formed as a holding
company for entities in various jurisdiction.
1.3.B.3.(a)(xiv) Transamerica Energy Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
making a future investment in Latin America. It has a 80% interest in Asociacion
en Participacion (AenPII), described below.
1.3.B.3.(a)(xiv)(A) A en P II, a Peruvian contractual obligation treated as an
entity for U.S. tax purposes and it held 80% by Transamerica Energy Company and
20% PSEG Americas Ltd. A en P has the following direct 99.98% subsidiary,
described below.
1.3.B.3.(a)(xiv)(A)(i) Electroandes S.A., a Peruvian sociedad anonima , has its
registered address at Avenida Canaval y Moreyra 380, Torre Siglo XXI, Piso 16,
San Isidro, Lima 27, Peru and is a FUCO and was formed for the purpose of
investing in Latin America.
1.3.B.3.(a)(xiv)(A)(ii) PSEG Peru Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and is currently inactive. PSEG Peru
Company is wholly owned by Asociacion en Participacion and was formed for the
purpose of investing in Latin America.
1.3.B.3.(a)(xv) Venergy Holdings Company, formerly Turbogeneradores de Maracay
Company, a Cayman Islands company, has its registered office at Ugland House,
South Church Street, George
27
Town, Grand Cayman, Cayman Islands, British West Indies, and has the following
direct and indirect partially and wholly-owned subsidiaries.
1.3.B.3.(a)(xv)(A) Turboven Company Inc., a Cayman Islands company, has its
registered office at c/o Trident Trust Company (Cayman) Limited, Fourth Floor,
One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British West
Indies, and has the following direct wholly-owned subsidiaries described below.
Turboven Company is a direct 50% owned subsidiary of Venergy Holdings Company.
1.3.B.3.(a)(xv)(A)(i) Turboven Cagua Company Inc., a Cayman Islands company, has
its registered office at c/o Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British
West Indies, is a FUCO, and was formed for the purpose of making a future
investment in Latin America.
1.3.B.3.(a)(xv)(A)(ii) Turboven Maracay Company Inc., a Cayman Islands company
has its registered office at c/o Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British
West Indies, is a FUCO, and was formed for the purpose of making a future
investment in Latin America.
1.3.B.3.(a)(xv)(A)(iii) Turboven Valencia Company Inc., a Cayman Islands
company, has its registered office at c/o Trident Trust Company (Cayman)
Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman
Islands, British West Indies, is a FUCO, and was formed for the purpose of
making a future investment in Latin America.
1.3.B.3.(a)(xv)(A)(iv) Turboven La Victoria Company Inc., a Cayman Islands
company has its registered office at c/o Trident Trust Company (Cayman) Limited,
Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands,
British West Indies, and was formed for the purpose of making a future
investment in Latin America.
1.3.B.3.(a)(xvi) Rayo-Andino Gestora Company, formerly Turbogeneradores de
Valencia Company, a Cayman Islands company, has its registered office at Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies, and has one direct 0.03% owned subsidiary described below. A 92.83%
interest is owned by Rayo-Andino Inversora Company (described below).
1.3.B.3.(a)(xvi)(A) Promotora Termica del Cafe SCA (Promotora), a Colombian
company, has its registered office at Carrera 11 No. 86-60, Oficina 301 de
Santafe de Bogota, Colombia, and was formed for the purpose of making future
investments in Colombia.
1.3.B.3.(a)(xvii) Rayo-Andino Inversora Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and has a direct 92.83% interest in
Promotora (described above), with an additional 0.03% interest owned by Rayo
Andino Gestora Company (also described above), and a 100% interest in PSEG
International Holding Company (described below).
28
1.3.B.3.(a)(xvi)(A) PSEG International Holding Company, a Cayman Island company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and has the following direct
and indirect subsidiaries:
1.3.B.3.(a)(xvi)(A)(i) PSEG International Holding II Company, a Cayman Island
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and wholly owns PSEG
International Ltd. and indirectly partially owns Carthage Power Company Sarl
described below.
1.3.B.3.(a)(xvi)(A)(i)(a) PSEG International Ltd., a Bermuda limited liability
company, has its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda HM11, is an EWG, and has a 60% interest in Carthage
Power Company Sarl, described below.
1.3.B.3.(a)(xvi)(A)(i)(a)(i) Carthage Power Company Sarl, a Tunisian company,
has its registered offices at Immeuble al Badr, Rue 102, Les Berges du Lac, 2045
Tunis and was formed for the purpose of developing, constructing, owning and
operating a 471 MW combined-cycle power generation facility in Rades, Tunisia.
1.3.B.3.(a)(xvi)(A)(ii) PSEG Holdings Pte Ltd., a Singapore company, has its
principal executive offices at 95 South Bridge Road, #09-00 Pidemco Centre,
Singapore 058717, and was formed for the purpose of investing in power
facilities in Israel.
1.3.B.3.(a)(xviii) Wildwood I Ltd. (Wildwood), a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and is a direct wholly-owned
subsidiary of PSEG Americas Ltd. Wildwood owns 33.33% of the Class B common
shares in Camille (described above).
1.3.B.3.(a)(xix) PSEG Chilean Equity II Ltd., a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is a direct wholly-owned subsidiary
of PSEG Americas Ltd., and has the following direct and indirect subsidiaries:
1.3.B.3.(a)(xix)(A) Tecnored S.A. (Tecnored), a Chilean company, has its
principal executive offices at General Cruz No. 222, Valparaiso, Chile and is an
energy-related services company. Tecnored is 50% owned by PSEG Chilean Equity II
Ltd.
1.3.B.3.(a)(xix)(B) PSEG Chilean Equity Ltd. (Chilean Equity), a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for the
purpose of making investments in Chile and Peru. PSEG Chilean Equity II Ltd.
owns 99.8% of Chilean Equity.
1.3.B.3.(a)(xix)(B)(i) PSEG Venezuela S.R.L., a Venezuelan limited liability
company, owned 99% by Chilean Equity and 1% by PSEG Chilean Equity III Ltd., was
formed for the purpose of making investments in South America.
29
1.3.B.3.(a)(xix)(B)(ii) PSEG Chilean Equity III Ltd., a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies and was formed for the purpose
of making investments in Chile.
1.3.B.3.(a)(xix)(B)(iii) Asociacion en Participacion (A en P), a Peruvian
contractual obligation treated as an entity for U.S. tax purposes, owned 25.6%
by Chilean Equity and 74.4% by PSEG Americas Ltd., was formed for the purpose of
making investments in South America.
1.3.B.3.(a)(xix)(B)(iii)(a) Inversiones Sempra-PSEG Chile Limitada (Inversiones
Sempra-PSEG), a Chilean limited liability company, has its principal executive
offices at Av. Apoquindo 3721, Piso 13, Santiago, Chile and was formed for the
purpose of making investments in Chile and Peru. Chilean Equity, through
Asociacion en Participacion above, holds a direct 50% interest in Inversiones
Sempra-PSEG.
1.3.B.3.(a)(xix)(B)(iii)(a)(i) Chilquinta Energia S.A., a Chilean sociedad
anonima, has its principal executive offices at General Cruz No. 222,
Valparaiso, Chile, is a FUCO and was formed for the purpose of making
investments in Chile and Peru. A 99.987% interest in Chilquinta Energia S.A. is
directly held by Inversiones Sempra-PSEG described above and 0.0065% owned by
Chilean Equity.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(a) I.T.O. International Technical Operators
A.V.V. (ITO), (formerly Chilquinta International A.V.V.), an Aruban company, has
its principal executive offices at Zoutmanstraat 35, Oranjestad, Aruba and was
formed for the purpose of making investments in Peru. A 100% interest in ITO is
directly owned by Chilquinta Energia S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(a)(i) Chilquinta Argentina S.A., an Argentine
sociedad anonima, with registered offices in Buenos Aires, Argentina was formed
for the purpose of investing in Latin America. Chilquinta Argentina S.A. is
99.99% owned by ITO and the remaining 0.01% is owned by Tecnored S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(b) Energas S.A., a Chilean sociedad anonima, has
its principal place of business at General Cruz No. 222, Valparaiso, Chile and
was formed for the purpose of acquiring, producing, storing, distributing and
selling gas and related business in the Fifth Region of Chile. A 99.99% interest
in Energas S.A. is directly owned by Chilquinta Energia S.A. and the remaining
0.01% is owned by Compania Electrica del Litoral S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(c)Energia de Casablanca S.A., a Chilean sociedad
anonima, has its principal place of business at Portales 187, Casablanca, Chile
and was formed for the purpose of distributing, generating, acquiring and
selling electric or other kinds of energy and related business. A 68.62%
interest in Energia de Casablanca S.A. is directly owned by Chilquinta Energia
S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(d)Compania Electrica del Litoral S.A., a Chilean
sociedad anonima, has its principal place of business at Alameda 949, Of. 2002,
Santiago, Chile and was formed for the purpose of producing, acquiring,
transporting, distributing and selling electric energy and related business. A
75.61% interest in Compania Electrica del Litoral S.A. is directly owned by
Chilquinta Energia S.A.
30
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(d)(i)Inmobiliaria del Litoral S.A., a Chilean
sociedad anonima, has its principal place of business at Alameda 949, Of. 2002,
Santiago, Chile and was formed for the purpose of producing, acquiring,
transporting, distributing and selling electric energy and related business. An
80% interest in Inmobiliaria del Litoral S.A. is directly owned by Compania
Electrica del Litoral S.A. and the remaining 20% interest is held by Generadora
Electrica Sauce los Andes S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(d)(ii)Generadora Electrica Sauce los Andes S.A.
(Sauce), a Chilean sociedad anonima, has its principal place of business at
Alameda 949, Of. 2002, Santiago, Chile and was formed for the purpose of
producing, acquiring, transporting, distributing and selling electric energy and
related business. A 99.5% interest in Sauce is directly owned by Compania
Electrica del Litoral S.A. and the remaining 0.5% interest is held by Chilquinta
Energia S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(e) Luzlinares S.A., a Chilean sociedad anonima,
has its principal place of business at Max Jara 478, Linares, Chile and was
formed for the purpose of distributing, generating, acquiring and selling
electric or other kinds of energy and related business. A 52.5% interest in
Luzlinares S.A. is directly owned by Chilquinta Energia S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(i)(f) Distribuidora Parral S.A./Luz Par S.A. (Luz
Parral), a Chilean sociedad anonima, has its principal place of business at Max
Jara 478, Linares, Chile and was formed for the purpose of distributing,
generating, acquiring and selling electric or other kinds of energy and related
business. A 51% interest in Luz Parral is directly owned by Chilquinta Energia
S.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii) Inversiones Sempra-PSEG Chile IV S.A.
(Inversiones Sempra IV), a Chilean sociedad anonima, has its principal executive
offices at Av. Apoquindo 3721, Piso 13, Santiago, Chile and was formed for the
purpose of making investments in Peru. Inversiones Sempra-PSEG Chile Limitada
owns 99.987% and PSEG Chilean Equity Ltd. owns 0.00004% of Inversiones Sempra
IV.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a) Ontario Quinta A.V.V., an Aruban company, has
its principal executive offices at Zoutmanstraat 35, Oranjestad, Aruba and was
formed for the purpose of making investments in Peru. A 55.29% interest in
Ontario Quinta A.V.V. is directly owned by Inversiones Sempra IV, Peruvian
Opportunity Company S.A.C. owns the remaining 44.7% interest.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a)(i) Tecsur S.A.A., a Peruvian sociedad
anonima, has its executive offices at Pasaje Calango 158 San Juan De Mirafloref,
Lima, Peru and is an energy-related services company. A 3.72% interest is owned
by Ontario Quinta A.V.V., 31.51% interest is owned by Chilquinta Energia S.A.
and 51.79% interest is owned by Inversiones en Servicios Electricos S.R.L.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a)(ii) Luz del Sur S.A.A., a Peruvian sociedad
anonima, has its principal executive offices at Canaval y Moreyra 380, Piso 18,
San Isidro Lima, Peru and is a FUCO and an electric distribution company serving
southern Lima, Peru. Luz del Sur S.A.A. is 61.16% owned by Ontario Quinta A.V.V,
22.89% owned by Peruvian Opportunity Company S.A.C. and 3.83% owned by Energy
Business International A.V.V.
31
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a)(ii)(a) Empresa de Distribucion Electrica de
Canete S.A. (EDE Canete S.A.), a Peruvian sociedad anonima, has its executive
offices at Av. 28 de Julio 386, San Vicente de Canete, Canete. A 99.9999%
interest is owned by Luz del Sur S.A.A. and each of Tecsur S.A.A. and
Inmobiliaria Luz del Sur S.A. owns a 0.00005% interest.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a)(ii)(b) Inmobiliaria Luz del Sur S.A., a
Peruvian sociedad anonima , has its principal executive offices in Peru and is
99.9999% owned by Luz del Sur S.A.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(a)(ii) (c) Luz del Sur International A.V.V., an
Aruban company, has its principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba and is wholly-owned by Luz del Sur S.A.A.
1.3.B.3.(a)(xix)(B)(iii)(a)(ii)(b) Energy Business International A.V.V. (EBI),
an Aruban company, has its principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba and is a holding company with a 3.83% interest in Luz del Sur
S.A.A. EBI is a wholly owned direct subsidiary of inversiones Sempra-PSEG.
1.3.B.3.(a)(xix)(B)(iii)(b) Peruvian Opportunity Company SAC (Peru), a Peruvian
company, has its registered office at Victor Andres Belaunde 147, Edificio Real
3, Piso 12, San Isidro, Lima 27, Peru and it is 50% owned by PSEG Americas Ltd.
It has the following direct and indirect, wholly and partially owned
subsidiaries as follows:
1.3.B.3.(a)(xix)(B)(iii)(b)(i) PSEG Sempra Peruvian Services Company, a Cayman
Islands company, has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands, British West Indies, and was formed
for the purpose of investing in power facilities in Latin America. PSPSC owns
100%, less one share, of Inversiones en Servicios Electricos S.R.L. (IeSE). One
share of IeSE is owned by PSEG Sempra Peruvian Services Company II (PSPSCII).
1.3.B.3.(a)(xix)(B)(iii)(b)(i)(a) IeSE, a Peruvian company, has its registered
office in Peru and was formed for the purpose of investing in Latin America.
IeSE owns a 51.79% interest in Tecsur S.A.A.
1.3.B.3.(a)(xix)(B)(iii)(b)(ii) PSPSCII, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, and was formed for the purpose of
investing in power facilities in Latin America. PSPSCII owns one share of IeSE.
1.3.B.3.(a)(xix)(B)(iii)(c) PSEG Cayman Americas IV Company, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and was formed for the
purpose of making future investments in Latin America. This company is
wholly-owned by AenP.
1.3.B.3.(a)(xix)(B)(iii)(d) Servicios Tecnicos PSEG Chile Limitada (STPC), a
Chilean limited liability company, has its registered office in Santiago, Chile
and was formed for the purpose of investing in Latin America. STPC is 100% owned
by AenP.
32
1.3.B.3.(a)(xx) InfraMax, a Cayman Islands company, has its registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies, and was formed for the future provision of services and
materials relating to energy and communication delivery. InfraMax holds a direct
33.34% interest in each of the following company.
1.3.B.3.(a)(xx)(A) B.A. Services.Com S.R.L., an Argentine limited liability
company, has its registered office in Buenos Aires, Argentina, and was formed
for the purpose of providing internet access services to the EDEN/EDES area. BA
Services.Com S.R.L. is 33.34% owned by Inframax.
1.3.B.3.(a)(xx)(B) B.A. Trading S.R.L., an Argentine limited liability company,
has its registered office in Buenos Aires, Argentina, is currently inactive and
is 33.34% owned by Inframax.
1.3.B.3.(a)(xx)(C) B.A. Renewables S.R.L., an Argentine limited liability
company, has its registered office in Buenos Aires, Argentina, is currently
inactive and is 33.34% owned by Inframax.
1.3.B.3.(a)(xxi) PSEG Americas II Ltd. (PSEGAII), a Bermuda company, has its
principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda. PSEGAII has one direct 50% owned subsidiary, and one indirect 17.13%
owned subsidiary as described below.
1.3.B.3.(a)(xxi)(A) Turbogeneradores de Venezuela, C.A. (TGV), a Venezuelan
compania anonima, has its principal executive offices at Avenida Francisco de
Miranda, Torre Country Club, Chacaito, Caracas 1050, Venezuela. TGV is 50%
directly owned by PSEGAII. TGV owns 17.13% of Turbogeneradores Maracay, C.A.
(TGM).
1.3.B.3.(a)(xxi)(A)(i) TGM, a Venezuelan company, has its principal executive
offices at Avenida Francisco de Miranda, Torre Country Club, Chacaito, Caracas
1050, Venezuela. TGM owns an investment in a gas-fired electric power generation
facility in Maracay, Venezuela, and is a FUCO.
1.3.B.3.(a)(xxii) PSEG China Inc. (PSEG China), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, and has the
following direct and indirect wholly and partially owned subsidiaries:
1.3.B.3.(a)(xxii)(A) Meiya Power Company Limited (MPC), a Bermuda limited
liability company, has its registered offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, is 50% owned by PSEG China and has the following
direct and indirect wholly and partially owned subsidiaries:
1.3.B.3.(a)(xxii)(A)(i) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius
company, has its registered office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius, and was formed for the purpose of investing in power
facilities in Zuojiang, China and is an EWG. ZHL has a direct 60% interest in
Guangxi Zuojiang Meiya Hydropower Co. Ltd., described below.
1.3.B.3.(a)(xxii)(A)(i)(a)(i) Guangxi Zuojiang Meiya Hydropower Co. Ltd., a
Chinese joint venture company, has its registered office at 17 You Ai North
Road, Nanning City, Guangxi Zhuang Nationality Autonomous Region, China and owns
and operates a hydroelectric power facility in Zuojiang, Guangxi Zhuang
Nationality Autonomous Region, China which is an EWG.
33
1.3.B.3.(a)(xxii)(A)(ii) PSEG Huangshi Power Ltd., a Bermuda limited liability
company, has its registered offices at Clarenden House, 2 Church Street,
Hamilton, Bermuda and was formed for the purpose of investing in power
facilities in China. PSEG Huangshi Power Ltd. has a direct 49% interest in Hubei
Xisaishan Power Generation Company Ltd.(HXPGCL), described below.
1.3.B.3.(a)(xxii)(A)(ii)(a) HXPGCL, a Chinese company, has its registered
offices at Xi Sai Shan Town, Huangshi City, Hubei Province and was formed for
the purpose of investing in power facilities in China.
1.3.B.3.(a)(xxii)(A)(iii) PSEG Shanghai BFG Company, a Cayman Islands company,
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and has one wholly-owned
direct and one partially indirect subsidiary, described below.
1.3.B.3.(a)(xxii)(A)(iii)(a) CanAm Energy China Holdings, LLC (CanAm), a
Delaware limited liability company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, and was formed for the purpose of investing
in power facilities in China which is qualified as a FUCO. PSEG China indirectly
owns 50% of CanAm. CanAm has a 65% interest in Shanghai Wei-Gang Energy Company
Ltd., described below.
1.3.B.3.(a)(xxii)(A)(iii)(a)(i)Shanghai Wei-Gang Energy Company Ltd., (SWGEC), a
Chinese joint venture company, has its registered office at 735 Changjiang Road,
Shanghai, China 200431, and owns and operates a blast furnace gas-fired electric
power generation facility in Shanghai, China which has FUCO status.
1.3.B.3.(a)(xxii)(A)(iv) PSEG Tongzhou Cogen Power Ltd., (TMC), a Bermuda
limited liability company, has its registered offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is an EWG, and has one direct 80% owned
subsidiary as described below.
1.3.B.3.(a)(xxii)(A)(iv)(a) Tongzhou Meiya Cogeneration Company Limited (TMCC),
a Chinese joint venture company, has its offices at Jin Tong Lu, Tongzhou City,
Jiangsu Province, China, and owns and operates a coal-fired cogeneration
facility in Tongzhou City, Jiangsu Province, China. PSEG China indirectly owns
40% of TMCC.
1.3.B.3.(a)(xxii)(A)(v)PSEG (Bermuda) Holdings Ltd., a Bermuda limited liability
company, has its registered offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, and owns a 60% interest in Shanghai Meiya Jinqiao Energy Co.,
Ltd. (SMJE), as described below.
1.3.B.3.(a)(xxii)(A)(v)(a) SMJE, a Chinese joint venture company, has its
registered office at 125 Chuan Qiao Road, Jinqiao EPZ, Shanghai, China, and owns
and operates a coal/oil-fired steam plant in Shanghai, China. PSEG China
indirectly owns 30% of SMJE.
1.3.B.3.(a)(xxii)(A)(vi) China U.S. Power Partners I, Ltd., a Bermuda limited
liability company, has its registered offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, is an EWG, and has a 30% interest in Jingyuan Second
Power Co., Ltd., (Jingyuan), as described below.
34
1.3.B.3.(a)(xxii)(A)(vi)(a) Jingyuan, a Chinese joint venture company, has its
registered office at Lanzhou City, Gansu Province, China, and owns a coal-fired
electric power generation facility in Jingyuan, China. PSEG China indirectly
owns 15% of Jingyuan.
1.3.B.3.(a)(xxii)(A)(vii) Meiya Power China Holdings Limited, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and owns the following
direct and indirect subsidiaries:
1.3.B.3.(a)(xxii)(A)(vii)(a) Meiya Power International Holding I, Ltd., a Cayman
Islands company, has its registered office at Ugland House, South Church Street,
George Town, Grand Cayman, Cayman Islands, British West Indies and owns a 100%
interest in Meiya Electric Asia, Ltd.
1.3.B.3.(a)(xxii)(A)(vii)(a)(i) Meiya Electric Asia, Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius and owns a 92% interest in Nantong Entergy Heat & Power Co. Ltd.,
(Nantong). EWG status was granted on June 2, 2000.
1.3.B.3.(a)(xxii)(A)(vii)(a)(i)(A) Nantong, a Chinese joint venture company, has
its registered office at No.12 Zhong Xiang Road, Nantong Economic and
Technological Development Zone, Nantong Municipality, Jiangsu Province, China,
and owns and operates a steam turbine electric power generation facility in
Jiangsu, China.
1.3.B.3.(a)(xxii)(A)(viii) PSEG Rongjiang Hydropower Ltd., a Mauritius company,
has its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of investing in power facilities in
China. PSEG Rongjiang Hydropower Ltd. owns a 55% interest in Guangxi Rongjiang
Meiya Company Ltd. (GRMCL) and an 80% interest in Guangxi Rongjiang Meiya
Hydropower Company Ltd. (GRMHCL). EWG status was granted on June 2, 2000.
1.3.B.3.(a)(xxii)(A)(viii)(a) GRMCL, a Chinese joint venture company, has its
registered office at70-1, Shan Zhong Road, Liuzhou City, Guangxi, China, and
owns a dam station.
1.3.B.3.(a)(xxii)(A)(viii)(b) GRMHCL, a Chinese joint venture company, has its
registered office at 70-1, Shan Zhong Road, Liuzhou City, Guangxi, China, and
owns a hydropower station.
1.3.B.3.(a)(xxii)(A)(ix) Yaneng Consulting (Shanghai) Company Limited, a Chinese
company, has its principal executive office at Unit 08-13, 14th Floor, POS
Plaza, 1600 Century Avenue, Pudong New District, Shanghai, People's Republic of
China and to render consulting services on technology and other services in
relation to the electric and thermal power industry.
1.3.B.3.(a)(xxii)(A)(x) Meiya (Tao Yuan) Power Company Ltd., a Malaysian
company, has its registered office at Level 13(E), Main Office Tower, Financial
Park Labuan, Jalan Merdeka, 87000, Labuan F.T., Malaysia and owns a 35% interest
in Kuo Kuang Power Company Ltd. (Kuo Kuang) described below.
35
1.3.B.3.(a)(xxii)(A)(x)(a) Kuo Kuang, a Taiwanese company, has its registered
office at 15/F., 9 Shiang Yang Road, Taipei, Taiwan, Republic of China, and was
formed for the purpose of investing in power facilities in Taiwan.
1.3.B.3.(a)(xxii)(A)(xi) Meiya Sanjiang Hydropower Limited, formerly Meiya
Rudong Cogen Power Ltd., a Cayman Islands company, has its registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies and was formed for the purpose of making investments in
China.
1.3.B.3.(a)(xxii)(A)(xii) Meiya Power Development Company Ltd., a Hong Kong
company, was formed for the purpose of making investments in Korea.
1.3.B.3.(a)(xxii)(A)(xiii) Meiya Qujing Power Company Ltd., a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for the
purpose making investments in China.
1.3.B.3.(a)(xxii)(A)(xiv) Meiya (Taiwan) Power Development Limited, a Malaysian
company, has its registered office at Level 13(E), Main Office Tower, Financial
Park Labuan, Jalan Merdeka, 87000, Labuan F.T., Malaysia, was formed for the
purpose of business development in Taiwan.
1.3.B.3.(a)(xxii)(A)(xv) Meiya (Lanzhou) Power Company Limited, a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for the
purpose making investments in China.
1.3.B.3.(a)(xxii)(A)(xvi) Meiya Qingjiang Hydropower Ltd. , a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for the
purpose making investments in China.
1.3.B.3.(a)(xxii)(A)(xvii) Meiya Haian Cogen Power Ltd. , a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies and was formed for the
purpose making investments in China.
1.3.B.3.(a)(xxii)(A)(xvii)(a) Haian Meiya Cogeneration Co., Ltd. a Chinese
company, has its principal executive office at 27 Chang Jiang Dong Road, Haian
Economic Development Zone, Haian, Jiangsu province, People's Republic of China
and was formed for the purpose of making investment in China.
1.3.B.3.(a)(xxii)(A)(xviii) Meiya Yulchon Power Co. Ltd., a Maltese company, has
its principal executive office at 171 Old Bakery Street, Valetta, Malta and was
formed for the purpose of making investment in Korea.
1.3.B.3.(a)(xxii)(A)(xviii)(a) Mirant Yulchon Generation Co., Ltd., a Korean
company, has its principal executive office at Yulchon First Industrial Complex,
Haeryong-myun, Soonchun-shi, Chollanam-do, Korea and was formed for the purpose
of investing in power facilities in Korea.
36
1.3.B.3.(a)(xxiii) PSEG Salalah Inc. (PSEG SI), a Delaware corporation, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801. PSEG SI has
the following direct and indirect wholly and partially owned subsidiaries:
1.3.B.3.(a)(xxii)(A) PSEG Oman Company, a Cayman Islands company, has its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and is currently inactive.
1.3.B.3.(a)(xxii)(B) Salalah Power Holdings, Ltd. (SPH), a Bermuda limited
liability company, has its principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is wholly owned by PSEG SI and has the
following direct and indirect wholly and partially owned subsidiaries described
below.
1.3.B.3.(a)(xxii)(B)(i) Salalah Power Holdings II, Ltd. (SPHII), a Bermuda
limited liability company, has its principal executive offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda, and is currently inactive.
1.3.B.3.(a)(xxii)(B)(ii) Dhofar Power Company SAOC (Dhofar), an Oman company has
its registered offices in Oman and was formed for the purpose of investing in
power facilities in Oman. Dhofar is 81% owned by SPH described above. Dhofar
owns a 99.99% interest in Dhofar Generating Company SAOC.
1.3.B.3.(a)(xxii)(B)(ii)(a) Dhofar Generating Company SAOC, an Oman company, has
its registered office in Oman and was formed for the purpose of investing in
power facilities in Oman.
1.3.B.3.(a)(xxii)(C) PSEG Oman Power Holdings Company, a Cayman Islands company
has its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, and is currently inactive.
1.3.B.3.(a)(xxiv) PSEG Argentina Holding Company LLC, a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, and was formed for the purpose of investing in Latin America.
1.3.B.3.(a)(xxv) PSEG Cayman Americas I Company (Cayman I), a Cayman Islands
company, has its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, and has one 99.99%
subsidiary as described below (PSEG Cayman Americas II Company (Cayman II) owns
the remaining 0.01%).
1.3.B.3.(a)(xxv)(A) PSEG Operadora S.R.L., an Argentine limited liability
company, has its registered office at Marcelo T. de Alvear 684, Piso 2, Buenos
Aires, Argentina, and is currently inactive.
1.3.B.3.(a)(xxvi) PSEG Cayman II, a Cayman Islands company, has its registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, and owns 0.01% of PSEG Operadora S.R.L. (described
above).
37
1.3.B.3.(a)(xxvii) PSEG Ummalnar Energy Company Ltd., formerly PSEG Cayman
Americas III Company, a Cayman Islands company, has its registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies, and is currently inactive.
1.3.B.3.(a)(xxviii) PSEG Edeersa Company, formerly PSEG Sharquia Power Holdings
Ltd., a Cayman Islands company, has its registered office at Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies
and was formed for the purpose of providing operation and maintenance services
to Edeersa. PSEG Edeersa Company is wholly owned by PSEG Americas Ltd.
1.3.B.3.(a)(xxix) PSEG Chile Generation Ltd. (PCGL), formerly Salalah Power
Holdings I Ltd., a Bermuda company, has its principal executive offices at
Clarendon House, 2 Church Street, Hamilton, Bermuda, and is being used for the
purpose of investing in power facilities in Chile and has one direct subsidiary
(described below).
1.3.B.3.(a)(xxix)(A) Compania de Generacion del Sur, S.A. (CGS), a Chilean
sociedad anonima, has its registered office in Santiago, Chile and was formed
for the purpose of investing in Latin Americas. CGS is 99.99% owned by PCGL and
0.01% owned by PSEG Brazil I Company.
1.3.B.3.(a)(xxx) PSEG Luxembourg S.a.r.l., a Luxembourg company, has its
registered office in Luxembourg, is currently inactive and is wholly owned by
PSEG Americas Ltd.
1.3.B.3.(a)(xxxi) PSEG Uruguay S.R.L., an Uruguayan limited liability company,
has its registered office in Uruguay, is presently inactive and is 99% owned by
PSEG Americas Ltd. and 1% owned by Andina Mendoza Company. It has the following
wholly-owned subsidiaries:
1.3.B.3.(a)(xxxi)(A) PSEG Spain S.L., a Spanish limited liability company, has
its registered office in Spain, and is presently inactive.
1.3.B.3.(a)(xxxi)(B) PSEG Uruguay Finance Company, a Cayman Islands company, has
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies and is currently inactive.
1.3.B.4 PSEG India Company, a Cayman Islands company, has its registered office
at Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies. PSEG India Company has one direct wholly owned subsidiary
and several indirect wholly and partially owned subsidiaries described below.
1.3.B.4.(a) PSEG EAMS Ltd. (PSEG EAMS), a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and is a
wholly owned subsidiary of PSEG India Company and has two direct wholly-owned
subsidiaries, two indirect partially owned and one wholly owned subsidiary which
are described below.
1.3.B.4.(a)(i) PSEG Operations Ltd., a Mauritius company, has its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, and has
the following direct wholly owned and partially owned subsidiaries, described
below.
38
1.3.B.4.(a)(i)(I) PSEG PPN Operations Private Ltd., an Indian company, has its
registered office at Prince Towers', Floor 9, 25-26, College Road, Chennai,
India 600 006, was formed for the purpose of operation and maintenance of power
facilities in India and is an EWG. PSEG Ambalamugal Energy Company Ltd.
(described above) owns one share of PSEG PPN Operations Private Ltd.
1.3.B.4.(a)(ii) PSEG PPN Energy Company Ltd., a Mauritius company, has its
registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, was formed for the purpose of investing in power facilities in India
and is an EWG. PSEG PPN Energy Company Ltd. has a 20% ownership interest in PPN
Power Generating Company Limited (PPN PGC) as described below.
1.3.B.4.(a)(ii)(I) PPN PGC, an Indian company, has its registered office at
Jhaver Plaza III Floor, I A Nungambakkam High Road, Nungambakkam, Chennai, India
600034, and was formed for the purpose of owning and operating power facilities
in India.
1.3.B.5 PSEG Europe (Delaware) LLC, formerly PSEG Europe (Delaware) Inc. and
PSEG Elcho (Delaware) Inc. (PED LLC), a Delaware limited liability company, has
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, and has
the following direct and indirect wholly and partially owned subsidiaries:
1.3.B.5.(a) PSEG Europe B.V. (PSEG Europe), a Netherlands company, has its
principal executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands.
PSEG Europe is a direct wholly owned subsidiary of PEDLLC and has the following
direct wholly-owned subsidiaries, 99% owned subsidiaries, and indirect
subsidiaries:
1.3.B.5.(a)(i) PSEG Investments B.V., a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and was
formed for the purpose of investing in power facilities in Turkey. PSEG
Investments B.V. is owned 99% by PSEG Europe and 1% by PEDLLC.
1.3.B.5.(a)(i)(A) Konya Ilgin Elektrik Uretim ve Ticaret Limited Sirketi
(Konya), a Turkish company, has its registered address at Piyade Sk. 18 C Blok
Flat No. 8, Cankaya, Akara, Turkey. Konya is owned 99% by PSEG Investments B.V.
and 1% by PSEG Turkey B.V. and was formed for the purpose of investing in
Turkey.
1.3.B.5 (a)(iii) PSEG Silesia B.V., a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and has one
wholly owned subsidiary and one indirect 55.34% owned subsidiary as follows:
1.3.B.5.(a)(iii)(A) PSEG Chorzow B.V., a Netherlands company, and an EWG, has
its principal executive offices at Weena 340, 3012 NJ Rotterdam, The
Netherlands, and has a 55.34% interest in Elektrocieplownia Chorzow Elcho Sp.
z.o.o. (Chorzow).
1.3.B.5.(a)(iii)(A)(i) Elektrocieplownia Chorzow Elcho Sp. z o.o., a Polish
company, has its principal executive offices at ul. Kosciuszki 6, 41-500
Chorzow, Poland, and is developing a coal-fired power station in Chorzow,
Poland, which is expected to qualify upon completion as an EWG.
39
1.3.B.5.(a)(v) PSEG Turkey B.V., formerly Konya Ilgin Electric Production B.V.,
a Netherlands company, has its principal executive offices at Weena 340, 3012 NJ
Rotterdam, The Netherlands, and was formed for the purpose of investing in power
facilities in Turkey. PSEG Turkey B.V. is owned 99% by PSEG Europe and 1% by
PEDLLC.
1.3.B.5.(a)(vi) PSEG Italia B.V. (formerly Ramat Hovav, B.V.), a Netherlands
company, has its principal executive offices at Weena 340, 3012 NJ Rotterdam,
The Netherlands and was formed for the purpose of investing in power facilities
in Italy. PSEG Italia B.V. owns a 50% interest in Prisma 2000 S.p.A. (Prisma)
and an indirect interest in the following subsidiaries of Prisma.
1.3.B.5.(a)(vi)(A) Prisma, an Italian company, has its registered office at Via
G. de Castro, 4, -20144 Milan, Italy and was formed for the purpose of
construction, operation and maintenance of, and investing in, power projects in
Italy. Prisma has the following direct wholly-owned and partially-owned
subsidiaries:
1.3.B.5.(a)(vi)(A)(i) Cellulosa Calabra S.p.A., an Italian company, has its
registered office at Strada Statale 106, Zona Industriale 88900 Crotone, Italy
and was formed for the purpose of investing in power facilities in Italy.
1.3.B.5.(a)(vi)(A)(ii) Energ S.p.A., an Italian company, has its registered
office at Via Toledo (Piazzetta Duca d'Aosta) 265-80100 Napoli, Italy and was
formed for the purpose of investing in power facilities in Italy, is wholly
owned by Prisma.
1.3.B.5.(a)(vi)(A)(iii) San Marco Bioenergie S.p.A., an Italian company, has its
registered office at Via G. de Castro, 4-20144 Milan, Italy and was formed for
the purpose of investing in power facilities in Italy, is wholly-owned by
Prisma.
1.3.B.5.(a)(vi)(A)(iv) Idrogest S.p.A., an Italian company, has its registered
office at Via Piemonte 117, Roma, Italy and is currently inactive.
1.3.B.5.(a)(vi)(A)(v) Elettrica Centro Nord S.r.l., an Italian company, has its
registered office at Corso Nizza 10 (Int 5), 12100 Cuneo, Italy and is currently
inactive.
1.3.B.5.(a)(vi)(A)(vi) Sicob Energia S.r.l., an Italian company, has its
registered office at Castel San Giorgio, Localita Zona Industriale, 84083,
Salerno, Italy and is currently inactive.
1.3.B.5.(a)(vi)(A)(vii)Ecogen S.p.A., an Italian company, has its registered
address at Strada Cipata 118, 46100, Mantova, Italy, and is currently inactive.
1.3.B.5.(a)(vi)(A)(viii) Biomass Italia S.p.A., an Italian company, has its
registered office at Strada Statale 106, Zona Industriale, 88900-Crotone, Italy
and was formed for the purpose of investing in power facilities in Italy.
Prisma, owns a 50% interest in Biomass Italia S.p.A. Biomasse Italia S.p.A. was
granted EWG status on July 9, 2001.
1.3.B.5.(a)(vi)(A)(viii)(a) P.A. Energy S.r.l., an Italian company, has its
registered office at Viale Citta d'Europa 681, Roma, Italy and is currently
inactive.
40
1.3.B.5.(a)(vi)(A)(viii)(b) Barzellotti Lemerangi Bioenergia S.r.l., an Italian
company, has its registered office at Corso Cavour 9, 06034 Foligno (PG),
Perugia Italy and is currently inactive.
1.3.B.5.(a)(vi)(A)(viii)(c) La Montagnola Leopardi S.r.l., an Italian company,
has its registered office at Corso Cavour 9, 06034 Foligno (PG), Perugia, Italy
and is currently inactive.
1.3.B.5.(a)(vi)(A)(viii)(d) Pontedera Energia S.p.A., an Italian company, has
its registered office at Via Carducci 8, Empoli (FI), Firenze, Italy and is
currently inactive.
1.3.B.5.(a)(vi)(A)(viii)(e) Tecnogrp Beco S.p.A., an Italian company, has its
registered office at Via Carducci 8, Empoli (FI), Firenze, Italy and is
currently inactive.
1.3.B.5.(a)(vii) PSEG Poland Distribution B.V., a Netherlands company, and an
EWG, has it principal executive offices at Weena 340, 3012 NJ Rotterdam, The
Netherlands, and has a 50% + 1 share owned subsidiary as follows:
1.3.B.5.(a)(vii)(A) Electrownia Skawina, S.A., a Polish company, has its
registered offices at Skawina, Poland, and which owns and operates a coal-fired
power station at Skawina, Poland.
1.3.B.5.(a)(viii) PSEG Europe I B.V. a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and is
currently inactive.
1.3.B.5.(a)(ix) PSEG Europe II B.V. a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and is
currently inactive.
1.3.B.5.(a)(xi) PSEG Europe IV B.V. a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and is
currently inactive.
1.3.B.5.(a)(xii) PSEG Europe V B.V. a Netherlands company, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, and is
currently inactive.
41
1.3.C. Enterprise Group Development Corporation (EGDC), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. EGDC is a nonresidential real estate property management business.
EGDC has investments in five commercial real estate properties (one of which is
developed) in several states. EGDC is an 80% joint venture partner in each of
State Street Square Urban Renewal Partners (SSSURPI), State Street Square Urban
Renewal Partners II (SSSURPII), State Street Square Partners III (SSSIII), State
Street Square 36 West Partners (SSS36W) and State Street Square NSB Partners
(SSSNSB). EGDC is a wholly-owned subsidiary of Energy Holdings. EGDC has nine
direct and two indirect subsidiaries, including general partnership interests as
described below.
1.3.C.1. EGDC - Concourse, Incorporated (Concourse), a Florida corporation, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Concourse is a 75% general
42
partner in Concourse at Maitland Associates (CMA). EGDC owns 100% of Concourse,
and is presently inactive.
1.3.C.1.(a) CMA, a Florida general partnership, has its principal executive
offices at One Riverchase Parkway South, Birmingham, Alabama 35201, and is
presently inactive.
1.3.C.2. EGDC - Fairfax, Incorporated (Fairfax), a Virginia corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Fairfax
is a 50% general partner in Monument Place Associates (MPA).
1.3.C.2.(a) MPA, a Virginia general partnership, has its principal executive
offices at 1416 Dodge Street, Room 1100, Omaha, Nebraska 68179, and owns land on
which it plans to develop an office complex in Fairfax County, Virginia.
1.3.C.3. SSSURPI, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns land and
improvements comprising one phase of a commercial office complex in Trenton, New
Jersey.
1.3.C.4. SSSURPII, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns vacant land
presently used for surface parking comprising one phase of a commercial office
complex in Trenton, New Jersey.
1.3.C.5. SSSIII, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns land in
Trenton, New Jersey.
1.3.C.6. SSSNSB, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and owns the former
National State Bank Building in Trenton, New Jersey.
1.3.C.7. SSS36W, a New Jersey general partnership, has its principal executive
offices at 50 West State Street, Trenton, New Jersey 08608, and is presently
inactive.
1.3.C.8. EGDC - Largo Incorporated (Largo), a Maryland corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, and owns
land on which it plans to develop an office complex in Largo, Maryland.
1.3.C.9. EGDC - Largo Management Incorporated (Largo Management), a Maryland
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, and is presently inactive.
1.3.D. PSEG Energy Technologies Inc. (PSEG Energy Technologies), a New Jersey
corporation, has its principal executive offices at 499 Thornall Street, 4th
Floor, Edison, New Jersey 08837. PSEG Energy Technologies, an energy services
business, is a wholly-owned subsidiary of PSEG Energy Holdings. PSEG Energy
Technologies is an energy management company that constructs, operates and
maintains heating, ventilating and air conditioning (HVAC) systems for and
provides energy-related engineering, consulting and mechanical contracting
services to industrial and commercial customers in the Northeastern and Middle
Atlantic United States. As of December 31, 2002, Energy Technologies had assets
of $200 thousand.
43
The management of PSEG Energy Holdings has determined that due to the
substandard performance of Energy Technologies that it would discontinue its
operations and divest itself of its mechanical contracting services assets.
PSEG Energy Technologies has the following 19 direct (wholly-owned, unless
otherwise indicated) and 11 indirect subsidiaries:
1.3.D.1. The Dowling Group, Inc. (Dowling Group), a Pennsylvania corporation,
has its principal executive offices at 9815 Roosevelt Boulevard, Philadelphia,
Pennsylvania 19114. Dowling Group is currently inactive.
1.3.D.2 Fluidics, Inc. (Fluidics), a Pennsylvania corporation, has its principal
executive offices at 9815 Roosevelt Boulevard, Philadelphia, Pennsylvania 19114.
Fluidics provides mechanical, construction and building services. Fluidics has
two wholly-owned subsidiaries, as follows:
1.3.D.2.(a)(i) Fluidics of New Jersey, Inc., a New Jersey corporation, has its
principal executive offices at 499 Thornall Street, Edison, New Jersey 08837.
Fluidics of New Jersey, Inc. provides mechanical, construction and building
services.
1.3.D.2.(a)(ii) Wredna, Inc. (Wredna), a Delaware Corporation, has its principal
executive offices at 900 Market Street, Suite 200, Wilmington, Delaware 19801.
Wredna owns various Fluidics trade and service marks that it licenses to
Fluidics.
1.3.D.3. Arden Engineering Constructors, Inc. (Arden), a Rhode Island
corporation, has its principal executive offices at 435 Narragansett Park Drive,
Pawtucket, Rhode Island 02861. Arden provides mechanical, construction and
building services.
1.3.D.4. East Coast Mechanical, Inc. (East Coast), a Virginia corporation, has
its principal executive offices at 552 Central Drive, Suite 112, Virginia Beach,
Virginia 23454. East Coast provides mechanical, construction and building
services.
1.3.D.5. Barham-McBride Company Incorporated (BaMCo), a New Jersey corporation,
has its principal executive offices at 4239 Route 33, Tinton Falls, New Jersey
07713. BaMCo is a partially-owned subsidiary of PSEG Energy Technologies, whose
shareholders are PSEG Energy Technologies (90%), and Terence McBride (10%).
BaMCo provides mechanical contracting services and has 4 direct subsidiaries and
has 50% interest in a joint venture.
1.3.D.5.(a) Urban Comm-Data, Inc. (Urban), a New Jersey corporation, has its
principal executive offices at 321 Fairfield Road, Fairfield, New Jersey 07004.
Urban provides mechanical and electrical services.
1.3.D.5.(b) Independent Electrical Construction Company (Independent
Electrical), a New Jersey corporation, has its principal executive offices at
321 Fairfield Road, Fairfield, New Jersey 07004. Independent Electrical provides
mechanical and electric contracting services.
1.3.D.5.(c) McBride Energy Services Company, LLC (MESCO), a New Jersey limited
liability company, has its principal offices at 233 Central Avenue, Hawthorne,
New Jersey 07506. MESCO is currently inactive.
1.3.D.5.(d) Barham-McBride Joint Venture (B-M JV), a New Jersey joint venture
of, and owned equally by, BaMCo and Thomas H. Barham Co. (Barham) (see below).
B-M JV provides mechanical contracting services for various casinos in Atlantic
City and the Tosco facility in Linden, New Jersey.
44
1.3.D.6. Liber Rich & Sons, Inc. (Liber Rich), a New Jersey corporation, has its
principal executive offices at 701 West Delilah Road, Pleasantville, New Jersey
08232. The stock of Liber Rich is owned by PSEG Energy Technologies (90%) and
Joseph Rich Jr. (10%). Liber Rich provides mechanical contracting services.
1.3.D.7. Rich Fire Protection Company, Inc. (Rich Fire), a New Jersey
corporation, has its principal executive offices at 701 West Delilah Road,
Pleasantville, New Jersey 08232. Rich Fire provides fire protection and
mechanical contracting services.
1.3.D.8. KHS Holding Corp. (KHS Holding), previously known as "Keith H. Struble
Air Conditioning, Inc.," is a New Jersey corporation, has its principal
executive offices at c/o PSEG Energy Technologies Inc., 499 Thornall Street, 4th
Floor, Edison, New Jersey 08837. Until January 24, 2003. KHS Holding provided
mechanical contracting services. As of January 24, 2003, substantially all of
its assets were sold to Carrier Corporation. Currently, KHS Holding is inactive.
1.3.D.9. Thomas H. Barham Co., Inc., a New Jersey corporation, has its principal
executive offices at 4239 Highway 33, Tinton Falls, NJ 07753. The stock of
Barham is owned by PSEG Energy Technologies (90%) and by Thomas H. Barham (10%).
Barham provides mechanical contracting services.
1.3.D.10. Central Plumbing and Heating Company, Inc. (Central), a Pennsylvania
corporation, has its principal offices at 622 Hanover Avenue, Allentown,
Pennsylvania 18103. Central provides fire protection and mechanical services.
1.3.D.11. Tougher Industries, Inc. (Tougher), a New York corporation, has its
principal offices at 175 Broadway, Albany, New York 12204. Tougher provides
mechanical contracting services and fabricates and installs sheet metal for
primarily mechanical applications.
1.3.D.11.(a) Tougher Mechanical, Inc. (Mechanical), a New York corporation, has
its principal offices at 175 Broadway, Albany, New York 12204. Mechanical
provides in-house union payroll services.
1.3.D.12 50 Belver Avenue Associates Corporation, a New Jersey Corporation (50
Belver) has its principal offices at 499 Thornall Street, 4(th) Floor, Edison,
New Jersey 08837. 50 Belver is the sole general partner of Quonset Point Cogen,
L.P., a New Jersey limited partnership., 50 Belver conducts no other business.
1.3.D.13 OPC Corporation, a New Jersey corporation (OPC Corp.) has its principal
offices at 499 Thornall Street, 4(th) Floor, Edison, New Jersey 08837. OPC Corp.
is the sole limited partner of Quonset Point Cogen, L.P., a New Jersey limited
partnership., OPC Corp. conducts no other business.
1.3.D.13(A) Quonset Point Cogen, L.P. (QPC-LP), a New Jersey limited
partnership, has its principal offices at 499 Thornall Street, 4th Floor,
Edison, New Jersey 08837. QPC is owned by its sole general partner, 50 Belver
Avenue Associates Corp., a wholly-owned subsidiary of Energy Technologies, and
its sole limited partner, QPC Corporation, a New Jersey corporation. QPC owns
and will operate a central plant facility at the Rhode Island location of Toray
Plastics (America), Inc.
45
1.3.D.14 Quonset Point Cogen Corp., a Delaware corporation (Quonset Corp.), has
its principal offices at c/o PSEG Energy Technologies Inc., 499 Thornall Street,
4th Floor, Edison, New Jersey 08837. Quonset Corp. is a wholly-owned subsidiary
of PSEG Energy Technologies. Quonset Corp. is currently inactive.
1.3.D.14(a) Quonset Point Cogen, L.P., a Delaware limited partnership
(QPC-DELP), has principal offices at 499 Thornall Street, 4th Floor, Edison, New
Jersey 08837. QPC-DELP is owned by its sole general partner, Wredna, a
wholly-owned subsidiary of Fluidics, and its sole general partner, Quonset Point
Cogen Corp. QPC-DELP is currently inactive.
1.3.D.15. PSEG Energy Technologies Asset Management Company LLC (AMC LLC), a New
Jersey limited liability company, has its principal offices at c/o Public
Service Enterprise Group Incorporated, 80 Park Plaza, P.O. Box 1171, Newark New
Jersey 07102-1171. AMC LLC's sole member is PSEG Energy Technologies. AMC LLC
has two subsidiaries discussed, below. AMC LLC is currently inactive.
1.3.D.15.(a) PSEG Energy Technologies Demand Management Assets Company LLC (DMA
LLC), a New Jersey limited liability company, has its principal offices at c/o
Public Service Enterprise Group Incorporated, 80 Park Plaza, P.O. Box 1171,
Newark New Jersey 07102-1171. DMA LLC is currently inactive.
1.3.D.15.(b) PSEG Energy Technologies Asset Services Company LLC (AS LLC), a New
Jersey limited liability company, has its principal offices at c/o Public
Service Enterprise Group Incorporated, 80 Park Plaza, P.O. Box 1171, Newark New
Jersey 07102-1171. AS LLC is currently inactive.
1.3.D.16. PSEG ET 211 S. Broad Street Company LLC (ET 211), a Delaware limited
liability company, has its principal office at 1209 Orange Street, Wilmington,
Delaware 19801. ET 211 is currently inactive.
1.3.D.17. PSEG ET ONE NFL Plaza Company LLC (ET NFL), a Delaware limited
liability company, has its principal office at 1209 Orange Street, Wilmington,
Delaware 19801. ET NFL is currently inactive.
1.3.D.18. One NFL Plaza Company LLC (One NFL), a New Jersey limited liability
company, has its principal office at c/o PSEG Energy Technologies Inc., 499
Thornall Street, Edison, NJ 08837. One NFL owns and maintains certain heating,
ventilation and air conditioning and boiler and chiller systems and equipment at
NFL Productions' One NFL Plaza, Mt. Laurel, New Jersey facility.
1.3.D.19. 211 S. Broad Street Company LLC (211 S. Broad), a New Jersey limited
liability company, has its principal office at c/o PSEG Energy Technologies
Inc., 499 Thornall Street, Edison, NJ 08837. 211 S. Broad owns, operates and
maintains certain heating, ventilation and air
46
conditioning and chiller systems and equipment at the University of the Art's
211 S. Broad Street, Philadelphia facility.
1.3.E. PSEG Capital Corporation (Capital), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Capital
is a wholly-owned financing subsidiary of Energy Holdings, which serves as a
capital financing vehicle for Energy Holdings' businesses, borrowing up to $650
million at any one time outstanding on their behalf on the basis of a minimum
net worth maintenance agreement with PSEG.
1.3.F. Enterprise Capital Funding Corporation (Funding), a New Jersey
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. Funding, a wholly-owned subsidiary of Energy Holdings, formerly
served as a capital financing vehicle for Energy Holdings' businesses (excluding
EGDC and PSEG Energy Technologies), borrowing on their behalf, on the basis of
an unconditional guaranty from Energy Holdings, but without direct support from
PSEG, as well as investing their short-term funds. Funding is currently
inactive.
1.4. PSEG Services Corporation (Services), a New Jersey corporation, has its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Services, a wholly-owned subsidiary of PSEG, was formed in 1999 to provide
internal support services to PSEG's operating subsidiaries.
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.
PSEG owns no property used for the generation, transmission, or
distribution of electric energy for sale, or for the production, transmission,
and distribution of natural or manufactured gas.
PSEG's only subsidiary public utility company is PSE&G, which is an
operating electric and gas utility company. As noted previously, during 2000,
PSE&G transferred its generation-related assets to Power and its subsidiaries
Nuclear and Fossil to own and operate such assets in the deregulated electric
generation market in New Jersey. A description of the properties of PSE&G used
for the transmission and distribution of electric energy for sale, and for the
transmission and distribution of natural gas, which are located predominantly in
New Jersey follows:
In addition to the facilities in New Jersey and Pennsylvania as discussed
above, as of December 31, 2002, We owned 41 switching and/or generating stations
in New Jersey with an aggregate installed capacity of 20,934 megavolt-ampers and
241 substations with an aggregate installed capacity of 7,503 megavolt-amperes.
In addition 5 substations in New Jersey having an aggregate installed capacity
of 127 megavolt-amperes were operated on leased property.
47
Electric Transmission and Distribution Properties
As of December 31, 2002, PSE&G's transmission and distribution system
included approximately 21,873 circuit miles, of which approximately 7,518 miles
were underground, and approximately 781,041 poles, of which approximately
536,260 poles were jointly owned. Approximately 99% of this property is located
in New Jersey.
In addition, as of December 31, 2002, PSE&G owned five electric
distribution headquarters and four sub headquarters in four operating divisions
all located in New Jersey.
48
Gas Distribution Properties
As of December 31, 2002, the daily gas capacity of PSE&G's 100%-owned
peaking facilities (the maximum daily gas delivery available during the three
peak winter months) consisted of liquid petroleum air gas (LPG) and liquefied
natural gas (LNG) and aggregated 2,973,000 therms (approximately 2,886,000 cubic
feet on an equivalent basis of 1,030 Btu/cubic foot) as shown in the following
table:
Daily Capacity
Plant Location --------------
----- -------- (Therms)
Burlington LNG.............. Burlington, NJ 773,000
Camden LPG.................. Camden, NJ 280,000
Central LPG................. Edison Twp., NJ 960,000
Harrison LPG................ Harrison, NJ 960,000
---------
Total..................... 2,973,000
=========
As of December 31, 2002, PSE&G owned and operated approximately 17,019
miles of gas mains, owned 11 gas distribution headquarters and two sub
headquarters all in two operating regions located in New Jersey and owned one
meter shop in New Jersey serving all such areas. In addition, PSE&G operated 61
natural gas metering or regulating stations, all located in New Jersey, of which
28 were located on land owned by customers or natural gas pipeline companies
supplying PSE&G with natural gas and were operated under lease, easement or
other similar arrangement. In some instances, the pipeline companies owned
portions of the metering and regulating facilities.
3. The following information is for the last calendar year with respect to
claimant and each of its subsidiary public utility companies:
(a) Number of kwh. (megawatt (Mwh.) = 1,000 kilowatts) of electric
energy sold (at retail or wholesale), and Mcf. of natural or
manufactured gas distributed at retail.
PSEG - None.
PSE&G - 41,795,669 Mwh. (retail and wholesale) sold primarily in
the state of New Jersey providing revenue of
approximately $3,648 million in 2002.
PSE&G - 386,298,258 Mcf. (2002 basis of 1,035 BTU/cubic foot)
sold in the state of New Jersey providing revenue of
approximately $2,027 million in 2002.
(b) Number of kwh. of electric energy and Mcf. of natural or
manufactured gas distributed at retail outside the State in
which each such company is organized.
PSEG - None.
49
PSE&G - None.
(c) Number of Mwh. 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.
PSEG - None.
PSE&G - None.
PSE&G - 28,275,400 Mcf. total off-system sales sold in the
states of New Jersey (at N.J. City-Gate), New York,
Pennsylvania, Maryland, South Carolina, Ohio,
Washington D.C., Virginia, North Carolina, Georgia,
Texas, Mississippi and Louisiana providing revenue of
approximately $88,966,322 million in 2002.
(d) Number of Mwh. 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.
PSEG - None.
PSE&G - None.
PSE&G - 109,135,459 Mcf. received through sales and
transportation agreements with interstate pipelines
having delivery points within the State from the states
of New Jersey, New York, Pennsylvania, Ohio, Texas,
Louisiana and Mississippi at a cost of approximately
$423,542,290 million in 2002.
50
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 the distribution at retail of natural or
manufactured gas.
(i) PSEG Bhilai Energy Company Ltd. (BHILAI), a
Mauritius company, has its registered office at 608
St. James Court, St. Denis Street, Port Louis,
Mauritius. BHILAI has a 45% interest in Bhilai
Power Supply Company Limited, which will construct
and own a 587 MW coal-fired power plant in Malhya
Pradish, India. BHILAI is a direct wholly-owned
subsidiary of PSEG (Bermuda) Holdings II Ltd.
(ii) China U.S. Power Partners I, Ltd. (CUPPI), a
Bermuda limited liability company, has its
registered office at Clarendon House, 2 Church
Street, Hamilton, Bermuda. CUPPI has a 30% interest
in Jingyuan Second Power Co., Ltd. (Jingyuan),
which owns a coal-fired electric power generation
facility in Jingyuan, China. PSEG China indirectly
owns 15% of Jingyuan.
(iii) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius
company, has its registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius. ZHL
has a direct 60% interest in Guangxi Zuojiang Meiya
Hydropower Co. Ltd. (GZMHCL), which owns a
hydroelectric power facility in Zuojiang, Guangxi
Zhuang Nationality Autonomous Region, China. PSEG
China indirectly owns 30% of GZMHCL.
(iv) PSEG Tongzhou Cogen Power Ltd. (TMC), a Bermuda
limited liability company, has its principal
executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda. TMC owns an 80% interest
in Tongzhou Meiya Cogeneration Company Limited
(TMCC), which owns a coal-fired cogeneration
facility in Tongzhou City, Jiangsu Province, China.
PSEG China indirectly owns 40% of TMCC.
(v) Rio Grande Energia, S.A., (RGE), a Brazilian
company, has its registered office at Rua da
Consolacao #247, 8th Floor, Room 12, Sao Paulo,
Brazil
51
01301903. RGE is an electric distribution company
serving the State of Rio Grande do Sul, Brazil. RGE
is 32.46% owned by Ipe Energia S.A., a Brazilian
company, which is owned 50% each by PSEG Brazil
Company and PSEG Brazil I Company, both Cayman
companies, which in turn are wholly-owned by Pampa
Energia Ltda.
(vi) Empresa Distribuidora de Energia Norte S.A. (EDEN),
an Argentine company and a FUCO, has its principal
executive offices at Calle 48, numero 786, La
Plata, Argentina. EDEN owns a distribution facility
in the province of Buenos Aires, Argentina. EDEN is
a direct 33.34% owned subsidiary of PSEG OA, which
in turn is 99.99% owned by PSEGAOC, a Cayman
company and 0.01% owned by CEMAS Corporation.
PSEGAOC is in turn 90% owned by PSEG Americas Ltd.,
a Bermuda limited liability company. PSEG Americas
Ltd. is a wholly-owned subsidiary of PSEG Global
International Holdings LLC.
(vii) Empresa Distribuidora de Energia Sur S.A. (EDES),
an Argentine company and a FUCO, has its principal
executive offices at Calle 48, numero 786, La
Plata, Argentina. EDES owns a distribution facility
in the province of Buenos Aires, Argentina. EDES is
a direct 33.34% owned subsidiary of PSEG OA, which
in turn is 99.99% owned by PSEGAOC, a Cayman
company and 0.01% owned by CEMAS Corporation.
PSEGAOC is in turn 90% owned by PSEG Americas Ltd.,
a Bermuda limited liability company. PSEG Americas
Ltd. is a wholly-owned subsidiary of PSEG Global
International Holdings LLC.
(viii) Turbogeneradores Maracay, C.A. (TGM), a Venezuela
company, has its principal offices located at
Avenida Francisco de Miranda, Piso 12, Torre
Country Club, Chacaito, and Caracas, Venezuela. TGM
owns and operates two nominal 20 MW simple-cycle
gas turbine generators at the paper mill facilities
of Manufacturas de Papel C.A. in Maracay,
Venezuela. TGM is a direct 17.13% owned subsidiary
of Turbogeneradores de Venezuela, C.A., (TGV). TGV
is a direct 50% owned subsidiary of PSEG Americas
II, Ltd.
(ix) Empresa Distribuidora La Plata Sociedad Anonima
(EDELAP), an Argentine Sociedad Anonima, with its
executive offices in Buenos Aires, Argentina. The
principal purpose of EDELAP is to offer services of
52
distribution and commercialization of electricity
in accordance with the terms of the Concession
Contract. 51% of EDELAP Class A stock is directly
owned by COINELEC (described above), 31.942% of
EDELAP Class B shares is directly owned by Luz de
la Plata S.A. and an additional 7.058% of EDELAP
Class B Shares are directly owned by Camille Ltd.
(described above).
(x) Turboven Cagua Company Inc. (CAGUA), a Cayman
Islands company has its registered office at c/o
Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand
Cayman, Cayman Islands, British West Indies, is a
FUCO, and was formed for the purpose of making a
future investment in Latin America.
(xi) Turboven Maracay Company Inc. (MARACAY), a Cayman
Islands company has its registered office at c/o
Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand
Cayman, Cayman Islands, British West Indies, is a
FUCO, and was formed for the purpose of making a
future investment in Latin America.
(xii) Turboven Valencia Company Inc. (VALENCIA), a Cayman
Islands company has its registered office at c/o
Trident Trust Company (Cayman) Limited, Fourth
Floor, One Capital Place, P. O. Box 847, Grand
Cayman, Cayman Islands, British West Indies, is a
FUCO, and was formed for the purpose of making a
future investment in Latin America.
(xiii) PSEG PPN Energy Company Ltd. (PPN Energy), a
Mauritius company and an EWG, has its registered
office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius and was formed for the
purpose of investing in power facilities in Kerala,
India. PSEG PPN Energy Company Ltd. has a 20%
ownership interest in PPN Power Generating Company
Limited.
(xiv) PSEG PPN Operations Private Ltd. (PPN Operations),
an Indian company and an EWG, has its registered
office at "Prince Towers", Floor 9, 25-26, College
Road, Chennai, India 600006, is an EWG and was
formed for the purpose of providing operations and
maintenance services to power facilities in India.
(xv) PSEG International Ltd., a Bermuda limited
liability company, has its principal executive
offices at Clarendon House, 2 Church Street,
Hamilton Bermuda H1011, is an EWG, and has a 60%
interest in Carthage Power Company SARL (CPC).
CPC is a Tunisian company.
53
(xvi) PSEG North Chennai Ltd., a Mauritius company, has
its registered office at 608 St. James Cart, St.
Denis Street, Port Louis, Mauritius, is an EWG, and
has a 26% interest in Tri-Sakthi Investments
Limited (TSIL) and a 50% interest in Tri-Sakthi
Energy Private Limited (TSEPL). TSIL also has a 50%
interest in TSEPL. TSEPL has a 525mW North Chennai
Phase III thermal power project at Ennore. The
Madras High Court has admitted a winding-up
petition filed against TSEPL by PSEG North Chennai
Ltd.
(xvii) Guadalupe Power Partners, LP (Guadalupe), and an
EWG, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, and was formed
for making future investments in Texas. PSEG Texgen
I and II together own 50% of Texas Independent
Energy, L.P., which owns 100% of Guadalupe Power I,
LLC and Guadalupe Power II, LLC.
(xviii) Archer Power Partners, LP (Archer), has its
registered office at 1209 Orange Street,
Wilmington, Delaware 19801, and was formed for
making future investments in Texas. PSEG Texgen I
and II together own 50% of Texas Independent
Energy, L.P., which owns 100% of Archer Power I,
LLC and Archer Power II, LLC.
(xix) Odessa-Ector Power Partners, LP (Odessa), an EWG,
has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, and was formed for
making future investments in Texas. PSEG Texgen I
and II together own 50% of Texas Independent
Energy, L.P., which owns 100% of Odessa-Ector Power
I, LLC and Odessa-Ector Power II, LLC.
(xx) Chilquinta Energia S.A. (Chilquinta), a Chilean
company,has its principal executive offices at
General Cruz No. 222, Valparaiso, Chile, and was
formed for the purpose of making investments in
Chile and Peru. Inversiones Sempra-PSEG Chile S.A.
holds a 99.987% interest in Chilquinta and Chilean
Equity holds a 0.0065% interest in Chilquinta.
(xxi) Luz del Sur S.A.A. (Luz del Sur), a Peruvian
company, has its principal executive offices at
Canaval y Moreyra 380, Piso 18, San Isidro Lima
Peru, and is a FUCO and an electric distribution
company serving southern Lima, Peru. A 61.16%
interest in Luz del Sur is directly owned by
Ontario Quinta A.V.V. Peruvian Opportunity S.A.C.
holds a direct interest of 22.89% in Luz del Sur
and Energy Business International A.V.V. owns
3.83%.
54
(xxii) AES Parana Operations SRL (AES Parana Operations),
an Argentine company, has registered office in
Buenos Aires, Argentina, and will provide
maintenance and operations services to the project
being constructed by AES Parana Operations. AES
Parana Operations is 33.26% owned by PSEG Cayman
Americas V Company and was formed for the purpose
of making investments in Argentina.
(xxiii) PSEG Fossil LLC (Fossil), a Delaware limited
liability company, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102.
Fossil, a wholly-owned subsidiary of Power, is an
EWG, and was formed to operate the fossil fueled
electric generation assets of PSE&G which were
transferred to Power during 2000.
(xxiv) PSEG Nuclear LLC (Nuclear), a Delaware limited
liability company, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102.
Nuclear, a wholly-owned subsidiary of Power, is an
EWG, and was formed to operate the nuclear fueled
electric generation assets of PSE&G which were
transferred to Power during 2000.
(xxv) PSEG Chorzow B.V., a Netherlands Company, and an
EWG, has its principal executive offices at Weena
340, Rotterdam, and was formed for the purpose of
holding shares in Electrocieplownia Chorzow Elcho
Sp.z.o.o. of which it currently holds 55.34%.
(xxvi) PSEG Rongjiang Hydropower Ltd. (Rongjiang), a
Mauritius company, has its registered office at 608
St. James Court, St. Denis Street, Port Louis,
Mauritius, and was formed for the purpose of
investing in power facilities in China. PSEG China
indirectly owns 50% interest in PSEG Rongjiang
Hydrowpower Ltd. Rongjiang owns a 55% interest in
Guangxi Rongjiang Meiya Company Ltd. and an 80%
interest in Guangxi Rongjiang Meiya Hydropower
Company Ltd.
(xxvii) Kalaeloa Partners, LP, a Delaware limited
partnership, has its registered office at 1209
Orange Street, Wilmington, Delaware 19801, and it
owns a heavy oil-fired cogeneration QF on the
Island of Oahu in Hawaii.
(xxviii) Meiya Electric Asia, Ltd., a Mauritius company, has
its registered office at 608 St. James Court, St.
Denis Street, Port Louis, Mauritius and owns a 92%
interest in Nantong Entergy Heat & Power Co. Ltd.,
55
(Nantong), which owns a coal-fired cogeneration
facility in Nantong, Jiangsu Province, China. PSEG
China indirectly owns 46% of Nantong.
(xxix) Shanghai Wei-Gang Energy Company Ltd., a Chinese
joint venture company, has its registered office at
735 Changjiang Road, Shanghai, China 200431, and
owns and operates a blast furnace gas-fired
electric power generation facility in Shanghai,
China, which has FUCO status. PSEG China indirectly
owns 32.5% of this company.
(xxx) PSEG Power New York. Inc. (Power New York), a
Delaware corporation, and an EWG, has its principal
executive offices at Route 144 Glen Mount, Albany,
New York 12077. Power New York, a wholly-owned
subsidiary of Fossil, was formed to acquire
electric generation assets located in the state of
New York.
(xxxi) GWF Energy LLC, a Delaware limited liability
company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, and was formed
for the purpose of investing in three natural gas-
fired peaker facilities in California, two of which
are operating and one of which is under
construction.
(xxxii) Biomass Italia S.p.A., an Italian company, has its
registered office at Strada Statale 106, Zong
Industriale, 8890-Crotone, Italy and was
formed for the purpose of investing in power
facilities in Italy. Prism owns a 50% interest in
Biomass Italia S.p.A.
(xxxiii) Texas Independent Energy Operating Company, LLC, a
Delaware company, and an EWG, has its registered
office at 1209 Orange Street, Wilmington, Delaware
19801, is a wholly-owned subsidiary of TIELP, and
was formed to operate and maintain the eligible
power generating facility owned by each of GPP and
OEPP.
(xxxiv) Empresa Distribuidora de Electricidad de Entre Rios
S.A. (EDEERSA), an Argentine company and a FUCO,
has its registered office in Argentina and was
formed for the purpose of distributing and
transmitting electric power to the province of
Entre Rios, Argentina. EDEERSA is 90% directly
owned by Inverder.
(xxxv) AES Parana S.C.A., an Argentine company, has
registered office in Buenos Aires, Argentina, and
was formed for the purpose of making investments in
Argentina. AES Parana S.C.A. is owned 33% by PSEG
Cayman Americas V Company.
(xxxvi) Danskammer OP LLC (Danskammer OP), a Delaware
limited liability company, has its principal
executive offices at 1300 North Market Street Suite
405, Wilmington, Delaware 19801. Danskammer OP, an
indirect
56
wholly-owned subsidiary of RCMC, was formed for the
purpose of investing in power facilities in the
State of New York.
(xxxvii) Danskammer OL LLC (Danskammer OL), a Delaware
limited liability company, has its principal
executive offices at 1300 North Market Street Suite
405, Wilmington, Delaware 19801. Danskammer OL, an
indirect wholly-owned subsidiary of RCMC, was
formed for the purpose of investing in power
facilities in the State of New York.
(xxxviii) Roseton OP LLC (Roseton OP), a Delaware limited
liability company, has its principal executive
offices at 1300 North Market Street Suite
405, Wilmington, Delaware 19801. Roseton OP, an
indirect wholly-owned subsidiary of RCMC, was
formed for the purpose of investing in power
facilities in the State of New York.
(xxxix) Roseton OL LLC (Roseton OL), a Delaware limited
liability company, has its principal executive
offices at 1300 North Market Street Suite
405, Wilmington, Delaware 19801. Roseton OL, an
indirect wholly-owned subsidiary of RCMC, was
formed for the purpose of investing in power
facilities in the State of New York.
(xl) Conemaugh Lessor Genco LLC (Conemaugh Lessor), a
Delaware limited liability company, has its
principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Conemaugh Lessor, an
indirect wholly-owned subsidiary of PSRC
was formed for the purpose of investing in power
facilities in the Commonwealth of Pennsylvania.
(xli) Keystone Lessor Genco LLC (Keystone Lessor), a
Delaware limited liability company, has its
principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Keystone Lessor, an
indirect wholly-owned subsidiary of PSRC was formed
for the purpose of investing in power facilities in
the Commonwealth of Pennsylvania.
(xlii) Shawville Lessor Genco LLC (Shawville Lessor), a
Delaware limited liability company, has its
principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Shawville Lessor, an
indirect wholly-owned subsidiary of PSRC was formed
for the purpose of investing in power facilities in
the Commonwealth of Pennsylvania.
57
(xliii) PSEG Philippines Holdings LLC (PPHLLC), a Delaware
limited liability company, has its registered
office at 1209 Orange Street, Wilmington, Delaware
19801 and is an EWG. PPHLLC owns a direct 27.8%
interest in Magellan Capital Holdings Corporation
(MCHC). MCHC, a Philippine company, has its offices
at 4/F Ortigas Bldg., Ortigas Avenue, Pasig City,
Philippines, was formed for the purpose of
investing in power facilities in the Philippines.
(xliv) PSEG Lawrenceburg Energy Company LLC
(Lawrenceburg), a Delaware limited liability
company, has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801 and was formed
for the purpose of investing in a power facility in
Lawrenceburg, Indiana.
(xlv) PSEG Waterford Energy LLC (Waterford), a Delaware
limited liability company and an EWG, has its
registered office at 1209 Orange Street,
Wilmington, Delaware 19801 and was formed for the
purpose of investing in a power facility in
Waterford, Ohio. This company is a wholly-owned
subsidiary of Fossil.
(xlvi) Empresa Electrica de la Frontera S.A. (Frontel), a
Chilean Company, has its registered office in Chile
and was formed for the purpose of investing in
Latin America. Saesa is a FUCO. Frontel is 95.889%
owned by Inversiones Chile and 0.006% owned by PSEG
Chilean Equity II td. Frontel owns a 0.10% direct
interest in each of Creo and STS described below.
(xlvii) Empresa Electrica de Aisen S.A. (Edelaysen), a
Chilean Sociedad anonima, has its registered office
in Chile and was formed for the purpose of
investing in Latin America. Edelaysen is 91.66%
owned by SAESA.
(xlviii) Compania Electrica Osorno S.a. (Creo), a Chilean
Sociedad anonima, has its registered office in
Chile and was formed for the purpose of investing
in Latin America. Creo is 0.10% owned by Frontel
and 99.90% owned by SAESA.
(xlix) Sistema de Transmission Sur S.A. (STS), a
Chilean Sociedad anonima, has its registered office
in Chile and was formed for the purpose of
investing in Latin America. STS is 0.10% owned by
Frontel and 99.90% owned by SAESA.
(l) PSEG Power Midwest LLC (Power Midwest), a Delaware
limited liability company, has its registered
office at 1209 Orange Street, Wilmington, Delaware
19801 and was formed for the purpose of operating
power facilities in the Midwestern United States.
The company received EWG status on October 4, 2001.
58
(li) PSEG Power Connecticut LLC (Power Connecticut), a
Connecticut limited liability company, has its
registered office at 1 Commercial Plaza, Hartford,
Connecticut, 06103 in care of CT Systems. On
December 6, 2002 Fossil acquired the membership
interests of Wisvest-Connecticut LLC from Wisvest
Corporation, an unrelated Wisconsin corporation,
and thereafter changed the name to Power
Connecticut. Power Connecticut is an EWG and its
purpose is to own and operate fossil-fueled
electric generation assets in Connecticut.
(lii) Empresa de Energia Rio Negro S.A. (Edersa), an
Argentine sociedad anonima, has its registered
office in Argentina and was formed for the purpose
of investing in Latin America. Edersa is 50% owned
by SAESA.
(liii) Electroandes S.A., a Peruvian sociedad anonima, has
its registered address at Avenida Canaval y Moreyra
380, Torre Siglo XXI, Piso 16, San Isidro, Lima 27,
Peru and was formed for the purposes of investing
in Latin America.
(liv) PSEG Poland Distribution B.V. (PSEG Poland), a
Netherlands company, and an EWG, has its principal
executive offices at Weena 340, 3012 NJ Rotterdam,
The Netherlands. PSEG Poland owns a 50% +1 share
interest in Electrownia Skawina, S.A. (Skawina),
Skawina, a Polish company, has its registered
offices at Skawina, Poland, and it owns and
operates a coal-fired power station at Skawina,
Poland.
59
(b) Name of each system company that holds an interest
in such EWG or foreign utility company; and
description of the interest held.
See Exhibit C attached hereto and Items 1 and 4(a)
above.
(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.
(i) BHILAI
As of December 31, 2002, PSEG has an
indirect aggregate capital investment in
BHILAI of U.S. $0.
(ii) CUPPI
As of December 31, 2002, PSEG has an
indirect aggregate capital investment in
CUPPI of U.S. $34,384,350 all of which is
equity.
(iii) ZHL
As of December 31, 2002, PSEG has an
indirect aggregate capital investment in
ZHL of U.S. $22,062,494 all of which is
equity.
(iv) TMC
As of December 31, 2002, PSEG has an
indirect aggregate capital investment in
TMC of U.S. $6,306,123 all of which is
equity.
(v) RGE
As of December 31, 2002, PSEG has an
indirect aggregate capital investment in
RGE of U.S. $210,784,528 all of which is
equity.
(vi) EDEN
As of December 31, 2002, PSEG has
reclassified its indirect investment into
EDEN of U.S. $0.
(vii) EDES
As of December 31, 2002, PSEG has
reclassified its indirect investment into
EDES of U.S. $0.
(viii) TGM
As of December 31, 2002, PSEG has an
indirect capitalinvestment in TGM of U.S.
$1,844,199 all of which
60
is equity. PSEG and its subsidiaries
(direct and indirect) have no other
security guarantees, debt or other
financial obligations relative to TGM.
(ix) EDELAP
As of December 31, 2002, PSEG has
reclassified its indirect investment into
EDELAP of U.S. $0.
(x) CAGUA
Turboven Company Inc., a Cayman company,
is the 100% direct parent of CAGUA. PSEG
has a 50% indirect interest in Turboven
Company, Inc. As of December 31, 2002,
PSEG has an indirect capital investment
in Turboven Company Inc. of U.S.
$49,027,395.
(xi) MARACAY
Turboven Company Inc., a Cayman company,
is the 100% direct parent of MARACAY.
PSEG has a 50% indirect interest in
Turboven Company, Inc. As of December 31,
2002, PSEG has an indirect capital
investment in Turboven Company Inc. of
U.S. $49,027,395.
(xii) VALENCIA
Turboven Company Inc., a Cayman company,
is the 100% direct parent of VALENCIA.
PSEG has a 50% indirect interest in
Turboven Company, Inc. As of December 31,
2002, PSEG has an indirect capital
investment in Turboven Company Inc. of
U.S. $49,027,395.
(xiii) PPN Energy
As of December 31, 2002, PSEG has an
indirect capital investment in PPN Energy
of U.S. $30,306,636 all of which is
equity.
(xiv) PPN Operations
As of December 31, 2002, PSEG has an
indirect capital investment in PPN
Operations of U.S. $2,283,900 all of
which is equity.
(xv) PSEG International Ltd/CPC
As of December 31, 2002, PSEG has an
indirect capital investment in Carthage
of U.S. $61,004,138.
(xvi) PSEG North Chennai Ltd/TSEPL
As of December 31, 2002, PSEG has an
indirect capital investment in Tri-Sakthi
of U.S. $0.
61
(xvii) Guadalupe
Texas Independent Energy L.P. is the 100%
indirect parent of Guadalupe Power
Partners. PSEG has a 50% indirect
interest in Texas Independent Energy. As
of December 31, 2002, PSEG has an
indirect capital investment in Texas
Independent Energy L.P. of U.S.
$215,668,245 of which U.S. $142,662,646
is equity and U.S. $73,005,599 is
partnership advances.
(xviii) Archer
Texas Independent Energy L.P. is the 100%
indirect parent of Archer Power Partners.
PSEG has a 50% indirect interest in Texas
Independent Energy. As of December 31,
2002, PSEG has an indirect capital
investment in Texas Independent Energy
L.P. of U.S. $215,668,245 of which U.S.
$142,662,646 is equity and U.S.
$73,005,599 is partnership advances.
(xix) Odessa
Texas Independent Energy L.P. is the 100%
indirect parent of Odessa Power Partners.
PSEG has a 50% indirect interest in Texas
Independent Energy. As of December 31,
2002, PSEG has an indirect capital
investment in Texas Independent Energy
L.P. of U.S. $215,668,245 of which U.S.
$142,662,646 is equity and U.S.
$73,005,599 is partnership advances.
(xx) Chilquinta
As of December 31, 2002, PSEG has an
indirect capital investment in Chilquinta
of U.S. $396,998,486, of which U.S.
$234,130,485 is equity and U.S.
$162,868,001 is debt (including
interest).
(xxi) Luz del Sur
As of December 31, 2002, PSEG has an
indirect capital investment in Luz del
Sur of U.S. $119,893,221.
(xxii) AES Parana Operations
As of December 31, 2002, PSEG has an
indirect capital investment in AES Parana
Operations of U.S. $0.
(xxiii) Fossil
As of December 31, 2002, PSEG has an
indirect capital investment in Fossil of
U.S. $932,647,012, all of which is
equity.
62
(xxiv) Nuclear
As of December 31, 2002, PSEG has an
indirect capital investment in Nuclear of
U.S. $124,202,172, all of which is
equity.
(xxv) PSEG Chorzow B.V.
As of December 31, 2002, PSEG has an
indirect capital investment in PSEG
Chorzow B.V. of U.S. $9,565,989 all of
which is equity.
(xxvi) Rongjiang
As of December 31, 2002, PSEG has an
indirect capital investment in Rongjiang
of U.S. $10,802,762 all of which is
equity.
(xxvii) Kalaeloa Partners, LP
As of December 31, 2002, PSEG has an
indirect capital investment in Kalaeloa
Partners LP of U.S. $26,971,276 all of
which is equity.
(xxviii) Meiya Electric Asia Ltd.
As of December 31, 2002, PSEG has an
indirect capital investment in Meiya
Electric Asia Ltd. of U.S. $3,294,618 all
of which is equity.
(xxix) Shanghai Wei-Gang Energy Company Ltd.
As of December 31, 2002, PSEG has an
indirect capital investment in Shanghai
Wei-Gang Energy Company Ltd. of U.S.
$13,938,948 all of which is equity.
(xxx) Power New York
As of December 31, 2002, PSEG has an
indirect capital investment in Power New
York of U.S. $(3,211,320), all of which
is equity.
(xxxi) GWF Energy LLC
As of December 31, 2002, PSEG has an
indirect capital investment in GWF Energy
LLC of U.S. $224,103,826 all of which is
equity.
(xxxii) Biomass Italia S.p.A.
Prisma 2000 S.p.A. is the 50% indirect
parent of Biomass Italia S.p.A.. PSEG has
a 50% indirect interest in Prisma 2000
S.p.A. As of December 31, 2002, PSEG has
an indirect capital investment in Prisma
2000 S.p.A. of U.S. $68,974,585, of which
U.S. $15,000,000 is equity, and U.S.
$53,974,585 is joint venture advances in
the Asset Held for Sale category.
63
(xxxiii) Texas Independent Energy Operating
Company.
Texas Independent Energy L.P. is the 100%
indirect parent of Texas Independent
Energy Operating Company. PSEG has a 50%
indirect interest in Texas Independent
Energy. As of December 31, 2002, PSEG has
an indirect capital investment in Texas
Independent Energy L.P. of U.S.
$215,668,245 of which U.S. $142,662,646
is equity and U.S. $73,005,599 is
partnership advances.
(xxxiv) EDEERSA
As of December 31, 2002, PSEG has an
indirect capital investment in Empresa
Distribuidora de Electricidad de Entre
Rios S.A. of U.S. $0 all of which is
equity.
(xxxv) AES Parana S.C.A.
As of December 31, 2002 PSEG has
reclassified it's indirect investment
into AES Parana S.C.A. of U.S. $0 all of
which is equity into the Asset Held for
Sale category.
(xxxvi) Danskammer OP
As of December 31, 2002, PSEG has an
indirect capital investment in Danskammer
OP of U.S. $56,269,004, all of which is
equity.
(xxxvii) Danskammer OL
As of December 31, 2002, PSEG has an
indirect capital investment in Danskammer
OL of U.S. $56,269,104, all of which is
equity.
(xxxviii) Roseton OP
As of December 31, 2002, PSEG has an
indirect capital investment in Roseton OP
of U.S. $116,205,447, all of which is
equity.
64
(xxxix) Roseton OL
As of December 31, 2002 PSEG has an
indirect capital investment in Roseton OL
of U.S. $116,205,447 all of which is
equity.
(xl) Conemaugh Lessor
As of December 31, 2002 PSEG has an
indirect capital investment in Conemaugh
Lessor of U.S. $8,981,953, all of which
is equity.
(xli) Keystone Lessor
As of December 31, 2002 PSEG has an
indirect capital investment in Keystone
Lessor of U.S. $8,950,843, all of which
is equity.
(xlii) Shawville Lessor
As of December 31, 2002 PSEG has an
indirect capital investment in Shawville
Lessor of U.S. $8,379,649, all of which
is equity.
(xliii) PPHLLC/MCHC
As of December 31, 2002, PSEG has an
indirect capital investment in Magellan
Capital Holdings Corporation of U.S.
$3,100,018 all of which is equity.
(xliv) Lawrenceburg
As of December 31, 2002, PSEG has an
indirect capital investment in
Lawrenceburg of U.S. $140,093,867, all of
which is equity.
(xlv) Waterford
As of December 31, 2002, PSEG has an
indirect capital investment in Waterford
of U.S. $129,175,761, all of which
is equity.
(xlvi) Frontel
Frontel is 95.889% owned by Saesa. PSEG
has a 100% indirect interest in Saesa. As
of December 31, 2002, PSEG has an
indirect capital investment in Saesa of
U.S. $539,420,486 all of which is equity.
(xlvii) Edelaysen
Edelaysen is 91.66% owned by Saesa. PSEG
has a 100% indirect interest in Saesa. As
of December 31, 2002, PSEG has an
indirect capital investment in Saesa of
U.S. $539,420,486 all of which is equity.
(xlviii) Creo
Creo is 99.90% owned by Saesa. PSEG has a
100% indirect interest in Saesa. As of
December 31, 2002, PSEG has an indirect
capital investment in Saesa of U.S.
$539,420,486 all of which is equity.
(xlix) STS
STS is 99.90% owned by Saesa. PSEG has a
100% indirect interest in Saesa. As of
December 31, 2002, PSEG has an indirect
capital investment in Saesa of U.S.
$539,420,486 all of which is equity.
(l) Power Midwest
As of December 31, 2002, PSEG has an
indirect capital investment in Power
Midwest of U.S. $(746,213), all of which
is equity.
(li) Power Connecticut
As of December 31, 2002, PSEG has an
indirect capital investment in Power
Connecticut of U.S. $112 million, all of
which is equity.
(lii) Edersa
Edersa is 50% owned by Saesa. PSEG has a
100% indirect interest in Saesa. As of
December 31, 2002, PSEG has an indirect
capital investment in Saesa of U.S.
$539,420,486 all of which is equity.
(liii) Electroandes S.A.
As of December 31, 2002, PSEG has an
indirect capital investment in
Electroandes S.A. of U.S. $250,296,989.
(liv) PSEG Poland
As of December 31, 2002, PSEG has an
indirect capital investment in PSEG
Poland of U.S. $31,643,000, all of which
is equity.
(d) Capitalization and earnings of the EWG or foreign
utility company during the reporting period.
65
(i) BHILAI
12/31/02
$ U.S.
------
Capitalization 0
======
Net Income 0
======
(ii) CUPPI
12/31/02
$ U.S.
------
Assets
Current Assets 74,145
Non-current Assets 50,883,771
----------
Total Assets 50,957,916
==========
Liabilities
Current Liabilities 139,400
Non-current Liabilities 0
----------
Total Liabilities 139,400
Equity 50,818,516
----------
Total Liabilities and Equity 50,957,916
==========
Net Income for Year-Ended 12/31/02 9,098,430
66
(iii) ZHL
12/31/02
$ U.S.
------
Assets
Current Assets 11,818,615
Non-current Assets 58,837,985
----------
Total Assets 70,656,600
==========
Liabilities
Current Liabilities 21,754,763
Non-current Liabilities 10,470,942
----------
Total Liabilities 32,225,705
Equity 38,430,895
----------
Total Liabilities and Equity 70,656,600
==========
Net Income for Year-Ended 12/31/02 4,581,401
(iv) TMC
12/31/02
$ U.S.
------
Assets
Current Assets 3,940,667
Non-current Assets 13,790,200
----------
Total Assets 17,730,867
==========
Liabilities
Current Liabilities 6,742,397
Non-current Liabilities 356,756
----------
Total Liabilities 7,099,153
Equity 10,631,714
----------
Total Liabilities and Equity 17,730,867
==========
Net Income for Year-Ended 12/31/02 3,509,692
67
(v) RGE
12/31/02
$ U.S.
------
Assets
Current Assets 123,582,364
Non-current Assets 573,223,325
------------
Total Assets 696,805,689
============
Liabilities
Current Liabilities 254,454,832
Non-current Liabilities 183,289,353
------------
Total Liabilities 437,744,185
Equity 259,061,504
------------
Total Liabilities and Equity 696,805,689
============
Net Income for Year-Ended 12/31/02 (66,415,616)
(vi) EDEN
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income 0
===========
(vii) EDES
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income 0
===========
68
(viii) TGM
12/31/02
$ U.S.
------
Assets
Current Assets 6,407,673
Non-current Assets 14,327,860
----------
Total Assets 20,735,533
==========
Liabilities
Current Liabilities 6,537,716
Non-current Liabilities 3,001,320
----------
Total Liabilities 9,539,036
Equity 11,196,497
----------
Total Liabilities and Equity 20,735,533
==========
Net Income for Year-Ended 12/31/02 1,604,546
(ix) EDELAP
12/31/02
$ U.S.
------
Capitalization 0
======
Net Income 0
======
69
(x) CAGUA
12/31/02
$ U.S.
------
Assets
Current Assets 5,061,000
Non-current Assets 37,899,000
----------
Total Assets 42,960,000
==========
Liabilities
Current Liabilities 1,420,000
Non-current Liabilities 9,837,000
----------
Total Liabilities 11,257,000
Equity 31,703,000
----------
Total Liabilities and Equity 42,960,000
==========
Net Income for Year-Ended 12/31/02 1,301,000
(xi) MARACAY
12/31/02
$ U.S.
------
Assets
Current Assets 6,600,000
Non-current Assets 33,377,000
----------
Total Assets 39,977,000
==========
Liabilities
Current Liabilities 1,655,000
Non-current Liabilities 11,256,000
----------
Total Liabilities 12,911,000
Equity 27,066,000
----------
Total Liabilities and Equity 39,977,000
==========
Net Income for Year-Ended 12/31/02 4,359,000
70
(xii) VALENCIA
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income (1,142,235)
===========
(xiii) PPN Energy
12/31/02
$ U.S.
------
Assets
Current Assets 503,360
Non-current Assets 35,807,989
-----------
Total Assets 36,311,349
===========
Liabilities
Current Liabilities 6,267,422
Non-current Liabilities (262,710)
-----------
Total Liabilities 6,004,712
Equity 30,306,637
-----------
Total Liabilities and Equity 36,311,349
===========
Net Income for Year-Ended 12/31/02 (27,020)
(xiv) PPN Operations
12/31/02
$ U.S.
------
Assets
Current Assets 2,524,750
Non-current Assets 0
---------
Total Assets 2,524,750
=========
Liabilities
Current Liabilities 234,002
Non-current Liabilities 6,802
---------
Total Liabilities 240,850
Equity 2,283,900
---------
Total Liabilities and Equity 2,524,750
=========
Net Income for Year-Ended 12/31/02 0
71
(xv) PSEG International Ltd./CPC
12/31/02
$ U.S.
------
Assets
Current Assets 30,572,263
Non-current Assets 290,517,689
-----------
Total Assets 321,089,952
===========
Liabilities
Current Liabilities 46,131,680
Non-current Liabilities 167,406,080
-----------
Total Liabilities 213,537,760
Equity 107,552,192
-----------
Total Liabilities and Equity 321,089,952
===========
Net Income for Year-Ended 12/31/02 12,042,767
72
(xvi) PSEG North Chennai Ltd./TSEPL
12/31/02
$ U.S.
------
Capitalization 0
======
Net Income 0
======
(xvii) Guadalupe
12/31/02
$ U.S.
------
Assets
Current Assets 21,655,051
Non-current Assets 392,067,206
------------
Total Assets 413,722,257
=============
Liabilities
Current Liabilities 16,748,527
Non-current Liabilities 249,695,764
------------
Total Liabilities 266,444,291
Equity 147,277,966
------------
Total Liabilities and Equity 413,722,257
=============
Net Income for Year-Ended 12/31/02 (15,676,718)
73
(xviii) Archer
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income for Year-Ended 12/31/02 0
===========
(xix) Odessa
12/31/02
$ U.S.
------
Assets
Current Assets 32,431,115
Non-current Assets 414,399,809
-----------
Total Assets 446,830,924
===========
Liabilities
Current Liabilities 22,059,782
Non-current Liabilities 274,384,238
-----------
Total Liabilities 296,444,020
Equity 150,386,904
-----------
Total Liabilities and Equity 446,830,924
===========
Net Income for Year-Ended 12/31/02 (8,984,401)
74
(xx) Chilquinta
12/31/02
$ U.S.
------
Assets
Current Assets 80,539,000
Non-current Assets 817,879,000
-----------
Total Assets 898,418,000
===========
Liabilities
Current Liabilities 33,331,000
Non-current Liabilities 445,986,000
-----------
Total Liabilities 479,317,000
Equity 419,101,000
-----------
Total Liabilities and Equity 898,418,000
===========
Net Income for Year-Ended 12/31/02 40,066,000
(xxi) Luz del Sur
12/31/02
$ U.S.
------
Assets
Current Assets 83,989,115
Non-current Assets 475,132,439
-----------
Total Assets 559,121,554
===========
Liabilities
Current Liabilities 64,635,412
Non-current Liabilities 200,942,052
-----------
Total Liabilities 265,577,464
Equity 293,544,090
-----------
Total Liabilities and Equity 559,121,554
===========
Net Income for Year-Ended 12/31/02 55,647,867
75
(xxii) AES Parana Operations
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income for Year-Ended 12/31/02 0
===========
(xxiii) Fossil
12/31/02
$ U.S.
------
Assets
Current Assets 107,000,000
Non-current Assets 3,696,000,000
---------------
Total Assets 3,803,000,000
===============
Liabilities
Current Liabilities 1,065,000,000
Non-current Liabilities 1,903,000,000
---------------
Total Liabilities 2,968,000,000
Equity 835,000,000
---------------
Total Liabilities and Equity 3,803,000,000
===============
Net Income for Year-Ended 12/31/02 36,868,178
76
(xxiv) Nuclear
12/31/02
$ U.S.
------
Assets
Current Assets 225,000,000
Non-current Assets 1,084,000,000
-------------
Total Assets 1,309,000,000
=============
Liabilities
Current Liabilities 67,000,000
Non-current Liabilities 1,115,000,000
-------------
Total Liabilities 1,182,000,000
Equity 127,000,000
-------------
Total Liabilities and Equity 1,309,000,000
=============
Net Income for Year-Ended 12/31/02 188,788,247
(xxv) PSEG Chorzow B.V.
12/31/02
$ U.S.
------
Assets
Current Assets 18,290,000
Non-current Assets 259,349,000
-----------
Total Assets 277,639,000
===========
Liabilities
Current Liabilities 21,613,000
Non-current Liabilities 241,981,000
-----------
Total Liabilities 263,594,000
Equity 14,045,000
-----------
Total Liabilities and Equity 277,639,000
===========
Net Income for Year-Ended 12/31/02 (111,000)
77
(xxvi) Rongjiang
12/31/02
$ U.S.
------
Assets
Current Assets 4,389,240
Non-current Assets 57,289,311
-----------
Total Assets 61,678,551
===========
Liabilities
Current Liabilities 5,245,903
Non-current Liabilities 36,063,656
-----------
Total Liabilities 41,309,559
Equity 20,368,992
-----------
Total Liabilities and Equity 61,678,551
===========
Net Income for Year-Ended 12/31/02 4,865,365
(xxvii) Kalaeloa Partners LP
12/31/02
$ U.S.
------
Assets
Current Assets 20,797,171
Non-current Assets 208,790,073
-----------
Total Assets 229,587,244
===========
Liabilities
Current Liabilities 13,385,144
Non-current Liabilities 164,823,590
-----------
Total Liabilities 178,208,744
Equity 51,378,500
-----------
Total Liabilities and Equity 229,587,244
===========
Net Income for Year-Ended 12/31/02 9,601,926
78
(xxviii) Meiya Electric Asia Ltd
12/31/02
$ U.S.
------
Assets
Current Assets 4,960,025
Non-current Assets 20,511,563
--------------
Total Assets 25,471,588
==============
Liabilities
Current Liabilities 17,108,716
Non-current Liabilities 2,394,791
--------------
Total Liabilities 19,503,507
Equity 5,968,081
--------------
Total Liabilities and Equity 25,471,588
==============
Net Income for Year-Ended 12/31/02 5,466,597
(xxix) Shanghai Wei-Gang Energy Co. Ltd
12/31/02
$ U.S.
------
Assets
Current Assets 18,090,226
Non-current Assets 40,861,216
-----------
Total Assets 58,951,442
===========
Liabilities
Current Liabilities 9,250,450
Non-current Liabilities 6,806,250
-----------
Total Liabilities 16,056,700
Equity 42,894,742
-----------
Total Liabilities and Equity 58,951,442
===========
Net Income for Year-Ended 12/31/02 7,465,458
79
(xxx) Power New York
12/31/02
$ U.S.
------
Assets
Current Assets 8,827,812
Non-current Assets 238,425,800
-----------
Total Assets 247,253,612
===========
Liabilities
Current Liabilities 238,237,812
Non-current Liabilities 12,227,120
-----------
Total Liabilities 250,464,932
Equity (3,211,320)
-----------
Total Liabilities and Equity 247,253,612
===========
Net Income for Year-Ended 12/31/02 1,708,954
(xxxi) GWF Energy LLC
12/31/02
$ U.S.
------
Assets
Current Assets 15,516,196
Non-current Assets 284,760,394
-----------
Total Assets 300,276,590
===========
Liabilities
Current Liabilities 5,361,940
Non-current Liabilities 7,976,632
-----------
Total Liabilities 13,338,572
Equity 286,938,018
-----------
Total Liabilities and Equity 300,276,590
===========
Net Income for Year-Ended 12/31/02 36,736,414
80
(xxxii) Biomass Italia S.p.A.
12/31/02
$ U.S.
------
Capitalization $0
===========
Net Income for the Year Ended 12/31/02 $0
===========
81
(xxxiii) Texas Independent Energy Operating Company
12/31/02
$ U.S.
------
Assets
Current Assets 2,070,908
Non-current Assets 0
----------
Total Assets 2,070,908
==========
Liabilities
Current Liabilities 1,008,307
Non-current Liabilities 0
----------
Total Liabilities 1,008,307
Equity 1,062,601
----------
Total Liabilities and Equity 2,070,908
==========
Net Income for Year-Ended 12/31/02 4,947
(xxxiv) EDEERSA
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income for Year-Ended 12/31/02 (66,674,385)
===========
82
(xxxv) AES Parana, S.C.A.
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income for Year-Ended 12/31/02 0
===========
(xxxvi) Danskammer OP
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 56,269,104
-----------
Total Assets 56,269,104
===========
Liabilities
Current Liabilities 100
Non-current Liabilities 0
-----------
Total Liabilities 100
Equity 56,269,004
-----------
Total Liabilities and Equity 56,269,104
===========
Net Income for Year-Ended 12/31/02 6,701,043
83
(xxxvii) Danskammer OL
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 56,269,408
-----------
Total Assets 56,269,408
===========
Liabilities
Current Liabilities 304
Non-current Liabilities 0
-----------
Total Liabilities 304
Equity 56,269,104
-----------
Total Liabilities and Equity 56,269,408
===========
Net Income for Year-Ended 12/31/02 6,701,143
(xxxviii) Roseton OP
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 116,205,547
-----------
Total Assets 116,205,547
===========
Liabilities
Current Liabilities 100
Non-current Liabilities 0
-----------
Total Liabilities 100
Equity 116,205,447
-----------
Total Liabilities and Equity 116,205,547
===========
Net Income for Year-Ended 12/31/02 13,794,972
84
(xil) Roseton OL
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 116,205,647
-----------
Total Assets 116,205,647
===========
Liabilities
Current Liabilities 100
Non-current Liabilities 0
-----------
Total Liabilities 100
Equity 116,205,547
-----------
Total Liabilities and Equity 116,205,647
===========
Net Income for Year-Ended 12/31/02 13,795,072
(xl) Conemaugh Lessor Genco
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 72,849,537
-----------
Total Assets 72,849,537
===========
Liabilities
Current Liabilities 63,867,584
Non-current Liabilities 0
-----------
Total Liabilities 63,867,584
Equity 8,981,953
-----------
Total Liabilities and Equity 72,849,537
===========
Net Income for Year-Ended 12/31/02 2,179,524
85
(xli) Keystone Lessor Genco
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 72,588,615
-----------
Total Assets 72,588,615
===========
Liabilities
Current Liabilities 63,637,772
Non-current Liabilities 0
-----------
Total Liabilities 63,637,772
Equity 8,950,843
-----------
Total Liabilities and Equity 72,588,615
===========
Net Income for Year-Ended 12/31/02 2,176,423
(xlii) Shawville Lessor Genco
12/31/02
$ U.S.
------
Assets
Current Assets 2,256,907
Non-current Assets 75,167,012
-----------
Total Assets 77,423,919
===========
Liabilities
Current Liabilities 69,044,271
Non-current Liabilities 0
-----------
Total Liabilities 69,044,271
Equity 8,379,648
-----------
Total Liabilities and Equity 77,423,919
===========
Net Income for Year-Ended 12/31/02 1,034,759
86
(xliii) PPHLLC
12/31/02
$ U.S.
------
Assets
Current Assets 8,732,692
Non-current Assets 12,800,594
-----------
Total Assets 21,524,286
===========
Liabilities
Current Liabilities 319,513
Non-current Liabilities 55,830
-----------
Total Liabilities 375,342
Equity 21,148,944
-----------
Total Liabilities and Equity 21,524,286
===========
Net Income for Year-Ended 12/31/02 3,676,615
(xliv) Lawrenceburg
12/31/02
$ U.S.
------
Assets
Current Assets 397,182
Non-current Assets 587,061,422
------------
Total Assets 587,458,604
============
Liabilities
Current Liabilities 2,364,737
Non-current Liabilities 445,000,000
------------
Total Liabilities 447,364,737
Equity 140,093,867
------------
Total Liabilities and Equity 587,458,604
============
Net Income for Year-Ended 12/31/02 177,026
87
(xlv) Waterford
12/31/02
$ U.S.
------
Assets
Current Assets 368,190
Non-current Assets 493,281,369
-----------
Total Assets 493,649,559
===========
Liabilities
Current Liabilities 13,222,101
Non-current Liabilities 351,252,405
-----------
Total Liabilities 364,474,506
Equity 129,175,053
-----------
Total Liabilities and Equity 493,649,559
===========
Net Income for Year-Ended 12/31/02 230,096
(xlvi) Frontel
12/31/02
$ U.S.
------
Assets
Current Assets 19,738,900
Non-current Assets 119,679,265
-----------
Total Assets 139,418,165
===========
Liabilities
Current Liabilities 47,528,885
Non-current Liabilities 47,623,389
-----------
Total Liabilities 95,152,274
Equity 44,265,891
-----------
Total Liabilities and Equity 139,418,165
===========
Net Income for Year-Ended 12/31/02 1,720,560
(xlvii) Edelaysen
12/31/02
$ U.S.
------
Assets
Current Assets 7,028,640
Non-current Assets 42,115,230
-------------
Total Assets 49,143,870
=============
88
$ U.S.
------
Liabilities
Current Liabilities 17,143,333
Non-current Liabilities 862,458
------------
Total Liabilities 18,005,791
Equity 31,138,079
------------
Total Liabilities and Equity 49,143,870
============
Net Income for Year-Ended 12/31/02 3,762,411
(xlviii) Creo
12/31/02
$ U.S.
------
Assets
Current Assets 2,987,317
Non-current Assets 11,397,418
------------
Total Assets 14,384,735
============
Liabilities
Current Liabilities 1,449,275
Non-current Liabilities 2,130,637
------------
Total Liabilities 3,579,912
Equity 10,804,822
------------
Total Liabilities and Equity 14,384,735
============
Net Income for Year-Ended 12/31/02 1,221,160
(xlix) STS
12/31/02
$ U.S.
------
Assets
Current Assets 1,583,421
Non-current Assets 30,914,114
------------
Total Assets 32,497,535
============
Liabilities
Current Liabilities 6,092,757
Non-current Liabilities 818,293
------------
Total Liabilities 6,911,050
Equity 25,586,485
------------
Total Liabilities and Equity 32,497,535
============
Net Income for Year-Ended 12/31/02 8,120,490
89
(l) Power Midwest
12/31/02
$ U.S.
------
Assets
Current Assets 0
Non-current Assets 57,737
-----------
Total Assets 57,737
===========
Liabilities
Current Liabilities 803,950
Non-current Liabilities 0
-----------
Total Liabilities 803,950
Equity (746,213)
-----------
Total Liabilities and Equity 57,737
===========
Net Income for Year-Ended 12/31/02 8,627
(li) Power Connecticut
12/31/02
$ U.S.
------
Assets
Current Assets 44,436,127
Non-current Assets 280,299,336
-----------
Total Assets 324,735,463
===========
Liabilities
Current Liabilities 192,358,821
Non-current Liabilities 20,873,291
-----------
Total Liabilities 213,232,112
Equity 111,503,351
-----------
Total Liabilities and Equity 324,735,463
===========
Net Income for Year-Ended 12/31/02 1,503,351
(lii) Edersa
12/31/02
$ U.S.
------
Capitalization 0
===========
Net Income for Year-Ended 12/31/02 0
===========
(liii) Electroandes
12/31/02
$ U.S.
------
Assets
Current Assets 22,794,809
Non-current Assets 278,561,383
-----------
Total Assets 301,356,192
===========
Liabilities
Current Liabilities 119,386,740
Non-current Liabilities 19,882,789
-----------
Total Liabilities 139,269,529
Equity 162,086,663
-----------
Total Liabilities and Equity 301,356,192
===========
Net Loss for Year-Ended 12/31/02 15,137,521
(liv) PSEG Poland
12/31/02
$ U.S.
------
Assets
Current Assets 21,123,000
Non-current Assets 52,376,000
-----------
Total Assets 73,499,000
===========
Liabilities
Current Liabilities 20,536,000
Non-current Liabilities 18,544,000
-----------
Total Liabilities 39,080,000
Equity 34,419,000
-----------
Total Liabilities and Equity 73,499,000
===========
Net Loss for Year-Ended 12/31/02 2,767,000
(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).
(i) BHILAI
None.
(ii) CUPPI
None.
(iiii) ZHL
Yaneng Consulting (Shanghai) Co.
Ltd. entered into a service contract
with Guangxi Zoujiang Meiya
Hydropower Co., Ltd. (GZMH), a
subsidiary of ZHL, to provide GZMH
power plant related technological
services.
(iv) TMC
Yaneng Consulting (Shanghai) Co.
Ltd. entered into a service contract
with Tongzhou Meiya Cogeneration
Co., Ltd. (TMCC), a subsidiary of
TMC, to provide TMC project
management consulting services.
(v) RGE
RGE has an Operators Agreement with
IPE under which IPE provides certain
support services to RGE in
connection with electricity
distribution.
(vi) EDEN
PSEGAOC has an Operators Agreement
with EDEN under which PSEGAOC
provides certain support services to
EDEN in connection with electricity
distribution.
90
(vii) EDES
PSEGAOC has an Operators Agreement
with EDES under which PSEGAOC
provides certain support services to
EDES in connection with electricity
distribution.
(viii) TGM
None.
(ix) EDELAP
None.
(x) CAGUA
None.
(xi) MARACAY
None.
(xii) VALENCIA
None.
(xiii) PPN Energy
None.
(xiv) PPN Operations
PPN Operations has an Operation and
Maintenance Agreement with PPN PGC
to provide certain services in
connection with mobilization,
operation and maintenance of 330 MW
combined cycle electric power
generating facility of PPN PGC
located in Pillaiperumalnallur in
the state of Tamilnadu, India. Under
said agreement, PPN Operations will
receive a fee equal to fifteen
percent (15%) of the nonfuel and
insurance related operating expenses
of the said facility.
(xv) PSEG International Ltd./CPC
None.
(xvi) PSEG International Ltd./TSEPL
None.
(xvii) Guadalupe
Guadalupe has an Operation and
Maintenance Agreement with Texas
Independent Energy Operating
Company, LLC (TIEOC) pursuant to
which TIEOC provides operation and
maintenance services at Guadalupe's
electric generation facility in
Guadalupe County, Texas. Guadalupe
also has a Fuel Management Agreement
with Texas Independent Energy, LP
(TIELP) pursuant to which TIELP
administers Guadalupe's gas
transportation and gas supply
agreements and provides other fuel
management services to Guadalupe.
(xviii) Archer
None.
91
(xix) Odessa
Odessa has an Operation and
Maintenance Agreement with TIEOC
pursuant to which TIEOC provides
operation and maintenance services
at Odessa's electric generation
facility in Odessa, Texas. Odessa
also has a Fuel Management Agreement
with TIELP pursuant to which TIELP
administers Odessa's gas
transportation and gas supply
agreements and provides other fuel
management services to Odessa.
Lastly, Odessa has affiliate gas
services agreements with
Odessa-Ector Power Partners
Services, L.P. (OEP Services),
including (a) an Operation and
Maintenance Agreement pursuant to
which OEP Services or its
subcontractors provide operation and
maintenance services relative to
Odessa's natural gas pipeline,
natural gas compression station and
related facilities which extend from
three natural gas pipelines owned by
unrelated parties to Odessa's
electric generation facility in
Odessa, Texas, (b) a Transportation
Ser4vice Agreement pursuant to wich
OEP Services provides certain gas
transportation services to Odessa
and (c) and Assignment and
Assumption Agreement pursuant to
which Odessa assigned certain
right-of-way, easements, pipeline
and equipment to OEP Services in
return for OEP Services agreeing to
transport natural gas in such
pipeline on behalf of Odessa at no
cost to Odessa.
(xx) Chilquinta
None.
(xxi) Luz del Sur
None.
(xxii) AES Parana Operations
AES Parana Operations has an
Operations Agreement with AES Parana
S.C.A. pursuant to which AES Parana
Operations provides operating
services relative to AES Parana's
S.C.A.'s electric generation
facility in San Nicolas, Argentina
and AES Parana S.C.A.'s related gas
pipeline and electric transmission
line. In addition, AES Parana
Operations has a Know-How and
Support Agreement with PSEG Americas
Ltd. Which has agreed to provide
technical and commercial support
services to AES Parana Operations.
(xxiii) Fossil
Fossil has a Power Sale Agreement
with ER&T to provide all energy,
capacity, and ancillary services to
ER&T.
(xxiv) Nuclear
Nuclear has a Power Sale Agreement
with ER&T to provide all energy,
capacity, and ancillary services to
ER&T.
(xxv) PSEG Chorzow B.V.
None.
(xxvi) Rongjiang
Yaneng Consulting (Shanghai) Co.
Ltd. entered into a service contract
with Guangxi Rongjiang Meiya Co,
Ltd. (GRMCL), a subsidiary of
Rongjiang, to provide GRMCL power
plant related technological
services.
(xxvii) Kalaeloa Partners, L.P.
None.
(xxviii) Meiya Electric Asia, Ltd.
Yaneng Consulting (Shanghai) Co.
Ltd. entered into a service contract
with Nantong Entergy Heat & Power
Co. Ltd. (Nantong), a subsidiary of
Meiya Electric Asia, Ltd., to
provide Nantong power related
technological consulting services
and project management services.
(xxix) Shanghei Wei-Gang Energy Company
Ltd.
None.
(xxx) Power New York
Power New York has an Agreement with
ER&T to provide all energy,
capacity, and ancillary services to
ER&T.
(xxxi) GWF Energy LLC
GWF Energy LLC has an Operation and
Maintenance Agreement with GWF Power
Systems, L.P. (GWFLP) and Hanford
L.P. (HLP) pursuant to which GWFLP
and HLP provide operation and
maintenance services in respect of
GWF Energy LLC's three natural
gas-fired peaker facilities in
California. GWF Energy LLC also has
a Management Services Agreement with
GWFLP pursuant to which GWFLP
provides management, administrative
and general services with respect to
GWF Energy LLC's three natural
gas-fired peaker facilities in
California. In addition, GWF Energy
LLC has a Shared Facilities
Agreement with HLP under which HLP
shares certain of its facilities and
systems with, and provides certain
water services to, GWF Energy LLC's
natural gas-fired peaker facility
located adjacent to HLP's petroleum
coke-fired small power production QF
in Hanford, California.
92
(xxxii) Biomass Italia S.p.A.
None.
(xxxiii) Texas Independent Energy Operating
Company, LLC
Texas Independent Energy Operating
Company, LLC (TIEOC) has Operation
and Maintenance Agreements with each
of (a) Guadalupe pursuant to which
TIEOC provides operation and
maintenance services at Guadalupe's
electric generation facility in
Guadalupe County, Texas and (b)
Odessa pursuant to which TIEOC
provides operation and maintenance
services at Odessa's electric
generation facility in Odessa,
Texas.
(xxxiv) EDEERSA
None.
(xxxv) AES Parana S.C.A.
AES Parana S.C.A. has an Operations
Agreement with AES Parana Operations
pursuant to which AES Parana
Operations provides operating
services relative to AES Parana's
S.C.A.'s electric generation
facility in San Nicolas, Argentina
and AES Parana S.C.A.'s related gas
pipeline and electric transmission
line.
(xxxvi) Danskammar OP
None.
(xxxvii) Danskammar OL
None.
(xxxviii)Roseton OP
None.
(xxxix) Roseton OL
None.
(xl) Conemaugh Lessor Genco
None.
(xli) Keystone Lessor Genco
None.
(xlii) Shawville Lessor Genco
None.
(xliii) PPHLLC/MCHC
None.
(xliv) Lawrenceburg
ER&T has entered into a tolling
agreement pursuant to which it is
obligated to purchase the output of
this facility at stated prices. As a
result, ER&T will bear the price
risk related to the output of this
generation facility which is
scheduled to be completed in 2003.
93
(xlv) Waterford
ER&T has entered into a tolling
agreement pursuant to which it is
obligated to purchase the output of
this facility at stated prices. As a
result, ER&T will bear the price
risk related to the output of this
generation facility which is
scheduled to be completed in 2003.
(xlvi) Frontel
None.
(xlvii) Edelaysen
None.
(xlviii) Creo
None.
(xlix) STS
None.
(l) Power Midwest
None.
(li) Power Connecticut
None.
(lii) Edersa
None.
(liii) Electroandes
None.
(liv) PSEG Poland
None.
94
EXHIBIT A
A consolidating statement of operations and surplus of claimant and its
direct or indirect affiliated 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.
Exhibit A includes all required consolidating financial statements
described above to be filed with this report and are attached hereto.
Subsidiaries described under Item 1 above include all PSEG's direct and
indirect subsidiaries. Direct and indirect subsidiaries of PSEG that
exceeded 2% of PSEG's consolidated assets or consolidated revenues are
PSE&G, Power, Fossil, Nuclear, ER&T, Energy Holdings, PSEG Resources,
PSRC, RCMC, PSEG Global, PSEG Global USA, PSEG International, PSEG
Americas Inc., PSEG Americas Ltd., Inversiones America Chile Holding and
PSEG Global Holding Co. and are included in Exhibit A and cross-referenced
for additional information to Item I
EXHIBIT B
Financial Data Schedule
If, at the time a report on this form is filed, the registrant is required
to submit this report and any amendments thereto electronically via EDGAR, the
registrant shall furnish a Financial Data Schedule. The Schedule shall set forth
the financial and other data specified below that are applicable to the
registrant on a consolidated basis.
Exhibit B, attached to this report, includes all financial and other data
that are applicable to the registrant on a consolidated basis.
EXHIBIT C
An organizational chart showing the relationship of each EWG or foreign
utility company to the associate companies in the holding-company system.
See attached Exhibit C.
95
The above-named Claimant (PSEG) has caused this statement to be duly
executed on its behalf by its authorized officer on this 28th day of February
2003.
Public Service Enterprise Group Incorporated
(Name of Claimant)
By: Patricia A. Rado
----------------------------------------
Patricia A. Rado
Vice President and Controller
(Principal Accounting Officer)
(CORPORATE SEAL)
Attest:
E. J. BIGGINS, JR.
------------------------------
E. J. Biggins, Jr.
Corporate Secretary
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
James T. Foran Associate General Counsel
------------------------------ -------------------------------------------
(Name) (Title)
80 Park Plaza, T5B, P. O. Box 1171, Newark, New Jersey 07101-1171
--------------------------------------------------------------------------------
(Address)
96
EXHIBIT B
Financial Data Schedule
Public Service Enterprise Group Incorporated
December 31, 2002
(Millions of Dollars)
Consolidated Total Assets $25,742
Consolidated Total Operating Revenues $ 8,390
Consolidated Net Income $ 245
97
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2002
(Millions, except for Per Share Data)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A) SERVICES SUBS. (A)
------- ------------ --------- --------- -------- ----------
OPERATING REVENUES $ 8,390 $(1,948) $ 5,919 $ 3,670 $ -- $ 749
OPERATING EXPENSES
Energy Costs 3,769 (1,948) 3,684 1,886 -- 147
Operation and Maintenance 1,896 -- 982 773 (5) 165
Write-down of Project Investments 497 -- -- -- -- 497
Depreciation and Amortization 571 -- 409 108 3 35
Taxes Other Than Income Taxes 131 -- 131 -- -- --
------- ------- ------- ------- ------- -------
Total Operating Expenses 6,864 (1,948) 5,206 2,767 (2) 844
------- ------- ------- ------- ------- -------
OPERATING INCOME 1,526 -- 713 903 2 (95)
Other Income 57 (52) 28 -- -- 24
Other Deductions (79) (295) (2) -- -- (74)
Interest Expense (783) 54 (406) (122) (2) (214)
Preferred Securities Dividends (57) (1) (13) -- -- --
------- ------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES,
DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 664 (294) 320 781 -- (359)
Income Taxes (248) 1 (115) (313) -- 150
------- ------- ------- ------- ------- -------
INCOME BEFORE DISCONTINUED OPERATIONS
AND CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE 416 (293) 205 468 -- (209)
Loss from Discontinued Operations, net of tax
(including Loss on Disposal, net of tax) (51) -- -- -- -- (51)
------- ------- ------- ------- ------- -------
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE 365 (293) 205 468 -- (260)
Cumulative Effect of a Change in Accounting Principle,
net of tax (120) -- -- -- -- (120)
------- ------- ------- ------- ------- -------
NET INCOME $ 245 $ (293) $ 205 $ 468 $ -- $ (380)
======= ======= ======= ======= ======= =======
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000) 208,813
=======
EARNINGS PER SHARE (BASIC AND DILUTED):
Net Income $ 1.17
=======
DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 2.16
=======
ENTERPRISE ENTERPRISE ENTERPRISE ENTERPRISE
CAPITAL CAPITAL CAPITAL CAPITAL
PSEG TRUST I TRUST II TRUST III TRUST IV PEPS
------- ---------- ---------- ---------- ---------- -----
OPERATING REVENUES $ -- $ -- $ -- $ -- $ -- $ --
OPERATING EXPENSES
Energy Costs -- -- -- -- -- --
Operation and Maintenance (19) -- -- -- -- --
Write-off of Project Investments -- -- -- -- -- --
Depreciation and Amortization 16 -- -- -- -- --
Taxes Other Than Income Taxes -- -- -- -- -- --
------- ----- ----- ----- ----- -----
Total Operating Expenses (3) -- -- -- -- --
------- ----- ----- ----- ----- -----
OPERATING INCOME 3 -- -- -- -- --
Other Income 8 17 11 11 1 9
Other Deductions 292 -- -- -- -- --
Interest Expense (84) -- -- -- -- (9)
Preferred Securities Dividends 3 (17) (11) (11) (1) --
------- ----- ----- ----- ----- -----
INCOME BEFORE INCOME TAXES,
DISCONTINUED OPERATIONS AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 216 -- -- -- -- --
Income Taxes 29 -- -- -- -- --
------- ----- ----- ----- ----- -----
INCOME BEFORE DISCONTINUED OPERATIONS
AND CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE 245 -- -- -- -- --
Loss from Discontinued Operations, net of tax
(including Loss on Disposal net of tax) -- -- -- -- -- --
------- ----- ----- ----- ----- -----
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE 245 -- -- -- -- --
Cumulative Effect of a Change in Accounting Principle,
net of tax -- -- -- -- -- --
------- ----- ----- ----- ----- -----
NET INCOME $ 245 $ -- $ -- $ -- $ -- $ --
======= ===== ===== ===== ===== =====
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For
additional information, see Item I.
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
PSEG Power - PSEG Power LLC
PSEG Services - PSEG Services Corporation
Energy Holdings - PSEG Energy Holdings LLC
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SUBS. PSEG
------- ------------ ------- ------- ---------- -------
BALANCE JANUARY 1, 2002 $ 1,809 $(1,501) $ 493 $ 498 $ 510 $ 1,809
Net Income 245 (293) 205 468 (380) 245
------- ------- ------- ------- ------- -------
Subtotal 2,054 (1,794) 698 966 130 2,054
------- ------- ------- ------- ------- -------
Cash Dividends:
Preferred Stock, at required rates -- 27 (4) -- (23) --
Common Stock (456) 305 (305) -- -- (456)
------- ------- ------- ------- ------- -------
Total Cash Dividends (456) 332 (309) -- (23) (456)
------- ------- ------- ------- ------- -------
Other Deductions 3 -- -- -- -- 3
------- ------- ------- ------- ------- -------
BALANCE DECEMBER 31, 2002 $ 1,601 $(1,462) $ 389 $ 966 $ 107 $ 1,601
======= ======= ======= ======= ======= =======
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
PSEG Power - PSEG Power LLC
Energy Holdings - PSEG Energy Holdings LLC
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SERVICES SUBS.
-------- ------------ -------- -------- -------- ----------
CURRENT ASSETS
Cash and Cash Equivalents $ 165 $ -- $ 35 $ 26 $ -- $ 104
Accounts Receivable 1,404 (5) 787 499 2 117
Allowance for Doubtful Accounts (34) -- (32) -- -- (2)
Unbilled Electric and Gas Revenues 275 -- 275 -- -- --
Fuel 412 -- -- 406 -- 6
Materials and Supplies 208 -- 45 148 -- 15
Energy Trading Contracts 179 -- -- 179 -- --
Restricted Cash 32 -- 14 -- -- 18
Assets Held for Sale 83 -- -- -- -- 83
Current Assets of Discontinued Operations 107 -- -- -- -- 107
Other 135 -- 41 44 3 16
-------- -------- -------- -------- -------- --------
Total Current Assets 2,966 (5) 1,165 1,302 5 464
-------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT 16,562 -- 9,581 5,347 27 1,534
Less: Accumulated depreciation and amortization (5,113) -- (3,604) (1,302) (5) (139)
-------- -------- -------- -------- -------- --------
Net Property, Plant and Equipment 11,449 -- 5,977 4,045 22 1,395
-------- -------- -------- -------- -------- --------
NONCURRENT ASSETS
Regulatory Assets 4,992 -- 4,992 -- -- --
Long-Term Investments 4,581 (1,201) 123 78 2 4,370
Investment in Subsidiaries -- (5,656) -- -- -- --
Nuclear Decommissioning Trust Funds 766 -- -- 766 -- --
Other Special Funds 72 -- 44 10 18 --
Goodwill 452 -- -- 16 -- 436
Energy Trading Contracts 22 -- -- 22 -- --
Other Intangibles 206 (3) 60 125 16 8
Other 236 (6) 68 61 -- 103
-------- -------- -------- -------- -------- --------
Total Noncurrent Assets 11,327 (6,866) 5,287 1,078 36 4,917
-------- -------- -------- -------- -------- --------
TOTAL ASSETS $ 25,742 $ (6,871) $ 12,429 $ 6,425 $ 63 $ 6,776
======== ======== ======== ======== ======== ========
ENTERPRISE ENTERPRISE ENTERPRISE ENTERPRISE
CAPITAL CAPITAL CAPITAL CAPITAL
PSEG TRUST I TRUST II TRUST III TRUST IV PEPS
-------- ---------- ---------- ---------- ---------- ------
CURRENT ASSETS
Cash and Cash Equivalents $ -- $ -- $ -- $ -- $ -- $ --
Accounts Receivable -- -- -- -- -- 4
Allowance for Doubtful Accounts -- -- -- -- -- --
Unbilled Electric and Gas Revenues -- -- -- -- -- --
Fuel -- -- -- -- -- --
Materials and Supplies -- -- -- -- -- --
Energy Trading Contracts -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets Held for Sale -- -- -- -- -- --
Current Assets of Discontinued Operations -- -- -- -- -- --
Other 31 -- -- -- -- --
-------- ----- ----- ----- ------ ------
Total Current Assets 31 -- -- -- -- 4
-------- ----- ----- ----- ------ ------
PROPERTY, PLANT AND EQUIPMENT 73 -- -- -- -- --
Less: Accumulated depreciation and amortization (63) -- -- -- -- --
-------- ----- ----- ----- ------ ------
Net Property, Plant and Equipment 10 -- -- -- -- --
-------- ----- ----- ----- ------ ------
NONCURRENT ASSETS
Regulatory Assets -- -- -- -- -- --
Long-Term Investments 8 232 155 155 185 474
Investment in Subsidiaries 5,656 -- -- -- -- --
Nuclear Decommissioning Trust Funds -- -- -- -- -- --
Other Special Funds -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Energy Trading Contracts -- -- -- -- -- --
Other Intangibles -- -- -- -- -- --
Other 10 -- -- -- -- --
-------- ----- ----- ----- ------ ------
Total Noncurrent Assets 5,674 232 155 155 185 474
-------- ----- ----- ----- ------ ------
TOTAL ASSETS $ 5,715 $ 232 $ 155 $ 155 $ 184 $ 478
======== ===== ===== ===== ====== ======
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
PSEG Power - PSEG Power LLC
PSEG Services - PSEG Services Corporation
Energy Holdings - PSEG Energy Holdings LLC
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SERVICES SUBS.
-------- ------------ -------- -------- -------- ----------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 749 $ -- $ 429 $ -- $ -- $ 320
Commercial Paper and Loans 762 -- 224 -- -- 136
Accounts Payable 1,115 12 724 671 34 76
Energy Trading Contracts 123 -- -- 123 -- --
Accrued Taxes 229 -- 7 12 1 12
Current Liabilities of Discontinued Operations 83 (12) -- -- -- 95
Other 755 -- 308 271 10 108
-------- -------- -------- -------- -------- --------
Total Current Liabilities 3,816 -- 1,692 1,077 45 747
-------- -------- -------- -------- -------- --------
NONCURRENT LIABILITIES
Deferred Income Taxes and
Investment Tax Credits (ITC) 2,924 -- 2,436 (546) (4) 1,042
Regulatory Liabilities 252 -- 252 -- -- --
Nuclear Decommissioning 766 -- -- 766 -- --
Other Postemployment Benefits (OPEB) Costs 501 -- 486 12 3 --
Accrued Pension Costs 336 (1) 175 101 51 10
Cost of Removal 131 -- -- 131 -- --
Other 638 (4) 209 126 -- 275
-------- -------- -------- -------- -------- --------
Total Noncurrent Liabilities 5,548 (5) 3,558 590 50 1,327
-------- -------- -------- -------- -------- --------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 7,116 (1,201) 2,627 2,516 -- 1,725
Securitization Debt 2,222 -- 2,222 -- -- --
Project Level, Non-Recourse Debt 1,653 -- -- 800 -- 853
-------- -------- -------- -------- -------- --------
Total Long-Term Debt 10,991 (1,201) 4,849 3,316 -- 2,578
-------- -------- -------- -------- -------- --------
SUBSIDIARIES' PREFERRED SECURITIES
Preferred Stock Without Mandatory Redemption 80 -- 80 -- -- --
Preferred Stock With Mandatory Redemption 460 (741) -- -- -- --
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures 860 196 155 -- -- 509
-------- -------- -------- -------- -------- --------
Total Preferred Securities 1,400 (545) 235 -- -- 509
-------- -------- -------- -------- -------- --------
COMMON STOCKHOLDERS' EQUITY
Common Stock, issued; 2002 - 251,385,937 shares
2001 - 231,957,608 shares 4,056 (892) 892 -- -- --
Contributed Capital -- (3,440) -- 1,550 2 1,888
Basis Adjustment -- -- 986 (986) -- --
Treasury Stock, at cost; 2002 and 2001 -
26,118,590 shares (981) -- -- -- -- --
Retained Earnings 1,601 (1,462) 389 966 -- 107
Accumulated Other Comprehensive Loss (689) 674 (172) (88) (34) (380)
-------- -------- -------- -------- -------- --------
Total Common Stockholders' Equity 3,987 (5,120) 2,095 1,442 (32) 1,615
-------- -------- -------- -------- -------- --------
Total Capitalization 16,378 (6,866) 7,179 4,758 (32) 4,702
-------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND CAPITALIZATION $ 25,742 $ (6,871) $ 12,429 $ 6,425 $ 63 $ 6,776
======== ======== ======== ======== ======== ========
ENTERPRISE ENTERPRISE ENTERPRISE ENTERPRISE
CAPITAL CAPITAL CAPITAL CAPITAL
PSEG TRUST I TRUST II TRUST III TRUST IV PEPS
-------- ---------- ---------- ---------- ---------- --------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ -- $ -- $ -- $ -- $ -- $ --
Commercial Paper and Loans 402 -- -- -- -- --
Accounts Payable (402) -- -- -- -- --
Energy Trading Contracts -- -- -- -- -- --
Accrued Taxes 197 -- -- -- -- --
Current Liabilities of Discontinued Operations -- -- -- -- -- --
Other 54 -- -- -- -- 4
-------- ----- ----- ----- -------- --------
Total Current Liabilities 251 -- -- -- -- 4
-------- ----- ----- ----- -------- --------
NONCURRENT LIABILITIES
Deferred Income Taxes and
Investment Tax Credits (ITC) (4) -- -- -- -- --
Regulatory Liabilities -- -- -- -- -- --
Nuclear Decommissioning -- -- -- -- -- --
Other Postemployment Benefits (OPEB) Costs -- -- -- -- -- --
Accrued Pension Costs -- -- -- -- -- --
Cost of Removal -- -- -- -- -- --
Other 32 -- -- -- -- --
-------- ----- ----- ----- -------- --------
Total Noncurrent Liabilities 28 -- -- -- -- --
-------- ----- ----- ----- -------- --------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- --
-------- ----- ----- ----- -------- --------
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 1,449 -- -- -- -- --
Securitization Debt -- -- -- -- -- --
Project Level, Non-Recourse Debt -- -- -- -- -- --
-------- ----- ----- ----- -------- --------
Total Long-Term Debt 1,449 -- -- -- -- --
-------- ----- ----- ----- -------- --------
SUBSIDIARIES' PREFERRED SECURITIES
Preferred Stock Without Mandatory Redemption -- -- -- -- -- --
Preferred Stock With Mandatory Redemption -- 232 155 155 185 474
Guaranteed Preferred Beneficial Interest in
Subordinated Debentures 860 -- -- -- -- -- --
-------- ----- ----- ----- -------- --------
Total Preferred Securities -- 232 155 155 185 474
-------- ----- ----- ----- -------- --------
COMMON STOCKHOLDERS' EQUITY
Common Stock, issued; 2002 - 251,385,937 shares
2001 - 231,957,608 shares 4,056 -- -- -- -- --
Contributed Capital -- -- -- -- -- --
Basis Adjustment -- -- -- -- -- --
Treasury Stock, at cost; 2002 and 2001 -
26,118,590 shares (981) -- -- -- -- --
Retained Earnings 1,601 -- -- -- -- --
Accumulated Other Comprehensive Loss (689) -- -- -- -- --
-------- ----- ----- ----- -------- --------
Total Common Stockholders' Equity 3,987 -- -- -- -- --
-------- ----- ----- ----- -------- --------
Total Capitalization 5,436 232 155 155 185 474
-------- ----- ----- ----- -------- --------
-------- ----- ----- ----- -------- --------
TOTAL LIABILITIES AND CAPITALIZATION $ 5,715 $ 232 $ 155 $ 155 $ 185 $ 478
======== ===== ===== ===== ======== ========
PSEG - Public Service Enterprise Group Incorporated
PSE&G - Public Service Electric and Gas Company
PSEG Power - PSEG Power LLC
PSEG Services - PSEG Services Corporation
Energy Holdings - PSEG Energy Holdings LLC
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2002
(Millions)
INTERCOMPANY PSE&G
PSE&G ELIMINATIONS TRANSITION CAPITAL PSE&G
CONSOL. (A) & RECLASS. PSE&G FUNDING TRUST II CAPITAL, L.P.
----------- ------------ ---------- ---------- -------- -------------
OPERATING REVENUES $ 5,919 $ (184) $ 5,804 $ 299 $ -- $ --
OPERATING EXPENSES
Energy Costs 3,684 (77) 3,761 -- -- --
Operation and Maintenance 982 (107) 1,087 2 -- --
Depreciation and Amortization 409 -- 284 125 -- --
Taxes Other Than Income Taxes 131 -- 131 -- -- --
------- ------- ------- ------- ------- -------
Total Operating Expenses 5,206 (184) 5,263 127 -- --
------- ------- ------- ------- ------- -------
OPERATING INCOME 713 -- 541 172 -- --
Other Income 28 (13) 28 -- 8 5
Other Deductions (2) -- (2) -- -- --
Interest Expense (406) 13 (247) (172) -- --
Preferred Securities Dividends (13) -- -- -- (8) (5)
------- ------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES 320 -- 320 -- -- --
Income Taxes (115) -- (115) -- -- --
------- ------- ------- ------- ------- -------
NET INCOME $ 205 $ -- $ 205 $ -- $ -- $ --
======= ======= ======= ======= ======= =======
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For
additional information, see Item I.
PSE&G - Public Service Electric and Gas Company
TRANSITION FUNDING - PSE&G Transition Funding LLC
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2002
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS
CONSOL. & RECLASS. PSE&G
------- ------------ -----
BALANCE JANUARY 1, 2002 $ 493 $ -- $ 493
Net Income 205 -- 205
----- ----- -----
Subtotal 698 -- 698
----- ----- -----
Cash Dividends:
Preferred Stock (4) -- (4)
Common Stock
(305) -- (305)
----- ----- -----
Total Cash Dividends (309) -- (309)
----- ----- -----
BALANCE DECEMBER 31, 2002 $ 389 $ -- $ 389
===== ===== =====
PSE&G - Public Service Electric and Gas Company
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. & RECLASS. PSE&G FUNDING MILLENNIUM
-------- ------------ -------- ---------- ----------
CURRENT ASSETS
Cash and Cash Equivalents $ 35 $ -- $ 33 $ -- $ 2
Accounts Receivable 787 -- 787 -- --
Allowance for Doubtful Accounts (32) -- (32) -- --
Unbilled Revenues 275 -- 275 -- --
Materials and Supplies 45 -- 45 -- --
Prepayments 25 -- 25 -- --
Restricted Cash 14 -- -- 14 --
Other 16 -- 16 -- --
-------- -------- -------- -------- --------
Total Current Assets 1,165 -- 1,149 14 2
-------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT 9,581 -- 9,581 -- --
Less: Accumulated depreciation and amortization (3,604) -- (3,604) -- --
-------- -------- -------- -------- --------
Net Property, Plant and Equipment 5,977 -- 5,977 -- --
-------- -------- -------- -------- --------
NONCURRENT ASSETS
Regulatory Assets 4,992 -- 2,526 2,466 --
Long-Term Investments 123 (5,531) 5,485 -- 9
Other Special Funds 44 -- 44 -- --
Intangibles 60 -- 60 -- --
Other 68 -- 68 -- --
-------- -------- -------- -------- --------
Total Noncurrent Assets 5,287 (5,531) 8,183 2,466 9
-------- -------- -------- -------- --------
TOTAL ASSETS $ 12,429 $ (5,531) $ 15,309 $ 2,480 $ 11
======== ======== ======== ======== ========
PSE&G
CAPITAL PSE&G
TRUST II CAPITAL, L.P.
-------- -------------
CURRENT ASSETS
Cash and Cash Equivalents $ -- $ --
Accounts Receivable -- --
Allowance for Doubtful Accounts -- --
Unbilled Revenues -- --
Materials and Supplies -- --
Prepayments -- --
Restricted Cash -- --
Other -- --
-------- -----
Total Current Assets -- --
-------- -----
PROPERTY, PLANT AND EQUIPMENT
Less: Accumulated depreciation and amortization -- --
-------- -----
Net Property, Plant and Equipment -- --
-------- -----
NONCURRENT ASSETS
Regulatory Assets -- --
Long-Term Investments 98 62
Other Special Funds -- --
Intangibles -- --
Other -- --
-------- -----
Total Noncurrent Assets 98 62
-------- -----
TOTAL ASSETS $ 98 $ 62
======== =====
PSE&G - Public Service Electric and Gas Company
TRANSITION FUNDING - PSE&G Transition Funding LLC
NEW MILLENNIUM - Public Service New Millennium Economic Development Fund LLC
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. & RECLASS. PSE&G FUNDING MILLENNIUM
-------- ------------ -------- ---------- ----------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 429 $ -- $ 300 $ 129 $ --
Commercial Paper and Loans 224 -- 224 -- --
Accounts Payable 724 (2,211) 2,881 41 --
Other 315 -- 243 72 --
-------- -------- -------- -------- --------
Total Current Liabilities 1,692 (2,211) 3,648 242 --
-------- -------- -------- -------- --------
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC) 2,436 -- 2,436 -- --
Regulatory Liabilities 252 -- 263 2 --
Other Postemployment Benefits (OPEB) Costs 486 -- 486 -- --
Accrued Pension Costs 175 -- 175 -- --
Other 209 -- 209 -- --
-------- -------- -------- -------- --------
Total Noncurrent Liabilities 3,558 -- 3,569 2 --
-------- -------- -------- -------- --------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- --
-------- -------- -------- -------- --------
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 2,627 (3,528) 6,155 -- --
Securitization Debt 2,222 -- -- 2,222 --
-------- -------- -------- -------- --------
Total Long-Term Debt 4,849 (3,528) 6,155 2,222 --
-------- -------- -------- -------- --------
PREFERRED SECURITIES
Preferred Stock Without Mandatory Redemption 80 -- 80 -- --
Subsidiaries Preferred Securities:
Guaranteed Preferred Beneficial Interest in Subordinated
Debentures 155 (5) -- -- --
-------- -------- -------- -------- --------
Total Preferred Securities 235 (5) 80 -- --
-------- -------- -------- -------- --------
COMMON STOCKHOLDERS' EQUITY
Common Stock 892 -- 892 -- --
Contributed Capital -- (24) -- 13 11
Basis Adjustment 986 -- 986 -- --
Retained Earnings 389 237 151 1 --
Accumulated Other Comprehensive Loss (172) -- (172) -- --
-------- -------- -------- -------- --------
Total Common Stockholders' Equity 2,095 213 1,857 14 11
-------- -------- -------- -------- --------
Total Capitalization 7,179 (3,320) 8,092 2,236 11
-------- -------- -------- -------- --------
TOTAL LIABILITIES AND CAPITALIZATION $ 12,429 $ (5,531) $ 15,309 $ 2,480 $ 11
======== ======== ======== ======== ========
PSE&G
CAPITAL PSE&G
NJP TRUST II CAPITAL, L.P.
-------- --------- -------------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ -- $ -- $ --
Commercial Paper and Loans -- -- --
Accounts Payable 13 -- --
Other -- -- --
----- ----- -----
Total Current Liabilities 13 -- --
----- ----- -----
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credit (ITC) -- -- --
Regulatory Liabilities (13) -- --
Other Postemployment Benefits (OPEB) Costs -- -- --
Accrued Pension Costs -- -- --
Other -- -- --
----- ----- -----
Total Noncurrent Liabilities (13) -- --
----- ----- -----
COMMITMENTS AND CONTINGENT LIABILITIES -- -- --
----- ----- -----
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt -- -- --
Securitization Debt -- -- --
----- ----- -----
Total Long-Term Debt -- -- --
----- ----- -----
PREFERRED SECURITIES
Preferred Stock Without Mandatory Redemption -- -- --
Subsidiaries Preferred Securities:
Guaranteed Preferred Beneficial Interest in Subordinated
Debentures -- 98 62
----- ----- -----
Total Preferred Securities -- 98 62
----- ----- -----
COMMON STOCKHOLDERS' EQUITY
Common Stock -- -- --
Contributed Capital -- -- --
Basis Adjustment -- -- --
Retained Earnings -- -- --
Accumulated Other Comprehensive Loss -- -- --
----- ----- -----
Total Common Stockholders' Equity -- -- --
----- ----- -----
Total Capitalization -- 98 62
----- ----- -----
TOTAL LIABILITIES AND CAPITALIZATION $ -- $ 98 $ 62
===== ===== =====
PSE&G - Public Service Electric and Gas Company
TRANSITION FUNDING - PSE&G Transition Funding LLC
NEW MILLENNIUM - Public Service New Millennium Economic Development Fund LLC
NJP - New Jersey Properties, Inc.
PSEG POWER LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2002
(Millions of Dollars)
PSEG INTERCOMPANY PSEG PSEG
POWER & ELIMINATIONS PSEG PSEG PSEG PSEG POWER POWER
SUBS. (A) & RECLASS. POWER FOSSIL (A) NUCLEAR (A) ER&T INVEST CO. DEVP CO.
--------- ------------ ------- ---------- ----------- ------- --------- --------
OPERATING REVENUES $ 3,670 $(1,416) $ 2 $ 606 $ 884 $ 3,594 $ -- $ --
OPERATING EXPENSES
Energy Costs 1,886 (1,416) -- 31 110 3,161 -- --
Operation and Maintenance 773 -- 77 230 391 75 -- --
Depreciation and Amortization 108 -- 5 67 36 -- -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Operating Expenses 2,767 (1,416) 82 328 537 3,236 -- --
------- ------- ------- ------- ------- ------- ------- -----
OPERATING INCOME 903 -- (80) 278 347 358 -- --
Other Income and Deductions -- (615) 616 (1) -- -- -- --
Interest Expense (122) -- (180) (38) (24) 3 117 --
------- ------- ------- ------- ------- ------- ------- -----
INCOME BEFORE INCOME TAXES 781 (615) 356 239 323 361 117 --
Income Taxes (313) -- 112 (103) (134) (147) (41) --
------- ------- ------- ------- ------- ------- ------- -----
NET INCOME $ 468 $ (615) $ 468 $ 136 $ 189 $ 214 $ 76 $ --
======= ======= ======= ======= ======= ======= ======= =====
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For
additional information, see Item I.
PSEG POWER - PSEG Power LLC
PSEG FOSSIL - PSEG Fossil LLC
PSEG NUCLEAR - PSEG Nuclear LLC
PSEG ER&T - PSEG Resources & Trade LLC
PSEG POWER LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
(Millions of Dollars)
PSEG INTERCOMPANY PSEG PSEG
POWER & ELIMINATIONS PSEG PSEG PSEG PSEG POWER POWER
SUBS. & RECLASS. POWER FOSSIL NUCLEAR ER&T INVEST CO. DEVPT CO.
-------- ------------ ------- ------- ------- ------- --------- --------
BALANCE JANUARY 1, 2002 $ 498 $ (869) $ 498 $ 244 $ 203 $ 353 $ 69 $--
Net Income 468 (615) 468 136 189 214 76 --
------- ------- ------- ------- ------- ------- ------- ---
Subtotal 966 (1,484) 966 380 392 567 145 --
------- ------- ------- ------- ------- ------- ------- ---
Cash Dividends:
Common Stock -- 447 -- -- (230) (217) -- --
------- ------- ------- ------- ------- ------- ------- ---
Total Cash Dividends -- 447 -- -- (230) (217) -- --
------- ------- ------- ------- ------- ------- ------- ---
BALANCE DECEMBER 31, 2002 $ 966 $(1,037) $ 966 $ 380 $ 162 $ 350 $ 145 $--
======= ======= ======= ======= ======= ======= ======= ===
PSEG POWER - PSEG Power LLC
PSEG FOSSIL - PSEG Fossil LLC
PSEG NUCLEAR - PSEG Nuclear LLC
PSEG ER&T - PSEG Resources & Trade LLC
PSEG POWER LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions of Dollars)
PSEG INTERCOMPANY PSEG PSEG
POWER & ELIMINATIONS PSEG PSEG PSEG PSEG POWER POWER
SUBS. & RECLASS. POWER FOSSIL NUCLEAR ER&T INVEST CO. DEVP CO.
------- ------------ ------- ------- ------- ------- --------- -------
CURRENT ASSETS
Cash and Cash Equivalents $ 26 $ -- $ -- $ 17 $ 8 $ 1 $ -- $ --
Accounts Receivable -net 499 (48) -- 12 9 478 48 --
Fuel 406 -- -- 28 1 377 -- --
Materials and Supplies 148 -- 6 47 95 -- -- --
Energy Trading Contracts 179 -- -- -- -- 179 -- --
Other 44 -- 3 3 3 35 -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Current Assets 1,302 (48) 9 107 116 1,070 48 --
------- ------- ------- ------- ------- ------- ------- -----
PROPERTY, PLANT AND EQUIPMENT 5,347 -- 65 4,448 824 10 -- --
Less: Accumulated depreciation and amortization (1,302) -- (23) (860) (419) -- -- --
------- ------- ------- ------- ------- ------- ------- -----
Net Property, Plant and Equipment 4,045 -- 42 3,588 405 10 -- --
------- ------- ------- ------- ------- ------- ------- -----
NONCURRENT ASSETS
Deferred Income Taxes and
Investment Tax Credit (ITC) 545 -- 733 (99) (90) 1 -- --
Notes Receivable - Affiliated Companies -- (1,247) -- -- -- -- 1,247 --
Investment in Subsidiaries -- (2,734) 2,734 -- -- -- -- --
Nuclear Decommissioning Trust Funds 766 -- -- -- 766 -- -- --
Intangibles 141 -- 33 100 -- 8 -- --
Other 165 -- 39 8 3 115 -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Noncurrent Assets 1,617 (3,981) 3,539 9 679 124 1,247 --
------- ------- ------- ------- ------- ------- ------- -----
TOTAL ASSETS $ 6,964 $(4,029) $ 3,590 $ 3,704 $ 1,200 $ 1,204 $ 1,295 $ --
======= ======= ======= ======= ======= ======= ======= =====
PSEG POWER - PSEG Power LLC
PSEG FOSSIL - PSEG Fossil LLC
PSEG NUCLEAR - PSEG Nuclear LLC
PSEG ER&T - PSEG Resources & Trade LLC
PSEG POWER LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions of Dollars)
PSEG INTERCOMPANY PSEG PSEG
POWER & ELIMINATIONS PSEG PSEG PSEG PSEG POWER POWER
SUBS. & RECLASS. POWER FOSSIL NUCLEAR ER&T INVEST CO. DEVP CO.
------- ------------ ------- ------- ------- ------- --------- -------
CURRENT LIABILITIES
Accounts Payable $ 671 $ (97) $ (653) $ 986 $ (65) $ 500 $ -- $ --
Energy Trading Contracts 123 -- -- -- -- 123 -- --
Other 283 (48) 71 79 23 158 -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Current Liabilities 1,077 (145) (582) 1,065 (42) 781 -- --
------- ------- ------- ------- ------- ------- ------- -----
NONCURRENT LIABILITIES
Nuclear Decommissioning 766 -- -- -- 766 -- -- --
Cost of Removal 131 -- -- 131 -- -- -- --
Accrued Pension Costs 101 -- 101 -- -- -- -- --
Other 131 -- 16 73 (1) 43 -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Noncurrent Liabilities 1,129 -- 117 204 765 43 -- --
------- ------- ------- ------- ------- ------- ------- -----
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- -- -- --
------- ------- ------- ------- ------- ------- ------- -----
CAPITALIZATION:
LONG TERM DEBT
Notes Payable - Affiliated Company -- (1,247) 97 800 350 -- -- --
Long-Term Debt 3,316 -- 2,516 800 -- -- -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Long-Term Debt 3,316 (1,247) 2,613 1,600 350 -- -- --
MEMBER'S EQUITY:
Contributed Capital 1,550 (1,602) 1,550 460 (35) 27 1,150 --
Basis Adjustment (986) -- (986) -- -- -- -- --
Retained Earnings 966 (1,037) 966 380 162 350 145 --
Accumulated Other Comprehensive Loss (Income) (88) 2 (88) (5) -- 3 -- --
------- ------- ------- ------- ------- ------- ------- -----
Total Member's Equity 1,442 (2,637) 1,442 835 127 380 1,295 --
------- ------- ------- ------- ------- ------- ------- -----
Total Capitalization 4,758 (3,884) 4,055 2,435 477 380 1,295 --
------- ------- ------- ------- ------- ------- ------- -----
TOTAL LIABILITIES AND MEMEBER'S EQUITY $ 6,964 $(4,029) $ 3,590 $ 3,704 $ 1,200 $ 1,204 $ 1,295 $ --
======= ======= ======= ======= ======= ======= ======= =====
PSEG POWER - PSEG Power LLC
PSEG FOSSIL - PSEG Fossil LLC
PSEG NUCLEAR - PSEG Nuclear LLC
PSEG ER&T - PSEG Resources & Trade LLC
PSEG FOSSIL LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG POWER PSEG POWER PSEG POWER
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK BELLPORT MIDWEST CONNECTICUT
& SUBS. (A) & RECLASS. LLC INC. LLC LLC LLC
------------ ------------- -------- -------- -------- ---------- -----------
OPERATING REVENUES $ 606 $ -- $ 563 $ 15 $ -- $ -- $ 28
OPERATING EXPENSES
Energy Costs 31 -- -- 8 -- -- 23
Operation and Maintenance 230 (1) 214 14 -- -- 2
Depreciation and Amortization 67 -- 67 -- -- 1 --
------------ ------------- -------- -------- -------- --------- -----------
Total Operating Expenses 328 (1) 281 22 -- 1 25
------------ ------------- -------- -------- -------- --------- -----------
OPERATING INCOME 278 1 282 (7) -- (1) 3
Other Income and Deductions (1) 3 (4) -- -- -- --
Interest Expense (38) -- (39) 4 (3) -- --
------------ ------------- -------- -------- -------- --------- -----------
INCOME BEFORE INCOME TAXES 239 4 239 (3) (3) (1) 3
Income Taxes (103) -- (103) 1 -- -- (1)
------------ ------------- -------- -------- -------- --------- -----------
NET INCOME $ 136 $ 4 $ 136 $ (2) $ (3) $ (1) $ 2
============ ============= ======== ======== ======== ========= ===========
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
PSEG FOSSIL LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG POWER PSEG PSEG POWER
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK BELLPORT MIDWEST CONNECTICUT
& SUBS. & RECLASS. LLC INC. LLC LLC LLC
---------- ------------ ---------- ---------- ---------- ---------- ----------
BALANCE JANUARY 1, 2002 $ 244 $ 16 $ 244 $ (20) $ 4 $ -- $ --
Net Income 136 4 136 (2) (3) (1) 2
---------- ---------- ---------- ---------- ---------- ---------- ----------
BALANCE DECEMBER 31, 2002 $ 380 $ 20 $ 380 $ (22) $ 1 $ (1) $ 2
========== ========== ========== ========== ========== ========== ==========
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. & RECLASS. LLC INC. ENERGY
------------- ------------- ------------- ------------- -------------
CURRENT ASSETS
Cash and Cash Equivalents $ 17 $ -- $ 17 $ -- $ --
Accounts Receivable - net 12 -- -- -- --
Fuel 28 -- -- 4 --
Materials and Supplies 47 -- 37 3 --
Other 3 -- -- 2 --
------------- ------------- ------------- ------------- -------------
Total Current Assets 107 -- 54 9 --
------------- ------------- ------------- ------------- -------------
PROPERTY, PLANT AND EQUIPMENT 4,448 -- 2,873 185 582
Less: Accumulated Depreciation
and Amortization (860) -- (858) (2) --
------------- ------------- ------------- ------------- -------------
Net Property, Plant and
Equipment 3,588 -- 2,015 183 582
------------- ------------- ------------- ------------- -------------
NONCURRENT ASSETS
Investment in Subs -- (409) 409 -- --
Intangibles 100 -- -- 56 --
Other 8 -- -- (1) 5
------------- ------------- ------------- ------------- -------------
Total Noncurrent Assets 108 (409) 409 55 5
------------- ------------- ------------- ------------- -------------
TOTAL ASSETS $ 3,803 $ (409) $ 2,478 $ 247 $ 587
============= ============= ============= ============= =============
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
------------- ------------- ------------- -------------
CURRENT ASSETS
Cash and Cash Equivalents $ -- $ -- $ -- $ --
Accounts Receivable - net -- -- -- 12
Fuel -- -- -- 24
Materials and Supplies -- -- -- 7
Other -- -- -- 1
------------- ------------- ------------- -------------
Total Current Assets -- -- -- 44
------------- ------------- ------------- -------------
PROPERTY, PLANT AND EQUIPMENT 82 489 -- 237
Less: Accumulated Depreciation
and Amortization -- -- -- --
------------- ------------- ------------- -------------
Net Property, Plant and
Equipment 82 489 -- 237
------------- ------------- ------------- -------------
NONCURRENT ASSETS
Investment in Subs -- -- -- --
Intangibles -- -- -- 44
Other -- 4 -- --
------------- ------------- ------------- -------------
Total Noncurrent Assets -- 4 -- 44
------------- ------------- ------------- -------------
TOTAL ASSETS $ 82 $ 493 $ -- $ 325
============= ============= ============= =============
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. & RECLASS. LLC INC. ENERGY
----------- ------------- ----------- ----------- ------------
CURRENT LIABILITIES
Accounts Payable $ 986 $ 8 $ 490 $ 226 $ 1
Other 79 -- 47 5 1
----------- ------------- ----------- ----------- -----------
Total Current Liabilities 1,065 8 537 231 2
----------- ------------- ----------- ----------- -----------
NONCURRENT LIABILITIES
Deferred Income Taxes 99 -- 99 3 --
Cost of Removal 131 -- 124 7 --
Environmental 59 -- 52 -- --
Other 14 -- -- 2 --
----------- ------------- ----------- ----------- -----------
Total Noncurrent Liabilities 303 -- 275 12 --
----------- ------------- ----------- ----------- -----------
LONG TERM DEBT
Notes Payable - Affiliated Company 800 -- 800 -- --
Long-Term Debt 800 -- -- -- 445
----------- ------------- ----------- ----------- -----------
Total Long-Term Debt 1,600 -- 800 -- 445
----------- ------------- ----------- ----------- -----------
MEMBER'S EQUITY
Contributed Capital 460 (332) 491 26 140
Retained Earnings 380 20 380 (22) --
Accumulated Other Comprehensive Income (5) 5 (5) -- --
----------- ------------- ----------- ----------- -----------
Total Member's Equity 835 (417) 866 4 140
----------- ------------- ----------- ----------- -----------
TOTAL LIABILITIES AND MEMBER'S EQUITY $ 3,803 $ (409) $ 2,478 $ 247 $ 587
=========== ============= =========== =========== ===========
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
----------- ----------- ----------- -----------
CURRENT LIABILITIES
Accounts Payable $ 81 $ 2 $ 1 $ 178
Other -- 11 -- 15
----------- ----------- ----------- -----------
Total Current Liabilities 81 13 1 193
----------- ----------- ----------- -----------
NONCURRENT LIABILITIES
Deferred Income Taxes -- (4) -- 1
Cost of Removal -- -- -- --
Environmental -- -- -- 7
Other -- -- -- 12
----------- ----------- ----------- -----------
Total Noncurrent Liabilities -- (4) -- 20
----------- ----------- ----------- -----------
LONG TERM DEBT
Notes Payable - Affiliated Company -- -- -- --
Long-Term Debt -- 355 -- --
----------- ----------- ----------- -----------
Total Long-Term Debt -- 355 -- --
----------- ----------- ----------- -----------
MEMBER'S EQUITY
Contributed Capital -- 135 -- 110
Retained Earnings 1 (1) (1) 2
Accumulated Other Comprehensive Income -- (5) -- --
----------- ----------- ----------- -----------
Total Member's Equity 1 129 (1) 112
----------- ----------- ----------- -----------
TOTAL LIABILITIES AND MEMBER'S EQUITY $ 82 $ 493 $ -- $ 325
=========== =========== =========== ===========
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. (A) & RECLASS. LLC CORP.
-------------- -------------- -------------- --------------
OPERATING REVENUES $ 884 $ -- $ 884 $ --
OPERATING EXPENSES
Energy Costs 110 -- 110 --
Operation and Maintenance 391 -- 391 --
Depreciation and Amortization 36 -- 36 --
-------------- -------------- -------------- --------------
Total Operating Expenses 537 -- 537 --
-------------- -------------- -------------- --------------
OPERATING INCOME 347 -- 347 --
Other Income and Deductions -- -- -- --
Interest Expense (24) -- (24) --
-------------- -------------- -------------- --------------
INCOME BEFORE INCOME TAXES 323 -- 323 --
Income Taxes (134) -- (134) --
-------------- -------------- -------------- --------------
NET INCOME $ 189 $ -- $ 189 $ --
============== ============== ============== ==============
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
------------- ------------- ------------- -------------
BALANCE JANUARY 1, 2002 $ 203 $ -- $ 203 $ --
Net Income 189 -- 189 --
------------- ------------- ------------- -------------
Subtotal 392 -- 392 --
------------- ------------- ------------- -------------
Cash Dividends:
Common Stock (230) -- (230) --
------------- ------------- ------------- -------------
Total Cash Dividends (230) -- (230) --
------------- ------------- ------------- -------------
BALANCE DECEMBER 31, 2002 $ 162 $ -- $ 162 $ --
============= ============= ============= =============
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
-------------- -------------- -------------- --------------
CURRENT ASSETS
Cash and Cash Equivalents $ 8 $ -- $ 8 $ --
Accounts Receivable 9 -- 9 --
Accounts Receivable - Affiliated Companies 109 -- 109 --
Fuel 1 -- 1 --
Materials and Supplies 95 -- 95 --
Other 3 -- 3 --
-------------- -------------- -------------- --------------
Total Current Assets 225 -- 225 --
-------------- -------------- -------------- --------------
PROPERTY, PLANT AND EQUIPMENT 824 -- 819 5
Less: Accumulated depreciation and amortization (419) -- (419) --
-------------- -------------- -------------- --------------
Net Property, Plant and Equipment 405 -- 400 5
-------------- -------------- -------------- --------------
NONCURRENT ASSETS
Deferred Income Taxes (90) -- (90) --
Other 769 (5) 774 --
-------------- -------------- -------------- --------------
Total Noncurrent Assets 679 (5) 684 --
-------------- -------------- -------------- --------------
TOTAL ASSETS $ 1,309 $ (5) $ 1,309 $ 5
============== ============== ============== ==============
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2002
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
-------------- -------------- -------------- --------------
CURRENT LIABILITIES
Accounts Payable $ 44 $ -- $ 44 $ --
Other 23 -- 23 --
-------------- -------------- -------------- --------------
Total Current Liabilities 67 -- 67 --
-------------- -------------- -------------- --------------
NONCURRENT LIABILITIES
Nuclear Decommissioning 766 -- 766 --
Other (1) -- (1) --
-------------- -------------- -------------- --------------
Total Noncurrent Liabilities 765 -- 765 --
-------------- -------------- -------------- --------------
LONG TERM DEBT
Notes Payable - Affiliated Company 350 -- 350 --
-------------- -------------- -------------- --------------
Total Long-Term Debt 350 -- 350 --
-------------- -------------- -------------- --------------
MEMBER'S EQUITY
Contributed Capital (35) (5) (35) 5
Retained Earnings 162 -- 162 --
-------------- -------------- -------------- --------------
Total Member's Equity 127 (5) 127 5
-------------- -------------- -------------- --------------
TOTAL LIABILITIES AND MEMBER'S EQUITY $ 1,309 $ (5) $ 1,309 $ 5
============== ============== ============== ==============
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
ENERGY INTERCOMPANY PSEG
HOLDINGS ELIMINATIONS ENERGY PSEG PSEG ENERGY
CONSOL. & RECLASS. HOLDINGS GLOBAL RESOURCES TECHNOLOGIES
--------- ------------ --------- --------- --------- ------------
REVENUES:
Income from joint ventures and partnerships $ 58,034 $ -- $ -- $ 57,891 $ (509) $ --
Income from capital and operating lease agreements 259,606 -- -- -- 259,606 --
Gain on withdrawal from partnership interests 32,432 -- -- 32,432 -- --
Investment gains (losses) (40,956) -- -- -- (40,526) --
Interest and dividend income 45,557 -- 632 44,586 339 --
Electric revenues: -- -- -- -- -- --
Generation 196,934 -- -- 196,934 -- --
Distribution 149,112 -- -- 149,112 -- --
Other 17,695 -- -- 17,695 -- --
Consulting and O&M fees 2,815 -- -- 2,815 -- --
DSM Revenues 28,012 -- -- -- 28,012 --
Other revenues 110 -- -- -- 110 --
Interest and other - associated cos -- (185,907) 161,934 -- -- --
Equity in subsidiary earnings -- 375,014 (375,014) -- -- --
--------- --------- --------- --------- --------- ---------
Total revenues 749,351 189,107 (212,448) 501,465 247,032 --
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Electric energy costs 147,756 -- -- 147,756 -- --
Operation and maintenance 53,979 -- -- 35,014 17,789 --
Depreciation and amortization 34,920 -- 208 28,590 4,890 1,232
Write-down of investments 496,710 -- -- 496,710 -- --
Administrative and general 110,826 (9,736) 17,933 89,147 11,599 1, 481
--------- --------- --------- --------- --------- ---------
Total operating expenses 844,191 (9,736) 18,141 797,217 34,278 2,713
--------- --------- --------- --------- --------- ---------
OPERATING INCOME (94,840) 198,843 (230,589) (295,752) 212,754 (2,713)
--------- --------- --------- --------- --------- ---------
Total other income (loss) (47,602) (13,482) 13,482 (54,901) 7,291 8
--------- --------- --------- --------- --------- ---------
Interest expense-net 214,192 (189,653) 166,373 114,791 98,776 --
--------- --------- --------- --------- --------- ---------
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES, MINORITY INTERESTS, DISCONTINUED
OPS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE (356,634) 375,014 (383,480) (465,444) 121,269 (2,705)
--------- --------- --------- --------- --------- ---------
INCOME TAXES:
Current (108,881) -- (3,073) (528) (103,160) (948)
Deferred (50,101) -- 66 (192,531) 141,642 --
Investment and energy tax credits - net (1,501) -- -- (458) (1,043) --
Foreign 10,003 -- -- 10,003 -- --
--------- --------- --------- --------- --------- ---------
Total income taxes (150,480) -- (3,007) (183,514) 37,439 (948)
--------- --------- --------- --------- --------- ---------
MINORITY INTERESTS 2,692 -- -- 2,692 -- --
--------- --------- --------- --------- --------- ---------
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE
DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE $(208,846) $ 375,014 $(380,473) $(284,622) $ 83,830 $ (1,757)
--------- --------- --------- --------- --------- ---------
DISCONTINUED OPERATIONS:
Income (loss) from discontinued operations (15,591) -- -- 5,117 -- (20,708)
Loss on disposal of discontinued operations (35,057) -- -- (14,595) -- (20,462)
(LOSS) INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE (259,494) 375,014 (380,473) (294,100) 83,830 (42,927)
Cumulative effect of a change in accounting principle (120,979) -- -- (88,968) -- (32,011)
--------- --------- --------- --------- --------- ---------
NET (LOSS) INCOME $(380,473) $ 375,014 $(380,473) $(383,068) $ 83,830 $ (74,938)
Preferred stock dividend requirements 17,071 (21,261) 17,071 16,762 4,499 --
Preference units distributions 5,690 (1,500) 5,690 -- 1,500 --
--------- --------- --------- --------- --------- ---------
(LOSS) EARNINGS AVAILABLE TO ORDINARY
MEMBER / COMMON STOCKHOLDER $(403,234) $ 397,775 $(403,234) $(399,830) $ 77,831 $ (74,938)
========= ========= ========= ========= ========= =========
PSEG
EGDC CAPITAL ECFC
--------- --------- -----
REVENUES:
Income from joint ventures and partnerships $ 652 $ -- $ --
Income from capital and operating lease agreements -- -- --
Gain on withdrawal from partnership interests -- -- --
Investment gains (losses) (430) -- --
Interest and dividend income -- -- --
Electric revenues: -- -- --
Generation -- -- --
Distribution -- -- --
Other -- -- --
Consulting and O&M fees -- -- --
DSM Revenues -- -- --
Other revenues -- -- --
Interest and other - associated cos 18 23,955 --
Equity in subsidiary earnings -- -- --
--------- --------- -----
Total revenues 240 23,955 --
--------- --------- -----
OPERATING EXPENSES:
Electric energy costs -- -- --
Operation and maintenance 1,176 -- --
Depreciation and amortization -- -- --
Write-down of investments -- -- --
Administrative and general 352 50 --
--------- --------- -----
Total operating expenses 1,528 50 --
--------- --------- -----
OPERATING INCOME (1,288) 23,905 --
--------- --------- -----
Total other income (loss) -- -- --
--------- --------- -----
Interest expense-net -- 23,905 --
--------- --------- -----
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES, MINORITY INTERESTS, DISCONTINUED
OPS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE (1,288) -- --
--------- --------- -----
INCOME TAXES:
Current (1,172) -- --
Deferred 722 -- --
Investment and energy tax credits - net -- -- --
Foreign -- -- --
--------- --------- -----
Total income taxes (450) -- --
--------- --------- -----
MINORITY INTERESTS -- -- --
--------- --------- -----
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE
DISCONTINUED OPERATIONS AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE $ (838) $ -- $ --
--------- --------- -----
DISCONTINUED OPERATIONS:
Income (loss) from discontinued operations -- -- --
Loss on disposal of discontinued operations -- -- --
(LOSS) INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE (838) -- --
Cumulative effect of a change in accounting principle -- -- --
--------- --------- -----
NET (LOSS) INCOME $ (838) $ -- $ --
Preferred stock dividend requirements -- -- --
Preference units distributions -- -- --
--------- --------- -----
(LOSS) EARNINGS AVAILABLE TO ORDINARY
MEMBER / COMMON STOCKHOLDER $ (838) $ -- $ --
========= ========= =====
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
ENERGY INTERCOMPANY PSEG
HOLDINGS ELIMINATIONS ENERGY PSEG PSEG ENERGY PSEG
CONSOL. & RECLASS. HOLDINGS GLOBAL RESOURCES TECHNOLOGIES EGDC CAPITAL ECFC
--------- ------------ --------- --------- --------- ------------ --------- ------- ----
BALANCE JANUARY 1, 2002 $ 510,244 $(330,039) $ 510,244 $ 237,132 $ 290,480 $ (96,767) $(100,806) $ -- $ --
NET INCOME (380,473) 375,014 (380,473) (383,068) 83,830 (74,938) (838) -- --
--------- --------- --------- --------- --------- --------- --------- ---- ----
SUBTOTAL 129,771 44,975 129,771 (145,936) 374,310 (171,705) (101,644) -- --
--------- --------- --------- --------- --------- --------- --------- ---- ----
DIVIDENDS DECLARED 22,761 (22,761) 22,761 16,762 5,999 -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---- ----
BALANCE DECEMBER 31, 2002 $ 107,010 $ 67,736 $ 107,010 $(162,698) $ 368,311 $(171,705) $(101,644) $ -- $ --
========= ========= ========= ========= ========= ========= ========= ==== ====
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG
ENERGY HOLDINGS ELIMINATIONS RECLASS ENERGY PSEG
CONSOL. & RECLASS. DISC OPS HOLDINGS GLOBAL
--------------- ------------ ----------- ----------- -----------
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 103,558 $ -- $ -- $ 50 $ 90,691
Accounts receivable:
Trade 91,517 -- (101,915) -- 86,717
Allowance for doubtful accounts (155) -- 37,440 -- --
Other 23,537 -- (8) 595 22,682
PSEG -- (36,734) -- 15,643 20,976
PSEG Power 200 (41) -- -- 241
Other associated companies -- (82,130) -- 53,664 42
Notes receivable:
Associated companies 61,600 (1,999,762) -- 1,758,650 --
Other 11,665 -- (643) -- 11,665
Interest and dividends receivable 90 -- -- -- --
Fuel 6,888 -- -- -- 6,888
Materials and supplies 15,283 -- (588) -- 15,283
Cost and earnings in excess of billings -- -- (15,844) -- --
Restricted funds 18,288 -- -- -- 18,288
Assets held for sale 83,261 -- -- -- 68,975
Prepayments 3,712 -- (832) 182 3,205
Current assets of discontinued operations 106,767 -- 106,767 -- --
----------- ----------- ----------- ----------- -----------
Total current assets 526,211 (2,118,667) 24,377 1,828,784 345,653
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT:
Real estate 103,486 -- -- -- 14,358
Other 1,430,958 -- (46,570) 2,541 1,414,304
Accum. depr. and amortization (139,446) -- 31,216 (2,408) (109,153)
----------- ----------- ----------- ----------- -----------
Property, plant and equipment - net 1,394,998 -- (15,354) 133 1,319,509
----------- ----------- ----------- ----------- -----------
INVESTMENTS:
Subsidiaries -- (2,500,996) -- 2,500,996 --
Capital lease agreements 2,850,968 -- -- -- --
Limited partnership interests 440,528 -- -- -- 322,831
General partnership interests 57,208 -- -- -- 23,217
Corporate joint ventures 1,003,692 -- -- -- 1,003,692
Securities 5,400 -- -- -- --
DSM investment 31,560 -- -- -- --
Other investments 1,147 -- (6,189) -- --
Valuation allowances (20,758) -- -- -- --
----------- ----------- ----------- ----------- -----------
Total investments 4,369,745 (2,500,996) (6,189) 2,500,996 1,349,740
----------- ----------- ----------- ----------- -----------
OTHER ASSETS:
Goodwill 436,061 -- -- -- 436,061
Deferred tax asset -- (301,678) -- 605 258,643
Derivative asset 35,918 -- -- 461 35,457
Other 75,160 -- (2,834) 15,696 57,434
----------- ----------- ----------- ----------- -----------
Total other assets 547,139 (301,678) (2,834) 16,762 787,595
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 6,838,093 $(4,921,341) $ -- $ 4,346,675 $ 3,802,497
=========== =========== =========== =========== ===========
PSEG
PSEG ENERGY PSEG
RESOURCES TECHNOLOGIES EGDC CAPITAL ECFC
----------- ------------ ----------- ----------- -----------
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 12,673 $ -- $ 143 $ 1 $ --
Accounts receivable:
Trade 4,800 101,915 -- -- --
Allowance for doubtful accounts (155) (37,440) -- -- --
Other 260 8 -- -- --
PSEG -- -- 115 -- --
PSEG Power -- -- -- -- --
Other associated companies -- -- 3 28,421 --
Notes receivable:
Associated companies -- 61,781 8,275 232,556 100
Other -- 643 -- -- --
Interest and dividends receivable 90 -- -- -- --
Fuel -- -- -- -- --
Materials and supplies -- 588 -- -- --
Restricted funds -- -- -- -- --
Cost and earnings in excess of billings -- 15,844 -- -- --
Assets held for sale -- -- 14,286 -- --
Prepayments 92 832 233 -- --
Current assets of discontinued operations -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total current assets 17,760 144,171 23,055 260,978 100
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT:
Real estate 72,919 -- 16,209 -- --
Other 9,857 50,325 501 -- --
Accum. depr. and amortization (23,988) (34,971) (142) -- --
----------- ----------- ----------- ----------- -----------
Property, plant and equipment - net 58,788 15,354 16,568 -- --
----------- ----------- ----------- ----------- -----------
INVESTMENTS:
Subsidiaries -- -- -- -- --
Capital lease agreements 2,850,968 -- -- -- --
Limited partnership interests 117,697 -- -- -- --
General partnership interests -- -- 33,991 -- --
Corporate joint ventures -- -- -- -- --
Securities 5,400 -- -- -- --
DSM investment 31,560 -- -- -- --
Other investments 1,147 6,189 -- -- --
Valuation allowances (6,604) -- (14,154) -- --
----------- ----------- ----------- ----------- -----------
Total investments 3,000,168 6,189 19,837 -- --
----------- ----------- ----------- ----------- -----------
OTHER ASSETS:
Goodwill -- -- -- -- --
Deferred tax asset 7,301 31,951 3,178 -- --
Derivative asset -- -- -- -- --
Other 2,030 2,834 -- -- --
----------- ----------- ----------- ----------- -----------
Total other assets 9,331 34,785 3,178 -- --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 3,086,047 $ 200,499 $ 62,638 $ 260,978 $ 100
=========== =========== =========== =========== ===========
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG
ENERGY HOLDINGS ELIMINATIONS RECLASS ENERGY PSEG
CONSOL. & RECLASS. DISC OPS HOLDINGS GLOBAL
--------------- ------------ ----------- ----------- -----------
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ 75,472 $ -- $ (26,038) $ -- $ 64,214
Taxes 11,760 -- 244 -- 10,876
Other 61,475 -- (18,219) 201 61,221
Interest 46,758 -- -- 38,560 6,144
Associated companies 61,166 (118,905) (12,444) 17,584 46,499
Billings in excess of costs and earnings -- -- (22,025) -- --
Notes payable:
PSEG Capital Corporation -- (232,556) -- -- 184,960
PSEG Energy Holdings L.L.C -- (1,697,050) -- -- 854,973
Enterprise Group Development Corp. -- (8,275) -- -- --
PSEG Energy Technologies Inc. -- (61,781) -- 61,781 --
Enterprise Capital Funding Corp. -- (100) -- 100 --
Other 137,062 -- -- -- 137,062
Long-term debt due within one year 319,929 -- (6,223) -- 67,023
Current liabilities of discontinued operations 94,949 -- 94,949 -- --
----------- ----------- ----------- ----------- -----------
Total current liabilities 808,571 (2,118,667) 10,244 118,226 1,432,972
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 2,578,087 -- (5,160) 1,724,817 832,460
----------- ----------- ----------- ----------- -----------
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes 1,035,481 (301,678) -- (4,146) --
Deferred investment and energy tax credits 6,947 -- -- -- 6,947
Deferred revenues 20,103 -- -- -- 20,103
Derivative liability 138,500 -- -- 40 138,460
Other long-term payables 19,522 -- (5,084) 4,943 11,878
----------- ----------- ----------- ----------- -----------
Total deferred taxes and other liabilities 1,220,553 (301,678) (5,084) 837 177,388
----------- ----------- ----------- ----------- -----------
MINORITY INTERESTS 106,495 -- -- -- 106,495
----------- ----------- ----------- ----------- -----------
MEMBER'S/STOCKHOLDER'S EQUITY:
Common stock -- (63,591) -- -- 62,880
Preference units/Preferred stock 509,200 (509,200) -- 509,200 375,000
Ordinary unit/common stock and capital 1,887,708 (1,995,941) -- 1,887,708 1,353,937
Undistributed retained earnings/deficit 107,010 67,736 -- 107,010 (162,698)
Accumulated other comprehensive loss (379,531) -- -- (1,123) (375,937)
----------- ----------- ----------- ----------- -----------
Total member's/stockholder's equity 2,124,387 (2,500,996) -- 2,502,795 1,253,182
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $ 6,838,093 $(4,921,341) $ -- $ 4,346,675 $ 3,802,497
=========== =========== =========== =========== ===========
PSEG
PSEG ENERGY PSEG
RESOURCES TECHNOLOGIES EGDC CAPITAL ECFC
------------- ------------ ----------- ----------- -----------
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ 11,258 $ 26,038 $ -- $ -- $ --
Taxes 833 (244) 51 -- --
Other -- 18,220 42 10 --
Interest 1,354 -- -- 700 --
Associated companies 115,584 12,840 4 4 --
Billings in excess of costs and earnings -- 22,025 -- -- --
Notes payable:
PSEG Capital Corporation 47,596 -- -- -- --
PSEG Energy Holdings L.L.C 842,077 -- -- -- --
Enterprise Group Development Corp. -- -- -- 8,275 --
PSEG Energy Technologies Inc. -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other -- -- -- -- --
Long-term debt due within one year 1,017 6,223 -- 251,889 --
Current liabilities of discontinued operations -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total current liabilities 1,019,719 85,102 97 260,878 --
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 20,810 5,160 -- -- --
----------- ----------- ----------- ----------- -----------
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes 1,340,728 577 -- -- --
Deferred investment and energy tax credits -- -- -- -- --
Deferred revenues -- -- -- -- --
Derivative liability -- -- -- -- --
Other long-term payables 2,701 5,084 -- -- --
----------- ----------- ----------- ----------- -----------
Total deferred taxes and other liabilities 1,343,429 5,661 -- -- --
----------- ----------- ----------- ----------- -----------
MINORITY INTERESTS -- -- -- -- --
----------- ----------- ----------- ----------- -----------
MEMBER'S/STOCKHOLDER'S EQUITY:
Common stock -- 10 501 100 100
Preference units/Preferred stock 134,200 -- -- -- --
Ordinary unit/common stock and capital 200,134 278,186 163,684 -- --
Undistributed retained earnings/deficit 368,311 (171,705) (101,644) -- --
Accumulated other comprehensive loss (556) (1,915) -- -- --
----------- ----------- ----------- ----------- -----------
Total member's/stockholder's equity 702,089 104,576 62,541 100 100
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $ 3,086,047 $ 200,499 $ 62,638 $ 260,978 $ 100
=========== =========== =========== =========== ===========
PSEG GLOBAL INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG GLOBAL
PSEG INTERCOMPANY PSEG GLOBAL INT'L HOLDINGS
GLOBAL ELIMINATIONS PSEG USA LLC
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL.
--------- ------------ --------- ----------- --------------
REVENUES:
Income from partnerships $ 57,891 $ -- $ (227) $ 33,648 $ 39,730
Income from capital lease agreements -- -- -- -- --
Gain on Withdrawal from Partnership 32,432 -- 4,457 (257) (1)
Interest and dividend income 44,586 -- 2,457 8,659 2,840
Other -- -- -- -- --
Electric Revenues -- -- -- -- --
Generation 196,934 -- -- 25,486 101,983
Distribution 149,112 -- -- -- 149,112
Other 17,695 -- -- -- 17,214
Consulting and O&M fees 2,815 28 1,328 225
Equity in subsidiary earnings -- 514,277 (514,277) -- --
--------- --------- --------- --------- ---------
Total revenues 501,465 514,277 (507,562) 68,864 311,103
--------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 35,014 -- -- 1,405 13,848
Write-down of Investments 496,710 -- 5,820 70,630 420,260
Depreciation and amortization 28,590 -- 1,100 3,001 22,295
Electric and Energy Costs 147,756 -- -- 1,031 116,297
Administrative and general 89,147 -- 19,252 28,792 29,307
--------- --------- --------- --------- ---------
Total operating expenses 797,217 -- 26,172 104,859 602,007
--------- --------- --------- --------- ---------
OPERATING INCOME (295,752) 514,277 (533,734) (35,995) (290,904)
--------- --------- --------- --------- ---------
Foreign currency Translation Gain/Loss (70,308) -- -- (136) (76,702)
Change in Derivative Fair Value-FAS 133 12,105 -- -- 161 11,944
Write off of investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Other 3,302 -- 6,939 38 (3,741)
--------- --------- --------- --------- ---------
OTHER INCOME (54,901) -- 6,939 63 (68,499)
--------- --------- --------- --------- ---------
INTEREST EXPENSE - NET 114,791 -- 77,141 14,835 23,526
--------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES (465,444) 514,277 (603,936) (50,767) (382,929)
--------- --------- --------- --------- ---------
INCOME TAXES:
Current (528) -- (19,063) (5,796) 890
Deferred (192,531) -- (201,968) 8,968 (86)
Foreign Taxes 10,003 -- -- -- 8,415
Investment and energy tax credits - net (458) -- (24) (434) --
--------- --------- --------- --------- ---------
Total income taxes (183,514) -- (221,055) 2,738 9,219
--------- --------- --------- --------- ---------
MINORITY INTERESTS 2,692 -- -- 4,324 (3,173)
--------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS (284,622) 514,277 (382,881) (57,829) (388,975)
--------- --------- --------- --------- ---------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle (88,968) -- -- -- (88,968)
Income from Discontinued Operations - Net of Taxes 5,117 -- (25) -- 5,142
Gain on Sale of Discontinued Operations - Net of Taxes (14,595) -- (162) -- (14,433)
--------- --------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS (98,446) -- (187) -- (98,259)
--------- --------- --------- --------- ---------
NET INCOME (383,068) 514,277 (383,068) (57,829) (487,234)
--------- --------- --------- --------- ---------
Preferred Dividend Requirement 16,762 -- 16,762 -- --
--------- --------- --------- --------- ---------
EARNINGS AVAILABLE TO COMMON STOCK $(399,830) $ 514,277 $(399,830) $ (57,829) $(487,234)
========= ========= ========= ========= =========
PSEG
Europe PSEG
(Delaware) INDIA
PSEG LLC COMPANY
Baja CONSOL. CONSOL.
--------- --------- ---------
REVENUES:
Income from partnerships $ (950) $ (15,401) $ 1,091
Income from capital lease agreements -- -- --
Gain on Withdrawal from Partnership 39,465 (11,232) --
Interest and dividend income 19,633 10,997 --
Other -- -- --
Electric Revenues
Generation -- 69,465 --
Distribution -- -- --
Other -- 481 --
Consulting and O&M fees 667 -- 567
Equity in subsidiary earnings -- -- --
--------- --------- ---------
Total revenues 58,815 54,310 1,658
--------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance -- 19,761 --
Write-down of Investments -- -- --
Depreciation and amortization -- 2,194 --
Electric and Energy Costs -- 30,428 --
Administrative and general 73 11,348 375
--------- --------- ---------
Total operating expenses 73 63,731 375
--------- --------- ---------
OPERATING INCOME 58,742 (9,421) 1,283
--------- --------- ---------
Foreign currency Translation Gain/Loss -- 6,530 --
Change in Derivative Fair Value-FAS 133 -- -- --
Write off of investments -- -- --
Realized gains (losses) on investments -- -- --
Other 66 -- --
--------- --------- ---------
OTHER INCOME 66 6,530 --
--------- --------- ---------
INTEREST EXPENSE - NET 384 (1,095) --
--------- --------- ---------
INCOME BEFORE INCOME TAXES 58,424 (1,796) 1,283
--------- --------- ---------
INCOME TAXES:
Current 23,595 (154) --
Deferred 555 -- --
Foreign Taxes -- 1,588 --
Investment and energy tax credits - net -- -- --
--------- --------- ---------
Total income taxes 24,150 1,434 --
--------- --------- ---------
MINORITY INTERESTS -- 1,541 --
--------- --------- ---------
INCOME FROM CONTINUING OPERATIONS 34,274 (4,771) 1,283
--------- --------- ---------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- --
Income from Discontinued Operations - Net of Taxes -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- --
--------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS -- -- --
--------- --------- ---------
NET INCOME 34,274 (4,771) 1,283
--------- --------- ---------
Preferred Dividend Requirement -- -- --
--------- --------- ---------
EARNINGS AVAILABLE TO COMMON STOCK $ 34,274 $ (4,771) $ 1,283
========= ========= =========
PSEG GLOBAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
PSEG Europe PSEG
PSEG INTERCOMPANY PSEG GLOBAL GLOBAL HOLDING (Delaware) INDIA
GLOBAL ELIMINATIONS PSEG USA COMPANY PSEG LLC COMPANY
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL. Baja CONSOL. CONSOL.
--------- ------------ --------- ----------- -------------- --------- --------- ---------
BALANCE JANUARY 1, 2002 $ 237,132 $ (277,732) $ 237,132 $ 116,113 $ 150,586 $ 13,855 $ (5,669) $ 2,847
NET INCOME (383,068) 514,277 (383,068) (57,829) (487,234) 34,274 (4,771) 1,283
--------- --------- --------- --------- --------- --------- --------- ---------
SUBTOTAL (145,936) 236,545 (145,936) 58,284 (336,648) 48,129 (10,440) 4,130
--------- --------- --------- --------- --------- --------- --------- ---------
DIVIDENDS DECLARED 16,762 -- 16,762 -- -- -- -- --
--------- --------- --------- --------- --------- --------- --------- ---------
BALANCE DECEMBER 31, 2002 $(162,698) $ 236,545 $(162,698) $ 58,284 $(336,648) $ 48,129 $ (10,440) $ 4,130
========= ========= ========= ========= ========= ========= ========= =========
PSEG GLOBAL INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
PSEG INTERCOMPANY GLOBAL HOLDING
GLOBAL ELIMINATIONS PSEG PSEG USA COMPANY
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL.
----------- ------------ ----------- ----------- --------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 90,691 $ -- $ 28,415 $ 10,837 $ 45,354
Accounts and Notes receivable: --
Trade 86,717 -- (63) 9,098 59,816
Other 22,682 -- 12 117 18,003
PSE&G -- -- -- -- --
PSEG 20,976 -- 20,976 -- --
PSEG Power 241 -- 241 -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 42 (1,523,329) 370,376 416,947 390,029
Notes receivable:
Associated companies -- -- -- -- --
Other 11,665 -- -- 1 11,664
Interest receivable -- -- -- 526 --
Restricted Cash 18,288 -- -- -- 18,288
Assets held for sale 68,975 -- -- -- --
Prepayments 3,205 -- 207 981 2,453
Fuel 6,888 -- -- -- --
Materials and supplies 15,283 -- -- 1,807 11,046
----------- ----------- ----------- ----------- -----------
Total Current Assets 345,653 (1,523,329) 420,164 440,314 556,653
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 14,358 -- 583 -- 12,859
Generation and distribution assets -- -- -- -- --
Furniture and equipment -- -- -- -- --
Construction work in progress -- -- -- -- --
Other 1,414,304 2 3,740 276,434 859,397
Accum. depr. and amortization (109,153) -- (1,451) (8,567) (96,038)
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 1,319,509 2 2,872 267,867 776,218
----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (2,411,602) 2,411,602 -- --
Capital lease agreements -- -- -- -- --
Limited partnership interests 322,831 -- -- 323,522 (691)
General partnership interests 23,217 -- 16,030 8,138 (1)
Corporate joint ventures 1,003,692 -- 32,483 219,644 712,305
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Investments 1,349,740 (2,411,602) 2,460,115 551,304 711,613
----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Goodwill 436,061 -- -- -- 430,015
Deferred tax asset 258,643 258,643 -- -- --
Derivative Asset 35,457 -- -- -- 35,457
Restricted Cash -- -- -- -- --
Other 57,434 (524,896) 462,020 24,573 63,602
----------- ----------- ----------- ----------- -----------
Total Other Assets 787,595 (266,253) 462,020 24,573 529,074
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 3,802,497 $(4,201,182) $ 3,345,171 $ 1,284,058 $ 2,573,558
=========== =========== =========== =========== ===========
PSEG
Europe PSEG
(Delaware) INDIA
PSEG LLC COMPANY
Baja CONSOL. CONSOL.
----------- ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 5,557 $ 528
Accounts and Notes receivable:
Trade -- 17,648 218
Other 1 4,549 --
PSE&G
PSEG -- -- --
PSEG Power -- -- --
PSEG Energy Holdings -- -- --
Other associated companies 343,372 -- 2,647
Notes receivable:
Associated companies -- -- --
Other -- -- --
Interest receivable (526) -- --
Restricted Cash -- -- --
Assets held for sale -- 68,975 --
Prepayments -- (436) --
Fuel -- 6,888 --
Materials and supplies -- 2,430 --
----------- ----------- -----------
Total Current Assets 342,847 105,611 3,393
----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 916 --
Generation and distribution assets -- -- --
Furniture and equipment -- -- --
Construction work in progress -- -- --
Other -- 274,731 --
Accum. depr. and amortization -- (3,097) --
Valuation allowances -- -- --
----------- ----------- -----------
Property, Plant and Equipment-net -- 272,550 --
----------- ----------- -----------
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements -- -- --
Limited partnership interests -- -- --
General partnership interests (950) -- --
Corporate joint ventures -- 3,437 35,823
Securities -- -- --
Valuation allowances -- -- --
----------- ----------- -----------
Total Investments (950) 3,437 35,823
----------- ----------- -----------
OTHER ASSETS
Goodwill -- 6,046 --
Deferred tax asset -- -- --
Derivative Asset -- -- --
Restricted Cash -- -- --
Other -- 32,135 --
----------- ----------- -----------
Total Other Assets -- 38,181 --
----------- ----------- -----------
TOTAL ASSETS $ 341,897 $ 419,779 $ 39,216
=========== =========== ===========
PSEG
PSEG INTERCOMPANY GLOBAL HOLDING
GLOBAL ELIMINATIONS PSEG PSEG USA COMPANY
CONSOL. & RECLASS. GLOBAL CONSOL. CONSOL.
----------- ------------ ----------- ----------- --------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 64,214 $ -- $ (113) $ 4,071 $ 39,800
Taxes 10,876 -- (6,384) 129 3,111
Other 61,221 -- 3,012 16,229 27,526
Interest 6,144 -- -- 2,816 1,774
Associated companies 46,499 (1,148,002) 1,041,217 -- 9,001
Notes payable:
PSEG Capital Corporation 184,960 -- 184,960 -- --
PSEG Energy Holdings 854,973 -- 850,162 -- --
Other 137,062 -- -- -- 135,110
Other associated companies -- -- -- -- --
Current portion of long-term debt 67,023 -- -- -- 67,023
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 1,432,972 (1,148,002) 2,072,854 23,245 283,345
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 832,460 -- -- 161,600 433,744
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes -- (1,283) 12,057 15,927 (26,229)
Deferred investment
and energy tax credits 6,947 -- 394 6,554 (1)
Deferred revenues 20,103 -- 1,990 -- --
Derivative Liability 138,460 -- -- -- 138,197
Other 11,878 -- 4,694 (1,549) 8,976
----------- ----------- ----------- ----------- -----------
Total Deferred Credits 177,388 (1,283) 19,135 20,932 120,943
----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 106,495 -- -- 89,853 (5,636)
----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 62,880 (11) 62,880 10 --
Preferred stock 375,000 -- 375,000 -- --
Stock Subs Payable -- (10) -- -- --
Contributed capital 1,353,937 (2,454,337) 1,353,937 944,840 1,383,539
Retained earnings (162,698) 220,684 (162,698) 58,284 (336,648)
Other Comprehensive Income (375,937) 62,223 (375,937) (11,158) (51,065)
Cumulative Translation Adjustment -- (880,446) -- (3,548) 745,336
----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 1,253,182 (3,051,897) 1,253,182 988,428 1,741,162
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 3,802,497 $(4,201,182) $ 3,345,171 $ 1,284,058 $ 2,573,558
=========== =========== =========== =========== ===========
PSEG
Europe PSEG
(Delaware) INDIA
PSEG LLC COMPANY
Baja CONSOL. CONSOL
----------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 20,456 $ --
Taxes 14,020 -- --
Other 11 14,443 --
Interest -- 1,554 --
Associated companies 99,625 38,000 6,658
Notes payable:
PSEG Capital Corporation -- -- --
PSEG Energy Holdings 4,811 -- --
Other -- 1,952 --
Other associated companies -- -- --
Current portion of long-term debt -- -- --
----------- ----------- -----------
Total Current Liabilities 118,467 76,405 6,658
----------- ----------- -----------
TOTAL LONG-TERM DEBT -- 237,116 --
----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 80 (296) (256)
Deferred investment
and energy tax credits -- -- --
Deferred revenues 18,113 -- --
Derivative Liability -- 263 --
Other (1,122) 879 --
----------- ----------- -----------
Total Deferred Credits 17,071 846 (256)
----------- ----------- -----------
MINORITY INTEREST -- 22,278 --
----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 1 -- --
Preferred stock -- -- --
Stock Subs Payable 10 -- --
Contributed capital 3,700 93,574 28,684
Retained earnings 63,990 (10,440) 4,130
Other Comprehensive Income -- -- --
Cumulative Translation Adjustment 138,658 -- --
----------- ----------- -----------
Total Stockholder's Equity 206,359 83,134 32,814
----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 341,897 $ 419,779 $ 39,216
=========== =========== ===========
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSEG USA ELIMINATIONS PSEG PSEG PSEG
CONSOL. & RECLASS. USA Conemaugh Tracy
--------- ------------ --------- --------- ---------
REVENUES:
Income from partnerships $ 33,648 $ -- $ 11,037 $ -- $ 3,186
Income from capital lease agreements -- -- -- -- --
Gain on Sale of operating assets (80) -- (80) -- --
Realized gains (losses) on investments (177) -- -- -- --
Electric Revenues
Generation 25,486 -- -- -- --
Distribution -- -- -- -- --
Interest and dividend income 8,659 -- -- -- --
Other 1,328 -- -- -- 205
Equity in subsidiary earnings -- 44,496 (44,496) -- --
--------- --------- --------- --------- ---------
Total revenues 68,864 44,496 (33,539) -- 3,391
--------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 1,405 -- -- -- --
Write-down of investments 70,630 -- 230 -- --
Depreciation and amortization 3,001 -- 279 -- --
Fuel expenses 1,031 -- -- -- --
Administrative and general 28,792 -- 23,053 120 183
--------- --------- --------- --------- ---------
Total operating expenses 104,859 -- 23,562 120 183
--------- --------- --------- --------- ---------
OPERATING INCOME (35,995) 44,496 (57,101) (120) 3,208
--------- --------- --------- --------- ---------
OTHER INCOME
Foreign currency Translation Gain/Loss (136) -- (8) -- --
Gain on sale - other -- -- -- -- --
Other 38 -- 38 -- --
Change in derivative fair value 161 -- -- -- --
--------- --------- --------- --------- ---------
Total Other Income 63 -- 30 -- --
--------- --------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation 291 -- -- -- --
PSEG Energy Holdings 1,397 -- 914 -- --
Other Associated Companies -- -- -- -- --
Other 13,147 -- (3) -- --
Capitalized interest -- -- -- -- --
--------- --------- --------- --------- ---------
Net interest expense 14,835 -- 911 -- --
--------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES (50,767) 44,496 (57,982) (120) 3,208
--------- --------- --------- --------- ---------
INCOME TAXES:
Current (5,796) -- 3,211 833 (4)
Deferred 8,968 -- (3,005) (746) 1,346
Investment and energy tax credits - net (434) -- (359) -- --
--------- --------- --------- --------- ---------
Total income taxes 2,738 -- (153) 87 1,342
--------- --------- --------- --------- ---------
MINORITY INTERESTS 4,324 -- -- -- --
--------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS (57,829) 44,496 (57,829) (207) 1,866
--------- --------- --------- --------- ---------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--------- --------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--------- --------- --------- --------- ---------
NET INCOME $ (57,829) $ 44,496 $ (57,829) $ (207) $ 1,866
========= ========= ========= ========= =========
PSEG PSEG PSEG
Project GWF PSEG Deblois
Services CONSOL. Leasing Investment
--------- --------- ------- ----------
REVENUES:
Income from partnerships $ -- $ 113 $ -- $ --
Income from capital lease agreements -- -- -- --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Interest and dividend income -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
--------- --------- ----- -----
Total revenues -- 113 -- --
--------- --------- ----- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of investments -- -- -- --
Depreciation and amortization -- -- -- --
Fuel expenses -- -- -- --
Administrative and general 3 16 -- --
--------- --------- ----- -----
Total operating expenses 3 16 -- --
--------- --------- ----- -----
OPERATING INCOME (3) 97 -- --
--------- --------- ----- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Gain on sale - other -- -- -- --
Other -- -- -- --
Change in derivative fair value -- -- -- --
--------- --------- ----- -----
Total Other Income -- -- -- --
--------- --------- ----- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
--------- --------- ----- -----
Net interest expense -- -- -- --
--------- --------- ----- -----
INCOME BEFORE INCOME TAXES (3) 97 -- --
--------- --------- ----- -----
INCOME TAXES:
Current 41 59 -- --
Deferred (42) (20) -- --
Investment and energy tax credits - net -- -- -- --
--------- --------- ----- -----
Total income taxes (1) 39 -- --
--------- --------- ----- -----
MINORITY INTERESTS -- -- -- --
--------- --------- ----- -----
INCOME FROM CONTINUING OPERATIONS (2) 58 -- --
--------- --------- ----- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
--------- --------- ----- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
--------- --------- ----- -----
NET INCOME $ (2) $ 58 $ -- $ --
========= ========= ===== =====
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
PSEG PSEG India PSEG
Mount Henrietta Private International
Carmel Turbine Ltd. CEMAS Services
-------- --------- -------- -------- -------------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Gain on Sale of operating assets -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Interest and dividend income -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
-------- ----- -------- -------- --------
Total revenues -- -- -- -- --
-------- ----- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of investments -- -- -- 26,984 --
Depreciation and amortization -- -- 150 -- --
Fuel expenses -- -- -- -- --
Administrative and general 40 -- 2,143 31 1,426
-------- ----- -------- -------- --------
Total operating expenses 40 -- 2,293 27,015 1,426
-------- ----- -------- -------- --------
OPERATING INCOME (40) -- (2,293) (27,015) (1,426)
-------- ----- -------- -------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- 4 -- --
Gain on sale - other -- -- -- -- --
Other -- -- -- -- --
Change in derivative fair value -- -- -- -- --
-------- ----- -------- -------- --------
Total Other Income -- -- 4 -- --
-------- ----- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- (37)
Capitalized interest -- -- -- -- --
-------- ----- -------- -------- --------
Net interest expense -- -- -- -- (37)
-------- ----- -------- -------- --------
INCOME BEFORE INCOME TAXES (40) -- (2,289) (27,015) (1,389)
-------- ----- -------- -------- --------
INCOME TAXES:
Current 110 -- -- 70 (911)
Deferred (84) -- -- (81) 32
Investment and energy tax credits - net -- -- -- -- --
-------- ----- -------- -------- --------
Total income taxes 26 -- -- (11) (879)
-------- ----- -------- -------- --------
MINORITY INTERESTS -- -- -- -- --
-------- ----- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS (66) -- (2,289) (27,004) (510)
-------- ----- -------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
-------- ----- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- ----- -------- -------- --------
NET INCOME $ (66) $ -- $ (2,289) $(27,004) $ (510)
======== ===== ======== ======== ========
PSEG PSEG
Asia PSEG PSEG Americas
Inc. India US Services Development
CONSOL. Inc. Inc. Co. LLC
-------- -------- ----------- -----------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Interest and dividend income -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
-------- -------- -------- -----
Total revenues -- -- -- --
-------- -------- -------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of investments -- -- -- --
Depreciation and amortization -- 13 -- --
Fuel expenses -- -- -- --
Administrative and general (93) (2) 101 --
-------- -------- -------- -----
Total operating expenses (93) 11 101 --
-------- -------- -------- -----
OPERATING INCOME 93 (11) (101) --
-------- -------- -------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Gain on sale - other -- -- -- --
Other -- -- -- --
Change in derivative fair value -- -- -- --
-------- -------- -------- -----
Total Other Income -- -- -- --
-------- -------- -------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
-------- -------- -------- -----
Net interest expense -- -- -- --
-------- -------- -------- -----
INCOME BEFORE INCOME TAXES 93 (11) (101) --
-------- -------- -------- -----
INCOME TAXES:
Current (8) (35) (34) --
Deferred (6) 31 (1) --
Investment and energy tax credits - net -- -- -- --
-------- -------- -------- -----
Total income taxes (14) (4) (35) --
-------- -------- -------- -----
MINORITY INTERESTS -- -- -- --
-------- -------- -------- -----
INCOME FROM CONTINUING OPERATIONS 107 (7) (66) --
-------- -------- -------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- -------- -------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- -------- -------- -----
NET INCOME $ 107 $ (7) $ (66) $ --
======== ======== ======== =====
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDING DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
International PSEG PSEG PSEG PSEG
Inc. New Hawaiian Hawaiian Kalaeloa
CONSOL. Hampshire Mgt. Investment Inc.
------------- --------- -------- ---------- --------
REVENUES:
Income from partnerships $ 8,775 $ 5,822 $ 91 $ 4,282 $ 90
Income from capital lease agreements -- -- -- -- --
Gain on Sale of operating assets -- -- -- -- --
Realized gains (losses) on investments (177) -- -- -- --
Electric Revenues
Generation 25,486 -- -- -- --
Distribution -- -- -- -- --
Interest and dividend income 8,659 -- -- -- --
Other 319 148 -- -- 656
Equity in subsidiary earnings -- -- -- -- --
-------- -------- -------- -------- --------
Total revenues 43,062 5,970 91 4,282 746
-------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 1,405 -- -- -- --
Write-down of investments 43,416 -- -- -- --
Depreciation and amortization 2,558 -- -- -- --
Fuel expenses 1,031 -- -- -- --
Administrative and general 1,511 186 -- (38) (103)
-------- -------- -------- -------- --------
Total operating expenses 49,921 186 -- (38) (103)
-------- -------- -------- -------- --------
OPERATING INCOME (6,859) 5,784 91 4,320 849
-------- -------- -------- -------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss (129) -- -- -- --
Gain on sale - other -- -- -- -- --
Other -- -- -- -- --
Change in derivative fair value -- -- -- -- --
-------- -------- -------- -------- --------
Total Other Income (129) -- -- -- --
-------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation 291 -- -- -- --
PSEG Energy Holdings 483 -- -- -- --
Other Associated Companies -- -- -- -- --
Other 13,187 -- -- -- --
Capitalized interest -- -- -- -- --
-------- -------- -------- -------- --------
Net interest expense 13,961 -- -- -- --
-------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES (20,949) 5,784 91 4,320 849
-------- -------- -------- -------- --------
INCOME TAXES:
Current (11,942) 2,063 10 463 344
Deferred 10,213 (12) 26 1,229 (11)
Investment and energy tax credits - net -- (75) -- -- --
-------- -------- -------- -------- --------
Total income taxes (1,729) 1,976 36 1,692 333
-------- -------- -------- -------- --------
MINORITY INTERESTS 4,324 -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS (23,544) 3,808 55 2,628 516
-------- -------- -------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- -------- -------- -------- --------
NET INCOME $(23,544) $ 3,808 $ 55 $ 2,628 $ 516
======== ======== ======== ======== ========
PSEG
Chilquinta PSEG PSEG
Finance Sviluppo PSEG Midwest
LLC Srl Polska Operating Co. Inc.
------------ -------- -------- ------------------
REVENUES:
Income from partnerships $ 252 $ -- $ -- $ --
Income from capital lease agreements -- -- -- --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Interest and dividend income -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
-------- ----- -------- -----
Total revenues 252 -- -- --
-------- ----- -------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of investments -- -- -- --
Depreciation and amortization -- -- 1 --
Fuel expenses -- -- -- --
Administrative and general -- -- 215 --
-------- ----- -------- -----
Total operating expenses -- -- 216 --
-------- ----- -------- -----
OPERATING INCOME 252 -- (216) --
-------- ----- -------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- (3) --
Gain on sale - other -- -- -- --
Other -- -- -- --
Change in derivative fair value 161 -- -- --
-------- ----- -------- -----
Total Other Income 161 -- (3) --
-------- ----- -------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
-------- ----- -------- -----
Net interest expense -- -- -- --
-------- ----- -------- -----
INCOME BEFORE INCOME TAXES 413 -- (219) --
-------- ----- -------- -----
INCOME TAXES:
Current 11 -- (77) --
Deferred 99 -- -- --
Investment and energy tax credits - net -- -- -- --
-------- ----- -------- -----
Total income taxes 110 -- (77) --
-------- ----- -------- -----
MINORITY INTERESTS -- -- -- --
-------- ----- -------- -----
INCOME FROM CONTINUING OPERATIONS 303 -- (142) --
-------- ----- -------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- ----- -------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- ----- -------- -----
NET INCOME $ 303 $ -- $ (142) $ --
======== ===== ======== =====
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY PSEG PSEG
PSEG USA ELIMINATIONS PSEG PSEG PSEG Project GWF
CONSOL. & RECLASS. USA Conemaugh Tracy Services CONSOL.
--------- ------------ --------- --------- --------- --------- ---------
BALANCE JANUARY 1, 2002 $ 116,113 $ 127 $ 116,113 $ (523) $ (3,970) $ (1,223) $ 14,738
NET INCOME (57,829) 44,496 (57,829) (207) 1,866 (2) 58
--------- --------- --------- --------- --------- --------- ---------
SUBTOTAL 58,284 44,623 58,284 (730) (2,104) (1,225) 14,796
--------- --------- --------- --------- --------- --------- ---------
DIVIDENDS DECLARED -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ---------
BALANCE DECEMBER 31, 2002 $ 58,284 $ 44,623 $ 58,284 $ (730) $ (2,104) $ (1,225) $ 14,796
========= ========= ========= ========= ========= ========= =========
PSEG PSEG
Leasing Deblois
--------- ---------
BALANCE JANUARY 1, 2002 $ (1,689) $ (1,735)
NET INCOME -- --
--------- ---------
SUBTOTAL (1,689) (1,735)
--------- ---------
DIVIDENDS DECLARED -- --
--------- ---------
BALANCE DECEMBER 31, 2002 $ (1,689) $ (1,735)
========= =========
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG India PSEG Asia PSEG
Mount Henrietta Private International Inc. India
Carmel Turbine Ltd. CEMAS Services CONSOL. Inc.
-------- --------- -------- -------- ------------- -------- --------
BALANCE JANUARY 1, 2002 $ (2,527) $ (7) $ (5,240) $ 15,875 $ (9,067) $(14,759) $ (1,853)
NET INCOME (66) -- (2,289) (27,004) (510) 107 (7)
-------- -------- -------- -------- -------- -------- --------
SUBTOTAL (2,593) (7) (7,529) (11,129) (9,577) (14,652) (1,860)
-------- -------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $ (2,593) $ (7) $ (7,529) $(11,129) $ (9,577) $(14,652) $ (1,860)
======== ======== ======== ======== ======== ======== ========
PSEG
PSEG Americas
US Services Development
Inc. Co. LLC
----------- -----------
BALANCE JANUARY 1, 2002 $ (104) $ --
NET INCOME (66) --
-------- -----
SUBTOTAL (170) --
-------- -----
DIVIDENDS DECLARED -- --
-------- -----
BALANCE DECEMBER 31, 2002 $ (170) $ --
======== =====
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
International PSEG PSEG PSEG PSEG Chilquinta PSEG
Inc. New Hawaiian Hawaiian Kalaeloa Finance Sviluppo
CONSOL. Hampshire Mgt. Investment Inc. LLC Srl
------------- --------- -------- ---------- -------- ---------- --------
BALANCE JANUARY 1, 2002 $(18,024) $ 21,360 $ 35 $ 7,600 $ 887 $ 99 $ --
NET INCOME (23,544) 3,808 55 2,628 516 303 --
-------- -------- -------- -------- -------- -------- -----
SUBTOTAL (41,568) 25,168 90 10,228 1,403 402 --
-------- -------- -------- -------- -------- -------- -----
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- -----
BALANCE DECEMBER 31, 2002 $(41,568) $ 25,168 $ 90 $ 10,228 $ 1,403 $ 402 $ --
======== ======== ======== ======== ======== ======== =====
PSEG
PSEG Midwest
Polska Operating Co. Inc.
-------- ------------------
BALANCE JANUARY 1, 2002 $ -- $ --
NET INCOME (142) --
-------- -----
SUBTOTAL (142) --
-------- -----
DIVIDENDS DECLARED -- --
-------- -----
BALANCE DECEMBER 31, 2002 $ (142) $ --
======== =====
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY PSEG
PSEG USA ELIMINATIONS PSEG PSEG PSEG Project
CONSOL. & RECLASS. USA Conemaugh Tracy Services
----------- ------------ ----------- ----------- ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 10,837 $ -- $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade 9,098 -- 230 -- 76 --
Other 117 -- (96) -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 416,947 (816,530) 450,519 577 2,421 2
Notes receivable:
Associated companies -- -- -- -- -- --
Other 1 -- -- -- -- --
Inventory 1,807 -- -- -- -- --
Interest receivable 526 -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Prepayments 981 -- 181 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets 440,314 (816,530) 450,834 577 2,497 2
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other 276,434 -- 465 -- -- --
Accum. depr. and amortization (8,567) -- (213) -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 267,867 -- 252 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (687,277) 685,824 -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests 8,138 -- 5,216 2 -- 7,580
Limited Partnership interests 323,522 -- 82,990 -- -- --
Corporate joint ventures 219,644 -- 10,148 -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 551,304 (687,277) 784,178 2 -- 7,580
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Other 24,573 -- 160 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets 24,573 -- 160 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,284,058 $(1,503,807) $ 1,235,424 $ 579 $ 2,497 $ 7,582
=========== =========== =========== =========== =========== ===========
PSEG
GWF PSEG PSEG
CONSOL. Leasing Deblois
----------- ----------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- --
Other -- -- --
PSE&G -- -- --
PSEG -- -- --
PSEG Power -- -- --
PSEG Energy Holdings -- -- --
Other associated companies 43,878 41,602 --
Notes receivable:
Associated companies -- -- --
Other -- -- --
Inventory -- -- --
Interest receivable -- -- --
Assets held for sale -- -- --
Prepayments -- -- --
----------- ----------- -----
Total Current Assets 43,878 41,602 --
----------- ----------- -----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other -- -- --
Accum. depr. and amortization -- -- --
Valuation allowances -- -- --
----------- ----------- -----
Property, Plant and Equipment-net -- -- --
----------- ----------- -----
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements -- -- --
General Partnership interests 1,182 (2,671) --
Limited Partnership interests -- -- --
Corporate joint ventures -- -- --
Securities -- -- --
Valuation allowances -- -- --
----------- ----------- -----
Total Investments 1,182 (2,671) --
----------- ----------- -----
OTHER ASSETS
Long-term receivables -- -- --
Other -- -- --
----------- ----------- -----
Total Other Assets -- -- --
----------- ----------- -----
TOTAL ASSETS $ 45,060 $ 38,931 $ --
=========== =========== =====
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG India PSEG Asia
Mount Henrietta Private International Inc. PSEG
Carmel Turbine Ltd. CEMAS Services CONSOL. India
-------- --------- -------- -------- ------------- -------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 1,734 $ 6 $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- 237 -- 103 -- --
Other -- 1 190 -- -- -- 1
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
PSEG Power -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Other associated companies 81 9 2,753 21,354 9,398 3,997 2,794
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Inventory -- -- -- -- -- -- --
Interest receivable -- -- -- -- -- -- --
Assets held for sale -- -- -- -- -- -- --
Prepayments -- -- 2 -- (305) 1 --
-------- -------- -------- -------- -------- -------- --------
Total Current Assets 81 10 4,916 21,360 9,196 3,998 2,795
-------- -------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Other -- -- 813 -- 740 -- 72
Accum. depr. and amortization -- -- (244) -- -- -- (42)
Valuation allowances -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Property, Plant and Equipment-net -- -- 569 -- 740 -- 30
-------- -------- -------- -------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- 21 -- -- --
Capital lease agreements -- -- -- -- -- -- --
General Partnership interests -- -- -- -- -- -- --
Limited Partnership interests 198 -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- -- --
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
-------- -------- -------- -------- -------- -------- --------
Total Investments 198 -- -- 21 -- -- --
-------- -------- -------- -------- -------- -------- --------
OTHER ASSETS
Long-term receivables -- -- -- -- -- -- --
Other -- -- 237 -- 1,723 -- --
-------- -------- -------- -------- -------- -------- --------
Total Other Assets -- -- 237 -- 1,723 -- --
-------- -------- -------- -------- -------- -------- --------
TOTAL ASSETS $ 279 $ 10 $ 5,722 $ 21,381 $ 11,659 $ 3,998 $ 2,825
======== ======== ======== ======== ======== ======== ========
PSEG
PSEG Americas
US Services Development
Inc. Co. LLC
----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ --
Accounts and Notes receivable:
Trade -- --
Other 1 --
PSE&G -- --
PSEG -- --
PSEG Power -- --
PSEG Energy Holdings -- --
Other associated companies 434 --
Notes receivable:
Associated companies -- --
Other -- --
Inventory -- --
Interest receivable -- --
Assets held for sale -- --
Prepayments 1 --
-------- ------
Total Current Assets 436 --
-------- ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- --
Accum. depr. and amortization -- --
Valuation allowances -- --
-------- ------
Property, Plant and Equipment-net -- --
-------- ------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements -- --
General Partnership interests -- --
Limited Partnership interests -- --
Corporate joint ventures -- --
Securities -- --
Valuation allowances -- --
-------- ------
Total Investments -- --
-------- ------
OTHER ASSETS
Long-term receivables -- --
Other 2 --
-------- ------
Total Other Assets 2 --
-------- ------
TOTAL ASSETS $ 438 $ --
======== ======
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
International PSEG PSEG PSEG PSEG Chilquinta
Inc. New Hawaiian Hawaiian Kalaeloa Finance
CONSOL. Hampshire Mgt. Investment Inc. LLC
------------- ----------- ----------- ----------- ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 8,789 $ -- $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade 8,188 -- -- -- 235 29
Other 17 -- 1 -- 2 --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 635,004 12,177 107 5,061 1,137 95
Notes receivable:
Associated companies -- -- -- -- -- --
Other 1 -- -- -- -- --
Inventory 1,807 -- -- -- -- --
Interest receivable 526 -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Prepayments 1,105 -- -- -- (4) --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets 655,437 12,177 108 5,061 1,370 124
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other 274,344 -- -- -- -- --
Accum. depr. and amortization (8,068) -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 266,276 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries 1,432 -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests (8,984) 4,754 397 -- 662 --
Limited Partnership interests 214,406 -- -- 25,861 67 --
Corporate joint ventures 209,197 -- -- -- -- 299
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 416,051 4,754 397 25,861 729 299
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Other 22,289 -- -- 1 -- 161
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets 22,289 -- -- 1 -- 161
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,360,053 $ 16,931 $ 505 $ 30,923 $ 2,099 $ 584
=========== =========== =========== =========== =========== ===========
PSEG PSEG
Sviluppo PSEG Midwest
Srl Polska Operating Co. Inc.
--------- --------- ------------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 166 $ 142 $ --
Accounts and Notes receivable:
Trade -- -- --
Other -- -- --
PSE&G -- -- --
PSEG -- -- --
PSEG Power -- -- --
PSEG Energy Holdings -- -- --
Other associated companies -- 77 --
Notes receivable:
Associated companies -- -- --
Other -- -- --
Inventory -- -- --
Interest receivable -- -- --
Assets held for sale -- -- --
Prepayments -- -- --
--------- --------- -----
Total Current Assets 166 219 --
--------- --------- -----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other -- -- --
Accum. depr. and amortization -- -- --
Valuation allowances -- -- --
--------- --------- -----
Property, Plant and Equipment-net -- -- --
--------- --------- -----
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements -- -- --
General Partnership interests -- -- --
Limited Partnership interests -- -- --
Corporate joint ventures -- -- --
Securities -- -- --
Valuation allowances -- -- --
--------- --------- -----
Total Investments -- -- --
--------- --------- -----
OTHER ASSETS
Long-term receivables -- -- --
Other -- -- --
--------- --------- -----
Total Other Assets -- -- --
--------- --------- -----
TOTAL ASSETS $ 166 $ 219 $ --
========= ========= =====
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSEG USA ELIMINATIONS PSEG PSEG PSEG
CONSOL. & RECLASS. USA Conemaugh Tracy
----------- ------------ ----------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,071 $ -- $ 105 $ -- $ --
Taxes 129 -- (388) 225 (30)
Other 16,229 -- 8,290 -- --
Interest 2,816 -- -- -- --
Associated companies -- (816,530) 205,345 1,059 5,088
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Other Associated companies -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 23,245 (816,530) 213,352 1,284 5,058
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 161,600 -- 1,600 -- --
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 15,927 -- 9,687 20 (462)
Deferred investment
and energy tax credits 6,554 -- 6,199 -- --
Other (1,549) -- 102 -- --
----------- ----------- ----------- ----------- -----------
Total Deferred Credits 20,932 -- 15,988 20 (462)
----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 89,853 -- -- -- --
----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 10 (140) 10 5 5
Stock Subs Payable -- -- -- -- --
Contributed capital 944,840 (731,760) 946,293 -- --
Retained earnings 58,284 44,623 58,284 (730) (2,104)
Other Comprehensive Income (11,158) -- (103) -- --
Cumulative Translation Adjustment (3,548) -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 988,428 (687,277) 1,004,484 (725) (2,099)
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,284,058 $(1,503,807) $ 1,235,424 $ 579 $ 2,497
=========== =========== =========== =========== ===========
PSEG PSEG
Project GWF PSEG PSEG
Services CONSOL. Leasing Deblois
----------- ----------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- 7 -- --
Other -- -- -- --
Interest -- -- -- --
Associated companies 7,999 30,581 9,216 1,729
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Other Associated companies -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
----------- ----------- ----------- -----------
Total Current Liabilities 7,999 30,588 9,216 1,729
----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT -- -- -- --
----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 803 (329) (540) 1
Deferred investment
and energy tax credits -- -- -- --
Other -- -- -- --
----------- ----------- ----------- -----------
Total Deferred Credits 803 (329) (540) 1
----------- ----------- ----------- -----------
MINORITY INTEREST -- -- -- --
----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 5 5 5 5
Stock Subs Payable -- -- -- --
Contributed capital -- -- 31,939 --
Retained earnings (1,225) 14,796 (1,689) (1,735)
Other Comprehensive Income -- -- -- --
Cumulative Translation Adjustment -- -- -- --
----------- ----------- ----------- -----------
Total Stockholder's Equity (1,220) 14,801 30,255 (1,730)
----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 7,582 $ 45,060 $ 38,931 $ --
=========== =========== =========== ===========
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG India PSEG Asia
Mount Henrietta Private International Inc.
Carmel Turbine Ltd. CEMAS Services CONSOL.
-------- --------- -------- -------- ------------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ (6) $ (203)
Taxes 69 -- -- -- -- --
Other -- -- (83) -- 753 (12)
Interest -- -- -- -- -- --
Associated companies 3,082 16 3,920 171 18,533 20,779
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Current Liabilities 3,151 16 3,837 171 19,280 20,564
-------- -------- -------- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes 1,305 -- (1,082) 2,200 (1,031) (5,714)
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other -- -- 18 -- 2,268 --
-------- -------- -------- -------- -------- --------
Total Deferred Credits 1,305 -- (1,064) 2,200 1,237 (5,714)
-------- -------- -------- -------- -------- --------
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- 1 99 -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital (1,584) -- 10,379 30,139 1,200 3,800
Retained earnings (2,593) (7) (7,529) (11,129) (9,577) (14,652)
Other Comprehensive Income -- -- -- -- (481) --
Cumulative Translation Adjustment -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total Stockholder's Equity (4,177) (6) 2,949 19,010 (8,858) (10,852)
-------- -------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 279 $ 10 $ 5,722 $ 21,381 $ 11,659 $ 3,998
======== ======== ======== ======== ======== ========
PSEG
PSEG Americas
PSEG US Services Development
India Inc. Co. LLC
-------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ --
Taxes -- -- --
Other (6) 4 --
Interest -- -- --
Associated companies 5,179 605 --
Notes payable:
PSEG Capital Corporation -- -- --
PSEG Energy Holdings -- -- --
Enterprise Group Development Corp. -- -- --
Other Associated companies -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
-------- -------- -----
Total Current Liabilities 5,173 609 --
-------- -------- -----
TOTAL LONG-TERM DEBT -- -- --
-------- -------- -----
DEFERRED CREDITS
Deferred income taxes (489) (2) --
Deferred investment -- -- --
and energy tax credits -- -- --
Other -- -- --
-------- -------- -----
Total Deferred Credits (489) (2) --
-------- -------- -----
MINORITY INTEREST -- -- --
-------- -------- -----
STOCKHOLDER'S EQUITY
Capital stock 1 1 --
Stock Subs Payable -- -- --
Contributed capital -- -- --
Retained earnings (1,860) (170) --
Other Comprehensive Income -- -- --
Cumulative Translation Adjustment -- -- --
-------- -------- -----
Total Stockholder's Equity (1,859) (169) --
-------- -------- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,825 $ 438 $ --
======== ======== =====
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
International PSEG PSEG PSEG PSEG Chilquinta
Inc. New Hawaiian Hawaiian Kalaeloa Finance
CONSOL. Hampshire Mgt. Investment Inc. LLC
------------ ----------- ----------- ----------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,175 $ -- $ -- $ -- $ -- $ --
Taxes 168 -- 1 15 62 --
Other 7,272 -- -- -- -- --
Interest 2,656 -- -- -- -- 160
Associated companies 499,090 2,532 15 718 288 81
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Liabilities 513,361 2,532 16 733 350 241
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 160,000 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 5,162 671 73 6,077 104 (527)
Deferred investment -- -- -- -- -- --
and energy tax credits -- 355 -- -- -- --
Other (3,937) -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Deferred Credits 1,225 1,026 73 6,077 104 (527)
----------- ----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 89,853 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 1 5 1 -- 1 --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 648,421 (11,800) 325 15,635 241 1,600
Retained earnings (41,568) 25,168 90 10,228 1,403 402
Other Comprehensive Income (7,692) -- -- (1,750) -- (1,132)
Cumulative Translation Adjustment (3,548) -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 595,614 13,373 416 24,113 1,645 870
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,360,053 $ 16,931 $ 505 $ 30,923 $ 2,099 $ 584
=========== =========== =========== =========== =========== ===========
PSEG PSEG
Sviluppo PSEG Midwest
Srl Polska Operating Co. Inc.
----------- ----------- ------------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ --
Taxes -- -- --
Other -- 11 --
Interest -- -- --
Associated companies 154 350 --
Notes payable:
PSEG Capital Corporation -- -- --
PSEG Energy Holdings -- -- --
Enterprise Group Development Corp. -- -- --
Other Associated companies -- -- --
U.S.Energy Incorporated -- -- --
Current portion of long-term debt -- -- --
----------- ----------- -----
Total Current Liabilities 154 361 --
----------- ----------- -----
TOTAL LONG-TERM DEBT -- -- --
----------- ----------- -----
DEFERRED CREDITS
Deferred income taxes -- -- --
Deferred investment
and energy tax credits -- -- --
Other -- -- --
----------- ----------- -----
----------- ----------- -----
Total Deferred Credits -- -- --
----------- ----------- -----
MINORITY INTEREST -- -- --
----------- ----------- -----
STOCKHOLDER'S EQUITY
Capital stock -- -- --
Stock Subs Payable -- -- --
Contributed capital 12 -- --
Retained earnings -- (142) --
Other Comprehensive Income -- -- --
Cumulative Translation Adjustment -- -- --
----------- ----------- -----
Total Stockholder's Equity 12 (142) --
----------- ----------- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 166 $ 219 $ --
=========== =========== =====
PSEG GLOBAL INT'L HOLDING LLC
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Global PSEG
Int'l Holdings INTERCOMPANY Global PSEG
LLC ELIMINATIONS Int'l Holdings Americas
CONSOL. & RECLASS. LLC Ltd.
-------------- ------------ -------------- ---------
REVENUES:
Income from partnerships $ 39,730 $ -- $ (9) $ 39,739
Income from capital lease agreements -- -- -- --
Gain on Withdrawal from Partnership (1) -- -- (1)
Realized gains (losses) on investments -- -- -- --
Management/Development Fees -- -- -- --
Interest and dividend income 2,840 -- -- 2,840
Consulting and O&M fees 225 -- -- 225
Electric Revenues
Generation 101,983 -- -- 101,983
Other 149,112 -- -- 149,112
Distribution 17,214 -- -- 17,214
Equity in subsidiary earnings -- 486,076 (486,076) --
--------- --------- --------- ---------
Total revenues 311,103 486,076 (486,085) 311,112
--------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 13,848 -- -- 13,848
Write-down of investments 420,260 -- -- 420,260
Electric and Energy Costs 116,297 -- -- 116,297
Depreciation and amortization 22,295 -- -- 22,295
Administrative and general 29,307 -- 293 29,014
--------- --------- --------- ---------
Total operating expenses 602,007 -- 293 601,714
--------- --------- --------- ---------
OPERATING INCOME (290,904) 486,076 (486,378) (290,602)
--------- --------- --------- ---------
OTHER INCOME:
Write off of investments -- -- -- --
Gain on sale - other -- -- -- --
Change in Derivative Fair Value - FAS 133 11,944 -- -- 11,944
Foreign currency translation Gain/Loss (76,702) -- -- (76,702)
Other (3,741) -- -- (3,741)
--------- --------- --------- ---------
Total Other Income (68,499) -- -- (68,499)
--------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 774 -- -- 774
Other 23,869 -- -- 23,869
Capitalized interest (1,117) -- -- (1,117)
--------- --------- --------- ---------
Net interest expense 23,526 -- -- 23,526
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES (382,929) 486,076 (486,378) (382,627)
--------- --------- --------- ---------
INCOME TAXES:
Current 890 -- 856 34
Deferred (86) -- -- (86)
Foreign Taxes 8,415 -- -- 8,415
Investment and energy tax credits - net -- -- -- --
--------- --------- --------- ---------
Total income taxes 9,219 -- 856 8,363
--------- --------- --------- ---------
MINORITY INTERESTS (3,173) -- -- (3,173)
--------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS (388,975) 486,076 (487,234) (387,817)
--------- --------- --------- ---------
DISCONTINUED OPERATIONS
Cumulative effect of FAS 133 (net of tax) (70,215) -- -- (70,215)
Cumulative Effect of a change in the Acct. Principle (18,753) -- -- (18,753)
Income from Discontinued Operations - Net of Taxes 5,142 -- -- 5,142
Gain on Sale of Discontinued Operations - Net of Taxes (14,433) -- -- (14,433)
--------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS (98,259) -- -- (98,259)
--------- --------- --------- ---------
NET INCOME $(487,234) $ 486,076 $(487,234) $(486,076)
========= ========= ========= =========
PSEG GLOBAL INT'L HOLDING LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Global PSEG
Int'l Holdings INTERCOMPANY Global PSEG
LLC ELIMINATIONS Int'l Holdings Americas
CONSOL. & RECLASS. LLC Ltd.
-------------- ------------ -------------- ---------
BALANCE JANUARY 1, 2002 $ 150,586 $(150,586) $ 150,586 $ 150,586
NET INCOME (487,234) 486,076 (487,234) (486,076)
--------- --------- --------- ---------
SUBTOTAL (336,648) 335,490 (336,648) (335,490)
--------- --------- --------- ---------
DIVIDENDS DECLARED -- -- -- --
--------- --------- --------- ---------
BALANCE DECEMBER 31, 2002 $(336,648) $ 335,490 $(336,648) $(335,490)
========= ========= ========= =========
PSEG GLOBAL INT'L HOLDING LLC
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Global PSEG
Int'l Holdings INTERCOMPANY Global PSEG
LLC ELIMINATIONS Int'l Holdings Americas
CONSOL. & RECLASS. LLC Ltd.
-------------- ------------ -------------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 45,354 $ -- $ -- $ 45,354
Accounts and Notes receivable:
Trade 59,816 -- -- 59,816
Other 18,003 -- (12) 18,015
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 390,029 -- 3,000 387,029
Notes receivable:
Associated companies -- -- -- --
Other 11,664 -- -- 11,664
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Restricted Cash 18,288 -- -- 18,288
Prepayments 2,453 -- -- 2,453
Inventory 11,046 -- -- 11,046
----------- ----------- ----------- -----------
Total Current Assets 556,653 -- 2,988 553,665
----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 12,859 -- -- 12,859
Other 859,397 -- -- 859,397
Accum. depr. and amortization (96,038) -- -- (96,038)
Valuation allowances -- -- -- --
----------- ----------- ----------- -----------
Property, Plant and Equipment-net 776,218 -- -- 776,218
----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (1,762,791) 1,742,332 20,459
Capital lease agreements -- -- -- --
General Partnership Interests (691) -- (16) (675)
Limited Partnership Interests (1) -- -- (1)
Corporate joint ventures 712,305 -- -- 712,305
Securities -- -- -- --
Valuation allowances -- -- -- --
----------- ----------- ----------- -----------
Total Investments 711,613 (1,762,791) 1,742,316 732,088
----------- ----------- ----------- -----------
OTHER ASSETS
Goodwill 430,015 -- -- 430,015
Derivative Asset 35,457 -- -- 35,457
Other 63,602 -- -- 63,602
----------- ----------- ----------- -----------
Total Other Assets 529,074 -- -- 529,074
----------- ----------- ----------- -----------
TOTAL ASSETS $ 2,573,558 $(1,762,791) $ 1,745,304 $ 2,591,045
=========== =========== =========== ===========
PSEG GLOBAL INT'L HOLDING LLC
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Global PSEG
Int'l Holdings INTERCOMPANY Global PSEG
LLC ELIMINATIONS Int'l Holdings Americas
CONSOL. & RECLASS. LLC Ltd.
-------------- ------------ -------------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 39,800 $ -- $ -- $ 39,800
Taxes 3,111 -- -- 3,111
Other 27,526 -- -- 27,526
Interest 1,774 -- -- 1,774
Associated companies 9,001 -- 4,142 4,859
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
PSEG Energy Holdings Inc. -- -- -- --
Other 135,110 -- -- 135,110
Current portion of long-term debt 67,023 -- -- 67,023
----------- ----------- ----------- -----------
Total Current Liabilities 283,345 -- 4,142 279,203
----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 433,744 -- -- 433,744
----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes (26,229) -- -- (26,229)
Deferred investment
and energy tax credits (1) -- -- (1)
Derivative Liability 138,197 -- -- 138,197
Other 8,976 -- -- 8,976
----------- ----------- ----------- -----------
Total Deferred Credits 120,943 -- -- 120,943
----------- ----------- ----------- -----------
MINORITY INTEREST (5,636) (20,459) -- 14,823
----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock -- (12) -- 12
Stock Subs Payable -- -- -- --
Contributed capital 1,383,539 (1,383,539) 1,383,539 1,383,539
Retained earnings (336,648) 335,490 (336,648) (335,490)
Other Comprehensive Income (51,065) 51,065 (51,065) (51,065)
Cumulative Translation Adjustment 745,336 (745,336) 745,336 745,336
----------- ----------- ----------- -----------
Total Stockholder's Equity 1,741,162 (1,742,332) 1,741,162 1,742,332
----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,573,558 $(1,762,791) $ 1,745,304 $ 2,591,045
=========== =========== =========== ===========
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
International INTERCOMPANY PSEG Global
Inc. ELIMINATIONS International Power Holdings
CONSOL. & RECLASS. Inc. Ltd.
------------- ------------ ------------- --------------
REVENUES:
Income from partnerships $ 8,775 $(14,094) $ -- $ --
Income from capital lease agreements -- -- -- --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments (177) -- -- --
Electric Revenues
Generation 25,486 -- -- --
Distribution -- -- -- --
Interest and dividend income 8,659 (2,085) -- --
Other 319 -- -- --
Equity in subsidiary earnings -- 5,110 (5,110) --
-------- -------- -------- -----
Total revenues 43,062 (11,069) (5,110) --
-------- -------- -------- -----
OPERATING EXPENSES:
Operation and maintenance 1,405 -- -- --
Write-down of investments 43,416 -- -- --
Depreciation and amortization 2,558 -- -- --
Fuel expenses 1,031 -- -- --
Administrative and general 1,511 -- 25 --
-------- -------- -------- -----
Total operating expenses 49,921 -- 25 --
-------- -------- -------- -----
OPERATING INCOME (6,859) (11,069) (5,135) --
-------- -------- -------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss (129) -- -- --
Other -- -- -- --
Gain on Sale -- -- -- --
-------- -------- -------- -----
Total Other Income (129) -- -- --
-------- -------- -------- -----
INTEREST EXPENSE:
PSEG Capital Corporation 291 -- -- --
PSEG Energy Holdings 483 -- -- --
Other Associated Companies -- -- -- --
Other 13,187 (2,085) -- --
Capitalized interest -- -- -- --
-------- -------- -------- -----
Net interest expense 13,961 (2,085) -- --
-------- -------- -------- -----
INCOME BEFORE INCOME TAXES (20,949) (8,984) (5,135) --
-------- -------- -------- -----
INCOME TAXES:
Current (11,942) -- (9) --
Deferred 10,213 -- -- --
Investment and energy tax credits - net -- -- -- --
-------- -------- -------- -----
Total income taxes (1,729) -- (9) --
-------- -------- -------- -----
MINORITY INTERESTS 4,324 4,324 -- --
-------- -------- -------- -----
INCOME FROM CONTINUING OPERATIONS (23,544) (13,308) (5,126) --
-------- -------- -------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- -------- -------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- -------- -------- -----
NET INCOME $(23,544) $(13,308) $ (5,126) $ --
======== ======== ======== =====
PSEG PSEG
Americas Associacion PSEG GWF Americas
Inc. O Cuentas en California Energy Services
CONSOL. Participacion Corp LLC Inc.
-------- ------------- ---------- -------- --------
REVENUES:
Income from partnerships $(12,046) $ 15,397 $ 19,518 $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- 25,486 --
Distribution -- -- -- -- --
Interest and dividend income 10,407 -- 337 -- --
Other 170 -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
-------- -------- -------- -------- --------
Total revenues (1,469) 15,397 19,855 25,486 --
-------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- 1,405 --
Write-down of investments 43,416 -- -- -- --
Depreciation and amortization -- -- -- 2,312 4
Fuel expenses -- -- -- 1,031 --
Administrative and general (3,026) -- 145 258 (58)
-------- -------- -------- -------- --------
Total operating expenses 40,390 -- 145 5,006 (54)
-------- -------- -------- -------- --------
OPERATING INCOME (41,859) 15,397 19,710 20,480 54
-------- -------- -------- -------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- (54)
Other -- -- -- -- --
Gain on Sale -- -- -- -- --
-------- -------- -------- -------- --------
Total Other Income -- -- -- -- (54)
-------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation 291 -- -- -- --
PSEG Energy Holdings 483 -- -- -- --
Other Associated Companies -- -- -- -- --
Other 13,213 (3) -- 2062 --
Capitalized interest -- -- -- -- --
-------- -------- -------- -------- --------
Net interest expense 13,987 (3) -- 2,062 --
-------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES (55,846) 15,400 19,710 18,418 --
-------- -------- -------- -------- --------
INCOME TAXES:
Current (16,002) -- 2,419 -- (115)
Deferred 6,295 -- 5,612 -- (403)
Investment and energy tax credits - net -- -- -- -- --
-------- -------- -------- -------- --------
Total income taxes (9,707) -- 8,031 -- (518)
-------- -------- -------- -------- --------
MINORITY INTERESTS -- -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS (46,139) 15,400 11,679 18,418 518
-------- -------- -------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- -------- -------- -------- --------
NET INCOME $(46,139) $ 15,400 $ 11,679 $ 18,418 $ 518
======== ======== ======== ======== ========
PSEG
PSEG Bermuda
Middle East Holdings
Inc. II Ltd.
CONSOL. CONSOL.
----------- --------
REVENUES:
Income from partnerships $ -- $ --
Income from capital lease agreements -- --
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Electric Revenues
Generation -- --
Distribution -- --
Interest and dividend income -- --
Other -- --
Equity in subsidiary earnings -- --
-------- --------
Total revenues -- --
-------- --------
OPERATING EXPENSES:
Operation and maintenance -- --
Write-down of investments -- --
Depreciation and amortization -- 19
Fuel expenses -- --
Administrative and general -- 332
-------- --------
Total operating expenses -- 351
-------- --------
OPERATING INCOME -- (351)
-------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss -- --
Other -- --
Gain on Sale -- --
-------- --------
Total Other Income -- --
-------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- --
PSEG Energy Holdings -- --
Other Associated Companies -- --
Other -- --
Capitalized interest -- --
-------- --------
Net interest expense -- --
-------- --------
INCOME BEFORE INCOME TAXES -- (351)
-------- --------
INCOME TAXES:
Current -- (9)
Deferred -- (7)
Investment and energy tax credits - net -- --
-------- --------
Total income taxes -- (16)
-------- --------
MINORITY INTERESTS -- --
-------- --------
INCOME FROM CONTINUING OPERATIONS -- (335)
-------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- --
Income from Discontinued Operations - Net of Taxes -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- --
-------- --------
INCOME FROM DISCONTINUED OPERATIONS -- --
-------- --------
NET INCOME $ -- $ (335)
======== ========
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
PSEG Cuenta PSEG PSEG China
California III Finance Europe Ltd. California II Holdings
Corp. Company Consol. Corp. Ltd.
-------------- ------- ----------- ------------- --------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- (177) -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Interest and dividend income -- -- -- -- --
Other -- -- 149 -- --
Equity in subsidiary earnings -- -- -- -- --
------- ----- ------- ------- -----
Total revenues -- -- (28) -- --
------- ----- ------- ------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of investments -- -- -- -- --
Depreciation and amortization -- -- 223 -- --
Fuel expenses -- -- -- -- --
Administrative and general -- -- 3,838 -- --
------- ----- ------- ------- -----
Total operating expenses -- -- 4,061 -- --
------- ----- ------- ------- -----
OPERATING INCOME -- -- (4,089) -- --
------- ----- ------- ------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- (75) -- --
Other -- -- -- -- --
Gain on Sale -- -- -- -- --
------- ----- ------- ------- -----
Total Other Income -- -- (75) -- --
------- ----- ------- ------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- --
Capitalized interest -- -- -- -- --
------- ----- ------- ------- -----
Net interest expense -- -- -- -- --
------- ----- ------- ------- -----
INCOME BEFORE INCOME TAXES -- -- (4,164) -- --
------- ----- ------- ------- -----
INCOME TAXES:
Current 642 -- 487 642 --
Deferred (642) -- -- (642) --
Investment and energy tax credits - net -- -- -- -- --
------- ----- ------- ------- -----
Total income taxes -- -- 487 -- --
------- ----- ------- ------- -----
MINORITY INTERESTS -- -- -- -- --
------- ----- ------- ------- -----
INCOME FROM CONTINUING OPERATIONS -- -- (4,651) -- --
------- ----- ------- ------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
------- ----- ------- ------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
------- ----- ------- ------- -----
NET INCOME $ -- $ -- $(4,651) $ -- $ --
======= ===== ======= ======= =====
PSEG
PSEG PSEG PSEG PSEG Pontianak
Full Moon Pontianak Philippine Zhou Ltd.
Ltd. Ltd. Holdings Kou Power (Malaysia)
(Mauritius) (Mauritius) LLC Ltd. Consol
----------- ----------- ---------- --------- ----------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Interest and dividend income -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
----- ----- ----- ----- -------
Total revenues -- -- -- -- --
----- ----- ----- ----- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Fuel expenses -- -- -- -- --
Administrative and general -- -- -- -- (3)
----- ----- ----- ----- -------
Total operating expenses -- -- -- -- (3)
----- ----- ----- ----- -------
OPERATING INCOME -- -- -- -- 3
----- ----- ----- ----- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- --
Other -- -- -- -- --
Gain on Sale -- -- -- -- --
----- ----- ----- ----- -------
Total Other Income -- -- -- -- --
----- ----- ----- ----- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- --
Capitalized interest -- -- -- -- --
----- ----- ----- ----- -------
Net interest expense -- -- -- -- --
----- ----- ----- ----- -------
INCOME BEFORE INCOME TAXES -- -- -- -- 3
----- ----- ----- ----- -------
INCOME TAXES:
Current -- -- -- -- 3
Deferred -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
----- ----- ----- ----- -------
Total income taxes -- -- -- -- 3
----- ----- ----- ----- -------
MINORITY INTERESTS -- -- -- -- --
----- ----- ----- ----- -------
INCOME FROM CONTINUING OPERATIONS -- -- -- -- --
----- ----- ----- ----- -------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
----- ----- ----- ----- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
----- ----- ----- ----- -------
NET INCOME $ -- $ -- $ -- $ -- $ --
===== ===== ===== ===== =======
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG PSEG
International INTERCOMPANY PSEG Global Americas Associacion
Inc. ELIMINATIONS International Power Holdings Inc. O Cuentas en
CONSOL. & RECLASS. Inc. Ltd. CONSOL. Participacion
------------ ------------ ------------- -------------- -------- -------------
BALANCE JANUARY 1, 2002 $(18,024) $(16,695) $(18,024) $ (2) $ 28,398 $ 6,429
NET INCOME (23,544) (13,308) (5,126) -- (46,139) 15,400
-------- -------- -------- -------- -------- --------
SUBTOTAL (41,568) (30,003) (23,150) (2) (17,741) 21,829
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $(41,568) $(30,003) $(23,150) $ (2) $(17,741) $ 21,829
======== ======== ======== ======== ======== ========
PSEG Bermuda
PSEG GWF Americas PSEG Holdings
California Energy Services Barka II Ltd.
Corp. LLC Inc. Inc. CONSOL.
----------- -------- -------- -------- --------
BALANCE JANUARY 1, 2002 $ 4,784 $ 19,133 $ (4,159) $ (4) $ (6,385)
NET INCOME 11,679 18,418 518 -- (335)
-------- -------- -------- -------- --------
SUBTOTAL 16,463 37,551 (3,641) (4) (6,720)
-------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- --
-------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $ 16,463 $ 37,551 $ (3,641) $ (4) $ (6,720)
======== ======== ======== ======== ========
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG China PSEG PSEG
PSEG Cuenta PSEG PSEG Holdings Full Moon Pontianak
California III Finance Europe Ltd. California II Ltd. Ltd. Ltd.
Corp. Company Consol. Corp. Consol. (Mauritius) (Mauritius)
-------------- ------- ----------- ------------- -------- ----------- -----------
BALANCE JANUARY 1, 2002 $ -- $ -- $ (6,490) $ -- $ (4) $ -- $ --
NET INCOME -- -- (4,651) -- -- -- --
----- ----- -------- ----- -------- ----- -----
SUBTOTAL -- -- (11,141) -- (4) -- --
----- ----- -------- ----- -------- ----- -----
DIVIDENDS DECLARED -- -- -- -- -- -- --
----- ----- -------- ----- -------- ----- -----
BALANCE DECEMBER 31, 2002 $ -- $ -- $(11,141) $ -- $ (4) $ -- $ --
===== ===== ======== ===== ======== ===== =====
PSEG
PSEG PSEG Pontianak
Philippine Zhou Ltd.
Holdings Kou Power (Malaysia)
LLC Ltd. Consol.
---------- -------- ---------
BALANCE JANUARY 1, 2002 $ (4,126) $ (224) $ (2,237)
NET INCOME -- -- --
-------- -------- --------
SUBTOTAL (4,126) (224) (2,237)
-------- -------- --------
DIVIDENDS DECLARED -- -- --
-------- -------- --------
BALANCE DECEMBER 31, 2002 $ (4,126) $ (224) $ (2,237)
======== ======== ========
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG PSEG
International INTERCOMPANY PSEG Global Americas
Inc. ELIMINATIONS International Power Holdings Inc.
CONSOL. & RECLASS. Inc. Ltd. CONSOL.
------------- ------------ ------------- ------------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 8,789 $ -- $ 7 $ -- $ 572
Accounts and Notes receivable:
Trade 8,188 (13) -- -- --
Other 17 -- (12) -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 635,004 -- 189,644 -- 118,090
Notes receivable:
Associated companies -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Other 1 (3,906) -- -- --
Inventory-Materials 1,807 -- -- -- --
Interest receivable 526 (149) -- -- --
Prepayments 1,105 -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Current Assets 655,437 (4,068) 189,639 -- 118,662
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other 274,344 (17,382) -- -- --
Accum. depr. and amortization (8,068) -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 266,276 (17,382) -- -- --
----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries 1,432 (488,099) 488,099 -- --
Capital lease agreements -- -- -- -- --
General Partnership interests (8,984) (219,056) -- -- 210,072
Limited Partnership interests 214,406 3 -- -- (5,166)
Corporate joint ventures 209,197 -- -- -- 185,700
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Investments 416,051 (707,152) 488,099 -- 390,606
----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Other 22,289 -- -- -- 22,636
----------- ----------- ----------- ----------- -----------
Total Other Assets 22,289 -- -- -- 22,636
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,360,053 $ (728,602) $ 677,738 $ -- $ 531,904
=========== =========== =========== =========== ===========
PSEG
PSEG Bermuda
Associacion PSEG GWF Americas PSEG Holdings
O Cuentas en California Energy Services Barka II Ltd.
Participacion Corp. LLC Inc. Inc. CONSOL.
------------- ----------- ----------- ----------- ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 7,480 $ 56 $ -- $ 3
Accounts and Notes receivable:
Trade -- 142 6,491 60 -- --
Other -- -- -- -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 301,396 2,342 -- 850 -- 165
Notes receivable:
Associated companies -- -- -- -- -- --
Assets Held for Sale -- -- -- -- -- --
Other -- 1,953 -- -- -- --
Inventory-Materials -- -- 1,807 -- -- --
Interest receivable -- 675 -- -- -- --
Prepayments -- -- 828 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets 301,396 5,112 16,606 966 -- 168
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- 291,231 9 -- 5
Accum. depr. and amortization -- -- (7,728) (9) -- (2)
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net -- -- 283,503 -- -- 3
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries 1,432 -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests -- -- -- -- -- --
Limited Partnership interests -- 157,137 -- -- -- --
Corporate joint ventures 20,397 -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 21,829 157,137 -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Other -- -- -- 28 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets -- -- -- 28 -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 323,225 $ 162,249 $ 300,109 $ 994 $ -- $ 171
=========== =========== =========== =========== =========== ===========
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG China PSEG
PSEG Cuenta PSEG PSEG Holdings Full Moon
California III Finance Europe Ltd. California II Ltd. Ltd.
Corp. Company Consol. Corp. Consol. (Mauritius)
-------------- ----------- ----------- ------------- ---------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 32 $ 639 $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- 1,496 -- 12 --
Other -- -- 17 -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 574 1,400 18,908 574 -- --
Notes receivable:
Associated companies -- -- -- -- -- --
Assets Held for Sale -- -- -- -- -- --
Other 977 -- -- 977 -- --
Inventory-Materials -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- 277 -- -- --
-------- -------- -------- -------- -------- -------
Total Current Assets 1,551 1,432 21,337 1,551 12 --
-------- -------- -------- -------- -------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- 481 -- -- --
Accum. depr. and amortization -- -- (329) -- -- --
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- -------
Property, Plant and Equipment-net -- -- 152 -- -- --
-------- -------- -------- -------- -------- -------
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests -- -- -- -- -- --
Limited Partnership interests 31,216 -- -- 31,216 -- --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- -------- -------- -------- -------- -------
Total Investments 31,216 -- -- 31,216 -- --
-------- -------- -------- -------- -------- -------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Other -- -- (375) -- -- --
-------- -------- -------- -------- -------- -------
Total Other Assets -- -- (375) -- -- --
-------- -------- -------- -------- -------- -------
TOTAL ASSETS $ 32,767 $ 1,432 $ 21,114 $ 32,767 $ 12 $ --
======== ======== ======== ======== ======== =======
PSEG
PSEG PSEG PSEG Pontianak
Pontianak Philippine Zhou Ltd.
Ltd. Holdings Kou Power (Malaysia)
(Mauritius) LLC Ltd. Consol.
----------- ----------- ---------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- -- --
Other -- -- 12 --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies -- -- -- 1,061
Notes receivable:
Associated companies -- -- -- --
Assets Held for Sale -- -- -- --
Other -- -- -- --
Inventory-Materials -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
-------- -------- -------- --------
Total Current Assets -- -- 12 1,061
-------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- -------- -------- --------
Property, Plant and Equipment-net -- -- -- --
-------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures -- 3,100 -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- -------- -------- --------
Total Investments -- 3,100 -- --
-------- -------- -------- --------
OTHER ASSETS
Long-term receivables -- -- -- --
Other -- -- -- --
-------- -------- -------- --------
Total Other Assets -- -- -- --
-------- -------- -------- --------
TOTAL ASSETS $ -- $ 3,100 $ 12 $ 1,061
======== ======== ======== ========
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG PSEG
International INTERCOMPANY PSEG Global Americas
Inc. ELIMINATIONS International Power Holdings Inc.
CONSOL. & RECLASS. Inc. Ltd. CONSOL.
------------- ------------ ------------- ------------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,175 $ (4,055) $ -- $ -- $ 29
Taxes 168 -- -- -- --
Other 7,272 -- -- -- 3
Interest 2,656 -- -- -- 2,656
Associated companies 499,090 -- 62,878 2 110,837
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 513,361 (4,055) 62,878 2 113,525
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 160,000 -- -- -- 160,000
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 5,162 -- 828 -- 6,565
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Other (3,937) (17,382) -- -- 12,792
----------- ----------- ----------- ----------- -----------
Total Deferred Credits 1,225 (17,382) 828 -- 19,357
----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 89,853 89,853 -- -- --
----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock 1 (24) 1 -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 648,421 (778,231) 648,421 -- 264,455
Retained earnings (41,568) (30,003) (23,150) (2) (17,741)
Other Comprehensive Income (7,692) 7,692 (7,692) -- (7,692)
Cumulative Translation Adjustment (3,548) 3,548 (3,548) -- --
----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 595,614 (797,018) 614,032 2 239,022
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,360,053 $ (728,602) $ 677,738 $ -- $ 531,904
=========== =========== =========== =========== ===========
PSEG
PSEG Bermuda
Associacion PSEG GWF Americas PSEG Holdings
O Cuentas en California Energy Services Barka II Ltd.
Participacion Corp. LLC Inc. Inc. CONSOL.
------------- ----------- ----------- ----------- ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ 6,772 $ -- $ -- $ --
Taxes -- 93 -- 75 -- --
Other -- 6 6,823 22 -- --
Interest -- -- -- -- -- --
Associated companies 147,503 57,126 -- 5,819 4 9,631
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Liabilities 147,503 57,225 13,595 5,916 4 9,631
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes -- 5,612 -- (1,281) -- (2,740)
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other -- 26 155 -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Deferred Credits -- 5,638 155 (1,281) -- (2,740)
----------- ----------- ----------- ----------- ----------- -----------
MINORITY INTEREST -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 153,893 82,923 248,808 -- -- --
Retained earnings 21,829 16,463 37,551 (3,641) (4) (6,720)
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 175,722 99,386 286,359 (3,641) (4) (6,720)
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 323,225 $ 162,249 $ 300,109 $ 994 $ -- $ 171
=========== =========== =========== =========== =========== ===========
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG China PSEG
PSEG Cuenta PSEG PSEG Holdings Full Moon
California III Finance Europe Ltd. California II Ltd. Ltd.
Corp. Company Consol. Corp. Consol. (Mauritius)
-------------- -------- ----------- ------------- -------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ 1,429 $ -- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- 418 -- -- --
Interest -- -- -- -- -- --
Associated companies 19,996 -- 31,462 19,996 4 --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
-------- -------- -------- -------- -------- -----
Total Current Liabilities 19,996 -- 33,309 19,996 4 --
-------- -------- -------- -------- -------- -----
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- -------- -------- -------- -------- -----
DEFERRED CREDITS
Deferred income taxes (642) -- (421) (642) -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other 53 -- 366 53 -- --
-------- -------- -------- -------- -------- -----
Total Deferred Credits (589) -- (55) (589) -- --
-------- -------- -------- -------- -------- -----
MINORITY INTEREST -- -- -- -- -- --
-------- -------- -------- -------- -------- -----
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- 12 --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 13,360 1,432 -- 13,360 -- --
Retained earnings -- -- (11,141) -- (4) --
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- (999) -- -- --
-------- -------- -------- -------- -------- -----
Total Stockholder's Equity 13,360 1,432 (12,140) 13,360 8 --
-------- -------- -------- -------- -------- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 32,767 $ 1,432 $ 21,114 $ 32,767 $ 12 $ --
======== ======== ======== ======== ======== =====
PSEG
PSEG PSEG PSEG Pontianak
Pontianak Philippine Zhou Ltd.
Ltd. Holdings Kou Power (Malaysia)
(Mauritius) LLC Ltd. Consol.
----------- ---------- --------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- -- -- --
Interest -- -- -- --
Associated companies -- 11,890 225 3,299
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Current portion of long-term debt -- -- -- --
----- -------- -------- --------
Total Current Liabilities -- 11,890 225 3,299
----- -------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- --
----- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes -- (2,115) (1) (1)
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Other -- -- -- --
----- -------- -------- --------
Total Deferred Credits -- (2,115) (1) (1)
----- -------- -------- --------
MINORITY INTEREST -- -- -- --
----- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- 12 --
Stock Subs Payable -- -- -- --
Contributed capital -- -- -- --
Retained earnings -- (4,126) (224) (2,237)
Other Comprehensive Income -- -- -- --
Cumulative Translation Adjustment -- (2,549) -- --
----- -------- -------- --------
Total Stockholder's Equity -- (6,675) (212) (2,237)
----- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 3,100 $ 12 $ 1,061
===== ======== ======== ========
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Americas INTERCOMPANY PSEG PSEG Andina
Inc. ELIMINATIONS Americas Energy Electrica
CONSOL. & RECLASS. Inc. Co. Inc.
-------- ------------ -------- ------ ---------
REVENUES:
Income from partnerships $(12,046) $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Interest and dividend income 10,407 -- 10,407 -- --
Other 170 -- -- -- --
Equity in subsidiary earnings -- 56,485 (56,485) -- --
-------- -------- -------- ----- -----
Total revenues (1,469) 56,485 (46,078) -- --
-------- -------- -------- ----- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down investments 43,416 -- -- -- --
Depreciation and amortization -- -- -- -- --
Administrative and general (3,026) -- (3,478) -- --
-------- -------- -------- ----- -----
Total operating expenses 40,390 -- (3,478) -- --
-------- -------- -------- ----- -----
OPERATING INCOME (41,859) 56,485 (42,600) -- --
-------- -------- -------- ----- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- --
-------- -------- -------- ----- -----
Total Other Income -- -- -- -- --
-------- -------- -------- ----- -----
INTEREST EXPENSE:
PSEG Capital Corporation 291 -- -- -- --
PSEG Energy Holdings 483 -- -- -- --
Other Associated Companies -- -- -- -- --
Other 13,213 -- -- -- --
Capitalized interest -- -- -- -- --
-------- -------- -------- ----- -----
Net interest expense 13,987 -- -- -- --
-------- -------- -------- ----- -----
INCOME BEFORE INCOME TAXES (55,846) 56,485 (42,600) -- --
-------- -------- -------- ----- -----
INCOME TAXES:
Current (16,002) -- 2,426 -- --
Deferred 6,295 -- 1,113 -- --
Investment and energy tax credits - net -- -- -- -- --
-------- -------- -------- ----- -----
Total income taxes (9,707) -- 3,539 -- --
-------- -------- -------- ----- -----
MINORITY INTERESTS -- -- -- -- --
-------- -------- -------- ----- -----
INCOME FROM CONTINUING OPERATIONS (46,139) 56,485 (46,139) -- --
-------- -------- -------- ----- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
-------- -------- -------- ----- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- -------- -------- ----- -----
NET INCOME $(46,139) $ 56,485 $(46,139) $ -- $ --
======== ======== ======== ===== =====
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Texgen Holdings Global PSEG PSEG PSEG
Inc. Funding II LLC La Plata II La Plata I Global
CONSOL. CONSOL. (US) (US) Mgt Inc.
--------------- -------------- ----------- ---------- --------
REVENUES:
Income from partnerships $(23,518) $ 11,472 $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Interest and dividend income -- -- -- -- --
Other 170 -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
-------- -------- -------- -------- --------
Total revenues (23,348) 11,472 -- -- --
-------- -------- -------- -------- --------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down investments -- -- 51 43,365 --
Depreciation and amortization -- -- -- -- --
Administrative and general 499 2 25 -- (74)
-------- -------- -------- -------- --------
Total operating expenses 499 2 76 43,365 (74)
-------- -------- -------- -------- --------
OPERATING INCOME (23,847) 11,470 (76) (43,365) 74
-------- -------- -------- -------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss -- (1) -- -- 1
-------- -------- -------- -------- --------
Total Other Income -- (1) -- -- 1
-------- -------- -------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- 291 -- -- --
PSEG Energy Holdings -- 483 -- -- --
Other Associated Companies -- -- -- -- --
Other (1) 13,214 -- -- --
Capitalized interest -- -- -- -- --
-------- -------- -------- -------- --------
Net interest expense (1) 13,988 -- -- --
-------- -------- -------- -------- --------
INCOME BEFORE INCOME TAXES (23,846) (2,519) (76) (43,365) 75
-------- -------- -------- -------- --------
INCOME TAXES:
Current (14,253) (4,423) (9) -- 257
Deferred 5,906 (493) -- -- (231)
Investment and energy tax credits - net -- -- -- -- --
-------- -------- -------- -------- --------
Total income taxes (8,347) (4,916) (9) -- 26
-------- -------- -------- -------- --------
MINORITY INTERESTS -- -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM CONTINUING OPERATIONS (15,499) 2,397 (67) (43,365) 49
-------- -------- -------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
-------- -------- -------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- -------- -------- -------- --------
NET INCOME $(15,499) $ 2,397 $ (67) $(43,365) $ 49
======== ======== ======== ======== ========
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Americas INTERCOMPANY PSEG PSEG Andina
Inc. ELIMINATIONS Americas Energy Electrica
CONSOL. & RECLASS. Inc. Co. Inc.
-------- ------------ -------- ------ ---------
BALANCE JANUARY 1, 2002 $ 28,398 $(19,210) $ 28,398 $ -- $ --
NET INCOME (46,139) 56,485 (46,139) -- --
-------- -------- -------- ----- -----
SUBTOTAL (17,741) 37,275 (17,741) -- --
-------- -------- -------- ----- -----
DIVIDENDS DECLARED -- -- -- -- --
-------- -------- -------- ----- -----
BALANCE DECEMBER 31, 2002 $(17,741) $ 37,275 $(17,741) $ -- $ --
======== ======== ======== ===== =====
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Texgen Holdings Global PSEG PSEG PSEG
Inc. Funding II LLC La Plata II La Plata I Global
CONSOL. CONSOL. (US) (US) Mgt Inc.
--------------- -------------- ----------- ---------- --------
BALANCE JANUARY 1, 2002 $ 10,863 $ 9,146 $ -- $ -- $ (799)
NET INCOME (15,499) 2,397 (67) (43,365) 49
-------- -------- -------- -------- --------
SUBTOTAL (4,636) 11,543 (67) (43,365) (750)
-------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- --
-------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $ (4,636) $ 11,543 $ (67) $(43,365) $ (750)
======== ======== ======== ======== ========
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Americas INTERCOMPANY PSEG PSEG Andina
Inc. ELIMINATIONS Americas Energy Electrica
CONSOL. & RECLASS. Inc. Co. Inc.
-------- ------------ -------- ------ ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 572 $ -- $ 6 $ -- $ --
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- -- (1) -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 118,090 (58,468) 98,803 -- --
Notes receivable:
Associated companies -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Prepayments -- -- -- -- --
--------- --------- -------- ----- -----
Total Current Assets 118,662 (58,468) 98,808 -- --
--------- --------- -------- ----- -----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
--------- --------- -------- ----- -----
Property, Plant and Equipment-net -- -- -- -- --
--------- --------- -------- ----- -----
INVESTMENTS
Subsidiaries -- (209,769) 209,769 -- --
Capital lease agreements -- -- -- -- --
General Partnership interests 210,072 -- 73,006 -- --
Limited Partnership interests (5,166) -- -- -- --
Corporate joint ventures 185,700 -- 1,843 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
--------- --------- -------- ----- -----
Total Investments 390,606 (209,769) 284,618 -- --
--------- --------- -------- ----- -----
OTHER ASSETS
Long-term receivables -- -- -- -- --
Other 22,636 -- -- -- --
--------- --------- -------- ----- -----
Total Other Assets 22,636 -- -- -- --
--------- --------- -------- ----- -----
TOTAL ASSETS $ 531,904 $(268,237) $383,426 $ -- $ --
========= ========= ======== ===== =====
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Texgen Holdings Global PSEG PSEG PSEG
Inc. Funding II LLC La Plata II La Plata I Global
CONSOL. CONSOL. (US) (US) Mgt Inc.
--------------- -------------- ----------- ---------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 19 $ 528 $ -- $ -- $ 19
Accounts and Notes receivable:
Trade -- -- -- -- --
Other 2 (1) -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 26,567 50,814 9 -- 365
Notes receivable:
Associated companies -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Prepayments -- -- -- -- --
--------- --------- --------- ----- --------
Total Current Assets 26,588 51,341 9 -- 384
--------- --------- --------- ----- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
--------- --------- --------- ----- --------
Property, Plant and Equipment-net -- -- -- -- --
--------- --------- --------- ----- --------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests 137,066 -- -- -- --
Limited Partnership interests (5,166) -- -- -- --
Corporate joint ventures -- 183,857 -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
--------- --------- --------- ----- --------
Total Investments 131,900 183,857 -- -- --
--------- --------- --------- ----- --------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Other 5,500 17,135 -- -- 1
--------- --------- --------- ----- --------
Total Other Assets 5,500 17,135 -- -- 1
--------- --------- --------- ----- --------
TOTAL ASSETS $ 163,988 $ 252,333 $ 9 $ -- $ 385
========= ========= ========= ===== ========
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Americas INTERCOMPANY PSEG PSEG Andina
Inc. ELIMINATIONS Americas Energy Electrica
CONSOL. & RECLASS. Inc. Co. Inc.
--------- ------------ --------- ------ ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 29 $ -- $ 29 $ -- $ --
Taxes -- -- -- -- --
Other 3 -- -- -- --
Interest 2,656 -- -- -- --
Associated companies 110,837 (58,468) 134,082 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--------- --------- --------- ----- -----
Total Current Liabilities 113,525 (58,468) 134,111 -- --
--------- --------- --------- ----- -----
TOTAL LONG-TERM DEBT 160,000 -- -- -- --
--------- --------- --------- ----- -----
DEFERRED CREDITS
Deferred income taxes 6,565 -- 3,505 -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Other 12,792 -- 6,788 -- --
--------- --------- --------- ----- -----
Total Deferred Credits 19,357 -- 10,293 -- --
--------- --------- --------- ----- -----
MINORITY INTEREST -- -- -- -- --
--------- --------- --------- ----- -----
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 264,455 (254,736) 264,455 -- --
Retained earnings (17,741) 37,275 (17,741) -- --
Other Comprehensive Income (7,692) 7,692 (7,692)
Cumulative Translation Adjustment -- -- -- -- --
--------- --------- --------- ----- -----
Total Stockholder's Equity 239,022 (209,769) 239,022 -- --
--------- --------- --------- ----- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 531,904 $(268,237) $ 383,426 $ -- $ --
========= ========= ========= ===== =====
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Texgen Holdings Global PSEG PSEG PSEG
Inc. Funding II LLC La Plata II La Plata I Global
CONSOL. CONSOL. (US) (US) Mgt Inc.
--------------- -------------- ----------- ---------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- --
Other 3 -- -- -- --
Interest -- 2,656 -- -- --
Associated companies 11,242 22,590 25 -- 1,366
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--------- --------- --------- --------- --------
Total Current Liabilities 11,245 25,246 25 -- 1,366
--------- --------- --------- --------- --------
TOTAL LONG-TERM DEBT -- 160,000 -- -- --
--------- --------- --------- --------- --------
DEFERRED CREDITS
Deferred income taxes 2,614 677 -- -- (231)
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Other 6,004 -- -- -- --
--------- --------- --------- --------- --------
Total Deferred Credits 8,618 677 -- -- (231)
--------- --------- --------- --------- --------
MINORITY INTEREST -- -- -- -- --
--------- --------- --------- --------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 156,453 54,867 51 43,365 --
Retained earnings (4,636) 11,543 (67) (43,365) (750)
Other Comprehensive Income (7,692) -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
--------- --------- --------- --------- --------
Total Stockholder's Equity 144,125 66,410 (16) -- (750)
--------- --------- --------- --------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 163,988 $ 252,333 $ 9 $ -- $ 385
========= ========= ========= ========= ========
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Americas INTERCOMPANY PSEG PSEG Americas
Ltd. ELIMINATIONS Americas Peru Holdings Inc.
CONSOL. & RECLASS. Ltd. LLC (Cayman)
--------- ------------ --------- ----- -------------
REVENUES:
Income from partnerships $ 39,739 $ 60,007 $ (44,749) $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments (1) -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income 2,840 -- 2,840 -- --
Consulting and O&M fees 225 -- -- -- --
Electric Revenues
Generation 101,983 -- -- -- --
Distribution 149,112 -- -- -- --
Other 17,214 -- -- -- --
Equity in subsidiary earnings -- 333,085 (333,085) -- --
--------- --------- --------- ----- -----
Total revenues 311,112 393,092 (374,994) -- --
--------- --------- --------- ----- -----
OPERATING EXPENSES:
Operation and maintenance 13,848 -- -- -- --
Write-down of investments 420,260 -- 73,701 -- --
Depreciation and amortization 22,295 -- -- -- --
Energy Costs 116,297 -- -- -- --
Administrative and general 29,014 -- 2,092 -- --
--------- --------- --------- ----- -----
Total operating expenses 601,714 -- 75,793 -- --
--------- --------- --------- ----- -----
OPERATING INCOME (290,602) 393,092 (450,787) -- --
--------- --------- --------- ----- -----
OTHER INCOME
Write-down of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 11,944 -- 101 -- --
Foreign Currency Translation Gain/Loss (76,702) -- -- -- --
Other (3,741) -- -- -- --
--------- --------- --------- ----- -----
Total Other Income (68,499) -- 101 -- --
--------- --------- --------- ----- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies 774 -- -- -- --
Other 23,869 -- 2,328 -- --
Capitalized interest (1,117) -- -- -- --
--------- --------- --------- ----- -----
Net interest expense 23,526 -- 2,328 -- --
--------- --------- --------- ----- -----
INCOME BEFORE INCOME TAXES (382,627) 393,092 (453,014) -- --
--------- --------- --------- ----- -----
INCOME TAXES:
Current 34 -- -- -- --
Deferred (86) -- (3,531) -- --
Foreign Taxes 8,415 -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
--------- --------- --------- ----- -----
Total income taxes 8,363 -- (3,531) -- --
--------- --------- --------- ----- -----
MINORITY INTERESTS (3,173) (6,667) -- -- --
--------- --------- --------- ----- -----
INCOME FROM CONTINUING OPERATIONS (387,817) 399,759 (449,483) -- --
--------- --------- --------- ----- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes 5,142 -- -- -- --
Cumulative effect of FAS 133 (net of tax) (70,215) -- (36,593) -- --
Gain on Sale of Discontinued Operations - Net of Taxes (14,433) -- -- -- --
--------- --------- --------- ----- -----
INCOME FROM DISCONTINUED OPERATIONS (79,506) -- (36,593) -- --
--------- --------- --------- ----- -----
Cumulative Effect of a change in the Acct. Principle (18,753) -- -- -- --
--------- --------- --------- ----- -----
NET INCOME $(486,076) $ 399,759 $(486,076) $ -- $ --
========= ========= ========= ===== =====
Andina PSEG Venergy
Associacion Mendoza I Brazil Holdings Terra Roxa I
EN Company Operating Co Company Ltda.
Participacion (Cayman) (Cayman) (Cayman) (Cayman)
-------------- --------- ------------ --------- ------------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ 1,584 $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
----- ----- --------- --------- -----
Total revenues -- -- -- 1,584 --
----- ----- --------- --------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Energy Costs -- -- -- -- --
Administrative and general -- -- -- 204 --
----- ----- --------- --------- -----
Total operating expenses -- -- -- 204 --
----- ----- --------- --------- -----
OPERATING INCOME -- -- -- 1,380 --
----- ----- --------- --------- -----
OTHER INCOME
Write-down of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Foreign Currency Translation Gain/Loss -- -- -- (5) --
Other -- -- -- -- --
----- ----- --------- --------- -----
Total Other Income -- -- -- (5) --
----- ----- --------- --------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- --
Capitalized interest -- -- -- -- --
----- ----- --------- --------- -----
Net interest expense -- -- -- -- --
----- ----- --------- --------- -----
INCOME BEFORE INCOME TAXES -- -- -- 1,375 --
----- ----- --------- --------- -----
INCOME TAXES:
Current -- -- -- -- --
Deferred -- -- -- -- --
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
----- ----- --------- --------- -----
Total income taxes -- -- -- -- --
----- ----- --------- --------- -----
MINORITY INTERESTS -- -- -- -- --
----- ----- --------- --------- -----
INCOME FROM CONTINUING OPERATIONS -- -- -- 1,375 --
----- ----- --------- --------- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Cumulative effect of FAS 133 (net of tax)
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
----- ----- --------- --------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
----- ----- --------- --------- -----
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
----- ----- --------- --------- -----
NET INCOME $ -- $ -- $ -- $ 1,375 $ --
===== ===== ========= ========= =====
Rayo-Andino
Gestora
Company
(Cayman)
-----------
REVENUES:
Income from partnerships $ --
Income from capital lease agreements --
Unrealized gains (losses) on investments --
Realized gains (losses) on investments --
Management/Development Fees --
Interest and dividend income --
Consulting and O&M fees --
Electric Revenues
Generation --
Distribution --
Other --
Equity in subsidiary earnings --
-----
Total revenues --
-----
OPERATING EXPENSES:
Operation and maintenance --
Write-down of investments --
Depreciation and amortization --
Electric Energy Costs --
Administrative and general --
-----
Total operating expenses --
-----
OPERATING INCOME --
-----
OTHER INCOME
Write-down of investments --
Change in Derivative Fair Value - FAS 133 --
Foreign Currency Translation Gain/Loss --
Other --
-----
Total Other Income --
-----
INTEREST EXPENSE:
PSEG Capital Corporation --
Enterprise Capital Funding Corp. --
Other Associated Companies --
Other --
Capitalized interest --
-----
Net interest expense --
-----
INCOME BEFORE INCOME TAXES --
-----
INCOME TAXES:
Current --
Deferred --
Foreign Taxes --
Investment and energy tax credits - net --
-----
Total income taxes --
-----
MINORITY INTERESTS --
-----
INCOME FROM CONTINUING OPERATIONS --
-----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes --
Cumulative effect of FAS 133 (net of tax) --
Gain on Sale of Discontinued Operations - Net of Taxes --
-----
INCOME FROM DISCONTINUED OPERATIONS --
-----
Cumulative Effect of a change in the Acct. Principle --
-----
NET INCOME $ --
=====
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Rayo-Andino Cayman PSEG
Inversora PSEG Americas Peru Power
Company Brazil Company Ltd.
(Cayman) Ltda. Edeersa CONSOL. (Cayman)
----------- --------- --------- --------- ----------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- (20) -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- 18,362 -- --
Other -- -- 921 -- --
Equity in subsidiary earnings -- -- -- -- --
--------- --------- --------- --------- -----
Total revenues -- -- 19,263 -- --
--------- --------- --------- --------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- 1,861 -- --
Write-down of investments -- -- 78,910 --
Depreciation and amortization -- 70 3,081 -- --
Electric Energy Costs -- -- 6,936 -- --
Administrative and general -- 601 2,561 (104) --
--------- --------- --------- --------- -----
Total operating expenses -- 671 14,439 78,806 --
--------- --------- --------- --------- -----
OPERATING INCOME -- (671) 4,824 (78,806) --
--------- --------- --------- --------- -----
OTHER INCOME
Write-down of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Foreign Currency Translation Gain/Loss -- (41) (68,035) -- --
Other -- 24 -- -- --
--------- --------- --------- --------- -----
Total Other Income -- (17) (68,035) -- --
--------- --------- --------- --------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- 2,152 -- --
Capitalized interest -- -- (241) -- --
--------- --------- --------- --------- -----
Net interest expense -- -- 1,911 -- --
--------- --------- --------- --------- -----
INCOME BEFORE INCOME TAXES -- (688) (65,122) (78,806) --
--------- --------- --------- --------- -----
INCOME TAXES:
Current -- -- -- -- --
Deferred -- -- -- -- --
Foreign Taxes -- -- 1,552 -- --
Investment and energy tax credits - net -- -- -- -- --
--------- --------- --------- --------- -----
Total income taxes -- -- 1,552 -- --
--------- --------- --------- --------- -----
MINORITY INTERESTS -- -- -- -- --
--------- --------- --------- --------- -----
INCOME FROM CONTINUING OPERATIONS -- (688) (66,674) (78,806) --
--------- --------- --------- --------- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Cumulative effect of FAS 133 (net of tax) -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--------- --------- --------- --------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--------- --------- --------- --------- -----
Cumulative Effect of a change in the Acct. Principle -- -- -- -- --
--------- --------- --------- --------- -----
NET INCOME $ -- $ (688) $ (66,674) $ (78,806) $ --
========= ========= ========= ========= =====
Americas PSEG
PSEG Operating PSEG PSEG PSEG Global
Electrica Company Brazil II Brazil III Wildwood I Funding II
(Cayman) CONSOL. Company Company Ltd. Corp.
--------- --------- --------- ---------- ---------- ----------
REVENUES:
Income from partnerships $ -- $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- --
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Management/Development Fees -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- --
Distribution -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
----- --------- ----- ----- --------- -----
Total revenues -- -- -- -- -- --
----- --------- ----- ----- --------- -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Write-down of investments -- 204,247 -- -- 63,401 --
Depreciation and amortization -- -- -- -- -- --
Electric Energy Costs -- -- -- -- -- --
Administrative and general -- 87 -- -- 10 --
----- --------- ----- ----- --------- -----
Total operating expenses -- 204,334 -- -- 63,411 --
----- --------- ----- ----- --------- -----
OPERATING INCOME -- (204,334) -- -- (63,411) --
----- --------- ----- ----- --------- -----
OTHER INCOME
Write-down of investments -- -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- -- --
Foreign Currency Translation Gain/Loss -- -- -- -- -- --
Other -- -- -- -- -- --
----- --------- ----- ----- --------- -----
Total Other Income -- -- -- -- -- --
----- --------- ----- ----- --------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- (1) -- -- -- --
Capitalized interest -- -- -- -- -- --
----- --------- ----- ----- --------- -----
Net interest expense -- (1) -- -- -- --
----- --------- ----- ----- --------- -----
INCOME BEFORE INCOME TAXES -- (204,333) -- -- (63,411) --
----- --------- ----- ----- --------- -----
INCOME TAXES:
Current -- -- -- -- -- --
Deferred -- -- -- -- -- --
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
----- --------- ----- ----- --------- -----
Total income taxes -- -- -- -- -- --
----- --------- ----- ----- --------- -----
MINORITY INTERESTS -- -- -- -- -- --
----- --------- ----- ----- --------- -----
INCOME FROM CONTINUING OPERATIONS -- (204,333) -- -- (63,411) --
----- --------- ----- ----- --------- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- -- --
Cumulative effect of FAS 133 (net of tax) -- -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- -- --
----- --------- ----- ----- --------- -----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- -- --
----- --------- ----- ----- --------- -----
Cumulative Effect of a change in the Acct. Principle -- -- -- -- -- --
----- --------- ----- ----- --------- -----
NET INCOME $ -- $(204,333) $ -- $ -- $ (63,411) $ --
===== ========= ===== ===== ========= =====
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones
PSEG PSEG Americas Transamerica PSEG
Chilean Chile Holding Energy Brazil
Equity II Ltd. Limitada Company Investment
CONSOL. CONSOL. CONSOL. CONSOL.
-------------- ------------- ------------ ----------
REVENUES:
Income from partnerships $ 21,636 $ (27,856) $ 4,324 $ 19,125
Income from capital lease agreements -- -- -- --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Management/Development Fees -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
Electric Revenues -- -- -- --
Generation -- -- 44,520 --
Distribution -- 130,750 -- --
Other -- 16,851 -- --
Equity in subsidiary earnings -- -- -- --
--------- --------- --------- ---------
Total revenues 21,636 119,745 48,844 19,125
--------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance -- 3,105 5,069 --
Write-down of investments -- -- -- --
Depreciation and amortization -- 8,267 3,871 --
Electric Energy Costs -- 74,941 2,387 --
Administrative and general 1,155 11,375 9,039 1,079
--------- --------- --------- ---------
Total operating expenses 1,155 97,688 20,366 1,079
--------- --------- --------- ---------
OPERATING INCOME 20,481 22,057 28,478 18,046
--------- --------- --------- ---------
OTHER INCOME
Write-down of investments -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- 1,436
Foreign Currency Translation Gain/Loss (1) (5,817) 275 (603)
Other -- (2,714) (1,069) --
--------- --------- --------- ---------
Total Other Income (1) (8,531) (794) 833
--------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- 774
Other -- 5,915 8,108 --
Capitalized interest -- (876) -- --
--------- --------- --------- ---------
Net interest expense -- 5,039 8,108 774
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 20,480 8,487 19,576 18,105
--------- --------- --------- ---------
INCOME TAXES:
Current -- -- -- 32
Deferred -- -- -- 31
Foreign Taxes -- 1,959 4,868 --
Investment and energy tax credits - net -- -- -- --
--------- --------- --------- ---------
Total income taxes -- 1,959 4,868 63
--------- --------- --------- ---------
MINORITY INTERESTS -- 462 -- --
--------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS 20,480 6,066 14,708 18,042
--------- --------- --------- ---------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Cumulative effect of FAS 133 (net of tax) -- -- -- (33,622)
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
--------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- (33,622)
--------- --------- --------- ---------
Cumulative Effect of a change in the Acct. Principle -- -- -- --
--------- --------- --------- ---------
NET INCOME $ 20,480 $ 6,066 $ 14,708 $ (15,580)
========= ========= ========= =========
PSEG Rayo-Andino PSEG Servicios
PSEG Bermuda Inversora China Technicos
Salalah Holdings III Company Inc. PSEG Chile
CONSOL. CONSOL. CONSOL. CONSOL. Ltda
--------- ------------ ---------- --------- ----------
REVENUES:
Income from partnerships $ -- $ -- $ (243) $ 5,911 $ --
Income from capital lease agreements -- -- -- -- --
Unrealized gains (losses) on investments -- -- (1) -- --
Realized gains (losses) on investments -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees 227 -- 18 -- --
Electric Revenues
Generation -- -- 57,463 -- --
Distribution -- -- -- -- --
Other -- -- (558) -- --
Equity in subsidiary earnings -- -- -- -- --
--------- --------- --------- --------- ---------
Total revenues 227 -- 56,679 5,911 --
--------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance -- -- 3,813 -- --
Write-down of investments -- -- 1 -- --
Depreciation and amortization -- -- 7,000 -- 6
Electric Energy Costs -- -- 32,033 -- --
Administrative and general (38) 549 1,159 (808) 53
--------- --------- --------- --------- ---------
Total operating expenses (38) 549 44,006 (808) 59
--------- --------- --------- --------- ---------
OPERATING INCOME 265 (549) 12,673 6,719 (59)
--------- --------- --------- --------- ---------
OTHER INCOME
Write-down of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- 10,407 -- --
Foreign Currency Translation Gain/Loss -- -- (2,473) -- (2)
Other -- -- 20 -- (2)
--------- --------- --------- --------- ---------
Total Other Income -- -- 7,954 -- (4)
--------- --------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other 357 -- 5,010 -- --
Capitalized interest -- -- -- -- --
--------- --------- --------- --------- ---------
Net interest expense 357 -- 5,010 -- --
--------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES (92) (549) 15,617 6,719 (63)
--------- --------- --------- --------- ---------
INCOME TAXES:
Current -- -- 2 -- --
Deferred -- -- 3,414 -- --
Foreign Taxes -- -- 36 -- --
Investment and energy tax credits - net -- -- -- -- --
--------- --------- --------- --------- ---------
Total income taxes -- -- 3,452 -- --
--------- --------- --------- --------- ---------
MINORITY INTERESTS -- -- 3,032 -- --
--------- --------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS (92) (549) 9,133 6,719 (63)
--------- --------- --------- --------- ---------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- 5,141 1 -- --
Cumulative effect of FAS 133 (net of tax) -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- (14,433) -- -- --
--------- --------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS -- (9,292) 1 -- --
--------- --------- --------- --------- ---------
Cumulative Effect of a change in the Acct. Principle -- (18,753) -- -- --
--------- --------- --------- --------- ---------
NET INCOME $ (92) $ (28,594) $ 9,134 $ 6,719 $ (63)
========= ========= ========= ========= =========
PSEG
Americas PSEG
II Luxembourg
Ltd. S.a.r.l.
-------- ----------
REVENUES:
Income from partnerships $ -- $ --
Income from capital lease agreements -- --
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Management/Development Fees -- --
Interest and dividend income -- --
Consulting and O&M fees -- --
Electric Revenues
Generation -- --
Distribution -- --
Other -- --
Equity in subsidiary earnings -- --
----- -----
Total revenues -- --
----- -----
OPERATING EXPENSES:
Operation and maintenance -- --
Write-down of investments -- --
Depreciation and amortization -- --
Electric Energy Costs -- --
Administrative and general -- --
----- -----
Total operating expenses -- --
----- -----
OPERATING INCOME -- --
----- -----
OTHER INCOME
Write-down of investments -- --
Change in Derivative Fair Value - FAS 133 -- --
Foreign Currency Translation Gain/Loss -- --
Other -- --
----- -----
Total Other Income -- --
----- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Other Associated Companies -- --
Other -- --
Capitalized interest -- --
----- -----
Net interest expense -- --
----- -----
INCOME BEFORE INCOME TAXES -- --
----- -----
INCOME TAXES:
Current -- --
Deferred -- --
Foreign Taxes -- --
Investment and energy tax credits - net -- --
----- -----
Total income taxes -- --
----- -----
MINORITY INTERESTS -- --
----- -----
INCOME FROM CONTINUING OPERATIONS -- --
----- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- --
Cumulative effect of FAS 133 (net of tax) -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- --
----- -----
INCOME FROM DISCONTINUED OPERATIONS -- --
----- -----
Cumulative Effect of a change in the Acct. Principle -- --
----- -----
NET INCOME $ -- $ --
===== =====
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG Andina
Americas INTERCOMPANY PSEG PSEG Americas Associacion Mendoza I
Ltd. ELIMINATIONS Americas Peru Holdings Inc. EN Company
CONSOL. & RECLASS. Ltd. LLC (Cayman) Participacion (Cayman)
--------- ------------ --------- --------- ------------- ------------- ---------
BALANCE JANUARY 1, 2002 $ 150,586 $ (30,221) $ 150,586 $ (1) $ -- $ -- $ --
NET INCOME (486,076) 399,759 (486,076) -- -- -- --
--------- --------- --------- --------- ----- ----- -----
SUBTOTAL (335,490) 369,538 (335,490) (1) -- -- --
--------- --------- --------- --------- ----- ----- -----
DIVIDENDS DECLARED -- -- -- -- -- -- --
--------- --------- --------- --------- ----- ----- -----
BALANCE DECEMBER 31, 2002 $(335,490) $ 369,538 $(335,490) $ (1) $ -- $ -- $ --
========= ========= ========= ========= ===== ===== =====
PSEG Venergy Rayo-Andino
Brazil Holdings Terra Roxa I Gestora
Operating Co Company Ltda. Company
(Cayman) (Cayman) (Cayman) (Cayman)
------------ --------- ------------ -----------
BALANCE JANUARY 1, 2002 $ -- $ 1,440 $ -- $ --
NET INCOME -- 1,375 -- --
----- --------- ----- -----
SUBTOTAL -- 2,815 -- --
----- --------- ----- -----
DIVIDENDS DECLARED -- -- -- --
----- --------- ----- -----
BALANCE DECEMBER 31, 2002 $ -- $ 2,815 $ -- $ --
===== ========= ===== =====
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Rayo-Andino Cayman PSEG Americas
Inversora PSEG Americas Peru Power PSEG Operating PSEG
Company Brazil Company Ltd. Electrica Company Brazil II
(Cayman) Ltda. Edeersa CONSOL. (Cayman) (Cayman) CONSOL. Company
----------- --------- --------- --------- ---------- --------- --------- ---------
BALANCE JANUARY 1, 2002 $ -- $ (6,207) $ -- $ 376 $-- $ -- $ (49,251) $ --
NET INCOME -- (688) (66,674) (78,806) -- -- (204,333) --
----- --------- --------- --------- --- ----- --------- -----
SUBTOTAL -- (6,895) (66,674) (78,430) -- -- (253,584) --
----- --------- --------- --------- --- ----- --------- -----
DIVIDENDS DECLARED -- -- -- -- -- -- -- --
----- --------- --------- --------- --- ----- --------- -----
BALANCE DECEMBER 31, 2002 $ -- $ (6,895) $ (66,674) $ (78,430) $-- $ -- $(253,584) $ --
===== ========= ========= ========= === ===== ========= =====
PSEG
PSEG PSEG Global
Brazil III Wildwood I Funding II
Company Ltd. Corp.
---------- ---------- ----------
BALANCE JANUARY 1, 2002 $ -- $ (1,354) $ --
NET INCOME -- (63,411) --
----- --------- -----
SUBTOTAL -- (64,765) --
----- --------- -----
DIVIDENDS DECLARED -- -- --
----- --------- -----
BALANCE DECEMBER 31, 2002 $ -- $ (64,765) $ --
===== ========= =====
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones
PSEG PSEG Americas Transamerica PSEG PSEG PSEG
Chilean Chile Holding Energy Brazil Salalah Bermuda Holdings II
Equity II Ltd. Limitada Company Investment Investment Investment
CONSOL. CONSOL. CONSOL. CONSOL. CONSOL. CONSOL.
-------------- ------------- ------------ ---------- ---------- -------------------
BALANCE JANUARY 1, 2002 $ 34,472 $ 5,274 $ 234 $ 31,058 $ (1,032) $ (3,701)
NET INCOME 20,480 6,066 14,708 (15,580) (92) (28,594)
-------- -------- -------- -------- -------- --------
SUBTOTAL 54,952 11,340 14,942 15,478 (1,124) (32,295)
-------- -------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $ 54,952 $ 11,340 $ 14,942 $ 15,478 $ (1,124) $(32,295)
======== ======== ======== ======== ======== ========
Rayo-Andino PSEG Servicios PSEG
Inversora China Technicos Americas PSEG
Company Inc. PSEG Chile II Luxembourg
CONSOL. Consol. Ltda Ltd. S.a.r.l.
----------- -------- ---------- ------- ----------
BALANCE JANUARY 1, 2002 $ 9,585 $ 9,427 $ (99) $ -- $ --
NET INCOME 9,134 6,719 (63) -- --
-------- -------- -------- ----- -----
SUBTOTAL 18,719 16,146 (162) -- --
-------- -------- -------- ----- -----
DIVIDENDS DECLARED -- -- -- -- --
-------- -------- -------- ----- -----
BALANCE DECEMBER 31, 2002 $ 18,719 $ 16,146 $ (162) $ -- $ --
======== ======== ======== ===== =====
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Americas INTERCOMPANY PSEG PSEG Americas Associacion
Ltd. ELIMINATIONS Americas Peru Holdings Inc. EN
CONSOL. & RECLASS. Ltd. LLC (Cayman) Participacion
----------- ------------ ----------- ----- ------------- -------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 45,354 $ -- $ 3 $ -- $ -- $ --
Accounts and Notes receivable:
Trade 59,816 -- 650 -- -- --
Other 18,015 -- 11 -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 387,029 (659,674) 814,339 -- -- 28,542
Notes receivable:
Associated companies -- -- -- -- -- --
Other 11,664 -- 11,665 -- -- --
Interest receivable -- -- -- -- -- --
Inventory 11,046 -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Prepayments 2,453 -- -- -- -- --
----------- ----------- ----------- ----- ----------- -----------
Total Current Assets 535,377 (659,674) 826,668 -- -- 28,542
----------- ----------- ----------- ----- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 12,859 -- -- -- -- --
Other 859,397 -- -- -- -- --
Accum. depr. and amortization (96,038) -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----- ----------- -----------
Property, Plant and Equipment-net 776,218 -- -- -- -- --
----------- ----------- ----------- ----- ----------- -----------
INVESTMENTS
Subsidiaries 20,459 (820,977) 820,977 -- -- --
Capital lease agreements -- -- -- -- -- --
Limited partnership interests (675) -- -- -- -- --
General partnership interests (1) -- -- -- -- --
Corporate joint ventures 712,305 -- 147,167 -- -- (27,295)
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----- ----------- -----------
Total Investments 732,088 (820,977) 968,144 -- -- (27,295)
----------- ----------- ----------- ----- ----------- -----------
OTHER ASSETS
Goodwill 430,015 -- -- -- -- --
Derivative Asset 35,457 -- 159 -- -- --
Restricted Cash 18,288 -- -- -- -- --
Other 63,602 -- 32 -- -- --
----------- ----------- ----------- ----- ----------- -----------
Total Other Assets 547,362 -- 191 -- -- --
----------- ----------- ----------- ----- ----------- -----------
TOTAL ASSETS $ 2,591,045 $(1,480,651) $ 1,795,003 $ -- $ -- $ 1,247
=========== =========== =========== ===== =========== ===========
Andina PSEG Venergy Rayo-Andino
Mendoza I Brazil Holdings Terra Roxa I Gestora
Company Operating Co. Company Ltda. Company
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------ ----------- ------------ -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 2,430 $ -- $ --
Accounts and Notes receivable:
Trade -- -- 13 -- --
Other -- -- -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies -- -- 2,838 -- --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Inventory -- -- -- -- --
Assets held for sale -- -- -- -- --
Prepayments -- -- 113 -- --
----- ----------- ----------- ----- -----
Total Current Assets -- -- 5,394 -- --
----- ----------- ----------- ----- -----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
----- ----------- ----------- ----- -----
Property, Plant and Equipment-net -- -- -- -- --
----- ----------- ----------- ----- -----
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
Limited partnership interests -- -- -- -- --
General partnership interests -- -- -- -- --
Corporate joint ventures -- -- 43,156 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
----- ----------- ----------- ----- -----
Total Investments -- -- 43,156 -- --
----- ----------- ----------- ----- -----
OTHER ASSETS
Goodwill -- -- -- -- --
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Other -- -- -- -- --
----- ----------- ----------- ----- -----
Total Other Assets -- -- -- -- --
----- ----------- ----------- ----- -----
TOTAL ASSETS $ -- $ -- $ 48,550 $ -- $ --
===== =========== =========== ===== =====
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Rayo-Andino Cayman PSEG Americas
Inversora PSEG Americas Peru Power PSEG Operating
Company Brazil Company Ltd. Electrica Company
(Cayman) Ltda. Edeersa CONSOL. (Cayman) (Cayman) CONSOL.
----------- -------- ------- -------- ---------- --------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 55 $ -- $ -- $ -- $ -- $ 1
Accounts and Notes receivable:
Trade -- -- -- 2 -- -- (46)
Other -- 3 -- -- -- -- --
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Other associated companies -- 1,200 -- 4,452 -- -- 25,941
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest receivable -- -- -- -- -- -- --
Inventory -- -- -- -- -- -- --
Assets held for sale -- -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
Total Current Assets -- 1,258 -- 4,454 -- -- 25,896
----- -------- ----- -------- ----- ----- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Other -- 29 -- -- -- -- --
Accum. depr. and amortization -- (15) -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
Property, Plant and Equipment-net -- 14 -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
INVESTMENTS
Subsidiaries -- -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- -- --
Limited partnership interests -- -- -- -- -- -- --
General partnership interests -- -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- -- --
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
Total Investments -- -- -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
OTHER ASSETS
Goodwill -- -- -- -- -- -- --
Derivative Asset -- -- -- -- -- -- --
Restricted Cash -- -- -- -- -- -- --
Other -- 2 -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
Total Other Assets -- 2 -- -- -- -- --
----- -------- ----- -------- ----- ----- --------
TOTAL ASSETS $ -- $ 1,274 $ -- $ 4,454 $ -- $ -- $ 25,896
===== ======== ===== ======== ===== ===== ========
PSEG
PSEG PSEG PSEG Global
Brazil II Brazil III Wildwood I Funding II
Company Company Ltd. Corp.
--------- ---------- ---------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- -- -- --
Other -- -- -- 1
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies -- -- 6 2,405
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Inventory -- -- -- --
Assets held for sale -- -- -- --
Prepayments -- -- -- --
----- ----- -------- --------
Total Current Assets -- -- 6 2,406
----- ----- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
----- ----- -------- --------
Property, Plant and Equipment-net -- -- -- --
----- ----- -------- --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Limited partnership interests -- -- -- --
General partnership interests -- -- -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
----- ----- -------- --------
Total Investments -- -- -- --
----- ----- -------- --------
OTHER ASSETS
Goodwill -- -- -- --
Derivative Asset -- -- -- --
Restricted Cash -- -- -- --
Other -- -- -- --
----- ----- -------- --------
Total Other Assets -- -- -- --
----- ----- -------- --------
TOTAL ASSETS $ -- $ -- $ 6 $ 2,406
===== ===== ======== ========
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones
PSEG PSEG Americas Transamerica PSEG
Chilean Chile Holding Energy Brazil PSEG
Equity II Ltd. Limitada Company Investment Salalah
CONSOL. CONSOL. CONSOL. CONSOL. CONSOL.
-------------- ------------- ------------ ---------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 25 $ 8,498 $ 13,187 $ 6 $ 21,038
Accounts and Notes receivable:
Trade 14 31,956 6,800 3 3,905
Other 1 9,126 174 1 7
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 2,219 153,321 1,670 2,674 293
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Inventory -- 4,832 1,595 -- --
Assets held for sale -- -- -- -- --
Prepayments -- 1,117 1,039 -- --
--------- --------- --------- --------- ---------
Total Current Assets 2,259 208,850 24,465 2,684 25,243
--------- --------- --------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 9,555 3,304 -- --
Other -- 346,696 138,515 -- 131,296
Accum. depr. and amortization -- (83,432) (3,834) -- --
Valuation allowances -- -- -- -- --
--------- --------- --------- --------- ---------
Property, Plant and Equipment-net -- 272,819 137,985 -- 131,296
--------- --------- --------- --------- ---------
INVESTMENTS
Subsidiaries -- 2,356 -- -- --
Capital lease agreements -- -- -- -- --
Limited partnership interests -- -- -- (427) --
General partnership interests -- -- -- -- --
Corporate joint ventures 233,821 (38,533) (136) 211,211 2,512
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
--------- --------- --------- --------- ---------
Total Investments 233,821 (36,177) (136) 210,784 2,512
--------- --------- --------- --------- ---------
OTHER ASSETS
Goodwill -- 290,832 139,939 -- --
Derivative Asset 1,113 729 -- -- --
Restricted Cash -- -- -- -- --
Other -- 34,268 637 13 (2,134)
--------- --------- --------- --------- ---------
Total Other Assets 1,113 325,829 140,576 13 (2,134)
--------- --------- --------- --------- ---------
TOTAL ASSETS $ 237,193 $ 771,321 $ 302,890 $ 213,481 $ 156,917
========= ========= ========= ========= =========
PSEG Rayo-Andino PSEG Servicios PSEG
Bermuda Holdings III Inversora China Technicos Americas PSEG
Investment Company Inc. PSEG Chile II Luxembourg
CONSOL. CONSOL. Consol. Ltda Ltd. S.a.r.l.
------------------- ----------- --------- ---------- --------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 8 $ 22 $ -- $ 56 $ -- $ 25
Accounts and Notes receivable:
Trade -- 16,493 19 7 -- --
Other -- 8,730 (35) -- (4) --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 1,151 1,308 3,945 388 11 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- (1) -- -- -- --
Interest receivable -- -- -- -- -- --
Inventory -- 4,619 -- -- -- --
Assets held for sale -- -- -- -- -- --
Prepayments -- 184 -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Current Assets 1,159 31,355 3,929 451 7 25
--------- --------- --------- --------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- 242,861 -- -- -- --
Accum. depr. and amortization -- (8,757) -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Property, Plant and Equipment-net -- 234,104 -- -- -- --
--------- --------- --------- --------- --------- ---------
INVESTMENTS
Subsidiaries -- 18,062 36 -- 5 --
Capital lease agreements -- -- -- -- -- --
Limited partnership interests -- -- (248) -- -- --
General partnership interests -- (1) -- -- -- --
Corporate joint ventures -- 3,068 137,334 -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Investments -- 21,129 137,122 -- 5 --
--------- --------- --------- --------- --------- ---------
OTHER ASSETS
Goodwill -- (756) -- -- -- --
Derivative Asset -- 33,456 -- -- -- --
Restricted Cash -- 18,288 -- -- -- --
Other -- 31,189 (405) -- -- --
--------- --------- --------- --------- --------- ---------
Total Other Assets -- 82,177 (405) -- -- --
--------- --------- --------- --------- --------- ---------
TOTAL ASSETS $ 1,159 $ 368,765 $ 140,646 $ 451 $ 12 $ 25
========= ========= ========= ========= ========= =========
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG PSEG
Americas INTERCOMPANY PSEG PSEG Americas
Ltd. ELIMINATIONS Americas Peru Holdings Inc.
CONSOL. & RECLASS. Ltd. LLC (Cayman)
----------- ------------ ----------- ----------- -------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 39,800 $ -- $ -- $ -- $ --
Taxes 3,111 -- 24 -- --
Other 27,526 -- 49 -- --
Interest 1,774 -- (4,901) -- --
Associated companies 4,859 (659,674) -- 1 --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other 135,110 -- 19,412 -- --
Current portion of long-term debt 67,023 -- -- -- --
----------- ----------- ----------- ----------- -----
Total Current Liabilities 279,203 (659,674) 14,584 1 --
----------- ----------- ----------- ----------- -----
TOTAL LONG-TERM DEBT 433,744 -- -- -- --
----------- ----------- ----------- ----------- -----
DEFERRED CREDITS
Deferred income taxes (26,229) -- (6,024) -- --
Deferred investment -- -- -- -- --
and energy tax credits (1) -- -- -- --
Derivative Liability 138,197 -- -- -- --
Other 8,976 -- 126 -- --
----------- ----------- ----------- ----------- -----
Total Deferred Credits 120,943 -- (5,898) -- --
----------- ----------- ----------- ----------- -----
MINORITY INTEREST 14,823 (43,985) 43,985 -- --
----------- ----------- ----------- ----------- -----
STOCKHOLDER'S EQUITY
Capital stock 12 (15) 12 -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 1,383,539 (1,427,524) 1,383,539 -- --
Retained earnings (335,490) 293,959 (335,490) (1) --
Other Comprehensive Income (51,065) 51,065 (51,065) -- --
Cumulative Translation Adjustment 745,336 305,523 745,336 -- --
----------- ----------- ----------- ----------- -----
Total Stockholder's Equity 1,742,332 (776,992) 1,742,332 (1) --
----------- ----------- ----------- ----------- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 2,591,045 $(1,480,651) $ 1,795,003 $ -- $ --
=========== =========== =========== =========== =====
Andina PSEG Venergy Rayo-Andino
Associacion Mendoza I Brazil Holdings Terra Roxa I Gestora
EN Company Operating Co Company Ltda. Company
Participacion (Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
------------- --------- ------------ ----------- ------------ -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies 1,247 -- -- 6,954 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
----------- ----- ----- ----------- ----- -----
Total Current Liabilities 1,247 -- -- 6,954 -- --
----------- ----- ----- ----------- ----- -----
TOTAL LONG-TERM DEBT -- -- -- -- -- --
----------- ----- ----- ----------- ----- -----
DEFERRED CREDITS
Deferred income taxes -- -- -- (28) -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
----------- ----- ----- ----------- ----- -----
Total Deferred Credits -- -- -- (28) -- --
----------- ----- ----- ----------- ----- -----
MINORITY INTEREST -- -- -- -- -- --
----------- ----- ----- ----------- ----- -----
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital -- -- -- 38,809 -- --
Retained earnings -- -- -- 2,815 -- --
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
----------- ----- ----- ----------- ----- -----
Total Stockholder's Equity -- -- -- 41,624 -- --
----------- ----- ----- ----------- ----- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,247 $ -- $ -- $ 48,550 $ -- $ --
=========== ===== ===== =========== ===== =====
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG
Rayo-Andino Cayman PSEG
Inversora PSEG Americas Peru Power PSEG
Company Brazil Company Ltd. Electrica
(Cayman) Ltda. Edeersa CONSOL. (Cayman) (Cayman)
----------- --------- ------- --------- ---------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies -- 8,329 -- 38,471 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
----- --------- ----- --------- ----- -----
Total Current Liabilities -- 8,329 -- 38,471 -- --
----- --------- ----- --------- ----- -----
TOTAL LONG-TERM DEBT -- -- -- -- -- --
----- --------- ----- --------- ----- -----
DEFERRED CREDITS
Deferred income taxes -- (475) -- 611 -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
----- --------- ----- --------- ----- -----
Total Deferred Credits -- (475) -- 611 -- --
----- --------- ----- --------- ----- -----
MINORITY INTEREST -- -- -- -- -- --
----- --------- ----- --------- ----- -----
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital -- 315 -- 43,802 -- --
Retained earnings -- (6,895) -- (78,430) -- --
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
----- --------- ----- --------- ----- -----
Total Stockholder's Equity -- (6,580) -- (34,628) -- --
----- --------- ----- --------- ----- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ -- $ 1,274 $ -- $ 4,454 $ -- $ --
===== ========= ===== ========= ===== =====
PSEG
Americas PSEG
Operating PSEG PSEG PSEG Global
Company Brazil II Brazil III Wildwood I Funding II
CONSOL. Company Company Ltd. Corp.
------------ --------- ---------- --------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 1 $ -- $ -- $ -- $ --
Taxes -- -- -- -- --
Other -- -- -- -- --
Interest 4,901 -- -- -- --
Associated companies 164,640 -- -- 2,522 --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--------- ----- ----- --------- ---------
Total Current Liabilities 169,542 -- -- 2,522 --
--------- ----- ----- --------- ---------
TOTAL LONG-TERM DEBT -- -- -- -- --
--------- ----- ----- --------- ---------
DEFERRED CREDITS
Deferred income taxes (364) -- -- (106) --
Deferred investment
and energy tax credits -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
--------- ----- ----- --------- ---------
Total Deferred Credits (364) -- -- (106) --
--------- ----- ----- --------- ---------
MINORITY INTEREST -- -- -- -- --
--------- ----- ----- --------- ---------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- 1
Stock Subs Payable -- -- -- -- --
Contributed capital 110,302 -- -- 62,355 2,405
Retained earnings (253,584) -- -- (64,765) --
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
--------- ----- ----- --------- ---------
Total Stockholder's Equity (143,282) -- -- (2,410) 2,406
--------- ----- ----- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 25,896 $ -- $ -- $ 6 $ 2,406
========= ===== ===== ========= =========
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones
PSEG PSEG Americas Transamerica PSEG
Chilean Chile Holding Energy Brazil PSEG
Equity II Ltd. Limitada Company Investment Salalah
CONSOL. CONSOL. CONSOL CONSOL. CONSOL.
-------------- ------------- ------------ --------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 11,578 $ 1,108 $ -- $ 9,382
Taxes -- -- 2,680 410 --
Other 21 8,163 15,125 -- --
Interest -- -- -- -- 1,774
Associated companies 16,774 311,534 2,237 60,181 3,865
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- 12,000 100,000 -- --
Current portion of long-term debt -- 32,069 -- -- 15,000
--------- --------- --------- --------- ---------
Total Current Liabilities 16,795 375,344 121,150 60,591 30,021
--------- --------- --------- --------- ---------
TOTAL LONG-TERM DEBT -- 175,994 -- -- 115,639
--------- --------- --------- --------- ---------
DEFERRED CREDITS
Deferred income taxes (7,407) 19,965 19,908 (36,519) 105
Deferred investment
and energy tax credits -- -- -- -- --
Derivative Liability -- 121 -- 62 --
Other -- 3,224 -- 226 --
--------- --------- --------- --------- ---------
Total Deferred Credits (7,407) 23,310 19,908 (36,231) 105
--------- --------- --------- --------- ---------
MINORITY INTEREST -- 4,835 -- -- 5,490
--------- --------- --------- --------- ---------
STOCKHOLDER'S EQUITY
Capital stock 1 -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 255,549 201,047 146,890 376,198 6,786
Retained earnings 54,952 11,340 14,942 15,478 (1,124)
Other Comprehensive Income -- -- -- (278) --
Cumulative Translation Adjustment (82,697) (20,549) -- (202,277) --
--------- --------- --------- --------- ---------
Total Stockholder's Equity 227,805 191,838 161,832 189,121 5,662
--------- --------- --------- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 237,193 $ 771,321 $ 302,890 $ 213,481 $ 156,917
========= ========= ========= ========= =========
PSEG Rayo-Andino PSEG Servicios PSEG
Bermuda Holdings III Inversora China Technicos Americas PSEG
Investment Company Inc. PSEG Chile II Luxembourg
CONSOL. CONSOL. Consol. Ltda. Ltd. S.a.r.l.
------------------- ----------- --------- ---------- --------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 17,731 $ -- $ -- $ -- $ --
Taxes -- (3) -- -- -- --
Other -- 4,167 (15) 16 -- --
Interest -- -- -- -- -- --
Associated companies 4,974 4,943 37,327 522 12 --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Associated Companies -- -- -- -- -- --
Other -- 3,698 -- -- -- --
Current portion of long-term debt -- 19,954 -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Current Liabilities 4,974 50,490 37,312 538 12 --
--------- --------- --------- --------- --------- ---------
TOTAL LONG-TERM DEBT -- 142,111 -- -- -- --
--------- --------- --------- --------- --------- ---------
DEFERRED CREDITS
Deferred income taxes (12,850) (7,672) 4,627 -- -- --
Deferred investment
and energy tax credits -- (1) -- -- -- --
Derivative Liability -- 138,014 -- -- -- --
Other -- 5,400 -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Deferred Credits (12,850) 135,741 4,627 -- -- --
--------- --------- --------- --------- --------- ---------
MINORITY INTEREST -- 4,498 -- -- -- --
--------- --------- --------- --------- --------- ---------
STOCKHOLDER'S EQUITY
Capital stock -- 12 1 -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 41,330 59,452 82,184 75 -- 25
Retained earnings (32,295) 27,624 16,146 (162) -- --
Other Comprehensive Income -- (51,163) 376 -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total Stockholder's Equity 9,035 35,925 98,707 (87) -- 25
--------- --------- --------- --------- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1,159 $ 368,765 $ 140,646 $ 451 $ 12 $ 25
========= ========= ========= ========= ========= =========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones Inversiones
PSEG Americas PSEG Americas Empresa
Chile Holding INTERCOMPANY Chile Holding Electrica de la
Limitada ELIMINATIONS Limitada Frontera S.A.
CONSOL. & RECLASS. Company (Frontel)
------------- ------------ ------------- ---------------
REVENUES:
Income from partnerships $ (27,856) $ (39,961) $ -- $ 12,105
Income from capital lease agreements -- -- -- --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Interest and dividend income -- -- -- --
Other 16,851 -- -- --
Electric Revenues
Generation -- -- -- --
Distribution 130,750 -- -- --
Equity in subsidiary earnings -- (10,956) 10,956 --
--------- --------- --------- ---------
Total revenues 119,745 (50,917) 10,956 12,105
--------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 3,105 -- -- --
Depreciation and amortization 8,267 -- -- --
Electric and Energy Costs 74,941 -- -- --
Administrative and general 11,375 -- -- 1,149
--------- --------- --------- ---------
Total operating expenses 97,688 -- -- 1,149
--------- --------- --------- ---------
OPERATING INCOME 22,057 (50,917) 10,956 10,956
--------- --------- --------- ---------
OTHER INCOME:
Other (2,714) -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Foreign currency translation Gain/Loss (5,817) -- -- --
--------- --------- --------- ---------
Total Other Income (8,531) -- -- --
--------- --------- --------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 5,915 (26,716) 4,890 --
Capitalized interest (876) -- -- --
--------- --------- --------- ---------
Net interest expense 5,039 (26,716) 4,890 --
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 8,487 (24,201) 6,066 10,956
--------- --------- --------- ---------
INCOME TAXES:
Current -- -- -- --
Deferred -- -- -- --
Foreign Taxes 1,959 -- -- --
Investment and energy tax credits - net -- -- -- --
--------- --------- --------- ---------
Total income taxes 1,959 -- -- --
--------- --------- --------- ---------
MINORITY INTERESTS 462 -- -- --
--------- --------- --------- ---------
INCOME FROM CONTINUING OPERATIONS 6,066 (24,201) 6,066 10,956
--------- --------- --------- ---------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
--------- --------- --------- ---------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
--------- --------- --------- ---------
NET INCOME $ 6,066 $ (24,201) $ 6,066 $ 10,956
========= ========= ========= =========
Sociedad
Austral de
Elecricidad S.A.
(Saesa)
----------------
REVENUES:
Income from partnerships $ --
Income from capital lease agreements --
Unrealized gains (losses) on investments --
Realized gains (losses) on investments --
Interest and dividend income --
Other 16,851
Electric Revenues
Generation --
Distribution 130,750
Equity in subsidiary earnings --
---------
Total revenues 147,601
---------
OPERATING EXPENSES:
Operation and maintenance 3,105
Depreciation and amortization 8,267
Electric and Energy Costs 74,941
Administrative and general 10,226
---------
Total operating expenses 96,539
---------
OPERATING INCOME 51,062
---------
OTHER INCOME:
Other (2,714)
Change in Derivative Fair Value - FAS 133 --
Foreign currency translation Gain/Loss (5,817)
---------
Total Other Income (8,531)
---------
INTEREST EXPENSE:
PSEG Capital Corporation --
Enterprise Capital Funding Corp. --
Other Associated Companies --
Other 27,741
Capitalized interest (876)
---------
Net interest expense 26,865
---------
INCOME BEFORE INCOME TAXES 15,666
---------
INCOME TAXES:
Current --
Deferred --
Foreign Taxes 1,959
Investment and energy tax credits - net --
---------
Total income taxes 1,959
---------
MINORITY INTERESTS 462
---------
INCOME FROM CONTINUING OPERATIONS 13,245
---------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes --
Gain on Sale of Discontinued Operations - Net of Taxes --
---------
INCOME FROM DISCONTINUED OPERATIONS --
---------
NET INCOME $ 13,245
=========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones Inversiones
PSEG Americas PSEG Americas Empresa Sociedad
Chile Holding INTERCOMPANY Chile Holding Electrica de la Austral de
Limitada ELIMINATIONS Limitada Frontera S.A. Elecricidad S.A.
CONSOL. & RECLASS. Company (Frontel) (Saesa)
------------- ------------ ------------- --------------- ----------------
BALANCE JANUARY 1, 2002 $ 5,274 $(11,604) $ 5,274 $ 6,169 $ 5,435
NET INCOME 6,066 (24,201) 6,066 10,956 13,245
-------- -------- -------- -------- --------
SUBTOTAL 11,340 (35,805) 11,340 17,125 18,680
-------- -------- -------- -------- --------
DIVIDENDS DECLARED -- -- -- -- --
-------- -------- -------- -------- --------
BALANCE DECEMBER 31, 2002 $ 11,340 $(35,805) $ 11,340 $ 17,125 $ 18,680
======== ======== ======== ======== ========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones Inversiones
PSEG Americas PSEG Americas Empresa Sociedad
Chile Holding INTERCOMPANY Chile Holding Electrica de la Austral de
Limitada ELIMINATIONS Limitada Frontera S.A. Elecricidad S.A.
CONSOL. & RECLASS. Company (Frontel) (Saesa)
------------- ------------ ------------- --------------- ----------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 8,498 $ -- $ -- $ -- $ 8,498
Accounts and Notes receivable:
Trade 31,956 (663) -- 1 32,618
Other 9,126 -- -- 7 9,119
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 153,321 -- 147,503 5,818 --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Inventory 4,832 -- -- -- 4,832
Prepayments 1,117 -- -- -- 1,117
----------- ----------- ----------- ----------- -----------
Total Current Assets 208,850 (663) 147,503 5,826 56,184
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 9,555 -- -- -- 9,555
Other 346,696 -- -- -- 346,696
Accum. depr. and amortization (83,432) -- -- -- (83,432)
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 272,819 -- -- -- 272,819
----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries 2,356 (497,597) 497,597 2,356 --
Capital lease agreements -- -- -- -- --
Partnership interests -- -- -- -- --
Corporate joint ventures (38,533) (533,287) 4,853 489,901 --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Investments (36,177) (1,030,884) 502,450 492,257 --
----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Goodwill 290,832 -- -- -- 290,832
Deferred tax asset 28,387 -- -- -- 28,387
Derivative Asset 729 -- -- 729 --
Other 5,881 -- -- -- 5,881
----------- ----------- ----------- ----------- -----------
Total Other Assets 325,829 -- -- 729 325,100
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 771,321 $(1,031,547) $ 649,953 $ 498,812 $ 654,103
=========== =========== =========== =========== ===========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
Inversiones Inversiones
PSEG Americas PSEG Americas Empresa Sociedad
Chile Holding INTERCOMPANY Chile Holding Electrica de la Austral de
Limitada ELIMINATIONS Limitada Frontera S.A. Elecricidad S.A.
CONSOL. & RECLASS. Company (Frontel) (Saesa)
------------- ------------ ------------- --------------- ----------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 11,578 $ -- $ -- $ -- $ 11,578
Taxes -- -- -- -- --
Other 8,163 -- -- -- 8,163
Interest -- -- -- -- --
Associated companies 311,534 (663) 308,115 3,419 663
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- --
Other 12,000 -- 12,000 -- --
Current portion of long-term debt 32,069 (165,397) 6,200 -- 191,266
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 375,344 (166,060) 326,315 3,419 211,670
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 175,994 (150,000) 131,800 -- 194,194
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 19,965 -- -- (2,325) 22,290
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Derivative Liability 121 (53) -- 121 53
Other 3,224 -- -- -- 3,224
----------- ----------- ----------- ----------- -----------
Total Deferred Credits 23,310 (53) -- (2,204) 25,567
----------- ----------- ----------- ----------- -----------
MINORITY INTEREST 4,835 -- -- -- 4,835
----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 201,047 (727,997) 201,047 501,021 226,976
Retained earnings 11,340 (35,805) 11,340 17,125 18,680
Other Comprehensive income -- -- -- -- --
Cumulative Translation Adjustment (20,549) 48,368 (20,549) (20,549) (27,819)
----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 191,838 (715,434) 191,838 497,597 217,837
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 771,321 $(1,031,547) $ 649,953 $ 498,812 $ 654,103
=========== =========== =========== =========== ===========
PSEG RESOURCES L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG PSEGR Midwest
RESOURCES ELIMINATIONS RESOURCES PSRC PSEG COLLINS EME 2 (LLC)
CONSOL. & RECLASS. LLC CONSOL. (A) CONSOL. CONSOL
--------- ------------ --------- ----------- ------------ --------------
REVENUES:
Income (loss) from partnerships $ (509) $ -- $ -- $ (509) $ -- $ --
Income from capital lease agreements 250,752 -- 16,679 197,495 18,068 18,510
Investment gains (losses) (40,526) -- -- (40,526) -- --
Interest and dividend income 339 -- -- 339 -- --
DSM Revenues 28,012 -- -- 28,012 -- --
Operating Lease Income 8,854 -- -- 8,854 -- --
Other 110 -- -- 52 58 --
Equity in subsidiary earnings -- (100,723) 85,485 15,238 -- --
--------- --------- --------- --------- --------- ---------
Total revenues 247,032 (100,723) 102,164 208,956 18,126 18,510
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 17,789 -- -- 17,789 -- --
Depreciation and amortization 4,890 -- -- 4,890 -- --
Administrative and general 11,599 -- 1,643 9,953 2 1
--------- --------- --------- --------- --------- ---------
Total operating expenses 34,278 -- 1,643 32,632 2 1
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 212,754 (100,723) 100,521 176,324 18,125 18,509
--------- --------- --------- --------- --------- ---------
OTHER INCOME
Gain on extinguishment of debt 7,291 -- 5,081 2,210 -- --
--------- --------- --------- --------- --------- ---------
Total other income 7,291 -- 5,081 2,210 -- --
INTEREST EXPENSE:
PSEG Capital Corporation 10,770 -- 1,354 9,416 -- --
Energy Holdings Inc. 85,900 -- 21,502 64,398 -- --
Other 2,106 -- -- 2,106 -- --
Capitalized interest -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net interest expense 98,776 -- 22,856 75,921 -- --
--------- --------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 121,269 (100,723) 82,746 102,613 18,125 18,509
--------- --------- --------- --------- --------- ---------
INCOME TAXES:
Current (103,160) -- (24,862) (78,298) -- --
Deferred 141,642 -- 23,779 117,863 -- --
Investment and energy tax credits - net (1,043) -- -- (1,042) -- --
--------- --------- --------- --------- --------- ---------
Total income taxes 37,439 -- (1,083) 38,523 -- --
--------- --------- --------- --------- --------- ---------
MINORITY INTERESTS -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
NET INCOME 83,830 (100,723) 83,830 64,090 18,125 18,509
--------- --------- --------- --------- --------- ---------
PREFERRED STOCK DIVIDEND / PREFERENCE UNITS 5,999 (4,499) 5,999 4,499 -- --
--------- --------- --------- --------- --------- ---------
EARNINGS AVAILABLE TO COMMON STOCK $ 77,831 $ (96,224) $ 77,831 $ 59,591 $ 18,125 $ 18,509
========= ========= ========= ========= ========= =========
(A) Exceeds 2% of Enterprise's consolidated assets.
For additional information, see Item I.
PSEG RESOURCES L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG PSEGR Midwest
RESOURCES ELIMINATIONS RESOURCES PSRC PSEG COLLINS EME 2 (LLC)
CONSOL. & RECLASS. LLC CONSOL. CONSOL. CONSOL
--------- ------------ --------- --------- ------------ --------------
BALANCE JANUARY 1, 2002 $ 290,480 $(322,400) $ 290,480 $ 290,480 $ 30,968 $ 21,219
NET INCOME 83,830 (100,723) 83,830 64,090 18,125 18,509
--------- --------- --------- --------- --------- ---------
SUBTOTAL 374,310 (423,123) 374,310 354,569 49,093 39,728
--------- --------- --------- --------- --------- ---------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) 5,999 (4,499) 5,999 4,499 -- --
--------- --------- --------- --------- --------- ---------
BALANCE DECEMBER 31, 2002 $ 368,311 $(418,624) $ 368,311 $ 350,070 $ 49,093 $ 39,727
========= ========= ========= ========= ========= =========
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2002
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG PSEGR Midwest
RESOURCES ELIMINATIONS RESOURCES PSRC PSEG COLLINS EME 2 (LLC)
CONSOL. & RECLASS. LLC CONSOL. CONSOL. CONSOL.
--------- ------------ ----------- ----------- ------------ --------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 12,673 $ -- $ 49 $ 12,624 $ -- $ --
Accounts and Notes receivable:
Trade 4,800 -- -- 4,800 -- --
Allowance for doubtful accounts (155) -- -- (155) -- --
Other 260 -- 5 255 -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
Other associated companies -- (835,403) 263,657 552,154 58 19,534
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest & dividend receivable 90 -- -- 89 -- --
Prepayments 92 -- -- 92 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Assets 17,760 (835,403) 263,711 569,860 58 19,534
----------- ----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 72,919 -- -- 72,919 -- --
Other 9,857 -- -- 9,857 -- --
Accum. depr. and amortization (23,988) -- -- (23,988) -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net 58,788 -- -- 58,788 -- --
----------- ----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (1,248,354) 1,248,354 -- -- --
Capital lease agreements 2,850,968 -- 437,608 2,058,118 185,079 170,162
Partnership interests / Other 117,697 -- -- 117,698 -- --
Corporate joint ventures -- -- -- -- -- --
Securities 5,400 -- -- 5,400 -- --
Other investments 32,707 -- -- 32,707 -- --
Valuation allowances (6,604) -- -- (6,604) -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Investments 3,000,168 (1,248,354) 1,685,962 2,207,319 185,079 170,162
----------- ----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Special funds-pension 865 -- (437) 1,303 -- --
Unamortized fees 225 -- -- 225 -- --
Deferred intangible assets 940 -- 939 -- -- --
Deferred tax assets 7,301 -- 299 7,002 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Other Assets 9,331 -- 801 8,529 -- --
----------- ----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 3,086,047 $(2,083,757) $ 1,950,474 $ 2,844,496 $ 185,138 $ 189,696
=========== =========== =========== =========== =========== ===========
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2001
($ IN THOUSANDS)
PSEG INTERCOMPANY PSEG PSEGR Midwest
RESOURCES ELIMINATIONS RESOURCES PSRC PSEG COLLINS EME 2 (LLC)
CONSOL. & RECLASS. LLC CONSOL. CONSOL. CONSOL.
----------- ------------ ----------- ----------- ------------ --------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes 833 -- -- 833 -- --
Other 11,258 -- 100 11,157 -- --
Interest 1,354 -- -- 1,354 -- --
Associated companies 115,584 (835,403) 135,117 815,866 3 1
Notes payable:
PSEG Capital Corporation 47,596 -- 47,596 -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Energy Holdings Inc. 842,077 -- 842,077 -- -- --
PSEG Resources -- -- -- -- -- --
Current portion of long-term debt 1,017 -- -- 1,017 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Current Liabilities 1,019,719 (835,403) 1,024,891 830,228 3 1
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT 20,810 -- -- 20,810 -- --
----------- ----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 1,340,728 -- 221,062 1,119,665 -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other 2,701 -- 1,357 1,344 -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Deferred Credits 1,343,429 -- 222,419 1,121,010 -- --
----------- ----------- ----------- ----------- ----------- -----------
STOCKHOLDER'S EQUITY
Capital stock -- (107,001) -- 107,001 -- --
Preference units 134,200 -- 134,200 -- -- --
Preferred stock -- -- -- -- -- --
Members' Capital 200,134 -- 200,134 -- -- --
Contributed capital -- (722,728) 1,074 416,451 136,042 149,968
Retained earnings 368,311 (418,624) 368,311 348,996 49,093 39,727
Accumulated other comprehensive income (556) -- (556) -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 702,089 (1,248,353) 703,163 872,449 185,135 189,695
----------- ----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 3,086,047 $(2,083,757) $ 1,950,473 $ 2,844,496 $ 185,138 $ 189,696
=========== =========== =========== =========== =========== ===========
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC RCSC
CONSOL. & RECLASS. PSRC CONSOL. (A) CONSOL. CONSOL.
--------- ------------ --------- ----------- --------- ---------
REVENUES:
Income (loss) from partnerships $ (509) $ -- $ (165) $ 243 $ -- $ --
Income from capital lease agreements 197,495 -- 96,164 67,283 9,954 --
Investment gains (losses) (40,526) -- 25 2,375 742 --
Interest and dividend income 339 (8,944) 8,966 -- -- --
DSM Revenues 28,012 -- -- -- -- --
Operating Lease Income 8,854 -- 8,854 -- -- --
Other 52 -- (2) 27 -- 8
Equity in subsidiary earnings 15,238 (37,482) 52,720 -- -- --
--------- --------- --------- --------- --------- ---------
Total revenues 208,956 (46,426) 166,562 69,928 10,696 8
--------- --------- --------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance 17,789 -- 4,285 -- -- --
Depreciation and amortization 4,890 -- 3,753 -- -- --
Administrative and general 9,953 -- 4,798 471 2 8
--------- --------- --------- --------- --------- ---------
Total operating expenses 32,632 -- 12,836 471 2 8
--------- --------- --------- --------- --------- ---------
OPERATING INCOME 176,324 (46,426) 153,726 69,457 10,693 --
--------- --------- --------- --------- --------- ---------
OTHER INCOME
Gain on extinguishment of debt 2,210 -- 2,143 60 7 --
--------- --------- --------- --------- --------- ---------
Total other income 2,210 -- 2,143 60 7 --
INTEREST EXPENSE:
PSEG Capital Corporation 9,416 -- 7,665 1,591 103 --
Energy Holdings Inc. 64,398 -- 60,632 3,421 222 --
Other 2,106 (8,944) 1,922 8,944 -- 80
Capitalized interest -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Net interest expense 75,921 (8,944) 70,218 13,956 325 80
--------- --------- --------- --------- --------- ---------
INCOME BEFORE INCOME TAXES 102,613 (37,482) 85,650 55,561 10,375 (80)
--------- --------- --------- --------- --------- ---------
INCOME TAXES:
Current (78,298) -- (141,933) (27,174) 21,705 6,190
Deferred 117,863 -- 164,045 46,141 (18,187) --
Investment and energy tax credits - net (1,042) -- (551) (490) -- --
--------- --------- --------- --------- --------- ---------
Total income taxes 38,523 -- 21,560 18,477 3,518 6,190
--------- --------- --------- --------- --------- ---------
MINORITY INTERESTS -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
NET INCOME 64,090 (37,482) 64,090 37,084 6,857 (6,270)
--------- --------- --------- --------- --------- ---------
PREFERRED STOCK DIVIDEND REQUIREMENT 4,499 -- 4,499 -- -- --
--------- --------- --------- --------- --------- ---------
EARNINGS AVAILABLE TO COMMON STOCK $ 59,591 $ (37,482) $ 59,591 $ 37,084 $ 6,857 $ (6,270)
========= ========= ========= ========= ========= =========
PSRC SC PSRC SC PSRC SC PSRC SC THE PSRC, INC.
RCFC ONE TWO THREE FOUR WATER SOURCE CONSOL.
--------- --------- --------- --------- --------- ------------ ----------
REVENUES:
Income (loss) from partnerships $ -- $ -- $ -- $ -- $ -- $ -- $ --
Income from capital lease agreements -- -- -- -- -- -- 2,554
Investment gains (losses) -- -- -- -- -- -- 3,117
Interest and dividend income -- -- -- -- -- -- --
DSM Revenues -- -- -- -- -- -- --
Operating Lease Income -- -- -- -- -- -- --
Other -- 6 4 4 4 -- --
Equity in subsidiary earnings -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
Total revenues -- 6 4 4 4 -- 5,671
--------- --------- --------- --------- --------- ----- ---------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- -- 1,029
Administrative and general (13) 6 4 4 4 -- 184
--------- --------- --------- --------- --------- ----- ---------
Total operating expenses (13) 6 4 4 4 -- 1,213
--------- --------- --------- --------- --------- ----- ---------
OPERATING INCOME 13 -- -- -- -- -- 4,459
--------- --------- --------- --------- --------- ----- ---------
OTHER INCOME
Gain on extinguishment of debt -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
Total other income -- -- -- -- -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation 57 -- -- -- -- -- --
Energy Holdings Inc. 124 -- -- -- -- -- --
Other -- -- -- -- 23 -- --
Capitalized interest -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
Net interest expense 181 -- -- -- 23 -- --
--------- --------- --------- --------- --------- ----- ---------
INCOME BEFORE INCOME TAXES (167) -- -- -- (23) -- 4,459
--------- --------- --------- --------- --------- ----- ---------
INCOME TAXES:
Current (58) -- -- -- 512 -- 54,263
Deferred -- -- -- -- -- -- (53,209)
Investment and energy tax credits - net -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
Total income taxes (58) -- -- -- 512 -- 1,055
--------- --------- --------- --------- --------- ----- ---------
MINORITY INTERESTS -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
NET INCOME (109) -- -- -- (535) -- 3,404
--------- --------- --------- --------- --------- ----- ---------
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- -- -- -- --
--------- --------- --------- --------- --------- ----- ---------
EARNINGS AVAILABLE TO COMMON STOCK $ (109) $ -- $ -- $ -- $ (535) $ -- $ 3,404
========= ========= ========= ========= ========= ===== =========
PSEGR PJM PSEG
RELIANT (LLC) ASSET
ENTECH PSRC II, INC. CONSOL. MGMT CO.
--------- ------------- ------------- ---------
REVENUES:
Income (loss) from partnerships $ -- $ (587) $ -- $ --
Income from capital lease agreements -- 12 21,528 --
Investment gains (losses) -- (46,785) -- --
Interest and dividend income -- 317 -- --
DSM Revenues -- -- -- 28,012
Operating Lease Income -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
--------- --------- --------- ---------
Total revenues -- (47,043) 21,528 28,012
--------- --------- --------- ---------
OPERATING EXPENSES:
Operation and maintenance -- -- -- 13,504
Depreciation and amortization -- -- -- 108
Administrative and general -- 233 345 3905
--------- --------- --------- ---------
Total operating expenses -- 233 345 17,517
--------- --------- --------- ---------
OPERATING INCOME -- (47,276) 21,182 10,496
--------- --------- --------- ---------
OTHER INCOME
Gain on extinguishment of debt -- -- -- --
--------- --------- --------- ---------
Total other income -- -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Energy Holdings Inc. -- -- -- --
Other -- -- 34 48
Capitalized interest -- -- -- --
--------- --------- --------- ---------
Net interest expense -- -- 34 48
--------- --------- --------- ---------
INCOME BEFORE INCOME TAXES -- (47,276) 21,149 10,448
--------- --------- --------- ---------
INCOME TAXES:
Current -- 4,407 -- 3,789
Deferred -- (20,794) -- (133)
Investment and energy tax credits - net -- -- -- --
--------- --------- --------- ---------
Total income taxes -- (16,387) -- 3,657
--------- --------- --------- ---------
MINORITY INTERESTS -- -- -- --
--------- --------- --------- ---------
NET INCOME -- (30,889) 21,149 6,791
--------- --------- --------- ---------
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- --
--------- --------- --------- ---------
EARNINGS AVAILABLE TO COMMON STOCK $ -- $ (30,889) $ 21,149 $ 6,791
========= ========= ========= =========
(A) Exceeds 2% of Enterprise's consolidated assets.
For additional information, see Item I.
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS PSRC RCMC RCIC RCSC
CONSOL. & RECLASS. CONSOL. CONSOL. CONSOL. CONSOL.
--------- ------------ --------- ---------- --------- ---------
BALANCE JANUARY 1, 2002 $ 270,213 $(243,796) $ 270,213 $ 146,647 $ 44,814 $ (39)
NET INCOME 64,090 (37,482) 64,090 37,084 6,857 (6,270)
--------- --------- --------- --------- --------- ---------
SUBTOTAL 334,304 (281,277) 334,303 183,731 51,671 (6,309)
--------- --------- --------- --------- --------- ---------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) 4,499 -- 4,499 -- -- --
--------- --------- --------- --------- --------- ---------
DISSOLUTION -- (997) -- -- -- --
BALANCE DECEMBER 31, 2002 $ 329,804 $(282,274) $ 329,804 $ 183,731 $ 51,671 $ (6,309)
========= ========= ========= ========= ========= =========
RCFC PSRC SC PSRC SC PSRC SC PSRC SC THE
CONSOL. ONE TWO THREE FOUR WATER SOURCE
--------- --------- --------- --------- --------- ------------
BALANCE JANUARY 1, 2002 $ 5,780 $ (3) $ (3) $ -- $ -- $ (997)
NET INCOME (109) -- -- -- (535) --
--------- ----- --------- ----- --------- ---------
SUBTOTAL 5,671 (3) (3) -- (535) (997)
--------- ----- --------- ----- --------- ---------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- -- -- -- -- --
--------- ----- --------- ----- --------- ---------
DISSOLUTION -- -- -- -- -- 997
BALANCE DECEMBER 31, 2002 $ 5,671 $ (3) $ (3) $ -- $ (535) $ --
========= ===== ========= ===== ========= =========
PSEGR PJM PSEG
PSRC, INC. RELIANT (LLC) ASSET
CONSOL ENTECH PSRC II, INC. CONSOL. MGMT CO.
---------- --------- ------------- ------------- ---------
BALANCE JANUARY 1, 2002 $ 5,680 $ (976) $ (6,936) $ 29,561 $ 20,267
NET INCOME 3,404 -- (30,889) 21,149 6,791
--------- --------- --------- --------- ---------
SUBTOTAL 9,084 (976) (37,824) 50,710 27,058
--------- --------- --------- --------- ---------
DIVIDENDS DECLARED (Incl. Preferred Stock Dividends) -- -- -- -- --
--------- --------- --------- --------- ---------
DISSOLUTION -- -- -- -- --
BALANCE DECEMBER 31, 2002 $ 9,084 $ (976) $ (37,824) $ 50,710 $ 27,058
========= ========= ========= ========= =========
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS PSRC RCMC RCIC RCSC
CONSOL. & RECLASS. CONSOL. CONSOL. CONSOL. CONSOL.
----------- ------------ ----------- ----------- ----------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 12,624 $ -- $ 3,350 $ 3,952 $ -- $ 1
Accounts and Notes receivable:
Trade 4,800 -- -- -- -- --
Allowance for doubtful accounts (155) -- -- -- -- --
Other 255 -- 194 -- -- 28
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
Other associated companies 552,154 -- 136,966 154,807 66,155 --
Notes receivable:
Associated companies -- (105,225) 105,225 -- -- --
Other -- -- -- -- -- --
Interest & dividiend receivable 89 -- -- -- -- --
Prepayments 92 -- 25 -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Total Current Assets 569,860 (105,225) 245,761 158,759 66,155 29
----------- ----------- ----------- ----------- ----------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate 72,919 -- 58,477 -- -- --
Other 9,857 -- 8,534 -- -- --
Accum. depr. and amortization (23,988) -- (11,702) -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Property, Plant and Equipment-net 58,788 -- 55,309 -- -- --
----------- ----------- ----------- ----------- ----------- ---------
INVESTMENTS
Subsidiaries -- (863,127) 863,127 -- -- --
Capital lease agreements 2,058,118 -- 858,630 846,967 83,478 --
Partnership interests / Other 117,698 -- 1,682 2,906 -- --
Corporate joint ventures -- -- -- -- -- --
Securities 5,400 -- 400 -- -- --
Other investments 32,707 -- -- -- -- --
Valuation allowances (6,604) -- (6,604) -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Total Investments 2,207,319 (863,127) 1,717,236 849,873 83,478 --
----------- ----------- ----------- ----------- ----------- ---------
OTHER ASSETS
Special funds-pension 1,303 -- 1,303 -- -- --
Unamortized fees 225 -- 225 -- -- --
Deferred tax assets 7,002 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ---------
Total Other Assets 8,529 -- 1,527 -- -- --
----------- ----------- ----------- ----------- ----------- ---------
TOTAL ASSETS $ 2,844,496 $ (968,352) $ 2,019,833 $ 1,008,632 $ 149,632 $ 29
=========== =========== =========== =========== =========== =========
RCFC PSRC SC PSRC SC PSRC SC PSRC SC THE PSRC, INC.
CONSOL. ONE TWO THREE FOUR WATER SOURCE CONSOL.
--------- --------- --------- --------- --------- ------------ ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 5 $ 5 $ 5 $ 2 $ -- $ 3,194
Accounts and Notes receivable:
Trade -- -- -- -- -- -- --
Allowance for doubtful accounts -- -- -- -- -- -- --
Other -- -- -- -- 8 -- --
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
Other associated companies 12,494 2 2 5 -- -- --
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest & dividiend receivable -- -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
Total Current Assets 12,494 7 7 10 10 -- 3,194
--------- --------- --------- --------- --------- --------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- 14,442
Other -- -- -- -- -- -- 107
Accum. depr. and amortization -- -- -- -- -- -- (11,632)
Valuation allowances -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
Property, Plant and Equipment-net -- -- -- -- -- -- 2,917
--------- --------- --------- --------- --------- --------- ----------
INVESTMENTS
Subsidiaries -- -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- -- 47,965
Partnership interests / Other -- -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- -- --
Securities -- -- -- -- -- -- --
Other investments -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
Total Investments -- -- -- -- -- -- 47,965
--------- --------- --------- --------- --------- --------- ----------
OTHER ASSETS
Special funds-pension -- -- -- -- -- -- --
Unamortized fees -- -- -- -- -- -- --
Deferred tax assets -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
Total Other Assets -- -- -- -- -- -- --
--------- --------- --------- --------- --------- --------- ----------
TOTAL ASSETS $ 12,494 $ 7 $ 7 $ 10 $ 10 $ -- $ 54,076
========= ========= ========= ========= ========= ========= ==========
PSEGR PJM PSEG
RELIANT (LLC) ASSET
ENTECH PSRC II, INC. CONSOL MGMT CO.
--------- ------------- ------------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ 2,380 $ -- $ (270)
Accounts and Notes receivable:
Trade -- -- -- 4,800
Allowance for doubtful accounts -- -- -- (155)
Other -- 25 -- 1
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 44 179,422 2,257 --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest & dividiend receivable -- 89 -- --
Prepayments -- -- -- 66
--------- ----------- ----------- ---------
Total Current Assets 44 181,916 2,257 4,442
--------- ----------- ----------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- 42 -- 1,174
Accum. depr. and amortization -- -- -- (654)
Valuation allowances -- -- -- --
--------- ----------- ----------- ---------
Property, Plant and Equipment-net -- 42 -- 520
--------- ----------- ----------- ---------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- 473 220,605 --
Partnership interests / Other -- 113,109 -- --
Corporate joint ventures -- -- -- --
Securities -- 5,000 -- --
Other investments -- -- -- 32,707
Valuation allowances -- -- -- --
--------- ----------- ----------- ---------
Total Investments -- 118,582 220,605 32,707
--------- ----------- ----------- ---------
OTHER ASSETS
Special funds-pension -- -- -- --
Unamortized fees -- -- -- --
Deferred tax assets -- -- -- 7,002
--------- ----------- ----------- ---------
Total Other Assets -- -- -- 7,002
--------- ----------- ----------- ---------
TOTAL ASSETS $ 44 $ 300,541 $ 222,862 $ 44,671
========= =========== =========== =========
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS PSRC RCMC RCIC RCSC
CONSOL. & RECLASS. CONSOL. CONSOL. (A) CONSOL. CONSOL.
---------- ------------ ---------- ----------- ---------- ---------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes 833 -- -- 185 -- --
Other 11,157 -- 2,705 2,223 1,144 --
Interest 1,354 -- 655 111 -- --
Associated companies 815,866 -- 573,606 144,443 32,040 6,328
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Energy Holdings Inc. -- -- -- -- -- --
PSEG Resources -- (105,225) -- 105,225 -- --
Current portion of long-term debt 1,017 -- 1,017 -- -- --
---------- ---------- ---------- ---------- ---------- ---------
Total Current Liabilities 830,228 (105,225) 577,983 252,188 33,184 6,328
---------- ---------- ---------- ---------- ---------- ---------
TOTAL LONG-TERM DEBT 20,810 -- 20,810 -- -- --
---------- ---------- ---------- ---------- ---------- ---------
DEFERRED CREDITS
Deferred income taxes 1,119,665 -- 547,246 525,717 53,613 --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Other 1,344 -- 1,344 -- -- --
---------- ---------- ---------- ---------- ---------- ---------
Total Deferred Credits 1,121,010 -- 548,590 525,717 53,613 --
---------- ---------- ---------- ---------- ---------- ---------
MEMBER'S EQUITY
Capital stock 107,001 (57) 107,001 2 1 10
Preferred stock -- -- -- -- -- --
Contributed capital 435,644 (580,796) 435,644 46,995 11,163 --
Retained earnings 329,804 (282,274) 329,804 183,731 51,671 (6,309)
---------- ---------- ---------- ---------- ---------- ---------
Total Stockholder's Equity 872,449 (863,127) 872,449 230,728 62,835 (6,299)
---------- ---------- ---------- ---------- ---------- ---------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $2,844,496 $ (968,352) $2,019,833 $1,008,632 $ 149,632 $ 29
========== ========== ========== ========== ========== =========
PSRC SC PSRC SC PSRC SC PSRC SC THE PSRC, INC.
RCFC ONE TWO THREE FOUR WATER SOURCE CONSOL.
--------- --------- --------- --------- --------- ------------ ----------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ -- $ --
Taxes -- -- -- -- -- -- --
Other -- -- -- -- -- -- 3,253
Interest -- -- -- -- -- -- --
Associated companies -- -- -- -- 535 -- 58,261
Notes payable:
PSEG Capital Corporation -- -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- -- --
Energy Holdings Inc. -- -- -- -- -- -- --
PSEG Resources -- -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--------- --------- --------- --------- --------- -------- ----------
Total Current Liabilities -- -- -- -- 535 -- 61,514
--------- --------- --------- --------- --------- -------- ----------
TOTAL LONG-TERM DEBT -- -- -- -- -- -- --
--------- --------- --------- --------- --------- -------- ----------
DEFERRED CREDITS
Deferred income taxes (49) -- -- -- -- -- 29,462
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
--------- --------- --------- --------- --------- -------- ----------
Total Deferred Credits (49) -- -- -- -- -- 29,462
--------- --------- --------- --------- --------- -------- ----------
MEMBER'S EQUITY
Capital stock 1 10 10 10 10 -- 1
Preferred stock -- -- -- -- -- -- --
Contributed capital 6,871 -- -- -- -- -- (45,985)
Retained earnings 5,671 (3) (3) -- (535) -- 9,084
--------- --------- --------- --------- --------- -------- ----------
Total Stockholder's Equity 12,543 7 7 10 (525) -- (36,900)
--------- --------- --------- --------- --------- -------- ----------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $ 12,494 $ 7 $ 7 $ 10 $ 10 $ -- $ 54,076
========= ========= ========= ========= ========= ======== ==========
PSEGR PJM PSEG
RELIANT (LLC) ASSET
ENTECH PSRC II, INC. CONSOL. MGMT CO.
--------- ------------- ------------- ---------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- 648
Other -- -- -- 1,832
Interest -- 588 -- --
Associated companies -- -- 652 --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Energy Holdings Inc. -- -- -- --
PSEG Resources -- -- -- --
Current portion of long-term debt -- -- -- --
--------- ---------- ---------- ---------
Total Current Liabilities -- 588 653 2,480
--------- ---------- ---------- ---------
TOTAL LONG-TERM DEBT -- -- -- --
--------- ---------- ---------- ---------
DEFERRED CREDITS
Deferred income taxes -- (36,324) -- --
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Other -- -- -- --
--------- ---------- ---------- ---------
Total Deferred Credits -- (36,324) -- --
--------- ---------- ---------- ---------
MEMBER'S EQUITY
Capital stock 1 1 -- --
Preferred stock -- -- -- --
Contributed capital 1,018 374,100 171,500 15,133
Retained earnings (976) (37,824) 50,710 27,058
--------- ---------- ---------- ---------
Total Stockholder's Equity 44 336,277 222,210 42,191
--------- ---------- ---------- ---------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $ 44 $ 300,541 $ 222,862 $ 44,671
========= ========== ========== =========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC.
----------- ------------ ----------- ----------- -----------
REVENUES:
Income from partnerships $ 243 $ -- $ -- $ -- $ 243
Income from capital lease agreements 67,283 -- 42,800 -- --
Investment gains (losses) 2,375 -- -- -- --
Interest and dividend income -- -- -- -- --
Other 27 -- 22 5 --
Equity in subsidiary earnings -- (18,797) 18,797 -- --
----------- ----------- ----------- ----------- -----------
Total revenues 69,928 (18,797) 61,619 5 243
----------- ----------- ----------- ----------- -----------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Administrative and general 471 -- 369 5 (136)
----------- ----------- ----------- ----------- -----------
Total operating expenses 471 -- 369 5 (136)
----------- ----------- ----------- ----------- -----------
OPERATING INCOME 69,457 (18,797) 61,250 -- 379
----------- ----------- ----------- ----------- -----------
OTHER INCOME
Gain on extinguishment of debt 60 -- 60 -- --
----------- ----------- ----------- ----------- -----------
Total other income 60 -- 60 -- --
INTEREST EXPENSE:
PSEG Capital Corporation 1,590 -- 930 -- --
Energy Holdings Inc. 3,421 -- 1,999 -- --
Other 8,944 -- -- -- --
Capitalized interest -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Net interest expense 13,956 -- 2,929 -- --
----------- ----------- ----------- ----------- -----------
INCOME BEFORE INCOME TAXES 55,561 (18,797) 58,381 -- 379
----------- ----------- ----------- ----------- -----------
INCOME TAXES:
Current (27,174) -- (48,639) -- 71
Deferred 46,141 -- 70,426 -- 82
Investment and energy tax credits - net (490) -- (490) -- --
----------- ----------- ----------- ----------- -----------
Total income taxes 18,477 -- 21,297 -- 153
----------- ----------- ----------- ----------- -----------
MINORITY INTERESTS -- -- -- -- --
----------- ----------- ----------- ----------- -----------
NET INCOME $ 37,084 $ (18,797) $ 37,083 $ -- $ 226
=========== =========== =========== =========== ===========
RCMC I, INC. DYNEGY
CONSOL. CONSOL.
----------- -----------
REVENUES:
Income from partnerships $ -- $ --
Income from capital lease agreements 3,987 20,497
Investment gains (losses) 2,375 --
Interest and dividend income -- --
Other -- --
Equity in subsidiary earnings -- --
----------- -----------
Total revenues 6,362 20,497
----------- -----------
OPERATING EXPENSES:
Operation and maintenance -- --
Depreciation and amortization -- --
Administrative and general 48 186
----------- -----------
Total operating expenses 48 186
----------- -----------
OPERATING INCOME 6,314 20,311
----------- -----------
OTHER INCOME
Gain on extinguishment of debt -- --
----------- -----------
Total other income -- --
INTEREST EXPENSE:
PSEG Capital Corporation 661 --
Energy Holdings Inc. 1,421 --
Other -- 8,944
Capitalized interest -- --
----------- -----------
Net interest expense 2,082 8,944
----------- -----------
INCOME BEFORE INCOME TAXES 4,231 11,367
----------- -----------
INCOME TAXES:
Current 23,435 (2,041)
Deferred (24,367) --
Investment and energy tax credits - net -- --
----------- -----------
Total income taxes (932) (2,041)
----------- -----------
MINORITY INTERESTS -- --
----------- -----------
NET INCOME $ 5,163 $ 13,408
=========== ===========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS RCMC I, INC. DYNEGY
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. CONSOL. CONSOL.
----------- ------------ ----------- ----------- ----------- ----------- -----------
BALANCE JANUARY 1, 2002 $ 146,647 $ (13,290) $ 146,647 $ (16) $ 3,962 $ 3,497 $ 5,846
NET INCOME 37,083 (18,797) 37,083 -- 226 5,163 13,408
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL 183,731 (32,087) 183,731 (16) 4,188 8,660 19,254
----------- ----------- ----------- ----------- ----------- ----------- -----------
DIVIDENDS DECLARED -- -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- ----------- -----------
BALANCE DECEMBER 31, 2002 $ 183,731 $ (32,087) $ 183,731 $ (16) $ 4,188 $ 8,660 $ 19,254
=========== =========== =========== =========== =========== =========== ===========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC.
----------- ------------ ----------- ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 3,952 $ -- $ -- $ 7 $ 322
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- -- -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
Other associated companies 154,807 -- 43,276 -- 5,973
Notes receivable:
Associated companies -- -- -- -- --
Prepayments -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Current Assets 158,759 -- 43,276 7 6,295
----------- ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Property, Plant and Equipment-net -- -- -- -- --
----------- ----------- ----------- ----------- -----------
INVESTMENTS
Subsidiaries -- (168,401) 168,401 -- --
Capital lease agreements 846,967 -- 488,429 -- --
Partnership interests 2,906 -- -- -- 2,906
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Investments 849,873 (168,401) 656,830 -- 2,906
----------- ----------- ----------- ----------- -----------
OTHER ASSETS
Other -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Other Assets -- -- -- -- --
----------- ----------- ----------- ----------- -----------
TOTAL ASSETS $ 1,008,632 $ (168,401) $ 700,106 $ 7 $ 9,201
=========== =========== =========== =========== ===========
RCMC I, INC. DYNEGY
CONSOL. CONSOL.
----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 3,623 $ --
Accounts and Notes receivable:
Trade -- --
Other -- --
PSE&G -- --
PSEG -- --
Other associated companies 333 105,225
Notes receivable:
Associated companies -- --
Prepayments -- --
----------- -----------
Total Current Assets 3,955 105,225
----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- --
Other -- --
Accum. depr. and amortization -- --
Valuation allowances -- --
----------- -----------
Property, Plant and Equipment-net -- --
----------- -----------
INVESTMENTS
Subsidiaries -- --
Capital lease agreements 186,064 172,474
Partnership interests -- --
Corporate joint ventures -- --
Securities -- --
Valuation allowances -- --
----------- -----------
Total Investments 186,064 172,474
----------- -----------
OTHER ASSETS
Other -- --
----------- -----------
Total Other Assets -- --
----------- -----------
TOTAL ASSETS $ 190,019 $ 277,699
=========== ===========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2002
($ IN THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC.
----------- ------------ ----------- ----------- -----------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes 185 -- 185 -- --
Other 2,223 -- 266 -- --
Interest 111 -- -- -- 111
Associated companies 144,443 -- 105,225 12 27
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Energy Holdings Inc. -- -- -- -- --
PSEG Resources 105,225 -- -- -- --
Current portion of long-term debt -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Current Liabilities 252,188 -- 105,676 12 138
----------- ----------- ----------- ----------- -----------
TOTAL LONG-TERM DEBT -- -- -- -- --
----------- ----------- ----------- ----------- -----------
DEFERRED CREDITS
Deferred income taxes 525,717 -- 363,702 -- 2,679
Deferred investment
and energy tax credits -- -- -- -- --
Other -- -- -- -- --
----------- ----------- ----------- ----------- -----------
Total Deferred Credits 525,717 -- 363,702 -- 2,679
----------- ----------- ----------- ----------- -----------
MEMBER'S EQUITY
Capital stock 2 (3) 2 1 1
Preferred stock -- -- -- -- --
Contributed capital 46,995 (136,311) 46,995 10 2,195
Retained earnings 183,731 (32,087) 183,731 (16) 4,188
----------- ----------- ----------- ----------- -----------
Total Stockholder's Equity 230,728 (168,401) 230,728 (5) 6,384
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $ 1,008,632 $ (168,401) $ 700,106 $ 7 $ 9,201
=========== =========== =========== =========== ===========
RCMC I, INC. DYNEGY
CONSOL. CONSOL.
----------- -----------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ --
Taxes -- --
Other 1,957 --
Interest -- --
Associated companies 26,259 12,920
Notes payable:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Energy Holdings Inc. -- --
PSEG Resources -- 105,225
Current portion of long-term debt -- --
----------- -----------
Total Current Liabilities 28,216 118,145
----------- -----------
TOTAL LONG-TERM DEBT -- --
----------- -----------
DEFERRED CREDITS
Deferred income taxes 159,336 --
Deferred investment
and energy tax credits -- --
Other -- --
----------- -----------
Total Deferred Credits 159,336 --
----------- -----------
MEMBER'S EQUITY
Capital stock 1 --
Preferred stock -- --
Contributed capital (6,194) 140,300
Retained earnings 8,660 19,254
----------- -----------
Total Stockholder's Equity 2,468 159,554
----------- -----------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $ 190,019 $ 277,699
=========== ===========
EXHIBIT C
Organizational Chart -- Response 4(b)(i) BHILAI
-------------------------
Public Service Enterprise
Group Incorporated
(New Jersey)
-------------------------
|
100%
|
-------------------------
PSEG Energy Holdings
L.L.C.
(New Jersey)
-------------------------
|
100%
|
-------------------------
PSEG Global Inc.
(New Jersey)
-------------------------
|
100%
|
-------------------------
PSEG Global USA Inc.
(New Jersey)
-------------------------
|
100%
|
-------------------------
PSEG International Inc.
(Delaware)
-------------------------
|
100%
|
-------------------------
PSEG (Bermuda) Holdings
II Ltd.
(Bermuda)
-------------------------
|
100%
|
-------------------------
PSEG Bhilai Energy
Company Ltd.
(Mauritius)
-------------------------
|
45%
|
-------------------------
Bhilai Power Supply
Company Limited
(India)
-------------------------
Exhibit C
Organizational Chart -- Response 4(b)(ii)(iv)(xxvi)(xxviii)(xxix)
CUPPI, TMC, Rongjiang, Meiya Electric Asia, Shanghai Wei-Gang Energy Company
-------------
PSEG
Global Inc.
(New Jersey)
-------------
|
100%
|
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
|
100%
|
-------------
PSEG
Americas Ltd.
(Bermuda)
-------------
|
100%
|
-------------
PSEG
China
Inc.
(Delaware)
-------------
|
50%
|
-------------
Meiya Power
Company
Limited
(Bermuda)
-------------
100%
|
|-----------------|-----------------|----------------|--------------------------|
| | | | |
------------ ---------------- ------------- -------------- -----------
PSEG PSEG
Tongzhou China U.S. PSEG Meiya Power Rongjiang
Cogen Power Power Shanghai BFG China Holdings Hydropower
Ltd. Partners I, Ltd. Company Limited Ltd.
(Bermuda) (Bermuda) (Cayman) (Cayman) (Mauritius)
------------ ---------------- ------------- -------------- -----------
| | | | |
80% 30% 50% 100% |- 55% --- 80% --|
| | | | | |
------------ ---------------- ------------- -------------- ------------ ------------
Tongzhou Guangxi
Meiya Jingyuan CanAm Energy Meiya Power Guangxi Rongjiang
Cogeneration Second Power China International Rongjiang Meiya
Company Co., Ltd. Holdings, LLC Holding I, Meiya Hydropower
Limited (China) (Delaware) Limited Company Ltd. Company Ltd.
(China) (Cayman) (China) (China)
------------ ---------------- ------------- -------------- ------------ ------------
| |
65% 100%
| |
------------- --------------
Shanghai Wei-
Gang Energy Meiya Electric
Company Ltd. Asia, Ltd.
(China) (Mauritius)
------------- --------------
|
92%
|
--------------
Nantong
Entergy Heat
& Power Co.,
Ltd.
(China)
--------------
Exhibit C
Organizational Chart -- Response 4(b)(iii)
ZHL
----------------------
PSEG Global Inc.
(New Jersey)
----------------------
|
----------------------
PSEG Global
International
Holdings LLC
(Delaware)
----------------------
|
----------------------
PSEG Americas Ltd.
(Bermuda)
----------------------
|
----------------------
PSEG China Inc.
(Delaware)
----------------------
|
50%
|
----------------------
Meiya Power Company
Limited
(Bermuda)
----------------------
|
----------------------
PSEG Zuojiang
Hydropower Ltd.
(Mauritius)
----------------------
|
60%
|
----------------------
Guangxi Zuojiang Meiya
Hydropower Co. Ltd.
(China)
----------------------
Organizational Chart -- Response 4(b)(v)
RGE
Exhibit C
RGE
---------------
PSEG Global
Inc.
(New Jersey)
---------------
|
100%
|
---------------
PSEG Global
International
Holdings LLC
(Delaware)
---------------
|
100%
|
---------------
PSEG
Americas Ltd.
(Bermuda)
---------------
|
------------100%-------------|
| |
| 100%
| |
------------- ---------------
PSEG Brazil PSEG
Operating Brazil
Company Investment
(Cayman) Company
(Cayman)
------------- ---------------
|
---------------
Pampa
Energia Ltda.
(Cayman)
---------------
|
----------------------------------------
| |
--------------- -------------
PSEG Brazil \ PSEG Brazil I
|----- Company \ / Company
| (Cayman) \ / (Cayman)
| --------------- \ / -------------
| | \ / |
| 50% \ / 50%
| | / |-----------99.94%------------
| | / \ | |
| | 50% 50% | |
| --------------- / \ ------------- ---------------
| / \ Conversora
| / \ PSEG de Fertilizante
| Ipe Energia / \Participacoes e Energia do
| Ltda. S.A. Parana Ltda.
| (Brazil) (Brazil) (Brazil)
| --------------- ------------- ---------------
| | |
| 32.46% |
| | |
| --------------- |
| Rio Grande |
| Energia S.A. |
| (Brazil) |
| --------------- |
| | |
| 100% 0.06%
| | |
| --------------- |
| Sul Geradora |
| Participacoes |
| S.A. |
| (Brazil) |
| --------------- |
| |
|--------------------------------------------------------------------------------|
Exhibit C
Organizational Chart -- Response 4(b)(vi)(vii)
EDEN, EDES
------------------
PSEG Global Inc.
(New Jersey) ----------------------
------------------ |
| |
------------------ -------------
PSEG Global PSEG Global
International USA Inc.
Holdings LLC (New Jersey)
(Delaware)
------------------ -------------
| |
------------------ -------------
PSEG Americas CEMAS
Ltd. Corporation
(Bermuda) (Delaware)
------------------ -------------
| |
90% |
| |
------------------ |
PSEG Americas |
Operating |
Company |
(Cayman) |
------------------ |
| |
99.99% |
| .01%
------------------ |
PSEG Operating |
Argentina S.A. ---------------------|
(Argentina)
------------------
|
------ 33.34% ---------|-------- 33.34% ---
| |
------------------- ------------------
Empresa Empresa
Distribuidora de Distribuidora de
Energia Norte S.A. Energia Sur S.A.
(Argentina) (Argentina)
------------------- ------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(viii)
TGM
------------------
PSEG Global Inc.
(New Jersey)
------------------
|
|
|
------------------
PSEG Global
International
Holdings LLC
(Delaware)
------------------
|
------------------
PSEG Americas
Ltd.
(Bermuda)
------------------
|
------------------
PSEG Americas II
Ltd.
(Bermuda)
------------------
|
50%
|
------------------
Turbogeneradores
de Venezuela, C.A.
(Venezuela)
------------------
|
17.13%
|
------------------
Turbogeneradores
Maracay, C.A.
(Venezuela)
------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(ix)
EDELAP
----------------
Public Service
Enterprise
Group
Incorporated
(New Jersey)
----------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
----------------
|
----------------
PSEG Global
Inc.
(New Jersey)
----------------
|------------------------------------|
| ----------------
| PSEG Global
| USA Inc.
| (New Jersey)
| ----------------
| |
--------------- ----------------
PSEG Global PSEG
International International
Holdings LLC Inc.
(Delaware) (Delaware)
--------------- ----------------
| |
--------------- ----------------
PSEG PSEG
Americas Ltd. Americas Inc.
(Bermuda) (Delaware)
--------------- ----------------
| |
| ---------------- 33.33% -----
| | |
--------------- ---------------- -------------
Wildwood I La Plata I, Inc. La Plata II,
Ltd. (Delaware) Inc.
(Cayman) (Delaware)
--------------- ---------------- -------------
| | |
| - 33.33% ----------- 1% -----
| |
| ----------------
| La Plata
| Partners L.P.
| (Delaware)
| ----------------
| 100%
| ----------------
| La Plata
| Holdings, Inc.
| (Delaware)
| ----------------
| |
| 100% Class A Preferred
33.33% Class B Common |
| ----------------
| Camille Ltd.
|---------------------------- (Cayman) --------
---------------- |
| |
|------------------------------------| |
| |
----- 100% ----- ----- 40%----- |
Luz de la Plata Compania de |
S.A. -------- 60% ------- Inverciones en |
(Argentina) |------ Electricidad |
| S.A. |
| (Argentina) |
----------------- | ---------------- |
| | | |
31.942% Class B | 51% Class |
| | | |
| | | |
----------------- | ---------------- |
Empresa | |
Distribuidora La | Central Dique |
Plata Sociedad 51% Class A - Sociedad |
Anonima Anonima |
("EDELAP") (Argentina) |
(Argentina) |
----------------- ---------------- |
| |
|------------ 7.058% ---------------------------------
Class B
EXHIBIT C
Organizational Chart -- Response 4(b)(x)(xi)(xii)
CAGUA, MARACAY, VALENCIA
---------------------
PSEG Global Inc.
(New Jersey)
---------------------
|
|
|
---------------------
PSEG Global
International
Holdings LLC
(Delaware)
---------------------
|
---------------------
PSEG Americas
Ltd.
(Bermuda)
---------------------
|
---------------------
Venergy Holdings
Company
(Cayman)
---------------------
|
50%
|
---------------------
Turboven Company Inc.
(Cayman)
---------------------
|------------------------------|-----------------------------------|
| | |
| |---------|------------| |
| | | |
---------------- -------------- ----------------- --------------------
Turboven Maracay Turboven Cagua Turboven Valencia Turboven La Victoria
Company Inc. Company Inc. Company Inc. Company Inc.
(Cayman) (Cayman) (Cayman) (Cayman)
---------------- -------------- ----------------- --------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xiii)(xiv)
PPN Energy, PPN Operations
------------
PSEG Global
Inc.
(New Jersey)
------------
|
------------
PSEG India
Company
(Cayman)
------------
|
------------
PSEG EAMS
Ltd.
(Mauritius)
------------
|
|-----------------|-----------------|
----------- ------------
PSEG PSEG
Operations PPN Energy
Ltd. Company Ltd.
(Mauritius) (Mauritius)
----------- ------------
| |
100%(A) 20%
| |
----------- ------------
PSEG PPN PPN Power
Operations Generating
Private Company
Limited. Limited
(India) (India)
----------- ------------
*PSEG Ambalamugal Energy Company Ltd.,
a Mauritius company wholly owned by
PSEG India Limited owns 1 share only in PSEG PPN Operations Private Limited
EXHIBIT C
Organizational Chart -- Response 4(b)(xv)
PSEG International Ltd.
------------------
Public Service
Enterprise Group
Incorporated
(New Jersey)
------------------
|
|
------------------
PSEG Energy
Holdings L.L.C.
(New Jersey)
------------------
|
------------------
PSEG Global Inc.
(New Jersey)
------------------
|--------------------------------------------|
| ------------------
| PSEG Global
| USA Inc.
| (New Jersey)
| ------------------
| |
------------------ ------------------
PSEG Global PSEG
International International Inc.
Holdings LLC (Delaware)
(Delaware)
------------------ ------------------
| |
------------------ ------------------
PSEG Americas PSEG Europe
Ltd. Ltd.
(Bermuda) (U.K.)
------------------ ------------------
| |
| |--------------------------|
| | |
------------------ --------------- ---------------
PSEG
International PSEG Offshore PSEG Operations
Holding Operations Ltd. (Tunisia) Ltd.
Company (U.K.) (U.K.)
(Cayman)
------------------ --------------- ---------------
|
------------------
PSEG
International
Holding
II
Company (Cayman)
------------------
|
------------------
PSEG
International Ltd.
(Bermuda)
------------------
|
60%
|
------------------
Carthage Power
Company Sarl
(Tunisia)
------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xvi)
PSEG North Chennai Ltd.
-------------
PSEG Global
Inc.
(New Jersey)
-------------
|
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
|
-------------
PSEG
Americas Ltd.
(Bermuda)
-------------
|
-------------
PSEG
(Bermuda)
Holdings III
Ltd.
(Bermuda)
-------------
|
-------------
PSEG
India
Ltd.
(Mauritius)
-------------
|
-------------
PSEG North
|---- Chennai Ltd.
| (Mauritius)
| -------------
| |
| 26%
| |
| -------------
| Tri-Sakthi
| Investments
50% Limited
| (Mauritius)
| -------------
| |
| 50%
| |
| -------------
| Tri-Sakthi
| Energy
|----- Private
Limited
(India)
-------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xvii)(xviii)(xix)(xxxiii)
Guadalupe, Archer, Odessa, TIEOC
-------------
PSEG Global
Inc. (New
Jersey)
-------------
|
100%
|
-------------
PSEG Global
USA Inc.
(New Jersey)
-------------
|
100%
|
-------------
PSEG
International
Inc.
(Delaware)
-------------
|
100%
|
-------------- -------------
Panda Energy PSEG
International, Americas Inc.
Inc. (Delaware)
-------------- -------------
| |
| 100%
| |
-------------- -------------
PLC PSEG Texgen
Development Holdings Inc.
Holdings, LLC (Delaware)
-------------- -------------
| |
|--------------|-------------| |------100%----------100%---------------100%-------
| | | | |
------------- -------------- ----------- ------------ --------------
Panda Texas Panda Texas PSEG Texgen PSEG Texgen PSEG
Generating I, Generating II, I Inc. II Inc. Preferred
LLC (GP) LLC (LP) (Delaware) (Delaware) Partner L.L.C.
(Delaware)
------------- -------------- ----------- ------------ --------------
| | | |
.5% 49.5% |---0.5% GP--------49.5% LP----
| | |
| | -------------
| | Texas
| | Independent
|------------------------------------------------------------ Energy, L.P.
(Delaware)
-------------
|
|
|----------------------------------------------|-----------------|
|----------------|--------------|--------------|---------------| | |
------------ ------------- ------------ ------------ ------------ ------------- ------------
Guadalupe Guadalupe Archer Power Archer Power Odessa-Ector Odessa-Ector Texas
Power I, LLC Power II, LLC I, LLC II, LLC Power I, LLC Power II, LLC --| Independent
(Delaware) (Delaware) (Delaware) (Delaware) (Delaware) (Delaware) | Energy
------------ ------------- ------------ ------------ ------------ ------------- | Operating
| | | | | \ | | Company, LLC
|- 1% GP --- 99% LP |- 1% GP --- 99% LP 1% GP \ 99% LP | (Delaware)
| | | 1% | | ------------
--------------- ------------ --------------- \ -------------- |
Guadalupe Power Archer Power Odessa-Ector \ Odessa-Ector |
Partners, LP Partners, LP Power Partners, Power Partners |
(Delaware) (Delaware) LP Services, LP |
--------------- ------------ (Delaware) (Delaware) |
--------------- -------------- |
| |
| 99% LP
|-------------------------|
EXHIBIT C
Organizational Chart -- Response 4(b)(xx)(xxi)
Chilquinta, Luz del Sur
-------------
PSEG Global
Inc.
(New Jersey)
-------------
|
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
|
-------------
PSEG
Americas Ltd.
(Bermuda)
-------------
|------------------|------|---------------------------------------------|
99.99% | |
| | |
---------------- /-------------- |
Inversiones PSEG / |
Americas Chile 0.01% PSEG Chilean |
Holding Limitada / Equity II Ltd. |
(Chile) / (Cayman) 74.4%
---------------- -------------- |
| |
|- 50% ---------- 99.9% --| |
------------- ------------ |
Tecnored S.A. PSEG Chilean |
(Chile) |----- Equity Ltd. |
| (Cayman) |
------------- | ------------ |
| | | |- 99% ------------------|------- 25.6% --|
| | | | | |
| 0.00004% | -------------- --------------- -------------
| | | / ("AenP")
| | | PSEG Venezuela / PSEG Chilean Asociacion en
| | | S.R.L. 1% Equity III Ltd. Participacion
| | | (Venezuela) / (Cayman) (Peru)
| | | --------------/ --------------- -------------
| | | |
| | | |---------- 50% ------------|---------------- 50% --|
| | | -------------- ----------- ----------
| | |-------| Peruvian
| | | Inversiones PSEG Cayman Opportunit
|----------|-------------- 99.987% ----|--------- Sempra-PSEG Americas IV Company
| | | Chile Limitada Company SAC(F)
| | | (Chile) (Cayman) (Peru)
| | | -------------- ----------- ----------
| | | 99.987% |
| 0.01% | | |------|-----|
------------- |------| | ------------------ ----------- -----------
Inversiones | | PSEG Sempra PSEG Sempra
Sempra-PSEG | | Chilquinta Energia Peruvian Peruvian
Chile IV S.A. | |-0.0065% S.A. Services Services
(Chile) | (Chile) Company Company II
| (Cayman) (Cayman)
------------- | ------------------ ----------- -----------
| | | | |
|---- 55.29% --| | |--------|----| 99.99% ----- 75.61% -----|52.5% -|--- 68.62% --|--- 51% --| |- 99.8% -- 0.2%
| | | | | | | | | | | |
------------- -------------- | ------------- |------------ ----------- | ---------- ---------- ------------- -----------
| I.T.O. | Compania | Inversiones
Energy | International | /Electrica | Luzlinares Energia de Distribuidora en
Business Ontario Quinta | Technical |Energas S.A. / del Litoral 0.05% S.A. Casablanca Parral Servicios
International A.V.V. | Operators | (Chile) 0.01% S.A. | (Chile) S.A. S.A./Luz Electricos
A.V.V. (Aruba) | A.V.V. | / (Chile) | (Chile) Par S.A. S.R.L.
(Aruba) | (Aruba) | / | (Chile) (Peru)
------------- -------------- | ------------- |------------ ----------- | ---------- ---------- ------------- -----------
| | | | | | | |
| | | 99.99% 31.51% | 80% ---- 99.5% -| |
| | | | | | | |
| | | -------------- | ---------------- /------------------- |
| | | | / Generadora |
| |---| |- Chilquinta | Inmobiliaria del / Electrica Sauce los |
3.83% 61.16% | Argentina S.A. | Litroal S.A. 20% Andes S.A. |
|--------|------| | (Argentina) | (Chile) / (Chile) |
| | -------------- | ---------------- ------------------- |
| | | |
----------- | ------------- |
Luz del Sur | |
S.A.A. | Tecsur S.A.A. |
(Peru) |- 3.72% -------- (Peru) ----------------------|- 51.79% ---------------------------------------|
----------- ------------- |
| |
|----|-------------- 99.9999% ------------------ 99.9999% 0.00005%
| | | |
-------------------- ------------------- ------------------- |
\ Empresa de |
Luz del Sur Inmobiliaria Luz de \ Distribucion |
International A.V.V. Sur S.A. 0.00005% Electrica de Canete------|
(Aruba) (Peru) \ S.A.
\ (Peru)
-------------------- ------------------- -------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxii)(xxxv)
AES Parana Operations, AES Parana SCA
--------------
Public Service
Enterprise
Group
Incorporated
(New Jersey)
--------------
|
--------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
--------------
|
--------------
PSEG Global
Inc.
(New Jersey)
--------------
|
--------------
PSEG Global
International
Holdings LLC
(Delaware)
--------------
|
--------------
PSEG
Americas
Ltd.
(Bermuda)
--------------
|
--------------
PSEG Cayman
Americas
Company
(Cayman)
--------------
|
--------------
PSEG Cayman
Americas V
Company
(Cayman)
--------------
|
|--- 33.33% -----|---- 33.33% ---|
|---- 33.26% -----| | |---- 33.33% -----|
| | 33% | |
| | | | |
----------- ----------- ----------- ----------- -----------
AES Parana AES Parana
Opertations Shazia S.R.L. AES Parana AES Parana Propiedades
SRL (Argentina) S.C.A. Gas S.A. S.A.
(Argentina) (Argentina) (Argentina) (Argentina)
----------- ----------- ----------- ----------- -----------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxiii)(xxx)(xliv)(xlv)(l)(li)
Fossil, Power New York, Lawrenceburg, Waterford, Power Midwest, Power Connecticut
---------------
PSEG
---------------
|
100%
|
---------------
PSEG Power LLC
---------------
|
100%
|
---------------
PSEG Fossil LLC
---------------
|
|--------------------------|-------------------------|------------------|---------------------------|
100% 100% 100% 100% 100%
| | | | |
-------------- --------- ------------ ------------- -----------------
Power New York Waterford Lawrenceburg Power Midwest Power Connecticut
-------------- --------- ------------ ------------- -----------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxiv)
PSEG Nuclear LLC
----------------
PSEG
----------------
|
100%
|
----------------
PSEG Power LLC
----------------
|
100%
|
----------------
PSEG Nuclear LLC
----------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxv)
PSEG Chorzow B.V.
-------------------------
PSEG Global Inc.
(New Jersey)
-------------------------
|
-------------------------
PSEG Europe (Delaware)
LLC)
(Delaware)
-------------------------
|
-------------------------
PSEG Europe B.V.
(Netherlands)
-------------------------
|
-------------------------
PSEG Silesia B.V.
(Netherlands)
-------------------------
|
-------------------------
PSEG Chorzow B.V.
(Netherlands)
-------------------------
|
55.34%
|
-------------------------
Elektrocieplownia Chorzow
Elcho S.z.o.o.
(Poland)
-------------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxvii)
Kalaeloa
Kalaeloa Partners, L.P.
------------
PSEG Global
Inc.
(New Jersey)
------------
|
------------
PSEG Global
USA Inc.
(New Jersey)
------------
|
|---------------------------|----------------------|
| | |
------------- ---------- ----------
PSEG PSEG
PSEG Hawaiian Hawaiian
Kalaeloa Inc. Management Investment
(Delaware) Inc. Inc.
(Delaware) (Delaware)
------------- ---------- ----------
\ | |
\ |------- 1% ------- 48.49%
\ GP LP
\ |
\ |
\ |
\ ------------
\ Kalaeloa
\ Investment
\ Partners, LP
1% GP (Delaware)
\ ------------
\ |
\ 99% LP
\ |
\ |
\ |
\ ------------
\ Kalaeloa
\ Partners,
\ L.P.
\(Delaware)
------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxxi)
GWF Energy LLC
--------------
Public Service
Enterprise
Group Inc.
(New Jersey)
--------------
|
--------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
--------------
|
--------------
PSEG Global
Inc.
(New Jersey)
--------------
|
--------------
PSEG Global
USA Inc.
(New Jersey)
--------------
|
--------------
PSEG
International
Inc.
(Delaware)
--------------
|
|----------------|---------------|
| | |
-------------- ------------- ----------
PSEG PSEG PSEG
California California II California
Corp. Corp. III Corp.
(Delaware) (Delaware) (Delaware)
-------------- ------------- ----------
| | |
50% | |
| | |
-------------- 13% 13%
GWF Energy | |
LLC ---------|---------------|
(Delaware)
--------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxxii)
PRISMA
Biomass Italia
--------------
PSEG Global
Inc.
(New Jersey)
--------------
|
--------------
PSEG Europe
(Delaware)
LLC
(Delaware)
--------------
|
--------------
PSEG Europe
B.V.
(Netherlands)
--------------
|
--------------
PSEG Italia
B.V.
(Netherlands)
--------------
|
50%
|
--------------
Prisma 2000
S.p.A.
(Italy)
--------------
|
50%
|
--------------
Biomass Italia
S.p.A.
(Italy)
--------------
|
|----------------|-------|----------|-------------------|
| | | |
----------- ----------- --------------- -----------
Barzellotti
P.A. Energy Lemerangi La Pontedera
S.r.l. Bioenergia Montagnola Energia
(Italy) S.r.l. Leopardi S.r.l. S.p.A.
(Italy) (Italy) (Italy)
----------- ----------- --------------- -----------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxxiv)
EDEERSA
----------------------------
Public Service Enterprise
Group Incorporated
(New Jersey)
----------------------------
|
----------------------------
PSEG Energy Holdings
L.L.C.
(New Jersey)
----------------------------
|
----------------------------
PSEG Global Inc.
(New Jersey)
----------------------------
|
----------------------------
PSEG Global International
Holdings LLC
(Delaware)
----------------------------
|
----------------------------
PSEG Americas Ltd.
|---------- (Bermuda)
| ----------------------------
| |
| 100%
| |
| ----------------------------
| Compania de Inversiones en
19.1% Energia Electrica S.A.
| (Argentina)
| ----------------------------
| |
| 80.9%
| |
| ---------------------------- ---------
| Inversora en Distribucion de
|---------- Entre Rios S.A. Employees
(Argentina)
---------------------------- ---------
| |
90% |
| |
---------------------------- |
Empresa Distribuidora De |
Electricidad De Entre Rios ---------10%-------|
S.A.
(Argentina)
----------------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xxxvi)(xxxvii)(xxxviii)(xxxix)
Danskammer OP, Danskammer OL, Roseton OP, Roseton OL
-------------------
PSEG Resources LLC
-------------------
|
-------------------
PSEGR PJM, LLC
-------------------
|
|---------------------------|---------------------------|
| | |
---------------------- ------------------- --------------
PSEGR Newburgh PSEGR Newburgh
PSEGR Conemaugh, LLC Holdings LLC Holdings LLC
---------------------- ------------------- --------------
| | |
---------------------- ------------------- --------------
PSEGR Conemaugh Danskammer OP LLC Roseton OP LLC
Generation, LLC EWG EWG
---------------------- ------------------- --------------
| | |
---------------------- ------------------- --------------
Conemaugh Lessor Genco Danskammer OL LLC Roseton OL LLC
LLC EWG EWG EWG
---------------------- ------------------- --------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xl)(xli)(xlii)
Conemaugh Lessor, Keystone Lessor, Shawville Lessor
----------------------
PSEG Resources LLC
----------------------
|
----------------------
PSEGR PJM, LLC
----------------------
|
|-----------------------------|-----------------------------|
| | |
---------------------- ---------------------- ----------------------
PSEGR Conemaugh, LLC PSEG Keystone, LLC PSEGR Shawville, LLC
---------------------- ---------------------- ----------------------
| | |
---------------------- ---------------------- ----------------------
PSEGR Conemaugh PSEG Keystone PSEGR Shawville
Generation, LLC Generation, LLC Generation, LLC
---------------------- ---------------------- ----------------------
| | |
---------------------- ---------------------- ----------------------
Conemaugh Lessor Genco Keystone Lessor Genco Shawville Lessor Genco
LLC EWG LLC EWG LLC EWG
---------------------- ---------------------- ----------------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xliii)
PPHLLC/MCHC
-------------
PSEG Global
Inc.
(New Jersey)
-------------
|
-------------
PSEG Global
USA Inc.
(New Jersey)
-------------
|
-------------
PSEG
International
Inc.
(Delaware)
-------------
|
-------------
PSEG
Philippine
Holdings LLC
(Delaware)
-------------
|
27.8%
|
-------------
Magellan
Capital
Holdings
Corporation
(Philippines)
-------------
|
|-- 43% ---------------|-- 100% --|---------|
| | |
-------------- -------------- --------------
Magellan Batangas Agro-
Utilities Pinamucan Industrial
Development Industrial Development
Corporation Estates, Inc. Corporation
(Philippines) (Philippines) (Philippines)
-------------- -------------- --------------
|
99.8%
|
--------------
Pinamucan
Power
Corporation
(Philippines)
--------------
EXHIBIT C
Organizational Chart -- Response 4(b)(xlvi)(xlvii)(xlviii)(xlix)(lii)
SAESA
Frontel, Edelaysen, Creo, STS, Edersa
-------------
PSEG Global
Inc.
(New Jersey)
-------------
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
-------------
PSEG
Americas Ltd.
(Bermuda)
-------------
------------ ---- 99.99% ---- --------------
Inversiones PSEG
PSEG Finance ???% Americas Chile ???% PSEG Chilean
Company Holding Limitada Equity II Ltd.
(Caymans) (Chile) (Cayman)
------------ ---------------- --------------
99.922%** 95.869%**
|----------- 0.10% -----------|
---------------- ------------------- |
Sociedad Austral |
de Electricidad Empresa Electrica |
S.A. de la Frontera S.A. 0.10% |
(Chile) (Chile) | |
---------------- ------------------- | |
| | |
|-------|---------------|-----------------------|---|---------------| |
| | | | | |
---- 50% -- -- 91.66% -- - 99.90% -- ---- 99.90% ---
Empresa de Empresa Compania Sistema de
Energia Rio Electrica de Electrica Transmision del
Negro S.A. Aisen S.A. Osorno S.A. Sur S.A.
(Argentina) (Chile) (Chile) (Chile)
----------- ------------ ----------- ---------------
8.33%
|
---------------------
Centro de Despacho
Economico de Carga
del Sistema Electrico
Interconectado
Central CDEC-SIC
Ltda.
(Chile)
---------------------
* PSEG Finance Company owns .01% of Inversiones
PSEG Americas Chile Holding Limitada.
** PSEG Chilean Equity II Ltd. owns .0056% of
Sociedad Austral de Electricidad S.A. and .006% of
Empresa Electrica de la Frontera S.A.
Exhibit C
Organizational Chart -- Response 4(b)(liii)
ELECTROANDES
-----------------
PSEG Global
Inc.
(New Jersey)
-----------------
|
100%
|
-----------------
PSEG Global
International
Holdings LLC
(Delaware)
-----------------
|
100%
|
-----------------
PSEG
American Ltd.---------------|
(Bermuda) |
----------------- |
| |
100% |
| |
----------------- |
Transamerica |
Energy Company 20%
(Cayman) |
----------------- |
| |
80% |
| |
----------------- |
("AmPLL") |
Asociacion |
en Participacion---------------|
(Peru)
-----------------
|
[illegible]
|
-----------------
Electroandes B.A.
(Peru)
-----------------
EXHIBIT C
Organizational Chart -- Response 4(b)(liv)
PSEG Poland
-----------------
PSEG Global
Inc.
(New Jersey)
-----------------
|
|
-----------------
PSEG Europe
(Delaware)
Inc.
(Delaware)
-----------------
|
|
-----------------
PSEG Europe
B.V.
(Netherlands)
-----------------
|
|
-----------------
PSEG Poland
Distribution
B.V.
(Netherlands)
-----------------
|
|
-----------------
Electrowina
Skawina S.A.
(Poland)
-----------------