File No. 1-9120
FORM U-3A-2
UNITED STATES
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
--------------------------------------------
(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:
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, 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) and has an interest
in nine trusts which were formed for financing purposes. PSEG also has 402
indirect subsidiaries, as described below.
1.1. Public Service Electric and Gas Company (PSE&G), a New Jersey corporation,
has 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, 2003,
PSE&G comprised approximately 46% of PSEG's assets. PSE&G's 2003 revenues
were approximately 61% of PSEG's revenues and PSE&G's earnings available to PSEG
were $225 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);
two indirect wholly-owned subsidiaries, and eight direct wholly-owned PSE&G
Capital Trust, as described below.
1.1.A. New Jersey Properties, Inc. (NJP), a New Jersey corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, acquires
real estate from time to time.
1.1.B. Public Service Corporation of New Jersey (PSC of NJ), a New Jersey
corporation, with 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. (New Millennium), as described below.
1.1.C. Public Service New Millennium Economic Development Fund L.L.C. (New
Millennium) with principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, 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, as discussed below.
1.1.D. Tradelink New Jersey International Business Center, Inc. (Tradelink), a
New Jersey corporation, with principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102, is presently inactive. Tradelink is a direct
subsidiary of New Millennium and operates a full-service, turn-key, office-suite
facility designed to attract foreign firms to establish a business presence in
New Jersey.
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1.1.E. Gridco International L.L.C. (Gridco International), a Delaware
corporation, with principal executive offices at 1209 Orange Street, New Castle
County, Wilmington, Delaware 19801, is a direct, 50%-owned subsidiary of PSE&G,
with the remaining 50% owned by Potomac Electric Power Company and is presently
inactive.
1.1.F. PSE&G Transition Funding LLC (Transition Funding), a Delaware limited
liability company, has its principal offices 80 Park Plaza, Newark, New Jersey
07102. PSE&G is the sole member (parent) of Transition Funding. Transition
Funding, which was organized for the purpose of purchasing intangible transition
property, investing in investment securities, entering into related credit
enhancement transactions and issuing transition bonds.
1.1.G. PSEG Area Development L.L.C. (Area Development), a New Jersey limited
liability company and a wholly-owned subsidiary of PSE&G, with 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, corporate relocation,
strategic land use and economic development planning.
1.1.G.1. PSEG SiteFinders L.L.C. (SiteFinders), a New Jersey limited liability
company and a wholly-owned subsidiary of Area Development, with principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, was formed to
provide real estate site finding and listing and referral services in New
Jersey.
1.1.G.2. PSEG Economic Development L.L.C. (Economic Development), a New Jersey
limited liability company and a wholly-owned subsidiary of Area Development,
with principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Economic Development was formed to provide corporate relocation, strategic land
use and economic development planning services in New Jersey.
1.1.H. PSE&G Capital, L.P., a New Jersey limited partnership, has its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, of which PSE&G is
the sole general partner. PSE&G Capital, L.P. was formed and controlled by PSE&G
for the purpose of issuing Monthly Income Preferred Securities, and is presently
active.
1.1.I. PSE&G Capital Trust I, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.1.J. PSE&G Capital Trust II, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, which was formed and
controlled by PSE&G for the purpose of issuing Quarterly Income Preferred
Securities, and is presently active.
1.1.K. PSE&G Capital Trust III, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.1.L. PSE&G Capital Trust IV, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
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1.1.M. PSE&G Capital Trust V, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.1.N. PSE&G Capital Trust VI, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.1.O. PSE&G Capital Trust VII, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
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 is a multi-regional, independent
wholesale energy supply company that integrates its generating asset operations
with its wholesale energy, fuel supply, energy trading and marketing and risk
management functions. Power has six direct wholly-owned subsidiaries, and has
an interest in five trusts which were formed for financing purposes, and eleven
indirect wholly-owned subsidiaries, discussed below. As of December 31, 2003,
Power comprised approximately 27% of PSEG's assets. Power's 2003 revenues
were approximately 50% of PSEG's revenues and Power's 2003 earnings available
to PSEG were $844 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, and is
an EWG. Fossil was formed to own and operate fossil fueled generating stations.
Fossil has seven direct wholly-owned subsidiaries, as discussed below.
1.2.A.1. PSEG Power New York Inc. (Power New York), a Delaware corporation and
is an EWG, has its principal executive offices at Route 144 Glenmont, New York
12077. Power New York was formed to own and operate fossil fueled generating
stations. Power New York has one direct wholly-owned subsidiary, as 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 generating stations located in
the state of New York.
1.2.A.2. PSEG Power Cross Hudson Corporation (Cross Hudson), a Delaware
corporation, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of developing power projects for
delivery into New York City. Cross Hudson has two direct wholly-owned
subsidiaries, as discussed below.
1.2.A.2.(a) PSEG In-City I LLC, a Delaware limited liability company, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, was formed
for the purpose of developing power projects for delivery into New York City.
1.2.A.2.(b) PSEG In-City II LLC, a Delaware limited liability company, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, was formed
for the purpose of developing power projects for delivery into New York City.
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1.2.A.3. PSEG Lawrenceburg Energy Company LLC (PSEG Lawrenceburg), a Delaware
limited liability company, is an EWG and has its registered office at 1209
Orange Street, Wilmington, Delaware 19801, was formed for the purpose of
investing in a power facility in Lawrenceburg, Indiana. PSEG Lawrenceburg is a
wholly-owned subsidiary of Fossil.
1.2.A.4. PSEG Power Bellport LLC, a Delaware limited liability company, has its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, was formed
for the purpose of investing in power facilities in Indiana.
1.2.A.5. PSEG Waterford Energy LLC (PSEG Waterford), a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in a power facility in
Waterford, Ohio, and is an EWG. PSEG Waterford is a wholly-owned subsidiary of
Fossil and commenced operation in August 2003.
1.2.A.6. PSEG Power Midwest LLC (Power Midwest), a Delaware limited liability
company, is an EWG and has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of operating power
facilities in the Midwestern United States.
1.2.A.7. 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 Corporation Systems. Power Connecticut is an EWG
and was formed for the purpose 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, is an
EWG and was formed to own and operate the nuclear-fueled electric generation
assets. Nuclear has one direct wholly-owned subsidiary, as 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, acquires
real estate from time to time.
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, 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 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.
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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, 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.
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, was formed to support continuing development
activities of Power.
1.2.G. PSEG Power Capital Trust I, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.2.H. PSEG Power Capital Trust II, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.2.I. PSEG Power Capital Trust III, a Delaware Trust has its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently
inactive.
1.2.J. PSEG Power Capital Trust IV, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.2.K. PSEG Power Capital Trust V, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, and is presently inactive.
1.3. PSEG Energy Holdings L.L.C. (Energy Holdings), a New Jersey limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Energy Holdings is the parent of PSEG's energy-related
businesses other than Power and PSE&G. As of December 31, 2003, Energy Holdings
comprised approximately 27% of PSEG's assets. Energy Holdings' 2003 revenues
were approximately 6% of PSEG's revenues and Energy Holdings' 2003 earnings
available to PSEG were $122 million. Energy Holdings' has six direct
wholly-owned subsidiaries, and 357 indirect subsidiaries, as described below.
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. 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
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 and railcar,
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, 2003, PSEG Resources
comprised
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approximately 12% of PSEG's assets. PSEG Resources' 2003 revenues were
approximately 2% of PSEG's revenues and PSEG Resources' 2003 earnings available
to PSEG were $66 million. PSEG Resources is a wholly-owned subsidiary of Energy
Holdings. PSEG Resources has three direct and forty-one indirect wholly-owned
subsidiaries, as described below.
1.3.A.1. Public Service Resources Corporation (PSRC), a New Jersey corporation,
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, 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 and railcar, 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 thirteen direct and
twenty-one indirect wholly-owned subsidiaries, as described below.
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 described below.
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 400, Wilmington, Delaware 19801. PPLC is presently 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 50 Kronprindsens, 2nd Floor, GERS Building, Saint Thomas, United States
Virgin Islands 00802. RCSC was formed as 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, 2003, RCMC comprised of approximately 3% of
PSEG's assets. RCMC's 2003 revenues were less than 1% of PSEG's revenues and
RCMC's 2003 earnings available to PSEG were $49 million. RCMC has investments in
a project financing and several, leveraged leases. RCMC has seven direct and
three indirect wholly-owned subsidiaries, as described below.
1.3.A.1.(d)(i) LMC Phase II L.L.C. (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.
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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
50 Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States
Virgin Islands 00802. RCMC SC was formed as an FSC, and 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 400, Wilmington, Delaware 19801.
RCMCI has a limited partnership investment in an advanced flue-gas
desulphurization facility in Porter County, Indiana. RCMCI has one direct
wholly-owned subsidiary, as described below.
1.3.A.1.(d)(iv)(A) KLF 98-C2, Inc. (KLFC2), a Delaware corporation, with
principal, executive offices at 1300 North Market Street, Suite 405, Wilmington,
Delaware 19801, and is presently 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.
1.3.A.1.(d)(vi) Danskammer OP LLC, (Danskammer OP), a Delaware limited liability
company, has its principal executive offices at 1300 North Market Street, Suite
400, Wilmington, Delaware 19801. Danskammer OP is the Owner Participant in
connection with RCMC'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. On June 3, 2003, PSEG Newburgh Holdings LLC (Newburgh), Danskammer OP's
former parent, was merged into RCMC and Danskammer OP became a direct
wholly-owned subsidiary of RCMC. Danskammer OP has one direct wholly-owned
subsidiary, as described below.
1.3.A.1.(d)(vi)(A) Danskammer OL LLC, (Danskammer OL), a Delaware limited
liability company has its principal executive offices at 1300 North Market
Street, Suite 400, Wilmington, Delaware 19801. Danskammer OL is the Owner Lessor
in connection with RCMC'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.
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1.3.A.1.(d)(vii) Roseton OP LLC, (Roseton OP), a Delaware limited liability
company, has its principal executive offices at 1300 North Market Street, Suite
400, Wilmington, Delaware 19801. Roseton OP is the Owner Participant in
connection with RCMC'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. On June 3, 2003, Newburgh Roseton OP's former parent, was merged into
RCMC and Roseton OP became a direct, wholly-owned subsidiary of RCMC. Roseton OP
has one direct wholly-owned subsidiary, as described below.
1.3A.1.(d)(vii)(A) Roseton OL LLC (Roseton OL), a Delaware limited liability
company has its principal executive offices at 1300 North Market Street, Suite
400, Wilmington, Delaware 19801. Roseton OL is the Owner Lessor in connection
with RCMC'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, has its principal executive offices at 50
Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States Virgin
Islands 00802, was formed as an FSC.
1.3.A.1.(f) PSRC Sales Corporation Two (PSRC Two) is incorporated under the laws
of the United States Virgin Islands, has its principal executive offices at 50
Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States Virgin
Islands 00802, was formed as an FSC.
1.3.A.1.(g) PSRC Sales Corporation Three (PSRC Three) is incorporated under the
laws of the United States Virgin Islands, has its principal executive offices at
50 Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States
Virgin Islands 00802, was formed as an FSC, 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, with principal executive offices at 50
Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States Virgin
Islands 00802, was formed as an FSC.
1.3.A.1.(i) PSRC, Inc. (PSRCI), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 400, Wilmington, Delaware 19801.
PSRCI has investments in two leveraged lease transactions. PSRCI has one direct
wholly-owned subsidiary, as described below.
1.3.A.1.(i)(i) PPL B KLF 98-C1, Inc. (PPLKLF), a Delaware corporation, has its
principal executive offices at 1300 North Market Street, Suite 400, Wilmington,
Delaware 19801, and is presently inactive.
1.3.A.1.(j) PSRC II, Inc. (PSRC II), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 400, Wilmington, Delaware 19801,
and has investments in leveraged buyout funds, limited partnerships and
securities.
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1.3.A.1.(k) Enterprise Energy Technology Group, Inc., a Delaware corporation has
its principal, executive offices at 1300 Market Street, Suite 400, 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 generation facilities: (1) the
Conemaugh Station (Conemaugh), a generating facility located near New Florence,
Pennsylvania, in which PSEGR PJM indirectly owns an undivided interest, (2) the
Keystone Station (Keystone), a generating facility located in Plumcreek
Township, Pennsylvania, in which PSEGR PJM indirectly owns an undivided
interest, and (3) the Shawville Station (Shawville), a generating facility
located in Bradford Township, Pennsylvania, in which PSEGR PJM indirectly owns a
100% interest. PSEGR PJM has three direct and six indirect wholly-owned
subsidiaries, as described below.
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 described
below.
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 two coal fired
generators and four emergency diesel generators with an aggregate station
capacity of approximately 1,711 megawatts located in New Florence, Pennsylvania
(Conemaugh). Conemaugh Generation has one direct wholly-owned subsidiary, as
described below.
1.3.A.1.(l)(i)(A)(i) Conemaugh Lessor Genco LLC (Conemaugh Lessor), a Delaware
limited liability company, is an EWG, and has its principal executive offices at
80 Park Plaza, Newark, New Jersey 07102. Conemaugh Lessor is the lessor of an
undivided interest in Conemaugh.
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 described
below.
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 two coal fired
generators and four emergency diesel generators with an aggregate station
capacity of approximately 1,711 megawatts located in Plumcreek Township,
Pennsylvania (Keystone). Keystone Generation has one direct wholly-owned
subsidiary, as described below.
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.
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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 described
below.
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 four coal fired steam
turbine generators and three diesel fired generators with an aggregate station
capacity of approximately 613 megawatts located in Bradford Township,
Pennsylvania (Shawville). Shawville Generation has one direct wholly-owned
subsidiary, as described below.
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.
1.3.A.1.(m) 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. On August 4, 2003, PSEG
Asset Management Co. Inc. (AMC), DMC's former parent, PSEG Asset Co. 1, Inc.
(AC1), and PSEG Asset Services Co., Inc (ASC) were merged into DMC, and DMC
became a direct wholly-owned subsidiary of PSRC.
1.3.A.2. Nesbitt Asset Recovery LLC., (Nesbitt), a Delaware limited liability
company with various series contained within Nesbitt, has its principal
executive offices at 1300 North Market Street, Suite 400, Wilmington, Delaware
19801, was formed on September 12, 2003, in connection with a restructuring of
PSEG Resources indirect investments in the Collins, Powerton and Joliet
generating facilities. On October 7, 2003, the member interests in Collins
Generation and PSEGR Midwest LLC were transferred, respectively, to Series CG,
a duly constituted series within Nesbitt, and Series MW, a duly constituted
series within Nesbitt. Nesbitt has one direct and four indirect wholly-owned
subsidiaries, as described below.
1.3.A.2.(a) PSEG Collins Generation, LLC (Collins Generation), a Delaware
limited liability company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102, was formed to act as an intermediate holding company
with respect to an investment (the Collins Transaction) in five gas/oil fired,
steam generating units located in Grundy County, Illinois. On October 7, 2003,
Collins Generation's equity investor interests with respect to the Collins
Transaction were transferred to Series CG, a duly constituted series within
Nesbitt. Collins Generation is presently inactive. Collins Generation has four
direct wholly-owned subsidiaries, as described below.
1.3.A.2.(a)(i) Collins Generation I, LLC (Collins I), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, was formed to act as the Owner Participant in connection with
an undivided interest in five gas/oil-fired, steam-generating units located in
Grundy County, Illinois. On October 7, 2003, the beneficial interest in the
Collins Transaction held by Collins I was transferred to Series C-1, a duly
constituted series within Nesbitt. Collins Generation is presently inactive.
10
1.3.A.2.(a)(ii) Collins Generation II, LLC (Collins II), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, was formed to act as the Owner Participant in connection with
an undivided interest in five gas/oil-fired, steam-generating units located in
Grundy County, Illinois. On October 7, 2003, the beneficial interest in the
Collins Transaction held by Collins II was transferred to Series C-2, a duly
constituted series within Nesbitt. Collins Generation is presently inactive.
1.3.A.2.(a)(iii) Collins Generation III, LLC (Collins III), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, was formed to act as the Owner Participant in connection with
an undivided interest in five gas/oil-fired, steam-generating units located in
Grundy County, Illinois. On October 7, 2003, the beneficial interest in the
Collins Transaction held by Collins III was transferred to Series C-3, a duly
constituted series within Nesbitt. Collins Generation is presently inactive.
1.3.A.2.(a)(iv) Collins Generation IV, LLC (Collins IV), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, was formed to act as the Owner Participant in connection with
an undivided interest in five gas/oil-fired, steam-generating units located in
Grundy County, Illinois. On October 7, 2003, the beneficial interest in the
Collins Transaction held by Collins IV was transferred to Series C-4, a duly
constituted series within Nesbitt. Collins Generation is presently inactive.
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, was formed to act as an intermediate holding company with respect
to an investment (the EME 2 Transaction) in two, coal-fired, steam-generating
units located in Pekin, Illinois (Powerton) and Joliet, Illinois (Joliet), with
a collective capacity of approximately 2,582 megawatts. On October 7, 2003,
PSEGR Midwest's equity investor interests with respect to the EME 2 Transaction
were transferred to Series MW, a duly constituted series within Nesbitt. PSEGR
Midwest is presently inactive and has two direct wholly-owned subsidiaries, as
described below.
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, was formed to act as the Owner Participant in connection with
a 100% interest in Powerton. On October 7, 2003, the beneficial interest in held
by Powerton Generation was transferred to Series P-1, a duly constituted series
within Nesbitt. Powerton Generation is presently inactive.
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, was formed to act as the Owner Participant in connection with
a 100% interest in Joliet. On October 7, 2003, the beneficial interest in held
by Joliet Generation was transferred to Series J-1, a duly constituted series
within Nesbitt. Joliet Generation is presently inactive.
11
1.3.B. PSEG Global L.L.C. (Global), a New Jersey limited liability company, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. In 2003,
PSEG Global Inc. (PSEG Global) merged into Global. Global participates in the
development and operation of projects in the generation and distribution of
energy, which includes cogeneration and independent power-production (IPP)
facilities and electric distribution companies. Some of the cogeneration and
IPP facilities are domestic facilities designated as "qualifying facilities"
(QFs) under the Public Utility Regulatory Policies Act of 1978, as amended.
Also, some of the remaining facilities are "foreign utility companies" (FUCOs)
while some are EWGs under the Public Utility Holding Company Act of 1935, as
amended. Global is a wholly-owned subsidiary of Energy Holdings. Global has
six direct wholly-owned subsidiaries: PSEG Baja Inc. (Baja), PSEG Global USA
Inc. (Global USA), PSEG Global USA L.L.C., PSEG India Company, PSEG Europe
(Delaware) LLC (PEDLLC), and PSEG Global International Holdings LLC (PGIHLLC),
as well as many indirect subsidiaries including limited and general
partnership interests. Baja is presently inactive. Global USA and its direct and
indirect subsidiaries primarily hold investments in domestic generation
projects. PSEG Global USA L.L.C. has been formed for the purpose of eventually
holding the assets of Global USA. PSEG India Company and its subsidiaries have
an investment in an Indian project. PEDLLC and its subsidiaries hold investments
in projects in Europe. PGIHLLC and its subsidiaries hold investments in projects
internationally. In addition to its investment in Baja, Global USA, PSEG Global
USA L.L.C., PSEG India Company, PEDLLC, PGIHLLC, and Global is a limited
partner in Luz Solar Partners Ltd. III (8.202% limited partnership interest),
which owns an 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, 2003, Global comprised of approximately 14% PSEG's assets.
Global's 2003 revenues were approximately 4% of PSEG's revenues and Global's
2003 earnings available to PSEG were $81 million.
1.3.B.1. PSEG Baja Inc. (Baja), a Delaware corporation, with registered office
at 300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801, is presently
inactive.
1.3.B.2. PSEG Global USA Inc. (Global USA), a New Jersey corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102. Global
USA has a total of 23 direct and 76 indirect subsidiaries including limited and
general partnership interests as described below.
1.3.B.2.(a) CEMAS Corporation, a Delaware corporation, with registered office at
300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801, was formed for the
purpose of investing in Latin America.
1.3.B.2.(b) PSEG Sviluppo S.r.L., an Italian company, with registered office at
Corso of Porta Vigentina 35, 20122 Milan, Italy, was formed for the purpose of
asset management in Italy. PSEG Sviluppo S.r.L is owned 98% by Global USA and 2%
by PSEG International Inc. Dissolution proceedings were started January 1, 2003
and are presently on-going.
1.3.B.2.(c) National Energy Partners, a Delaware general partnership, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, owns
100% of GWF Power Systems Company, Inc. (GWF PSC). Global USA is a 50% general
partner in National Energy Partners. National Energy Partners has the following,
direct and indirect subsidiaries as described below.
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1.3.B.2.(c)(i) GWF Power Systems Company, Inc., a California corporation, with
principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565, which has the following direct and indirect wholly-owned and
partially-owned subsidiaries as described below.
1.3.B.2.(c)(i)(A) GWF Bay Area, Inc., a California corporation, with principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565, is a
2% managing general partner of GWF Power Systems, L.P. (GWFLP). GWF Bay Area,
Inc. is an indirect 50%-owned subsidiary of Global USA.
1.3.B.2.(c)(i)(A)(i) GWF Power Systems, L.P. (GWFLP), a Delaware limited
partnership, with principal executive offices at 4300 Railroad Avenue,
Pittsburg, California 94565, owns and operates five, petroleum, coke-fired,
small-power, production QFs in Contra Costa County, California. Global USA
directly owns a 48.5%, limited partnership interest in GWFLP. In addition,
PSEG Bay Area Inc., as described below, owns a 0.5%, general partnership
interest, and GWF Bay Area, Inc., owns a 2% general-partnership interest,
in GWFLP.
1.3.B.2.(c)(i)(B) GWF Hanford, Inc., a California corporation, with principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565, which is
a 2% managing general partner of Hanford, L.P. (HLP). GWF Hanford, Inc. is an
indirect 50%-owned subsidiary of Global USA.
1.3.B.2.(c)(i)(B)(i) Hanford, L.P. (HLP), a Delaware limited partnership, with
principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565, is the owner of a petroleum, coke-fired, small-power, production QF in
Hanford, California. Global USA directly owns a 48.5%, limited partnership
interest in HLP. PSEG Hanford Inc., as described below, owns a 0.5%, general
partnership interest in HLP, and GWF Hanford, Inc. owns a 2%, general
partnership interest, in HLP.
1.3.B.2.(d) PSEG Asia Inc., a Delaware corporation, with principal executive
offices at Room 1701 Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong Special
Administrative Region (Hong Kong), People's Republic of China (China), is
presently inactive. PSEG Asia Inc. has one direct wholly-owned subsidiary, as
described below.
1.3.B.2.(d)(i) PSEG Asia Ltd., a Bermuda limited liability company, with
principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, 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., a New Jersey corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a
0.5% general partner in Pennsylvania Renewable Resources, Associates (PRRA).
1.3.B.2.(e)(i) Pennsylvania Renewable Resources, Associates (PRRA), a
Pennsylvania limited partnership, with principal executive offices at 1370
Avenue of the Americas, Suite 3300, New York, New York 10019, which owns a
hydroelectric QF in Saltsburg, Pennsylvania. PSEG Mount Carmel Inc., as
described below is a 49.5% limited partner in PRRA.
1.3.B.2.(f) PSEG GWF Inc., a New Jersey corporation, with principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, which has the following
direct wholly-owned subsidiaries as described below.
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1.3.B.2.(f)(i) PSEG Bay Area Inc., a Delaware corporation, with principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565, is a
0.5% general partner in GWFLP, which is the owner and operator of five petroleum
coke-fired small-power production facilities in Contra Costa County, California.
All five facilities are QFs.
1.3.B.2.(f)(ii) PSEG Hanford Inc, a Delaware corporation, with principal
executive offices at 4300 Railroad Avenue, Pittsburg, California 94565, is a
0.5% general partner in HLP, which is the owner of a petroleum coke-fired
small-power production QF in Hanford, California.
1.3.B.2.(g) PSEG Hawaiian Investment Inc., a Delaware corporation, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, 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, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, is a 1%
general partner in KIPLP.
1.3.B.2.(h)(i) Kalaeloa Investment Partners, LP (KIPLP), a Delaware limited
partnership, with registered office at 1209 Orange Street, Wilmington, Delaware
19801, owns a 99% limited-partnership interest in Kalaeloa Partners, L.P.
(KPLP).
1.3.B.2.(h)(i)(A) Kalaeloa Partners, L.P. (KPLP), a Delaware limited partnership
and an EWG, with registered office at 1209 Orange Street, Wilmington, Delaware
19801, and owns a heavy oil-fired cogeneration QF on the Island of Oahu in
Hawaii.
1.3.B.2.(i) KI Holdings Inc., a Delaware corporation, with registered office at
1209 Orange Street, Wilmington, Delaware 19801, is presently inactive. KI
Holdings Inc. has the following direct wholly-owned subsidiary, as described
below.
1.3.B.2.(i)(i) PSEG Merger Inc., a Delaware corporation, with registered office
at 1209 Orange Street, Wilmington, Delaware 19801, is presently inactive.
1.3.B.2.(j) PSEG India Inc., a Delaware corporation, with registered office at
1209 Orange Street, Wilmington, Delaware 19801, holds one share of PSEG India
Private Limited (PIPL).
1.3.B.2.(k) PSEG India Private Limited (PIPL), an Indian company, with
registered office at No. 81 Murugesa Naicker Office Complex, Greams Road,
Chennai, 600 006, India, was formed for the purpose of developing
power-production facilities in India. PIPL is presently inactive. Global USA
owns all but one share of PIPL. The remaining one (1) share is owned by PSEG
India Inc.
1.3.B.2.(l) PSEG International Services Inc., a Delaware corporation, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, provides
management operations and maintenance personnel to some of the international
subsidiaries of Global USA.
14
1.3.B.2.(m) PSEG Kalaeloa Inc., a Delaware corporation, with registered office
at 1209 Orange Street, Wilmington, Delaware 19801, was formed for the purpose of
acquiring a 1%, general-partnership interest in KPLP, a Delaware limited
partnership. The remaining 99%, limited-partnership interest is owned by KIPLP.
1.3.B.2.(n) PSEG Leasing Inc., a New Jersey corporation, with principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a 50% general
partner in National Energy Leasing Partners.
1.3.B.2.(n)(i) National Energy Leasing Partners, a Delaware partnership, with
registered offices at One Riverchase Parkway South, Birmingham, Alabama 35244,
has entered into lease transactions with respect to certain equipment
installed at the Hanford small power-production QF of HLP and five Contra Costa
County, California, small power-production QFs of GWFLP.
1.3.B.2.(o) PSEG Mount Carmel Inc., a New Jersey corporation, with principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a 49.5% limited
partner in PRRA. PSEG Conemaugh Management Inc. owns a 0.5%, general-partnership
interest in PRRA, resulting in a 50%, indirect ownership by Global USA.
1.3.B.2.(p) PSEG New Hampshire Inc., a New Hampshire corporation, with principal
executive offices at 9 Capital Street, Concord, New Hampshire. PSEG New
Hampshire is a co-managing 40% general-partner in Bridgewater Power Company,
L.P.
1.3.B.2.(p)(i) Bridgewater Power Company, L.P., a New Hampshire limited
partnership, with principal executive offices at Route 3, Bridgewater, New
Hampshire 03222, owns a biomass-fired small power-production QF in Bridgewater,
New Hampshire.
1.3.B.2.(q) PSEG Project Services Inc., a New Jersey corporation, with principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, provides
engineering procurement construction and management services and owns a 50%,
general-partnership interest in each of the following two limited partnerships,
as described below.
1.3.B.2.(q)(i) National Energy Constructors, a Delaware general partnership,
with principal executive offices at One Riverchase Parkway South, Birmingham,
Alabama 35244, has constructed five petroleum coke-fired small power-production
QFs owned and operated by GWFLP and a petroleum coke-fired small
power-production QF owned by HLP.
1.3.B.2.(q)(ii) Tracy Operators, a California general partnership, with
principal executive offices at 14800 West Schulte Road, Tracy, California 95376,
operates and maintains a biomass-fired small power-production QF in Tracy,
California in which PSEG Tracy Inc., has an ownership interest as described
below.
1.3.B.2.(r) Deblois Investments, Inc., a New Jersey corporation, with principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, is presently
inactive.
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1.3.B.2.(s) PSEG Tracy Inc., a New Jersey corporation, with principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, is a 34.5% general partner
in Thermal Energy Development Partnership, L.P.
1.3.B.2.(s)(i) Thermal Energy Development Partnership, L.P., a Delaware limited
partnership, with registered office at 2711 Centerville Road, Suite 400,
Wilmington, Delaware 19808. Thermal Energy Development Partnership, L.P. owns
a biomass-fired small power-production QF in Tracy, California.
1.3.B.2.(t) PSEG U.S. Services Inc., a Delaware corporation, with registered
office at 1209 Orange Street, Wilmington, Delaware 19801, was formed for the
purposes of future investments in Texas and is presently inactive.
1.3.B.2.(u) PSEG International Inc., a Delaware corporation, with registered
office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801, has the
following direct and indirect wholly-owned and partially-owned subsidiaries, as
described below.
1.3.B.2.(u)(i) PSEG Americas Services Inc., a Delaware corporation, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, provides
management operations and maintenance personnel to some of the international
subsidiaries of Global USA.
1.3.B.2.(u)(ii) PSEG Millbank Inc., formerly PSEG Middle East Inc., a Delaware
corporation, with registered office at 1209 Orange Street, Wilmington, Delaware
19801, is presently inactive and has the following two direct wholly-owned
subsidiaries, as described below.
1.3.B.2.(u)(ii)(A) PSEG Global Power Holdings Ltd., formerly Barka Power
Holdings Ltd., a Bermuda limited liability company, with principal offices at
Clarendon House, 2 Church Street, Hamilton HMCX HM11, Bermuda, is presently
inactive.
1.3.B.2.(u)(ii)(B) PSEG UK Services Limited, a United Kingdom company, with
registered office at 100 New Bridge Street, London EC4V 6JA, United Kingdom,
was formed for the purpose of providing employment services.
1.3.B.2.(u)(iii) PSEG (Bermuda) Holdings II Ltd., a Bermuda limited liability
company, with principal, executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, has the following direct subsidiary, as described below.
1.3.B.2.(u)(iii)(A) PSEG Bhilai Energy Company Ltd. (BHILAI), a Mauritius
company, with registered office at 608 St. James Court, St. Denis Street, Port
Louis, Mauritius is a direct wholly-owned subsidiary of PSEG (Bermuda)
Holdings II Ltd.
1.3.B.2.(u)(iv) PSEG Americas Inc., a Delaware corporation, with registered
office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801, has the
following direct and indirect wholly-owned and partially-owned subsidiaries, and
owns a 0.01% interest in PSEG Americas Operating Company (PSEGAOC) as described
below.
1.3.B.2.(u)(iv)(A) La Plata I, Inc., a Delaware corporation, with registered
office at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, is a
direct and wholly-owned subsidiary of PSEG Americas Inc.
16
1.3.B.2.(u)(iv)(B) PSEG Texgen Holdings Inc., a Delaware corporation, with
registered office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801,
was formed for the purpose of future investments in Texas. PSEG Texgen Holdings
Inc., is a direct and wholly-owned subsidiary of PSEG Americas Inc. and has the
following direct and indirect subsidiaries, as described below.
1.3.B.2.(u)(iv)(B)(i) PSEG Texgen I Inc. (Texgen I), a Delaware corporation,
with registered office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware
19801, owns a 0.5% interest in Texas Independent Energy, L.P. (TIELP).
1.3.B.2.(u)(iv)(B)(ii) PSEG Texgen II Inc. (Texgen II), a Delaware corporation,
with registered office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware
19801, owns a 49.5% interest in TIELP.
1.3.B.2.(u)(iv)(B)(ii)(a) Texas Independent Energy, L.P. (TIELP), a Delaware
limited partnership, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in power-generating
facilities in Texas. Texgen I and Texgen II together own 50% of TIELP. TIELP has
five direct and three indirect subsidiaries, as described below.
1.3.B.2.(u)(iv)(B)(ii)(a)(i) Guadalupe Power I, LLC, a Delaware limited
liability company, with 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 (GPP),
as described below.
1.3.B.2.(u)(iv)(B)(ii)(a)(ii) Guadalupe Power II, LLC, a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly-owned subsidiary of TIELP and owns a 99%,
limited-partnership interest in GPP, as described below.
1.3.B.2.(u)(iv)(B)(ii)(a)(ii)(a) Guadalupe Power Partners, LP (GPP), a
Delaware limited partnership and an EWG, with registered office at 1209 Orange
Street, Wilmington, Delaware 19801, owns a natural gas-fired power-generating
facility in Guadalupe County, Texas.
1.3.B.2.(u)(iv)(B)(ii)(a)(iii) Odessa-Ector Power I, LLC, a Delaware limited
liability company, with 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 (OEPP) and
Odessa-Ector Power Partners Services, L.P. (OEPPS), as described below.
1.3.B.2.(u)(iv)(B)(ii)(a)(iv) Odessa-Ector Power II, LLC, a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly-owned subsidiary of TIELP and owns a 99%,
limited-partnership interest in OEPP and OEPPS, as described below.
1.3.B.2.(u)(iv)(B)(ii)(a)(iv)(a) Odessa-Ector Power Partners, L.P. (OEPP), a
Delaware limited partnership and an EWG, with registered office at 1209 Orange
Street, Wilmington, Delaware 19801, owns a natural gas-fired power-generating
facility in Ector County, Texas.
17
1.3.B.2.(u)(iv)(B)(ii)(a)(iv)(b) Odessa-Ector Power Partners Services, L.P.
(OEPPS), a Delaware limited partnership, with registered office at 1209 Orange
Street, Wilmington, Delaware 19801, was formed for the purpose of holding an
interest in a natural-gas transportation pipeline located in Ector County,
Texas.
1.3.B.2.(u)(iv)(B)(ii)(a)(v) Texas Independent Energy Operating Company, LLC
(TIE), a Delaware limited liability company and an EWG, with 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.(u)(iv)(B)(iii) PSEG Preferred Partner L.L.C., a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in power-generating
facilities in Texas including investments in GPP and OEPP.
1.3.B.2.(u)(iv)(C) PSEG Global Funding II LLC, a Delaware limited liability
company, with registered office at 1209 Orange Street, Wilmington, Delaware
19801, directly owns PSEG Global Funding Corp.
1.3.B.2.(u)(iv)(C)(i) PSEG Global Funding Corp., a Delaware corporation, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, wholly owns
PSEG Global Funding III Company. In addition, PSEG Global Funding Corp. has an
80% interest in Asociacion o Cuentas en Participacion (CEP), as described below.
1.3.B.2.(u)(iv)(C)(i)(a) PSEG Global Funding III Company, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, has the following
interest and subsidiaries.
1.3.B.2.(u)(iv)(C)(i)(a)(i) Asociacion o Cuentas en Participacion (CEP) is a
contractual arrangement through which PSEG Global Funding Corp. and PSEG Global
Funding III Company have an 80% and a 20% interest, respectively, in the profits
and losses of CEP. CEP was formed for the purpose of making investments in South
America, and by such contractual arrangement has beneficial ownership in the
following two entities.
1.3.B.2.(u)(iv)(C)(i)(a)(i)(a) PSEG 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. PSEG Finance Company is
wholly-owned by PSEG Global Funding III Company.
1.3.B.2.(u)(iv)(C)(i)(a)(i)(b) PSEG Peru S.R.L., a Peruvian limited liability
company, with registered office at Victor Andres Belaunde 147, Via Principal
155, Edificio Centro Empresarial Camino Real, Oficina 1201, San Isidro, Peru, is
99.97% owned by PSEG Global Funding III Company and 0.03% owned by PSEG Finance
Company.
1.3.B.2.(u)(iv)(D) PSEG Global Management Inc., formerly Mendoza Energia, Inc.,
a Delaware corporation, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of providing
energy-related services.
18
1.3.B.2.(u)(iv)(E) Sempra Energy International Chile Holdings I B.V., a
Netherlands company, with principal executive offices at Weena 340, Rotterdam,
The Netherlands 3012NJ, was formed for the purpose of investing in Latin
America. PSEG Americas Inc. own 0.10810% and Sempra Energy owns the remaining
interest.
1.3.B.2.(u)(v) PSEG China Holdings Ltd., formerly PSEG Gongyi Power Ltd., a
Bermuda limited liability company, with principal offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is presently inactive.
1.3.B.2.(u)(vi) PSEG Philippine Holdings LLC (PPHLLC), a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, has one direct 27.67%-owned subsidiary and eighteen indirect
partially-owned subsidiaries, as described below.
1.3.B.2.(u)(vi)(A) Magellan Capital Holdings Corporation (MCHC), a Philippine
company, with executives offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, was formed for the purpose of investing in
power facilities in the Philippines, which are expected to qualify upon
completion as EWGs, has the following, direct and indirect, wholly-owned and
partially-owned subsidiaries:
1.3.B.2.(u)(vi)(A)(i) Magellan Utilities Development Corporation (MUDC), a
Philippines company, with executive offices at 5/F Citibank Center, 8741 Paseo
de Roxas, Makati City, 1226 Philippines, 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 42% owned by MCHC.
1.3.B.2.(u)(vi)(A)(i)(a) Pinamucan Power Corporation, a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati
City, 1226 Philippines, is presently inactive. MUDC wholly owns Pinamucan
Power Corporation.
1.3.B.2.(u)(vi)(A)(i)(a)(i) Magellan Power Partnership, a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati
City, 1226 Philippines, is presently inactive. Pinamucan Power Corporation
owns 75% of Magellan Power Partnership. MCHC owns 25% of Magellan Power
Partnership.
1.3.B.2.(u)(vi)(A)(ii) Batangas Agro-Industrial Development Corporation (BAIDC),
a Philippines company, with executive offices at 5/F Citibank Center, 8741
Paseo de Roxas, Makati City, 1226 Philippines, owns certain real property that
may be the site of the EWG that MUDC may construct and owns various
subsidiaries, which hold title to part of the land intended for the MUDC
project. MCHC wholly owns BAIDC.
1.3.B.2.(u)(vi)(A)(ii)(a) Fruits of the East, Inc., a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, was formed as a real estate holding and
development company. BAIDC wholly owns Fruits of the East, Inc.
1.3.B.2.(u)(vi)(A)(ii)(b) King Leader Philippines, Inc., with executive offices
at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226 Philippines, was
formed as a holding company. BAIDC wholly owns King Leader Philippines.
1.3.B.2.(u)(vi)(A)(ii)(c) Homotel Integrated Management Corporation, with
executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226
Philippines, was formed to engage in the business of management services. BAIDC
wholly owns Homotel Integrated Management Corporation.
1.3.B.2.(u)(vi)(A)(ii)(d) Samar Commodities Trading, Inc., with executive
offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226
Philippines, is wholly owned by BAIDC.
1.3.B.2.(u)(vi)(A)(ii)(e) Tropical Aqua Resources, Inc., with executive offices
at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226 Philippines, was
formed to engage in aquatic, marine and agricultural trading. BAIDC wholly owns
Tropical Aqua Resources, Inc.
1.3.B.2.(u)(vi)(A)(ii)(f) United Philippine Oil Trading, Inc., with executive
offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226
Philippines, was formed to engage in commodities trading. BAIDC wholly owns
United Philippine Oil Trading, Inc.
1.3.B.2.(u)(vi)(A)(iii) Pinamucan Industrial Estates, Inc., a Philippines
company, with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, owns a portfolio of bond and money market
investments. Pinamucan Industrial Estates, Inc. was formed as a real estate
holding and development company. MCHC owns 99.9% of Pinamucan Industrial
Estates, Inc.
1.3.B.2.(u)(vi)(A)(iv) F & J Prince Holdings Corporation, a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City,
1226 Philippines, is 9.85% owned by MCHC.
1.3.B.2.(u)(vi)(A)(iv)(a) Magellan Capital Holdings Corporation (MCHC I), a
Philippines company, with executive offices at 5/F Citibank Center, 8741 Paseo
de Roxas, Makati City, 1226 Philippines, is 66.67% owned by F & J Prince
Holdings Corporation.
1.3.B.2.(u)(vi)(A)(iv)(b) Pointwest Technologies Corporation, a Philippines
company, with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, was formed to engage in the business of
developing, designing and marketing information technology systems. F & J Prince
Holdings Corporation owns 30% of Pointwest Technologies Corporation.
1.3.B.2.(u)(vi)(A)(v) Malabrigo Corporation, a Philippines company, with
executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City, 1226
Philippines, was formed for the purpose of operating coal mines and holding
mineral and water rights. MCHC wholly owns Malabrigo Corporation.
1.3.B.2.(u)(vi)(A)(vi)) Magellan Capital Corporation, a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City,
1226 Philippines, is presently inactive. MCHC wholly owns Magellan Capital
Partnership.
1.3.B.2.(u)(vi)(A)(vii) Magellan Capital Realty Development Corporation, a
Philippines company, with offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, is presently inactive. MCHC wholly owns
Magellan Capital Realty Development Corporation.
1.3.B.2.(u)(vi)(A)(viii*) Magellan Capital Trading Corporation, a Philippines
company, with offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City,
1226 Philippines, is presently inactive. MCHC wholly owns Magellan Trading
Capital Corporation.
1.3.B.2.(u)(vii) PSEG Pontianak (L) Ltd., a Malaysian company, with offices at
Level 10, Wisma Oceanic, Jalan O.K.K. Awang Besar, 87007 Labuan F.T., Malaysia,
has one direct 93.75%-owned subsidiary, as described below.
1.3.B.2.(u)(viii)(A) PT Pontianak Power, an Indonesian company, with principal
executive offices at JI. Dr. Saharjo 52 Jakarta, 12970 Indonesia, is presently
inactive.
1.3.B.2.(u)(viii) PSEG Zhou Kou Power Ltd., a Bermuda limited liability company,
with principal, executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, is presently inactive.
19
1.3.B.2.(u)(ix) PSEG Rades Services Inc., formerly Empresa Argentina Electrica
I, Inc., a Delaware corporation, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of providing management
services for projects in Tunisia.
1.3.B.2.(u)(x)PSEG Elcho Services Inc., formerly Empresa Argentina Electrica II,
Inc., a Delaware corporation, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of providing management
services for projects in Chorzow, Poland.
1.3.B.2.(u)(xi) PSEG Europe Ltd., formerly PSEG Global Ltd., a United Kingdom
company, with registered office at 100 New Bridge Street, EC4V 6JA, United
Kingdom, was formed for the purpose of managing development activities in
Europe and the Middle East. PSEG Europe Ltd. has the following, wholly-owned
subsidiaries.
1.3.B.2.(u)(xi)(A) PSEG Technical Services Ltd., a United Kingdom company, with
registered office at 100 New Bridge Street, EC4V 6JA, United Kingdom, was
formed for the purpose of providing technical services to power facilities in
Poland. PSEG Technical Services Ltd. is inactive.
1.3.B.2.(u)(xi)(B) PSEG Offshore Operations Ltd., formerly PSEG Operations Ltd.,
a United Kingdom company, with registered office at 100 New Bridge Street, EC4V
6JA, United Kingdom, was formed for the purpose of providing construction
management operation and maintenance services offshore to Carthage Power
Company Sarl (CPC) and is presently inactive.
1.3.B.2.(u)(xi)(C) PSEG Operations Tunisia Ltd., a United Kingdom company, with
registered office at 100 New Bridge Street, EC4V 6JA, United Kingdom, was
formed for the purpose of providing construction management operation and
maintenance services offshore to CPC. PSEG Operations Tunisia Ltd. is
presently inactive.
1.3.B.2.(u)(xii) PSEG Operaciones I Company, formerly PSEG Electrica and
Turbogeneradores de Cagua Company, a Cayman Islands company, with registered
office at Ugland House, P.O. Box 309, George Town, Grand Cayman, Cayman Islands,
British West Indies, was formed for the purpose of making investments in South
America.
1.3.B.2.(u)(xiii) PSEG Operaciones II Company, formerly Peru Power, Ltd., a
Cayman Islands company, with registered office at Ugland House, P.O. Box 309,
George Town, Grand Cayman, Cayman Islands, British West Indies, was formed for
the purpose of making investments in South America.
1.3.B.2.(u)(xiii)(A) Asociacion o Cuentas en Participacion (CEPII) is a
contractual arrangement through which PSEG Operaciones II Company has an 80%
interest, and PSEG Operaciones I Company has a 20% interest, in the profits and
losses of CEPII. CEPII was formed for the purpose of making investments in South
America, and by such contractual arrangement has beneficial ownership in the
following two entities.
1.3.B.2.(u)(xiii)(A)(i) PSEG Cuenta Finance Company, formerly Andina Mendoza I
Company, a Cayman Islands company, with registered office at Ugland House, P.O.
Box 309, George Town, Grand Cayman, Cayman Islands, British West Indies, was
formed for the purpose of making investments in South America.
20
1.3.B.2.(u)(xiii)(A)(ii) PSEG Genaracion y Energia Chile Limitada, a Chilean
limited liability company, was formed for the purpose of making investments in
Latin America. PSEG Genaracion y Energia Chile Limitada owns an
electric-generating station in Chile.
1.3.B.2.(u)(xiv) North Bay Power LLC, a Delaware limited liability company,
with registered office at 1209 Orange Street, Wilmington, Delaware 19801, was
formed for the purpose of investing in North America.
1.3.B.2.(u)(xv) PSEG Henrietta Turbine Inc., formerly PSEG Mexico Inc., a
Delaware corporation, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is presently inactive.
1.3.B.2.(u)(xvi) PSEG California Corp., a Delaware corporation, with registered
office at 1209 Orange Street, Wilmington, Delaware 19801, was formed for the
purpose of investing in North America. PSEG California Corp. has the following
50%-owned subsidiary, as described below.
1.3.B.2.(u)(xvi)(A) GWF Energy LLC, a Delaware limited liability company and an
EWG, with registered office at 1209 Orange Street, Wilmington, Delaware 19801,
was formed for the purpose of investing in three natural gas-fired peaker
facilities in California.
1.3.B.2.(u)(xvii) PSEG California II Corp., formerly Andina Electrica, Inc., a
Delaware corporation, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in North America. PSEG
California II Corp. owns a 12.43532% interest in GWF Energy LLC.
1.3.B.2.(u)(xviii) PSEG California III Corp., formerly Andina Mendoza
Corporation, a Delaware corporation, with registered office at 1209 Orange
Street, Wilmington, Delaware 19801, was formed for the purpose of investing in
North America. PSEG California III Corp. owns a 12.43532% interest in GWF
Energy LLC.
1.3.B.2.(u)(xix) PSEG Tracy Turbine Inc., formerly PSEG Peru Inc., a Delaware
corporation, with registered office at 1209 Orange Street, Wilmington, Delaware
19801, is presently inactive.
1.3.B.2.(v) PSEG Chilquinta Finance LLC, a Delaware limited liability company,
with registered office at 1209 Orange Street, Wilmington, Delaware 19801, is a
holding company which has the following, 50%-owned subsidiary.
1.3.B.2.(v)(i) Chilquinta Energia Finance Co. LLC, a Delaware limited liability
company, with registered office at 1209 Orange Street, Wilmington, Delaware,
19801, was formed for the purpose of operating and investing in various projects
in Latin America.
1.3.B.2.(w) PSEG Polska Sp. z o.o., a Polish company, with registered office at
ul. Emilii Plater #53, Warsaw, Poland 00-113, was formed for the purpose of
managing investments in Poland.
1.3.B.3. PSEG Global USA L.L.C., a New Jersey limited liability company, with
registered office at 80 Park Plaza, Newark, New Jersey 07102, is presently
inactive.
21
1.3.B.4. PSEG Global International Holdings LLC (PGIHLLC), a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of serving as a holding company for
various international investments. PGIHLLC is wholly-owned by Global.
1.3.B.4.(a) PSEG Americas Ltd., a Bermuda limited liability company, with
principal executive offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, owns a 90% interest in PSEGAOC. PSEG Americas Ltd. has the following
direct and indirect wholly-owned and partially-owned subsidiaries:
1.3.B.4.(a)(i) Andina Mendoza Company, a Cayman Islands company, with registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, was formed for the purpose of investing
internationally.
1.3.B.4.(a)(ii) Inversiones PSEG Americas Chile Holding Limitada (Inversiones
Chile), a Chilean limited liability company, with registered office at
Miraflores 222, Piso 24, Santiago, Chile, was formed for the purpose of
investing in Saesa and Empresa Electrica de la Frontera S.A. (Frontel).
Inversiones Chile is 88.5013% owned by PSEG Americas Ltd., 11.492% owned by PSEG
Finance Company, and 0.0067% owned by PSEG Chilean Equity II Ltd
(Chilean Equity II).
1.3.B.4.(a)(ii)(A) Empresa Electrica de la Frontera S.A. (Frontel), a Chilean
company and a FUCO, with registered office at Isidora Goyenechea No. 3621, Piso
20, Las Condes, Santiago, Chile, was formed for the purpose of investing in
Latin America and owns electric distribution facilities in Chile. Frontel is
95.889% owned by Inversiones Chile and 0.006% owned by Chilean Equity II.
Frontel owns a 0.1% direct interest in each of Compania Electrica Osorno S.A.
(Creo) and Sistema de Transmision del Sur S.A. (STS), as described below.
1.3.B.4.(a)(ii)(B) Sociedad Austral de Electricidad S.A. (SAESA), a Chilean
sociedad anonima and a FUCO, with registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of
investing in Latin America and owns electric distribution facilities in Chile.
SAESA is 99.922% owned by Inversiones Chile and 0.0056% owned by Chilean Equity
II. SAESA has the following direct and indirect partially-owned subsidiaries:
1.3.B.4.(a)(ii)(B)(i) Empresa de Energia Rio Negro S.A. (Edersa), an Argentine
sociedad anonima and a FUCO, with registered office at Mengelle 145 Cipolletti,
Rio Negro Province, Argentina, was formed for the purpose of investing in Latin
America and owns electric distribution facilities in Chile. Edersa is 50% owned
by SAESA.
1.3.B.4.(a)(ii)(B)(ii) Compania Electrica Osorno S.A. (Creo), a Chilean
sociedad anonima and a FUCO, with registered office at Manuel Bulnes 441,
Osorno, Chile, was formed for the purpose of investing in Latin America and owns
electric distribution facilities in Chile. Creo is 0.1% owned by Frontel and
99.9% owned by SAESA.
22
1.3.B.4.(a)(ii)(B)(iii) Sistema de Transmision del Sur S.A. (STS), a Chilean
sociedad anonima and a FUCO, with registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of
investing in Latin America and owns electric transmission facilities in Chile.
STS is 0.1% owned by Frontel and 99.9% owned by SAESA. STS has one, 8.33%-owned
subsidiary, as described below.
1.3.B.4.(a)(ii)(B)(iii)(a) Centro de Despacho Economico de Carga del Sistema
Electrico Interconectado Central CDEC-SOC Limitada, a Chilean limited liability
company, with registered office in Chile, was formed for the purpose of
investing in Latin America and owns electric distribution facilities in Chile.
STS owns 8.33% of CDEC-SO.
1.3.B.4.(a)(ii)(B)(iv) Empresa Electrica de Aisen S.A. (Edelaysen), a Chilean
sociedad anonima and a FUCO, with registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of
investing in Latin America and owns electric distribution facilities in Chile.
Edelaysen is 91.66% owned by SAESA.
1.3.B.4.(a)(iii) PSEG Americas Operating Company (PSEGAOC), a Cayman Island
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, is a 90%,
directly-owned subsidiary of PSEG Americas Ltd. PSEG Americas Inc. holds an
additional 0.01% interest in this company.
1.3.B.4.(a)(iv) PSEG Brasil Ltda., a Brazilian limited liability company, with
registered office at Avenida das Nacoes Unidas, 12.995, 10 andar,
salas 10, Edificio Plaza Centenario, Chacara Itaim, Sao Paulo, Sao Paulo,
CEP 04578-000, Brazil, provides management and business-development services.
PSEG Americas Ltd. directly owns 99.99% of PSEG Brasil Ltda. Ipe Energia
S.A. (IPE), as described below, directly owns the remaining 0.01%.
1.3.B.4.(a)(v) PSEG Brazil II Company, a Cayman Islands company, with registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, has one 50%-owned subsidiary.
1.3.B.4.(a)(v)(A) PSEG Trader S.A., formerly Terra Roxa Participacoes S.A., a
Brazilian company, with registered office at Avenida das Nacoes Unidas,
12.995, 10 andar, conjunto 101, sala 13, Edificio Plaza Centenario,
Chacara Itaim, Sao Paulo, Sao Paulo, CEP 04578-000, Brazil, is presently
inactive. PSEG Brazil III Company owns the remaining 50% interest in PSEG
Trader S.A.
1.3.B.4.(a)(vi) PSEG Brazil III Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has one, 50%-owned subsidiary, PSEG
Trader S.A., which is also 50% owned by PSEG Brazil II Company.
1.3.B.4.(a)(vii) PSEG Brazil Investment Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
indirectly acquiring privatized assets in Brazil. PSEG Brazil Investment Company
has the following direct and indirect wholly-owned and partially-owned
subsidiaries, as described below.
1.3.B.4.(a)(vii)(A) Pampa Energia Ltda., a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
indirectly acquiring privatized assets in Brazil. Pampa Energia Ltda. has the
following direct and indirect wholly-owned and partially-owned subsidiaries, as
described below.
23
1.3.B.4.(a)(vii)(A)(i) PSEG Brazil Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
indirectly acquiring an interest in Rio Grande Energia S.A. (RGE), as described
below. PSEG Brazil Company presently owns a 50% interest in PSEG Participacoes
S.A. and in IPE. PSEG Brazil I Company owns the remaining 50% interest in PSEG
Participacoes S.A. and in IPE.
1.3.B.4.(a)(vii)(A)(i)(a) PSEG Participacoes S.A., a Brazilian sociedade
anonima, with registered office at Av. das Nacoes Unidas, 12.995,
10 andar, conjunto 101, sala 14, Edificio Plaza Centenario Building,
Chacara Itaim, Sao Paulo, Sao Paulo, CEP 04578-000, Brazil, is presently
inactive.
1.3.B.4.(a)(vii)(A)(i)(b) Ipe Energia Ltda. (IPE), a Brazilian company, with
registered office at Avenida das Nacoes Unidas, 12.995, 10 andar,
sala 11, Edificio Plaza Centenario, Chacara Itaim, Sao Paulo, CEP 04578-000,
Brazil, owns a 32.46% interest in RGE. IPE also owns 0.01% of PSEG Brasil Ltda.
1.3.B.4.(a)(vii)(A)(i)(b)(i) Rio Grande Energia S.A. (RGE), formerly Companhia
Norte e Nordeste de Distribuicao de Energia Eletrica, a Brazilian sociedade
anonima and a FUCO, with registered office at Rua Sao Luiz, 77, 7 andar,
Porto Alegre, Rio Grande do Sul, Brazil, is a Brazilian electric-distribution
company located in the State of Rio Grande do Sul. IPE owns 32.46% of RGE. RGE
has the following, wholly-owned subsidiary.
1.3.B.4.(a)(vii)(A)(i)(b)(i)(a) Sul Geradora Participacoes S.A., a Brazilian
sociedade anonima, with registered office at Av. Eng. Luiz Carlos Berrini,
1297-13 anadar parte, CEP 04571-010, Sao Paulo, Sao Paulo, Brazil, was formed
for the purpose of participation in importation, exportation and commerce of
agricultural products.
1.3.B.4.(a)(vii)(A)(ii) PSEG Brazil I Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
acquiring an indirect ownership interest in RGE and presently owns a 50%
interest in PSEG Participacoes S.A. and in IPE. PSEG Brazil Company owns the
remaining 50% interest in PSEG Participacoes S.A. and in IPE. PSEG Brazil I
Company also owns a 99.9405% interest in Conversora de Fertilizante e Energia do
Parana Ltda., a Brazilian limited liability company, and PSEG Brazil Company
holds the remaining 0.0595% ownership interest.
1.3.B.4.(a)(vii)(A)(ii)(a) Conversora de Fertilizante e Energia do Parana Ltda.,
formerly PSEG Brasil Operacoes Ltda., with registered office at Avenida das
Nacoes Unidas, 12.995, 10 andar, Conjunto 101, sala 12, Edificio Plaza
Centenario, Chacara Itaim, Sao Paulo, Sao Paulo, CEP 04578-000, Brazil. PSEG
Brazil I Company presently owns approximately a direct 99.95% interest in
Conversora de Fertilizante e Energia do Parana Ltda., PSEG Brazil Company
directly owns the remaining approximately 0.05%.
24
1.3.B.4.(a)(viii) PSEG Brazil Operating Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
providing operating and maintenance services to RGE.
1.3.B.4.(a)(ix) PSEG (Bermuda) Holdings III Ltd., a Bermuda limited liability
company, with principal, executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, was formed for the purpose of investing in India. PSEG
(Bermuda) Holdings III Ltd. has one direct wholly-owned subsidiary and several
indirect subsidiaries, as described below.
1.3.B.4.(a)(ix)(A) PSEG India Ltd., a Mauritius company, with registered office
at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, has the
following direct wholly-owned and indirect partially-owned subsidiaries, as
described below.
1.3.B.4.(a)(ix)(A)(i) PSEG Ambalamugal Energy Company Ltd., a Mauritius company,
with 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.
PSEG Ambalamugal Energy Company Ltd. owns one share of PSEG PPN Operations
Private Ltd. (PPN Operations), as described below.
1.3.B.4.(a)(ix)(A)(ii) PSEG North Chennai Ltd., formerly PSEG North Madras Ltd.,
a Mauritius company, with 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. 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).
1.3.B.4.(a)(ix)(A)(ii)(a) Tri-Sakthi Investments Limited (TSIL), a Mauritius
company, with registered office at 3rd Floor, TM Building, Pope Hennesy Street,
Port Louis, Mauritius, has a 50% interest in TSEPL.
1.3.B.4.(a)(ix)(A)(iii)(a)(i) Tri-Sakthi Energy Private Limited (TSEPL), an
Indian company, with registered office at No. 7 "Mamatha Complex", II Floor, 13
Whites Road, Chennai, India 600014, was formed for future investments in India.
TSEPL has had one project only, i.e., 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.4.(a)(x) PSEG Cayman Americas Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has the following subsidiaries:
1.3.B.4.(a)(x)(A) PSEG Cayman Americas V Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.4.(a)(x)(B) PSEG Inversora S.A., an Argentine sociedad anonima, with
registered office at Marcelo T. de Alvear 684, Piso 2, Buenos Aires, Argentina,
is presently inactive. PSEG Cayman Americas Company owns 99.99% of PSEG
Inversora S.A. PSEG Americas Ltd. owns the remaining 0.01%.
25
1.3.B.4.(a)(xi) PSEG Global Funding II Corp., a Delaware corporation, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, was formed
for future investments in South America.
1.3.B.4.(a)(xii) PSEG Luxembourg S.a.r.l., a Luxembourg company, with registered
office at 4 Rue Carlo Hemmer, Luxembourg, was formed as a holding company for
entities in various jurisdictions.
1.3.B.4.(a)(xiii) Transamerica Energy Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
making a future investment in Latin America. Transamerica Energy Company has
an 80% interest in Asociacion en Participacion (AenPII), as described below.
1.3.B.4.(a)(xiii)(A) Asociacion en Participacion (AenPII) is a contractual
arrangement through which Transamerica Energy Company has an 80% interest, and
PSEG Americas Ltd. has a 20% interest, in the profits and losses of AenPII.
AenPII was formed for the purpose of making investments in South America, and by
such contractual arrangement has beneficial ownership in the following
two entities:
1.3.B.4.(a)(xiii)(A)(i) Electroandes S.A., a Peruvian sociedad anonima and a
FUCO, with registered address at Avenida Canaval y Moreyra 380, Torre Siglo XXI,
Piso 16, San Isidro, Lima 27, Peru, was formed for the purpose of investing in
Latin America and owns a hydro-powered electric generation station.
1.3.B.4.(a)(xiii)(A)(ii) PSEG Peru Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.4.(a)(xiv) Venergy Holdings Company, formerly Turbogeneradores de Maracay
Company, a Cayman Islands company, with registered office at Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies,
has the following direct and indirect partially-owned and wholly-owned
subsidiaries, as described below:
1.3.B.4.(a)(xiv)(A) Turboven Company Inc., a Cayman Islands company, with
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 50%-owned, direct subsidiary of Venergy Holdings Company. Turboven
Company Inc. has the following direct wholly-owned subsidiaries:
1.3.B.4.(a)(xiv)(A)(i) Turboven Cagua Company Inc. (CAGUA), a Cayman Islands
company and a FUCO, with 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, was formed for the purpose of making investment in
Latin America.
1.3.B.4.(a)(xiv)(A)(ii) Turboven Maracay Company Inc. (MARACAY), a Cayman
Islands company and a FUCO, with 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, was formed for the purpose of making
investments in Latin America.
26
1.3.B.4.(a)(xiv)(A)(iii) Turboven Valencia Company Inc (VALENCIA)., a Cayman
Islands company, with 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, was formed for the purpose of making
investments in Latin America. VALENCIA is a FUCO.
1.3.B.4.(a)(xiv)(A)(iv) Turboven La Victoria Company Inc., a Cayman Islands
company with 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, was formed for the purpose of making investments in Latin
America.
1.3.B.4.(a)(xv) Rayo-Andino Gestora Company, formerly Turbogeneradores de
Valencia Company, a Cayman Islands company, with registered office at Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies, has one direct 0.03%-owned subsidiary, as described below.
1.3.B.4.(a)(xv)(A) Promotora Termica del Cafe S.C.A., a Colombian company, with
registered office at Carrera 11 No. 86-60, Oficina 301 de Santafe de Bogota,
Colombia is presently inactive.
1.3.B.4.(a)(xvi) Rayo-Andino Inversora Company, a Cayman Islands company, with
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has a direct 92.83% interest in
Promotora Termica del Cafe S.C.A., with an additional 0.03% interest owned by
Rayo-Andino Gestora Company, Rayo-Andino Inversora Company has a 100% interest
in PSEG International Holding Company, as described below.
1.3.B.4.(a)(xvi)(A) PSEG International Holding Company, a Cayman Island company,
with registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has the following direct and
indirect subsidiaries, as described below.
1.3.B.4.(a)(xvi)(A)(i) PSEG International Holding II Company, a Cayman Island
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, wholly owns PSEG
International Ltd. and indirectly partially owns CPC, as described below.
1.3.B.4.(a)(xvi)(A)(i)(a) PSEG International Ltd., a Bermuda limited liability
company and an EWG, with principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda HM11, has a 60% interest in CPC, as described
below.
1.3.B.4.(a)(xvi)(A)(i)(a)(i) Carthage Power Company Sarl (CPC), a Tunisian
company, with registered offices at Immeuble al Badr 1, Rue 102, Les Berges du
Lac, Tunis 2045, Tunisia, 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.4.(a)(xvi)(A)(ii) PSEG Holdings Pte Ltd., a Singapore company, with
principal executive offices at 95 South Bridge Road, #09-00 Pidemco Centre,
Singapore 058717, was formed for the purpose of investing in power facilities in
Israel.
27
1.3.B.4.(a)(xvii) PSEG Chilean Equity II Ltd. (Chilean Equity II), a Cayman
Islands company, with 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, as described below.
1.3.B.4.(a)(xvii)(A) PSEG Chilean Equity Ltd. (Chilean Equity), a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, was formed for the
purpose of making investments in Chile and Peru. Chilean Equity II owns 99.9% of
Chilean Equity.
1.3.B.4.(a)(xvii)(A)(i) PSEG Venezuela S.R.L., a Venezuelan limited liability
company, with registered office at Edificio ABA, Calle Veracruz, Las Mercedes,
Caracas, 1060, Venezuela, owned 99.95% by Chilean Equity and 0.05% by PSEG
Chilean Equity III Ltd., was formed for the purpose of making investments in
South America.
1.3.B.4.(a)(xvii)(A)(ii) PSEG Chilean Equity III Ltd., a Cayman Islands company,
with registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
making investments in Chile.
1.3.B.4.(a)(xvii)(A)(iii) Asociacion en Participacion (AenP) is a contractual
arrangement through which Chilean Equity has a 24% interest, and PSEG Americas
Ltd. has a 76% interest, in the profits and losses of AenP. AenP was formed for
the purpose of making investments in South America, and by such contractual
arrangement has beneficial ownership in the following entities.
1.3.B.4.(a)(xvii)(A)(iii)(a) Chilquinta Energia S.A. (CHILQUINTA), a Chilean
sociedad anonima and a FUCO, with principal, executive offices at General Cruz
No. 222, Valparaiso, Chile, owns electric distribution facilities. AenP has a
49.9925% beneficial ownership interest in CHILQUINTA.
1.3.B.4.(a)(xvii)(A)(iii)(a)(i) I.T.O. International Technical Operators A.V.V.,
formerly Chilquinta International A.V.V., a Peruvian company, with registered
office at P.O. Box 1311, Zoutmanstraat 35, Oranjestad, Aruba, was formed for
the purpose of making investments in Peru. CHILQUINTA wholly owns I.T.O.
International Technical Operators A.V.V.
1.3.B.4.(a)(xvii)(A)(iii)(a)(ii) Energas S.A., a Chilean sociedad anonima, with
principal place of business at General Cruz No. 222, Valparaiso, Chile, was
formed for the purposes of acquiring, producing, storing, distributing and
selling gas and related business in the Fifth Region of Chile. CHILQUINTA
directly owns a 99.99% interest in Energas S.A. Compania Electrica del
Litoral S.A. (Compania Electrica) owns the remaining 0.01%.
1.3.B.4.(a)(xvii)(A)(iii)(a)(iii) Energia de Casablanca S.A., a Chilean sociedad
anonima, with principal place of business at Portales 187, Casablanca, Chile,
was formed for the purposes of distributing, generating, acquiring and selling
electric or other kinds of energy and related business. CHILQUINTA directly owns
a 69.62% interest in Energia de Casablanca S.A.
28
1.3.B.4.(a)(xvii)(A)(iii)(a)(iv) Compania Electrica del Litoral S.A. (Compania
Electrica), a Chilean sociedad anonima, with principal place of business at
Alameda 949, Of. 2002, Santiago, Chile, was formed for the purpose of producing,
acquiring, transporting, distributing and selling electric energy and related
business. CHILQUINTA directly owns a 75.61% interest in Compania Electrica.
1.3.B.4.(a)(xvii)(A)(iii)(a)(iv)(a) Inmobiliaria del Litoral S.A., a Chilean
sociedad anonima, with principal place of business at Alameda 949, Of. 2002,
Santiago, Chile, was formed for the purposes of producing, acquiring,
transporting, distributing and selling electric energy and related business.
Compania Electrica directly owns an 80% interest in Inmobiliaria del Litoral
S.A. Generadora Electrica Sauce Los Andes S. A. holds the remaining 20%
interest.
1.3.B.4.(a)(xvii)(A)(iii)(a)(iv)(b) Generadora Electrica Sauce Los Andes S. A.,
a Chilean sociedad anonima, with principal place of business at Alameda 949, Of.
2002, Santiago, Chile, was formed for the purposes of producing, acquiring,
transporting, distributing and selling electric energy and related business.
Compania Electrica directly owns a 99.5% interest in Generadora Electrica Sauce
Los Andes S.A. and CHILQUINTA holds the remaining 0.5% interest.
1.3.B.4.(a)(xvii)(A)(iii)(a)(v) Luzlinares S. A., a Chilean sociedad anonima,
with principal place of business at Max Jara 478, Linares, Chile, was formed for
the purpose of distributing, generating, acquiring and selling electric or other
kinds of energy and related business. CHILQUINTA directly owns an 85% interest
in Luzlinares S.A.
1.3.B.4.(a)(xvii)(A)(iii)(a)(vi) Distribuidora Parral S.A., a Chilean sociedad
anonima, with principal place of business at Max Jara 478, Linares, Chile, was
formed for the purposes of distributing, generating, acquiring and selling
electric or other kinds of energy and related business. CHILQUINTA directly owns
a 51% interest in Distribuidora Parral S.A.
1.3.B.4.(a)(xvii)(A)(iii)(b) Inversiones PSEG Chile Holdco Limitada, a Chilean
sociedad de responsabilidad limitada, with registered office at, Miraflores 222,
Piso 24, Santiago, Chile, was formed for the purpose of holding investments in
Chile and has the following direct partially-owned subsidiary, as described
below.
1.3.B.4.(a)(xvii)(A)(iii)(b)(i) Tecnored Limitada(Tecnored), a Chilean limited
liability company, with principal executive offices at Av. Apoquindo 3721, Piso
13, Santiago, Chile, was formed for the purpose of providing services to
CHILQUINTA, and is 50% owned by Inversiones PSEG Chile Holdco Limitada.
1.3.B.4.(a)(xvii)(A)(iii)(c) Peruvian Opportunity Company S.A.C. (POC) is a
Peruvian company, has its registered office at Victor Andres Belaunde 147,
Edificio Real 3, Piso 12, San Isidro, Lima 27, Peru. AenP has a 50% beneficial
ownership interest in POC. POC has direct and indirect, wholly-owned and
partially-owned subsidiaries, as described below.
1.3.B.4.(a)(xvii)(A)(iii)(c)(i) Ontario Quinta S.R.L. (Ontario), a Peruvian
corporation, with registered office of Av. Canaval y Moreyra N DEG. 380 Piso 16,
San Isidro Lima 27, Peru, was formed for the purpose of making investments in
Peru. POC owns more than 99%, and Chilean Equity owns less than 1%, of Ontario.
29
1.3.B.4.(a)(xvii)(A)(iii)(c)(i)(a) Luz del Sur S.A.A. (LUZ), a Peruvian sociedad
anonima and a FUCO, with principal executive offices at Canaval y Moreyra 380,
Piso 16, San Isidro, Lima 27, Peru, is an electric-distribution company serving
southern Lima, Peru. LUZ is 61.16% owned by Ontario, 22.89% owned by POC and
3.83% owned by Energy Business International A.V.V. (EBI).
1.3.B.4.(a)(xvii)(A)(iii)(c)(i)(a)(i) Empresa de Distribucion Electrica de
Canete S.A. (Edecanete), a Peruvian sociedad anonima, has its executive offices
at Av. 28 de Julio 386, San Vicente de Canete, Canete. LUZ owns a 99.9999%
interest and each of Tecsur S.A.A. and Inmobiliaria Luz del Sur S.A. owns a
0.00005% interest.
1.3.B.4.(a)(xvii)(A)(iii)(c)(i)(a)(ii) Inmobiliaria Luz del Sur S.A., a Peruvian
sociedad anonima, with principal executive offices at Av. 28 de Julio 386, San
Vincente de Canete, Canete, Peru, is 99.9999% owned by LUZ.
1.3.B.4.(a)(xvii)(A)(iii)(c)(i)(a)(iii) Luz del Sur International A. V. V., an
Aruban company, with principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba, is wholly-owned by LUZ.
1.3.B.4.(a)(xvii)(A)(iii)(c)(ii) Energy Business International S.R.L. (EBI), a
Peruvian company, with principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba, is a holding company with a 3.83% interest in LUZ. EBI is
99.99% owned by POC.
1.3.B.4.(a)(xvii)(A)(iii)(c)(iii) PSEG Sempra Peruvian Services Company, a
Cayman Islands company, with registered office at Ugland House, South Church
Street, Georgetown, Grand Cayman, Cayman Islands, British West Indies, was
formed for the purpose of investing in power facilities in Latin America. PSEG
Sempra Peruvian Services Company owns 100% less one share of IeSE. PSEG Sempra
Peruvian Services Company II owns one share of IeSE.
1.3.B.4.(a)(xvii)(A)(iii)(c)(iii)(a) Inversiones en Servicios Electricos S.R.L.
(IeSE), a Peruvian company, with registered office at Av. Camino Real No. 390,
Oficina No. 801, Edificio Torre Central, Centro Camino Real, San Isidro, Lima
27, Peru, was formed for the purpose of investing in Latin America. IeSE owns a
51.79% interest in Tecsur S.A.A.
1.3.B.4.(a)(xvii)(A)(iii)(c)(iii)(a)(i) Tecsur S.A.A., a Peruvian sociedad
anonima, with executive offices at Pasaje Calango 158 San Juan De Miraflores,
Lima, Peru, is an energy-related services company. Ontario owns a 3.72%
interest, POC owns a 31.51% interest, and IeSE owns a 51.79% interest, in Tecsur
S.A.A.
1.3.B.4.(a)(xvii)(A)(iii)(c)(iv) PSEG Sempra Peruvian Services Company II, a
Cayman Islands company, with registered office at Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands, British West Indies, was
formed for the purpose of investing in power facilities in Latin America. PSEG
Sempra Peruvian Services Company II owns one share of IeSE.
1.3.B.4.(a)(xvii)(A)(iii)(d) PSEG Cayman Americas IV Company, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, was formed for the
purpose of making future investments in Latin America.
30
1.3.B.4.(a)(xvii)(A)(iii)(e) Servicios Tecnicos PSEG Chile Limitada, a Chilean
limited liability company, with registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of
providing management services.
1.3.B.4.(a)(xviii) Inframax, a Cayman Islands company, with registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies, was formed in order to provide services and materials
relating to energy and communication delivery. Inframax holds a direct 33.34%
interest in each of the following companies:
1.3.B.4.(a)(xviii)(A) BA Services.Com S.R.L., an Argentine limited liability
company, with registered office at Avenida del Libertador No. 602, Piso 13,
Buenos Aires, Argentina, was formed for the purpose of providing internet-access
services to the area. BA Services.Com S.R.L. is 33.34% owned by Inframax.
1.3.B.4.(a)(xviii)(B) BA Trading S.R.L., an Argentine limited liability company,
with registered office at Avenida del Libertador No. 602, Piso 13, Buenos Aires,
Argentina, is presently inactive and is 33.34% owned by Inframax.
1.3.B.4.(a)(xviii)(C) BA Renewable S.R.L., an Argentine limited liability
company, with registered office at Avenida del Libertador No. 602, Piso 13,
Buenos Aires, Argentina, is presently inactive and is 33.34% owned by Inframax.
1.3.B.4.(a)(xix) PSEG Americas II Ltd. a Bermuda company, with principal
executive offices at Clarendon House, 2 Church Street, Hamilton, Bermuda, has
one direct 50%-owned subsidiary and one indirect 17.13%-owned subsidiary, as
described below.
1.3.B.4.(a)(xix)(A) Turbogeneradores de Venezuela, C.A. (TGV), a Venezuelan
compania anonima, with principal executive offices at Avenida Francisco de
Miranda, Torre Country Club, Chacaito, Caracas 1050, Venezuela, is 50%, directly
owned by PSEG Americas II Ltd. TGV owns 17.13% of Turbogeneradores Maracay, C.A.
(TGM).
1.3.B.4.(a)(xix)(A)(i) Turbogeneradores Maracay, C.A. (TGM), a Venezuelan
company and a FUCO, with principal executive offices at Avenida Francisco de
Miranda, Torre Country Club, Chacaito, Caracas 1050, Venezuela, owns an
investment in a gas-fired electric power-generation facility in Maracay,
Venezuela.
1.3.B.4.(a)(xx) PSEG China Inc., a Delaware corporation, with registered
office at 1209 Orange Street, Wilmington, Delaware 19801, has the following
direct and indirect wholly-owned and partially-owned subsidiaries:
1.3.B.4.(a)(xx)(A) Meiya Power Company Limited, a Bermuda limited liability
company, with registered offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, is 50% owned by PSEG China Inc. and has the following direct and
indirect wholly-owned and partially-owned subsidiaries:
31
1.3.B.4.(a)(xx)(A)(i) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius company
and an EWG, with registered office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius, was formed for the purpose of investing in power
facilities in Zuojiang, China. ZHL has a direct 60% interest in Guangxi Zuojiang
Meiya Hydropower Co. Ltd. (GZMHCL), as described below.
1.3.B.4.(a)(xx)(A)(i)(a) Guangxi Zuojiang Meiya Hydropower Co. Ltd. (GZMHCL), a
Chinese joint venture company, with registered office at 17 You Ai North Road,
Nanning City, Guangxi Zhuang Nationality Autonomous Region, China, owns and
operates a hydroelectric power facility in Zuojiang, Guangxi Zhuang Nationality
Autonomous Region, China.
1.3.B.4.(a)(xx)(A)(ii) PSEG Huangshi Power Ltd. (HUANGSHI), a Bermuda limited
liability company and an EWG, with registered offices at Clarenden House, 2
Church Street, Hamilton, Bermuda, was formed for the purpose of investing in
power facilities in China. HUANGSHI has a direct, 49% interest in Hubei
Xisaishan Power Generation Company, Limited, as described below.
1.3.B.4.(a)(xx)(A)(ii)(a) Hubei Xisaishan Power Generation Company, Limited, a
Chinese company, with registered offices at Xi Sai Shan Town, Huangshi City,
Hubei Province, was formed for the purpose of investing in power facilities in
China.
1.3.B.4.(a)(xx)(A)(iii) PSEG Shanghai BFG Company, a Cayman Islands company,
with registered office at Ugland House, South Church Street, Georgetown, Grand
Cayman, Cayman Islands, British West Indies, has one wholly-owned direct and one
partially-owned indirect subsidiary, as described below.
1.3.B.4.(a)(xx)(A)(iii)(a) CanAm Energy China Holdings, LLC, a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in power facilities in
China. CanAm Energy China Holdings, LLC has a 65% interest in Shanghai Wei-Gang
Energy Company Ltd. (SWGEC), as described below.
1.3.B.4.(a)(xx)(A)(iii)(a)(i) Shanghai Wei-Gang Energy Company Ltd. (SWGEC), a
Chinese joint venture company and a FUCO, with registered office at 735
Changjiang Road, Shanghai, China 200431, owns and operates a blast-furnace,
gas-fired, electric, power-generation facility in Shanghai, China.
1.3.B.4.(a)(xx)(A)(iv) PSEG Tongzhou Cogen Power Ltd., (TCP), a Bermuda limited
liability company and an EWG, with registered offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, has one direct 80%-owned subsidiary, as
described below.
1.3.B.4.(a)(xx)(A)(iv)(a) Tongzhou Meiya Cogeneration Co. Ltd. (TMCC), a Chinese
joint venture company, with offices at Jin Tong Lu, Tongzhou City, Jiangsu
Province, China, owns and operates a coal-fired, cogeneration facility in
Tongzhou City, Jiangsu Province, China.
32
1.3.B.4.(a)(xx)(A)(v) PSEG (Bermuda) Holdings Ltd., a Bermuda limited liability
company, with registered offices at Clarendon House, 2 Church Street, Hamilton,
Bermuda, owns a 60% interest in Shanghai Meiya Jinqiao Energy Co. Ltd., as
described below.
1.3.B.4.(a)(xx)(A)(v)(a) Shanghai Meiya Jinqiao Energy Co. Ltd., a Chinese joint
venture company, with registered office at 125 Chuan Qiao Road, Jinqiao EPZ,
Shanghai, China, owns and operates a coal/oil-fired, steam plant in Shanghai,
China.
1.3.B.4.(a)(xx)(A)(vi) China U.S. Power Partners I, Ltd. (CUPPI), a Bermuda
limited liability company and an EWG, with registered offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda, has a 30% interest in Jingyuan Second
Power Co., Ltd., (JINGYUAN), as described below.
1.3.B.4.(a)(xx)(A)(vi)(a) Jingyuan Second Power Co., Ltd., (JINGYUAN), a Chinese
joint venture company, with registered office at Lanzhou City, Gansu Province,
China, owns a coal-fired, electric, power-generation facility in Jingyuan,
China.
1.3.B.4.(a)(xx)(A)(vii) Meiya Power China Holdings Limited, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, owns the following
direct and indirect subsidiaries:
1.3.B.4.(a)(xx)(A)(vii)(a) Meiya Power International Holding I, Limited., a
Cayman Islands company, with registered office at Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands, British West Indies, owns a
100% interest in Meiya Electric Asia, Ltd.
1.3.B.4.(a)(xx)(A)(vii)(a)(i) Meiya Electric Asia, Ltd., a Mauritius company and
an EWG, with registered office at 608 St. James Court, St. Denis Street, Port
Louis, Mauritius, wholly-owns Nantong Meiya Co-generation Co., Ltd. (NANTONG).
1.3.B.4.(a)(xx)(A)(vii)(a)(i)(a) Nantong Meiya Co-generation Co., Ltd.
(NANTONG), formerly Nantong Entergy Heat & Power Co., Ltd., a Chinese company,
with registered office at No.12 Zhong Xiang Road, Nantong Economic and
Technological Development Zone, Nantong Municipality, Jiangsu Province, China,
owns and operates a steam-turbine, electric, power-generation facility in
Jiangsu, China.
1.3.B.4.(a)(xx)(A)(viii) Meiya Hanneng Power Company Limited, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, was formed for the
purpose of making investments in China.
1.3.B.4.(a)(xx)(A)(ix) Meiya Power Investment Company Limited, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, owns 1% of Fast Well
Investments Limited (FWIL), as described below.
33
1.3.B.4.(a)(xx)(A)(x) Meiya Hexie Power Company Limited, a Cayman Islands
company, with registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, has the following
direct and indirect partially-owned subsidiaries:
1.3.B.4.(a)(xx)(A)(x)(a) Fast Well Investments Limited (FWIL), a Hong Kong
company and an EWG, with registered office at Suite 1501-7 Harbour Centre, 25
Harbour Road, Wanchai, Hong Kong, China was formed for the purpose of holding
investments. Meiya Hexie Power Company Limited owns 99% of FWIL and Meiya Power
Investment Company Limited owns the remaining 1%. FWIL has a direct 100%
interest in Sichuan Hexie Electric Power Co., Ltd., as described below.
1.3.B.4.(a)(xx)(A)(x)(a)(i) Sichuan Hexie Electric Power Co., Ltd., a
wholly-owned, foreign enterprise in China, and an EWG, with registered office at
Gu Cheng Cun, Hua Yang Town, Chengdu City, Sichuan Province, China, was formed
for the purpose of owning and operating a gas-fired electric power generation
facility in Chengdu, Sichuan Province, China.
1.3.B.4.(a)(xx)(A)(xi) PSEG Rongjiang Hydropower Ltd. (PSEG Rongjiang), a
Mauritius company and an EWG, with registered office at 608 St. James Court, St.
Denis Street, Port Louis, Mauritius, was formed for the purpose of investing in
power facilities in China. PSEG Rongjiang owns a 55% interest in Guangxi
Rongjiang Meiya Company Ltd. (GRMCL) and an 80% interest in Guangxi Rongjiang
Meiya Hydropower Company Ltd.
1.3.B.4.(a)(xx)(A)(xi)(a) Guangxi Rongjiang Meiya Company Ltd. (GRMCL), a
Chinese joint venture company, with registered office at 70-1, Shan Zhong Road,
Liuzhou City, Guangxi, China, owns a dam station.
1.3.B.4.(a)(xx)(A)(xi)(b) Guangxi Rongjiang Meiya Hydropower Company Ltd., a
Chinese joint venture company and an EWG, with registered office at 70-1, Shan
Zhong Road, Liuzhou City, Guangxi, China, owns a hydropower station.
1.3.B.4.(a)(xx)(A)(xii) Yaneng Consulting (Shanghai) Company Limited, a Chinese
company, with principal executive offices at Unit 08-13, 14th Floor, POS Plaza,
1600 Century Avenue, Pudong New District, Shanghai, China, renders consulting
services on technology and other services in relation to the electric and
thermal-power industry.
1.3.B.4.(a)(xx)(A)(xiii) Meiya (Tao Yuan) Power Company Limited (TAO YUAN), a
Malaysian company and EWG, with registered office at Level 13(E), Main Office
Tower, Financial Park Labuan, Jalan Merdeka, 87000, Labuan F.T., Malaysia, owns
a 35% interest in Kuo Kuang Power Company Limited, as described below.
1.3.B.4.(a)(xx)(A)(xiii)(a) Kuo Kuang Power Company Limited, a Taiwanese
company, with registered office at No. 11 Beiyou 1st District, Nanshang Village,
Guesham Shiang, Taoyuan County, Taiwan, China, was formed for the purpose of
investing in power facilities in Taiwan.
34
1.3.B.4.(a)(xx)(A)(xiv) Meiya Sanjiang Hydropower Limited (MSHL), formerly Meiya
Rudong Cogen Power Ltd., a Cayman Islands company, with registered office at
Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands,
British West Indies, was formed for the purpose of making investments in China.
MSHL has the following direct partially-owned subsidiary:
1.3.B.4.(a)(xx)(A)(xiv)(a) Mianyang Sanjiang Meiya Hydropower Company Limited, a
Chinese joint venture company, with registered office at 13, North Section,
Mianzhou Da Dao, Mianyang, Sichuan Province, China, was formed for the purposes
of constructing, owning and operating a hydroelectric-power facility in
Mianyang, Sichuan Province, China. MSHL owns 75% of Mianyang Sanjiang Meiya
Hydropower Company Limited.
1.3.B.4.(a)(xx)(A)(xv) Meiya Power Development Company Limited, a Hong Kong
company, with registered office at 1501-7 Harbour Centre, 25 Harbour Road,
Wanchai, Hong Kong, China, was formed for the purpose of making investments in
Korea.
1.3.B.4.(a)(xx)(A)(xvi) Meiya Qujing Power Company Limited (MQPCL), a Cayman
Islands company and an EWG, with registered office at Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands, British West Indies, was
formed for the purpose of making investments in China. MQPCL has the following
direct partially-owned subsidiary:
1.3.B.4.(a)(xx)(A)(xvi)(a) SDIC Qujing Power Generation Co., Ltd., a Chinese
joint venture company, with registered office at Nanning Bei Lu, Qujing City,
Yunnan Province, China, was formed for the purpose of constructing, owning and
operating an electric power plant in Qujing City, Yunnan Province, China.
1.3.B.4.(a)(xx)(A)(xvii) Meiya (Taiwan) Power Development Limited, a Malaysian
company, with 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.4.(a)(xx)(A)(xviii) Meiya (Lanzhou) Power Company Limited, a Cayman
Islands company, with registered office at Scotia Centre, 4th Floor, P.O. Box
2804, George Town, Grand Cayman, Cayman Islands, British West Indies, was formed
for the purpose of making investments in China.
1.3.B.4.(a)(xx)(A)(xix) Meiya Qingjiang Hydropower Limited, a Cayman Islands
company, with registered office at Scotia Centre, 4th Floor, P.O. Box 2804,
George Town, Grand Cayman, Cayman Islands, British West Indies, was formed for
the purpose of making investments in China.
1.3.B.4.(a)(xx)(A)(xx) Meiya Haian Cogen Power Limited, a Cayman Islands
company, with registered office at Scotia Centre, 4th Floor, P.O. Box 2804,
George Town, Grand Cayman, Cayman Islands, British West Indies, was formed for
the purpose of making investments in China and owns the following subsidiary.
1.3.B.4.(a)(xx)(A)(xx)(a) Haian Meiya Cogeneration Co. Ltd., a Chinese company,
with principal executive office at 27 Chang Jiang Dong Road, Haian Economic
Development Zone, Haian, Jiangsu Province, China, was formed for the purpose of
making investments in China.
35
1.3.B.4.(a)(xx)(A)(xxi) Meiya Yulchon Power Company Limited, a Maltese company,
with principal executive office at 171 Old Bakery Street, Valetta, Malta, was
formed for the purpose of making investment in Korea, and owns the following
subsidiary.
1.3.B.4.(a)(xx)(A)(xxi)(a) Meiya Yulchon Generation Co., Ltd., a Korean
company, with principal executive office at Yulchon First Local Industrial
Complex, Haeryong-myun, Soonchun-shi, Chollanam-do, Korea, was formed for the
purpose of investing in power facilities in Korea.
1.3.B.4.(a)(xxii) PSEG Salalah Inc., a Delaware corporation, with registered
office at 1209 Orange Street, Wilmington, Delaware 19801, has the following
direct and indirect wholly-owned and partially-owned subsidiaries:
1.3.B.4.(a)(xxii)(A) Salalah Power Holdings, Ltd., a Bermuda limited liability
company, with principal executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, is wholly-owned by PSEG Salalah Inc. and has the following
direct and indirect wholly-owned and partially-owned subsidiaries:
1.3.B.4.(a)(xxii)(A)(i) Dhofar Power Company S.A.O.C. (Dhofar Power), an Oman
company and a FUCO, with registered office at Hormuz Building, 5th Floor, Ruwi
Roundabout, Ruwi, Muscat, Oman, was formed for the purpose of investing in power
facilities in Oman. Dhofar Power is 81% owned by Salalah Power Holdings, Ltd.
Dhofar Power owns a 99.99% interest in Dhofar Generating Company S.A.O.C.
(Dhofar Generating).
1.3.B.4.(a)(xxii)(A)(i)(a) Dhofar Generating Company S.A.O.C. (Dhofar
Generating), an Oman company and an EWG, with registered office at Hormuz
Building, 5th Floor, Ruwi Roundabout, Ruwi, Muscat, Oman, was formed for the
purpose of investing in power facilities in Oman.
1.3.B.4.(a)(xxiii) PSEG Argentina Holding Company LLC, a Delaware limited
liability company, with registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in Latin America.
1.3.B.4.(a)(xxiv) PSEG Cayman Americas I Company, a Cayman Islands company,
with registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has one 99.99% subsidiary as
described below. PSEG Cayman Americas II Company owns the remaining 0.01%.
1.3.B.4.(a)(xxiv)(A) PSEG Operadora S.R.L., an Argentine limited liability
company, with registered office at Marcelo T. de Alvear 684, Piso 2, Buenos
Aires, Argentina, is presently inactive.
1.3.B.4.(a)(xxv) PSEG Cayman Americas II Company, a Cayman Islands company,
with registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, owns 0.01% of PSEG Operadora S.R.L.
1.3.B.4.(a)(xxvi) PSEG Edeersa Company, formerly PSEG Sharquia Power Holdings
Ltd., a Cayman Islands company, with registered office at Ugland House, South
Church Street, George Town, Grand Cayman, Cayman Islands, British West Indies is
wholly-owned by PSEG Americas Ltd. and is inactive.
36
1.3.B.4.(a)(xxvii) PSEG Chile Generation Ltd., formerly Salalah Power Holdings I
Ltd., a Bermuda company, with principal executive offices at Clarendon House, 2
Church Street, Hamilton, Bermuda, is being used for the purpose of investing in
power facilities in Chile and has one direct subsidiary, as described below.
1.3.B.4.(a)(xxvii)(A) Compania de Generacion del Sur S.A., a Chilean sociedad
anonima, with registered office at Miraflores 222, Piso 24, Santiago, Chile, was
formed for the purpose of investing in Latin America. Compania de Generacion del
Sur is 99.99% owned by PSEG Chile Generation Ltd. and 0.01% owned by PSEG Brazil
I Company.
1.3.B.4.(a)(xxviii) PSEG Uruguay Sociedad de Responsabilidad Limitada, an
Uruguayan limited liability company, with registered office at Avenida 18 de
julio 984, 4. Piso, Palacio Brasil, Montevideo, 11100, Uruguay, is presently
inactive. PSEG Americas Ltd. owns 99% of PSEG Uruguay S.R.L. and Andina Mendoza
Company own the remaining 1%. PSEG Uruguay Sociedad de Responsabilidad Limitada
has the following, wholly-owned subsidiaries:
1.3.B.4.(a)(xxviii)(A) PSEG Spain S.L., a Spanish limited liability company,
with registered office at Plaza de Pablo Ruiz Picasso, Sin Numero, Torre
Picasso, Planta 5a, Madrid, 28020, Spain, is presently inactive.
1.3.B.4.(a)(xxviii)(B) PSEG Uruguay Finance Company, a Cayman Islands company,
with registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.5. PSEG India Company, a Cayman Islands company, with registered office
at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, has one direct wholly-owned subsidiary and
several indirect wholly-owned and partially-owned subsidiaries, as described
below.
1.3.B.5.(a) PSEG EAMS Ltd., a Mauritius company, with registered office at 608
St. James Court, St. Denis Street, Port Louis, Mauritius, is a wholly-owned
subsidiary of PSEG India Company and has two direct wholly-owned subsidiaries,
one indirect partially-owned subsidiary, and one indirect wholly-owned
subsidiary, as described below.
1.3.B.5.(a)(i) PSEG Operations Ltd., a Mauritius company, with registered office
at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, has the
following direct partially-owned subsidiary:
1.3.B.5.(a)(i)(A) PSEG PPN Operations Private Limited (PPN Operations), an
Indian company and an EWG, with 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. PSEG Ambalamugal Energy
Company Ltd. owns one share of PPN Operations.
1.3.B.5.(a)(ii) PSEG PPN Energy Company Ltd. (PPN Energy), a Mauritius company
and an EWG, with 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. PPN Energy has a 20% ownership interest in PPN Power
Generating Company Limited (PPN PGC), as described below.
37
1.3.B.5.(a)(ii)(A) PPN Power Generating Company Limited (PPN PGC), an Indian
company, with registered office at Jhaver Plaza III Floor, I A Nungambakkam High
Road, Nungambakkam, Chennai, India 600034, was formed for the purpose of owning
and operating power facilities in India.
1.3.B.6. PSEG Europe (Delaware) LLC (PEDLLC), formerly PSEG Europe (Delaware)
Inc. and PSEG Elcho (Delaware) Inc., a Delaware limited liability company, with
registered office at 1209 Orange Street, Wilmington, Delaware 19801, has the
following direct and indirect wholly-owned and partially-owned subsidiaries:
1.3.B.6.(a) PSEG Europe B.V., a Netherlands company, with principal executive
offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, 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.6.(a)(i) PSEG Investments B.V., a Netherlands company, with principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, was formed
for the purpose of investing in power facilities in Turkey. PSEG Europe B.V.
owns 99% of PSEG Investments B.V. and PEDLLC owns 1%.
1.3.B.6.(a)(i)(A) Konya Ilgin Elektrik Uretim ve Ticaret Ltd. Sti., a Turkish
company, with registered address at Piyade Sk. 18 C Blok Flat No. 8, Cankaya,
Akara, Turkey, was formed for the purpose of investing in Turkey. PSEG
Investments B.V. owns 99% of Konya Ilgin Elektrik Uretim ve Ticaret Ltd. Sti.,
and PSEG Turkey B.V. owns 1%.
1.3.B.6.(a)(ii) PSEG Silesia B.V., a Netherlands company, with principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, has the
following two wholly-owned and one partially-owned subsidiaries:
1.3.B.6.(a)(ii)(A) PSEG Chorzow B.V., a Netherlands company and an EWG, with
principal executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands,
has a 75.196% interest in Elektrocieplownia Chorzow ELCHO Sp. z o.o.
1.3.B.6.(a)(ii)(A)(i) Elektrocieplownia Chorzow ELCHO Sp. z o.o. a Polish
company, with principal executive offices at ul. Kosciuszki 6, 41-500 Chorzow,
Poland, is developing a coal-fired power station in Chorzow, Poland, and upon
completion of the facility is expected to qualify as an EWG.
1.3.B.6.(a)(iii) PSEG Turkey B.V., formerly Konya Ilgin Electric Production
B.V., a Netherlands company, with principal, executive offices at Weena 340,
3012 NJ Rotterdam, The Netherlands, was formed for the purpose of investing in
power facilities in Turkey. PSEG Europe B.V. owns 99% of PSEG Turkey B.V. and
PEDLLC own 1%.
1.3.B.6.(a)(iv) PSEG Italia B.V. (formerly Ramat Hovav, B.V.), a Netherlands
company, with principal executive offices at Weena 340, 3012 NJ Rotterdam, The
Netherlands, 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.
38
1.3.B.6.(a)(iv)(A) Prisma 2000 S.p.A. (Prisma), an Italian company, with
registered office at Via G. de Castro, 4-20144 Milan, Italy, was formed for the
purpose of construction, operation and maintenance of investing in power
projects in Italy. Prisma has the following direct wholly-owned and
partially-owned subsidiaries:
1.3.B.6.(a)(iv)(A)(i) Cellulosa Calabra S.p.A., an Italian company, with
registered office at Strada Statale 106, Zona Industriale 88900 Crotone, Italy,
was formed for the purpose of investing in power facilities in Italy, and is 50%
owned by Prisma.
1.3.B.6.(a)(iv)(A)(ii) Energ S.p.A., an Italian company, with registered office
at Via Toledo (Piazzetta Duca d'Aosta) 265-80100 Napoli, Italy, was formed for
the purpose of investing in power facilities in Italy and is 50% owned by
Prisma.
1.3.B.6.(a)(iv)(A)(iii) San Marco Bioenergie S.p.A. (San Marco), an Italian
company, with registered office at Via G. de Castro, 4-20144 Milan, Italy, was
formed for the purpose of investing in power facilities in Italy and is 99.8%
owned by Prisma.
1.3.B.6.(a)(iv)(A)(iv) Idrogest S.p.A., an Italian company, with registered
office at Via Piemonte 117, Roma, Italy, is presently inactive. Prisma wholly
owns Idrogest S.p.A.
1.3.B.6.(a)(iv)(A)(v) Elettrica Centro Nord S.r.l., an Italian company, with
registered office at Corso Nizza 10 (Int 5), 12100 Cuneo, Italy, is presently
inactive. Prisma wholly owns Elettrica Centro Nord S.r.l.
1.3.B.6.(a)(iv)(A)(vi) Sicob Energia S.r.l., an Italian company, with registered
office at Castel San Giorgio, Localita Zona Industriale, 84083, Salerno, Italy,
is presently inactive. Prisma wholly owns Sicob Energia S.r.l.
1.3.B.6.(a)(iv)(A)(vii) Ecogen S.p.A., an Italian company, with registered
address at Strada Cipata 118, 46100, Mantova, Italy, is 0.30% owned by Prisma,
and is presently inactive.
1.3.B.6.(a)(iv)(A)(viii) Biomasse Italia S.p.A., an Italian company and an EWG,
with registered office at Strada Statale 106, Zona Industriale, 88900-Crotone,
Italy, was formed for the purpose of investing in power facilities in Italy.
Prisma owns a 50% interest in Biomasse Italia S.p.A., which has the following
direct, wholly-owned subsidiaries.
1.3.B.6.(a)(iv)(A)(viii)(a) P.A. Energy S.r.l., an Italian company, with
registered office at Viale Citta d'Europa 681, Roma, Italy, is presently
inactive.
1.3.B.6.(a)(iv)(A)(viii)(b) Barzellotti Lemerangi Bioenergia S.r.l., an Italian
company, with registered office at Corso Cavour 9, 06034 Foligno (PG), Perugia
Italy, is presently inactive.
1.3.B.6.(a)(iv)(A)(viii)(c) La Montagnola Leopardi S.r.l., an Italian company,
with registered office at Corso Cavour 9, 06034 Foligno (PG), Perugia, Italy, is
presently inactive.
1.3.B.6.(a)(iv)(A)(viii)(d) Pontedera Energia S.p.A., an Italian company, with
registered office at Via Carducci 8, Empoli (FI), Firenze, Italy, is presently
inactive.
39
1.3.B.6.(a)(iv)(A)(viii)(e) Tecnogrp Beco S.p.A., an Italian company, with
registered office at Via Carducci 8, Empoli (FI), Firenze, Italy, is 0.005%
owned by Prisma, and is presently inactive.
1.3.B.6.(a)(v) PSEG Poland Distribution B.V. (PSEG Poland), a Netherlands
company and an EWG, with principal executive offices at Weena 340, 3012 NJ
Rotterdam, The Netherlands, owns approximately 75% of the following subsidiary:
1.3.B.6.(a)(v)(A) Elektrownia Skawina, S.A., a Polish company, with registered
offices at ul. Pilsudskiego 10, Skawina, 32-050, Skawina, Poland, owns and
operates a coal-fired power station at Skawina, Poland.
1.3.B.6.(a)(vi) PSEG Europe V B.V. a Netherlands company, with principal,
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, is presently
inactive.
1.3.C. Enterprise Group Development Corporation (EGDC), a New Jersey
corporation, with 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, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Concourse is a 75% general partner in Concourse at Maitland Associates (CMA).
EGDC owns 100% of Concourse, which is presently inactive.
1.3.C.1.(a) Concourse at Maitland Associates (CMA), a Florida general
partnership, with principal executive offices at One Riverchase Parkway South,
Birmingham, Alabama 35201, is presently inactive.
1.3.C.2. EGDC - Fairfax, Incorporated (Fairfax), a Virginia corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a
50%, general partner in Monument Place Associates (MPA).
1.3.C.2.(a) Monument Place Associates (MPA), a Virginia general partnership,
with principal executive offices at 1416 Dodge Street, Room 1100, Omaha,
Nebraska 68179, owns land on which it plans to develop an office complex in
Fairfax County, Virginia.
1.3.C.3. State Street Square Urban Renewal Partners (SSSURPI), a New Jersey
general partnership, with principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, owns land and improvements comprising one phase of a
commercial-office complex in Trenton, New Jersey.
40
1.3.C.4. State Street Square Urban Renewal Partners II (SSSURPII), a New Jersey
general partnership, with principal executive offices at 50 West State Street,
Trenton, New Jersey 08608, owns vacant land presently used for surface parking
comprising one phase of a commercial-office complex in Trenton, New Jersey.
1.3.C.5. State Street Square Partners III (SSSIII), a New Jersey general
partnership, with principal executive offices at 50 West State Street, Trenton,
New Jersey 08608, owns land in Trenton, New Jersey.
1.3.C.6. State Street Square NSB Partners (SSSNSB), a New Jersey general
partnership, with principal executive offices at 50 West State Street, Trenton,
New Jersey 08608, owns the former National State Bank Building in Trenton, New
Jersey.
1.3.C.7. State Street Square 36 West Partners (SSS36W), a New Jersey general
partnership, with principal executive offices at 50 West State Street, Trenton,
New Jersey 08608, is presently inactive.
1.3.C.8. EGDC - Largo Incorporated (Largo), a Maryland corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, 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, with principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, is presently inactive.
1.3.D. PSEG Energy Technologies Asset Management Company LLC (PETAMC), a New
Jersey limited liability company, with principal executive office at
80 Park Plaza Newark, New Jersey 07102. PETAMC is a single member limited
liability company with the sole member being Energy Holdings. PETAMC has the
following seven direct subsidiaries, all of which were formed to hold assets of
a former subsidiary of Energy Holdings, PSEG Energy Technologies, Inc. All are
presently inactive.
1.3.D.1. PSEG Energy Technologies Asset Service Company LLC, with principal,
executive office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.2. PSEG Energy Technologies Demand Management Assets Company LLC, with
principal, executive office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.3. The Dowling Group, Inc., with principal executive office at 80 Park
Plaza Newark, New Jersey 07102.
1.3.D.4. McBride Energy Service Company, LLC, with principal executive office at
80 Park Plaza Newark, New Jersey 07102.
1.3.D.5. PSEG ET 211 S.Broad Street Company, LLC, with principal executive
office at 80 Park Plaza Newark, New Jersey 07102.
41
1.3.D.6. PSEG ET One NFL Plaza Company LLC, with principal executive office at
80 Park Plaza Newark, New Jersey 07102.
1.3.D.7. KHS Holding Corp., with principal executive office at 80 Park Plaza
Newark, New Jersey 07102.
1.3.E. PSEG Capital Corporation (Capital), a New Jersey corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a
wholly-owned, financing subsidiary of Energy Holdings, is presently inactive
and is in the process of being dissolved.
1.3.F. Enterprise Capital Funding Corporation (Funding), a New Jersey
corporation, with principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, is a wholly-owned subsidiary of Energy Holdings and formerly
served as a capital financing vehicle for Energy Holdings. Funding is presently
inactive and is the process of being dissolved.
1.4. PSEG Services Corporation (Services), a New Jersey corporation, with
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, is a
wholly-owned subsidiary of PSEG. PSEG Services Corporation was formed in 1999 to
provide internal support services to PSEG's operating subsidiaries.
1.5. Enterprise Capital Trust I, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently active.
1.6. Enterprise Capital Trust II, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently active.
1.7. Enterprise Capital Trust III, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently active.
1.8. Enterprise Capital Trust IV, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently active.
1.9. Enterprise Capital Trust V, a Delaware Trust has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently inactive.
1.10. PSEG Funding Trust I, a Delaware Trust has its principal executive offices
at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing purposes
and is presently active.
1.11. PSEG Funding Trust II, a Delaware Trust, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently active.
1.12. PSEG Funding Trust III, a Delaware Trust, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently inactive.
1.13. PSEG Funding Trust IV, a Delaware Trust, has its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed for financing
purposes and is presently inactive.
42
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.
As of December 31, 2003, PSE&G owned 41 switching and/or generating
stations in New Jersey with an aggregate installed capacity of 21,079
megavolt-ampers and 241 substations with an aggregate installed capacity of
7,584 megavolt-amperes. In addition, 4 substations in New Jersey having an
aggregate installed capacity of 122 megavolt-amperes were operated on leased
property.
Electric Transmission and Distribution Properties
As of December 31, 2003, PSE&G's transmission and distribution system
included approximately 21,361 circuit miles, of which approximately 7,294 miles
were underground, and approximately 786,980 poles, of which approximately
536,236 poles were jointly owned. Approximately 99% of this property is located
in New Jersey.
In addition, as of December 31, 2003, PSE&G owned five electric
distribution headquarters and four sub-headquarters in four operating
divisions all located in New Jersey.
Gas Distribution Properties
As of December 31, 2003, 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
=========
43
As of December 31, 2003, PSE&G owned and operated approximately 16,932
miles of gas mains, owned 12 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 - 42,080,253 Mwh. (retail and
wholesale) sold primarily in the
state of New Jersey providing
revenue of approximately $3,642
million in 2003.
PSE&G - 425,420,535 Mcf. (2003 basis of 1,035 BTU/cubic foot)
sold in the state of New Jersey providing revenue of
approximately $2,786 million in 2003.
(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.
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.
Power - 53,205,135 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 $338 million in 2003.
44
(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.
Power - 387,940,860 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 $2,124 million in 2003.
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) China U.S. Power Partners I, Ltd. (CUPPI), a Bermuda limited
liability company, with registered office at Clarendon
House, 2 Church Street, Hamilton, Bermuda. CUPPI has a 30%
interest in JINGYUAN, which owns a coal-fired, electric,
power-generation facility in Jingyuan, China. CUPPI is an
EWG.
(ii) PSEG Zuojiang Hydropower Ltd. (ZHL), a Mauritius company,
with registered office at 608 St. James Court, St. Denis
Street, Port Louis, Mauritius, has a direct 60% interest in
GZMHCL, which owns a hydroelectric-power facility in
Zuojiang, Guangxi Zhuang Nationality Autonomous Region,
China. ZHL is an EWG.
45
(iii) PSEG Tongzhou Cogen Power Ltd. (TCP), a Bermuda limited
liability company, with registered offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda. TCP owns an 80%
interest in TMCC, which owns a coal-fired cogeneration
facility in Tongzhou City, Jiangsu Province, China. ChinaInc
indirectly owns 40% of TMCC. TCP is an EWG.
(iv) Rio Grande Energia, S.A. (RGE), a Brazilian company, with
registered office at Rua Sao Luiz, No. 077, 70 Andar, Porto
Alegre, Rio Grande do Sul, Brazil, is an electric-
distribution company serving the State of Rio Grande do Sul,
Brazil. IPE, a Brazilian company, owns 32.46% of RGE. PSEG
Brazil Company and PSEG Brazil I Company, both Cayman
companies, each own 50% of IPE. Pampa Energia Ltda. wholly
owns both PSEG Brazil Company and PSEG Brazil I Company.
RGE is a FUCO.
(v) Turbogeneradores Maracay, C.A. (TGM), a Venezuelan company,
with principal offices located at Avenida Francisco de
Miranda, Piso 12, Torre Country Club, Chacaito, and Caracas
1050, Venezuela, owns and operates two nominal 20 MW simple-
cycle gas turbine generators at the paper-mill facilities of
Manufacturas de Papel, C.A. (MANPA) S.A.C.A. in Maracay,
Venezuela. TGM is a direct 17.13% owned subsidiary of TGV.
TGV is a direct, 50%-owned subsidiary of PSEG Americas II
Ltd. TGM is a FUCO.
(vi) Turboven Cagua Company Inc. (CAGUA), a Cayman Islands
company, with 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, was
formed for the purpose of making investments in Latin
America. CAGUA is a FUCO.
(vii) Turboven Maracay Company Inc. (MARACAY), a Cayman Islands
company, with 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. MARACAY was formed for the purpose of making
investments in Latin America. MARACAY is a FUCO.
46
(viii) Turboven Valencia Company Inc. (VALENCIA), a Cayman Islands
company, with 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, was
formed for the purpose of making a future investment in
Latin America. VALENCIA is a FUCO.
(ix) PSEG PPN Energy Company Ltd. (PPN Energy), a Mauritius
company, with registered office at 608 St. James Court,
St. Denis Street, Port Louis, Mauritius, was formed for the
purpose of investing in power facilities in Kerala, India.
PPN Energy has a 20% ownership interest in PPN PGC. PPN
Energy is an EWG.
(x) PSEG PPN Operations Private Limited (PPN Operations), an
Indian company, with registered office at Prince Towers',
Floor 9, 25-26, College Road, Chennai, India 600 006, was
formed for the purpose of providing operations and
maintenance services to power facilities in India. PPN
Operations is an EWG.
(xi) PSEG International Ltd., a Bermuda limited liability
company, with principal, executive offices at Clarendon,
House, 2 Church Street, Hamilton Bermuda HM11, has a 60%
interest in CPC, a Tunisian company. PSEG International Ltd.
is an EWG.
(xii) Guadalupe Power Partners, LP (GPP), a Delaware limited
partnership, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801 owns a natural gas-fired
power-generating facility in Guadalupe County, Texas.
Texgen I and Texgen II together own 50% of TIELP, which
owns 100% of Guadalupe Power I, LLC and Guadalupe Power II,
LLC. GPP is an EWG.
47
(xiii) Odessa-Ector Power Partners, L.P. (OEPP), a Delaware limited
partnership, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, owns a natural gas-fired
power-generating facility in Ector County, Texas. Texgen I
and Texgen II together own 50% of TIELP, which owns 100% of
Odessa-Ector Power I, LLC and Odessa-Ector Power II, LLC.
OEPP is an EWG.
(xiv) Chilquinta Energia S.A. (CHILQUINTA), a Chilean sociedad
anonima, with principal executive offices at General Cruz
No. 222, Valparaiso, Chile, owns electric distribution
facilities. AenP has a 49.9925% beneficial ownership
interest in CHILQUINTA. CHILQUINTA is a FUCO.
(xv) Luz del Sur S.A.A. (LUZ), a Peruvian sociedad anonima, with
principal executive offices at Canaval y Moreyra 380, Piso
16, San Isidro Lima 27, Peru, is an electric-distribution
company serving southern Lima, Peru. Ontario owns a 61.16%
of LUZ. POC holds a direct interest of 22.89% in LUZ and
EBI owns 3.83% LUZ. LUZ is a FUCO.
(xvi) PSEG Fossil LLC (Fossil), a Delaware limited liability
company, with principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102 is 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.
(xvii) PSEG Nuclear LLC (Nuclear), a Delaware limited liability
company, with principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102, is a wholly-owned subsidiary of
Power and is an EWG. Nuclear was formed to operate the
nuclear-fueled, electric-generation assets of PSE&G, which
were transferred to Power during 2000.
(xvii) PSEG Chorzow B.V., a Netherlands Company, with principal
executive offices at Weena 340, 3012 NJ Rotterdam The
Netherlands, was formed for the purpose of holding shares
in Elektrocieplownia Chorzow ELCHO Sp. z o.o. of which it
presently holds 75.196%. Elektrocieplownia Chorzow ELCHO
Sp. z o.o. is developing a coal-fired power station in
Chorzow Poland. PSEG Chorzow B.V. is an EWG.
48
(xix) PSEG Rongjiang Hydropower Ltd. (PSEG Rongjiang), a
Mauritius company, with registered office at 608 St. James
Court, St. Denis Street, Port Louis, Mauritius, was formed
for the purpose of investing in power facilities in China.
PSEG Rongjiang owns a 55% interest in GRMCL and an 80%
interest in Guangxi Rongjiang Meiya Hydropower Company Ltd.
PSEG Ronjiang is an EWG.
(xx) Kalaeloa Partners, L.P. (KPLP), a Delaware limited
partnership, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, owns a heavy, oil-fired,
cogeneration QF on the Island of Oahu in Hawaii. KPLP is an
EWG.
(xxi) Meiya Electric Asia, Ltd., a Mauritius company, with
registered office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius, wholly owns NANTONG, which
owns a coal-fired, cogeneration facility in Nantong, Jiangsu
Province, China. Meiya Electric Asia, Ltd is an EWG.
(xxii) Shanghai Wei-Gang Energy Company Ltd. (SWGEC), a Chinese
joint venture company, with registered office at 735
Changjiang Road, Shanghai, 200431, China, owns and operates
a blast-furnace, gas-fired, electric, power-generation
facility in Shanghai, China. SWGEC is a FUCO.
(xxiii) PSEG Power New York Inc. (Power New York), a Delaware
corporation, with principal executive offices at
Route 144 Glen Mount, Albany, New York 12077, is a
wholly-owned subsidiary of Fossil. Power New York was formed
to acquire electric-generation assets located in the state
of New York. Power New York is an EWG.
(xxiv) GWF Energy LLC, a Delaware limited liability company, with
registered office at 1209 Orange Street, Wilmington,
Delaware 19801, 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.
49
(xxv) Biomasse Italia S.p.A., an Italian company, with
registered office at Strada Statale 106, Zona Industriale,
88900-Crotone, Italy, was formed for the purpose of
investing in power facilities in Italy. Prisma owns a 50%
interest in Biomasse Italia S.p.A. Biomasse Italia S.p.A. is
an EWG.
(xxvi) Texas Independent Energy Operating Company, LLC (TIE), a
Delaware limited liability company, with registered office
at 1209 Orange Street, Wilmington, Delaware 19801, is a
wholly-owned subsidiary of TIELP. TIE was formed to operate
and maintain the eligible, power-generating facility owned
by each of GPP and OEPP. TIE is an EWG.
(xxvii) Danskammer OP LLC (Danskammer OP), a Delaware limited
liability company, with principal executive offices at 1300
North Market Street Suite 405, Wilmington, Delaware 19801 is
an indirect, wholly-owned subsidiary of RCMC. Danskammer OP
was formed for the purpose of investing in power facilities
in the State of New York. Danskammer OP is an EWG.
(xxviii) Danskammer OL LLC (Danskammer OL), a Delaware limited
liability company, with principal executive offices at 1300
North Market Street Suite 405, Wilmington, Delaware 19801,
is an indirect, wholly-owned subsidiary of RCMC. Danskammer
OL was formed for the purpose of investing in power
facilities in the State of New York. Danskammer OL is an
EWG.
(xxix) Roseton OP LLC (Roseton OP), a Delaware limited liability
company, with principal executive offices at 1300 North
Market Street Suite 405, Wilmington, Delaware 19801, is an
indirect wholly-owned subsidiary of RCMC. Roseton OP was
formed for the purpose of investing in power facilities in
the State of New York. Roseton OP is an EWG.
50
(xxx) Roseton OL LLC (Roseton OL), a Delaware limited liability
company, with 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. Roseton OL is an EWG.
(xxxi) Conemaugh Lessor Genco LLC (Conemaugh Lessor), a
Delaware limited liability company, with principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, is an
indirect wholly-owned subsidiary of PSRC. Conemaugh Lessor
was formed for the purpose of investing in power facilities
in the Commonwealth of Pennsylvania and is an EWG.
(xxxii) Keystone Lessor Genco LLC (Keystone Lessor), a Delaware
limited liability company, with principal executive offices
at 80 Park Plaza, Newark, New Jersey 07102, is an indirect,
wholly-owned subsidiary of PSRC. Keystone Lessor was formed
for the purpose of investing in power facilities in the
Commonwealth of Pennsylvania and is an EWG.
(xxxiii) Shawville Lessor Genco LLC (Shawville Lessor), a
Delaware limited liability company, with principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, is an
indirect, wholly-owned subsidiary of PSRC. Shawville Lessor
was formed for the purpose of investing in power facilities
in the Commonwealth of Pennsylvania and is an EWG.
51
(xxxiv) PSEG Lawrenceburg Energy Company LLC (PSEG
Lawrenceburg), a Delaware limited liability company and an
EWG, with registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of
investing in a power facility in Lawrenceburg, Indiana.
(xxxv) PSEG Waterford Energy LLC (PSEG Waterford), a Delaware
limited liability company and an EWG, with registered office
at 1209 Orange Street, Wilmington, Delaware 19801, was
formed for the purpose of investing in a power facility in
Waterford, Ohio. This company is a wholly-owned subsidiary
of Fossil.
(xxxvi) Empresa Electrica de la Frontera S.A. (Frontel), a
Chilean company, with registered office at Isidora
Goyenechea No. 3621, Piso 20, Las Condes, Santiago, Chile,
owns electric-distribution facilities in Chile. Frontel is
95.889% owned by Inversiones Chile and 0.006% owned by
Chilean Equity II. Frontel owns a 0.10% direct interest in
each of Creo and STS, as described below. Frontel is a FUCO.
(xxxvii) Compania Electrica Osorno S.A. (Creo), a Chilean
sociedad anonima, with registered office at Manuel
Bulnes 441, Osorno, Chile, owns electric-distribution
facilities in Chile. Creo is 0.1% owned by Frontel and 99.9%
owned by SAESA. Creo is a FUCO.
(xxxviii) Sistema de Transmision del Sur S.A. (STS), a Chilean
sociedad anonima, with registered office at Isidora
Goyenechea No. 3621, Piso 20, Las Condes, Santiago, Chile,
owns electric-transmission facilities in Chile. STS is
0.1% owned by Frontel and 99.9% owned by SAESA. STS is a
FUCO.
(xxxix) PSEG Power Midwest LLC (Power Midwest), a Delaware
limited liability company and an EWG, with registered office
at 1209 Orange Street, Wilmington, Delaware 19801, was
formed for the purpose of operating power facilities in the
Midwestern United States.
52
(xl) PSEG Power Connecticut LLC (Power Connecticut), a
Connecticut limited liability company, with registered
office at 1 Commercial Plaza, Hartford, Connecticut 06103 in
care of CT Systems, is an EWG. 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's purpose is to own and
operate fossil-fueled, electric-generation assets in
Connecticut.
(xli) Empresa de Energia Rio Negro S.A. (Edersa), an Argentine
sociedad anonima, with registered office at Mengelle 145
Cipolleti, Rio Negro Province, Argentina, owns
electric-distribution facilities in Chile. Edersa is 50%
owned by SAESA. Edersa is a FUCO.
(xlii) Electroandes S.A., a Peruvian sociedad anonima, with
registered address at Avenida Canaval y Moreyra 380, Torre
Siglo XXI, Piso 16, San Isidro, Lima 27, Peru, owns a
hydro-powered electric-generation station. Electroandes
S.A. is a FUCO.
(xliii) PSEG Poland Distribution B.V. (PSEG Poland),
with principal executive offices at Weena 340,
3012 NJ Rotterdam, Netherlands, and an EWG,
owns approximately 75% of Elektrownia Skawina S.A.
(Skawina). Skawina, a Polish company, with registered
offices at Skawina, Poland, owns and operates a coal-fired
power station at Skawina, Poland.
(xliv) San Marco Bioenergie S.p.A. (San Marco), an Italian
company, with registered office at Via G. de Castro, 4-20144
Milan, Italy, was formed for the purpose of investing in
power facilities in Italy. Prisma owns 99.80% of San Marco.
San Marco is an EWG.
(xlv) Dhofar Power Company S.A.O.C. (Dhofar Power), an Oman
company, with registered office at Hormuz Building, 5th
Floor, Ruwi Roundabout, Ruwi, Muscat, Oman, was formed for
the purpose of investing in power facilities in Oman. Dhofar
Power is 81% owned by Salalah Power Holdings, Ltd. Dhofar
Power owns a 99.99% interest in Dhofar Generating. Dhofar
Power is an EWG.
53
(xlvi) Dhofar Generating Company S.A.O.C. (Dhofar Generating) an
Oman company, with registered office at Hormuz Building, 5th
Floor, Ruwi Roundabout, Ruwi, Muscat, Oman, was formed for
the purpose of investing in power facilities in Oman. Dhofar
Generating is an EWG.
(xlvii) Meiya (Tao Yuan) Power Company Limited (TAO YUAN) a
Malaysian company, with registered office at Level 13(E),
Main Office Tower, Financial Park Labuan, Jalan Merdeka,
87000, Labuan F.T., Malaysia, owns a 35% interest in Kuo
Kuang Power Company Limited. TAO YUAN is an EWG.
(xlviii) Fast Well Investments Limited (FWIL) a Hong Kong
company, with registered office at Suite 1501-7 Harbour
Centre, 25 Harbour Road, Wanchai, Hong Kong, China, has a
direct 100% interest in Sichuan Hexie Electric Power Co.,
Ltd. Sichuan Hexie Electric Power Co., Ltd. was formed for
the purpose of owning and operating a gas-fired,
electric-power, generation facility in Chengdu, Sichuan
Province, China. Meiya Hexie Power Company Limited owns 99%
of FWIL, and Meiya Power Investment Company Limited owns the
remaining 1%. FWIL has a direct, 100% interest in Sichuan
Hexie Electric Power Co., Ltd. FWIL is an EWG.
(xlix) PSEG Huangshi Power Ltd. (HUANGSHI) a Bermuda limited
liability company, with registered offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda, was formed for
the purpose of investing in power facilities in China.
HUANGSHI has a direct, 49% interest in Hubei Xisaishan Power
Generation Company, Limited. HUANGSHI is an EWG.
(l) Meiya Qujing Power Company Limited (MQPCL), a Cayman
Islands company, with registered office at Ugland House,
South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies, owns 37% of SDIC Qujing
Power Generation Co., Ltd. SDIC Qujing Power Generation
Co., Ltd. was formed for the purpose of constructing, owning
and operating an elecric power plant in Qujing City, Yunnan
Province, China. MQPCL is an EWG.
(li) Sociedad Austral de Electricidad S.A. (SAESA), a Chilean
sociedad anonima, with registered office at Isidora
Goyenechea No. 3621, Piso 20, Las Condes, Santiago, Chile,
was formed for the purpose of investing in Latin America and
owns electric-distribution facilities in Chile. SAESA is
99.922% owned by Inversiones Chile and 0.0056% owned by
Chilean Equity II. SAESA is a FUCO.
(lii) Empresa Electrica de Aisen S.A. (Edelaysen), a Chilean
sociedad anonima, with registered office in Chile, was
formed for the purpose of investing in Latin America.
Edelaysen is 91.66% owned by SAESA. Edelaysen is a FUCO.
54
(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 B 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) CUPPI
As of December 31, 2003, PSEG has an indirect aggregate
capital investment in CUPPI of US$39,299,753 all of which is
equity.
(ii) ZHL
As of December 31, 2003, PSEG has an indirect aggregate
capital investment in ZHL of US$24,174,752 all of which is
equity.
(iii) TCP
As of December 31, 2003, PSEG has an indirect aggregate
capital investment in TCP of US$6,798,004 all of which is
equity.
55
(iv) RGE
As of December 31, 2003, PSEG has an indirect aggregate
capital investment in RGE of US$163,797,137 all of which is
equity.
(v) TGM
As of December 31, 2003, PSEG has an indirect, capital
investment in TGM of US$1,844,199 all of which is equity.
PSEG and its subsidiaries (direct and indirect) have no
other security guarantees, debt or other financial
obligations relative to TGM.
(vi) 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, 2003, PSEG has an
indirect capital investment in Turboven Company Inc. of
US$46,609,179.
(vii) 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, 2003, PSEG has an
indirect capital investment in Turboven Company Inc. of
US$46,609,179.
(viii) 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, 2003, PSEG has an
indirect capital investment in Turboven Company Inc. of
US$46,609,179.
(ix) PPN Energy
As of December 31, 2003, PSEG has an indirect capital
investment in PPN Energy of US$29,817,000 all of which is
equity.
56
(x) PPN Operations
As of December 31, 2003, PSEG has an indirect capital
investment in PPN Operations of US$1,890,000 all of which is
equity.
(xi) PSEG International Ltd./CPC
As of December 31, 2003, PSEG has an indirect capital
investment in CPC of US$37,828,150.
(xii) GPP
TIELP is the 100% indirect parent of GPP. PSEG has a 50%
indirect interest in Texas Independent Energy. As of
December 31, 2003, PSEG has an indirect capital investment
in TIELP of US$237,361,904 of which US$168,366,844 is equity
and US$68,995,060 is partnership advances.
(xiii) OEPP
TIELP is the 100% indirect parent of Odessa Power Partners.
PSEG has a 50% indirect interest in Texas Independent
Energy. As of December 31, 2003, PSEG has an indirect
capital investment in TIELP of US$237,361,904 of which
US$168,366,844 is equity and US$68,995,060 is partnership
advances.
(xiv) CHILQUINTA
As of December 31, 2003, PSEG has an indirect capital
investment in CHILIQUINTA of US$347,956,669 of which
US$187,956,669 is equity and US$160,000,000 is debt
(including interest).
(xv) LUZ
As of December 31, 2003, PSEG has an indirect capital
investment in LUZ of US179,408,944.
57
(xvi) Fossil
As of December 31, 2003, PSEG has an indirect capital
investment in Fossil of US$2,000,802,135 all of which is
equity.
(xvii) Nuclear
As of December 31, 2003, PSEG has an indirect capital
investment in Nuclear of US$682,347,077 all of which is
equity.
(xviii) PSEG Chorzow B.V.
As of December 31, 2003, PSEG has an indirect capital
investment in PSEG Chorzow B.V. of US$15,551,000 all of
which is equity.
(xix) PSEG Rongjiang
As of December 31, 2003, PSEG has an indirect capital
investment in PSEG Rongjiang of US$11,695,211 all of which
is equity.
(xx) KPLP
As of December 31, 2003, PSEG has an indirect capital
investment in KPLP of US$30,508,589 all of which is equity.
(xxi) Meiya Electric Asia, Ltd.
As of December 31, 2003, PSEG has an indirect capital
investment in Meiya Electric Asia, Ltd. of US$5,416,607 all
of which is equity.
(xxii) SWEGC
As of December 31, 2003, PSEG has an indirect capital
investment in SWEGC of US$16,717,642 all of which is equity.
(xxiii) Power New York
As of December 31, 2003, PSEG has an indirect capital
investment in Power New York of US$133,125,381 all of which
is equity.
58
(xxiv) GWF Energy LLC
As of December 31, 2003, PSEG has an indirect capital
investment in GWF Energy LLC of US$92,556,659 all of which
is equity.
(xxv) Biomasse Italia S.p.A.
Prisma is the 50% indirect parent of Biomasse Italia S.p.A.
PSEG has a 50% indirect interest in Prisma. As of December
31, 2003, PSEG has an indirect capital investment in Prisma
of US$78,731,958 of which US$14,887,865 is equity, and
US$63,844,093 is joint venture advances.
(xxvi) TIE
TIELP is the 100% indirect parent of TIE. PSEG has a 50%
indirect interest in Texas Independent Energy. As of
December 31, 2003, PSEG has an indirect capital investment
in TIELP of US$237,361,904 of which US$168,366,844 is equity
and US$68,995,060 is partnership advances.
(xxvii) Danskammer OP
As of December 31, 2003, PSEG has an indirect capital
investment in Danskammer OP of US$59,468,544 all of which is
equity.
(xxviii) Danskammer OL
As of December 31, 2003, PSEG has an indirect capital
investment in Danskammer OL of US$59,468,644 all of which is
equity.
(xxxi) Roseton OP
As of December 31, 2003, PSEG has an indirect capital
investment in Roseton OP of US$122,720,654 all of which is
equity.
(xxx) Roseton OL
As of December 31, 2003, PSEG has an indirect capital
investment in Roseton OL of US$122,720,754 all of which is
equity.
59
(xxxi) Conemaugh Lessor
As of December 31, 2003, PSEG has an indirect capital
investment in Conemaugh Lessor of US$9,939,543 all of which
is equity.
(xxxii) Keystone Lessor
As of December 31, 2003, PSEG has an indirect capital
investment in Keystone Lessor of US$9,885,300 all of which
is equity.
(xxxiii) Shawville Lessor
As of December 31, 2003, PSEG has an indirect capital
investment in Shawville Lessor of US US$8,372,409 all of
which is equity.
(xxxiv) PSEG Lawrenceburg Energy Company LLC
As of December 31, 2003, PSEG has an indirect capital
investment in PSEG Lawrenceburg Energy Company LLC of
US$236,116,964.
(xxxv) PSEG Waterford Energy LLC
As of December 31, 2003, PSEG has an indirect capital
investment in PSEG Waterford Energy LLC of US$178,181,549.
(xxxvi) Frontel
Frontel is 95.889% owned by SAESA. PSEG has a 100% indirect
interest in SAESA. As of December 31, 2003, PSEG has an
indirect capital investment in SAESA of US$554,831,656 all
of which is equity.
60
(xxxvii) Creo
Creo is 99.9% owned by SAESA. PSEG has a 100% indirect
interest in SAESA. As of December 31, 2003, PSEG has an
indirect capital investment in SAESA of US$554,831,656 all
of which is equity.
(xxxviii) STS
STS is 99.90% owned by SAESA. PSEG has a 100% indirect
interest in SAESA. As of December 31, 2003, PSEG has an
indirect capital investment in SAESA of US$554,831,656 all
of which is equity.
(xxxix) Power Midwest
As of December 31, 2003, PSEG has an indirect capital
investment in Power Midwest of US$(937,010) all of which is
equity.
(xl) Power Connecticut
As of December 31, 2003, PSEG has an indirect capital
investment in Power Connecticut of US$139,372,131 all of
which is equity.
(xli) Edersa
Edersa is 50% owned by Saesa. PSEG has a 100% indirect
interest in Saesa. As of December 31, 2003, PSEG has an
indirect capital investment in Saesa of US$554,831,656 all
of which is equity.
(xlii) Electroandes S.A.
As of December 31, 2003, PSEG has an indirect capital
investment in Electroandes S.A. of US$161,773,990.
61
(xliii) PSEG Poland
As of December 31, 2003, PSEG has an indirect capital
investment in PSEG Poland of US$9,128,000 all of which is
equity.
(xliv) San Marco
As of December 31, 2003, PSEG has an indirect, capital
investment in San Marco of US$78,731,958.
(xlv) Dhofar Power
As of December 31, 2003, PSEG has an indirect, capital
investment in Dhofar Power of US$42,127,091.
(xlvi) Dhofar Generating
As of December 31, 2003, PSEG has an indirect, capital
investment in Dhofar Generating of US$42,127,091.
(xlvii) TAO YUAN
As of December 31, 2003, PSEG has an indirect, capital
investment in TAO YUAN of US$22,857,428.
(xlviii) FWIL
As of December 31, 2003, PSEG has an indirect, capital
investment in FWIL of US$64,105.
(xlix) HUANGSHI
As of December 31, 2003, PSEG has an indirect, capital
investment in HUANGSHI of US$33,081,353.
(l) MQPCL
As of December 31, 2003, PSEG has an indirect, capital
investment in MQPCL of US$13,884,103.
(li) SAESA
As of December 31, 2003, PSEG has an indirect, capital
investment in SAESA of US$554,831,656.
(lii) Edelaysen
Edelaysen is 91.66% owned by SAESA. PSEG has a 100% indirect
interest in SAESA. As of December 31, 2003, PSEG has an
indirect capital investment in SAESA of US$554,831,656 all
of which is equity.
62
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
(i) CUPPI
12/31/03
US$
----------
Assets
Current Assets 78,313
Noncurrent Assets 58,191,806
----------
Total Assets 58,270,119
==========
Liabilities
Current Liabilities 325,200
Noncurrent Liabilities --
----------
Total Liabilities 325,200
Equity 57,944,919
----------
Total Liabilities and Equity 58,270,119
==========
Net Income for Year-Ended 12/31/03 4,149,977
63
(ii) ZHL
12/31/03
US$
----------
Assets
Current Assets 6,017,768
Noncurrent Assets 55,278,760
----------
Total Assets 61,296,528
==========
Liabilities
Current Liabilities 20,220,064
Noncurrent Liabilities 10,494,942
----------
Total Liabilities 30,715,006
Equity 30,581,522
----------
Total Liabilities and Equity 61,296,528
==========
Net Income for Year-Ended 12/31/03 4,036,302
(iii) TCP
12/31/03
US$
----------
Assets
Current Assets 2,211,000
Noncurrent Assets 29,827,260
----------
Total Assets 32,038,260
==========
Liabilities
Current Liabilities 15,553,617
Noncurrent Liabilities 5,277,993
----------
Total Liabilities 20,831,610
Equity 11,206,650
----------
Total Liabilities and Equity 32,038,260
==========
Net Income for Year-Ended 12/31/03 629,587
64
(iv) RGE
12/31/03
US$
-----------
Assets
Current Assets 141,292,292
Noncurrent Assets 739,350,518
-----------
Total Assets 880,642,810
===========
Liabilities
Current Liabilities 309,883,813
Noncurrent Liabilities 157,518,843
-----------
Total Liabilities 467,402,656
Equity 413,240,154
-----------
Total Liabilities and Equity 880,642,810
===========
Net Income for Year-Ended 12/31/03 37,101,687
(v) TGM
12/31/03
US$
----------
Assets
Current Assets 3,703,542
Noncurrent Assets 12,935,096
----------
Total Assets 16,638,638
==========
Liabilities
Current Liabilities 3,251,819
Noncurrent Liabilities 149,426
----------
Total Liabilities 3,401,245
Equity 13,237,393
----------
Total Liabilities and Equity 16,638,638
==========
Net Income for Year-Ended 12/31/03 4,952,483
65
(vi) CAGUA
12/31/03
US$
----------
Assets
Current Assets 4,480,542
Noncurrent Assets 35,026,099
----------
Total Assets 39,506,641
==========
Liabilities
Current Liabilities 801,533
Noncurrent Liabilities 6,945,268
----------
Total Liabilities 7,746,801
Equity 31,759,840
----------
Total Liabilities and Equity 39,506,641
==========
Net Income for Year-Ended 12/31/03 1,437,883
(vii) MARACAY
12/31/03
US$
----------
Assets
Current Assets 6,139,115
Noncurrent Assets 33,219,258
----------
Total Assets 39,358,373
==========
Liabilities
Current Liabilities 585,986
Noncurrent Liabilities 4,450,667
----------
Total Liabilities 5,036,653
Equity 34,321,720
----------
Total Liabilities and Equity 39,358,373
==========
Net Income for Year-Ended 12/31/03 223,040
66
(viii) VALENCIA
12/31/03
US$
-------
Assets
Current Assets 25,003
Noncurrent Assets --
-------
Total Assets 25,003
=======
Liabilities
Current Liabilities 124
Noncurrent Liabilities 92,499
-------
Total Liabilities 92,623
Equity (67,620)
-------
Total Liabilities and Equity 25,003
=======
Net Income for Year-Ended 12/31/03 1,030
(ix) PPN Energy
12/31/03
US$
----------
Assets
Current Assets 498,000
Noncurrent Assets 35,650,000
----------
Total Assets 36,148,000
==========
Liabilities
Current Liabilities 6,331,000
Noncurrent Liabilities --
----------
Total Liabilities 6,331,000
Equity 29,817,000
----------
Total Liabilities and Equity 36,148,000
==========
Net Loss for Year-Ended 12/31/03 (515,000)
67
(x) PPN Operations
12/31/03
US$
---------
Assets
Current Assets 2,132,000
Noncurrent Assets --
---------
Total Assets 2,132,000
=========
Liabilities
Current Liabilities 235,000
Noncurrent Liabilities 7,000
---------
Total Liabilities 242,000
Equity 1,890,000
---------
Total Liabilities and Equity 2,132,000
=========
Net Income for Year-Ended 12/31/03 --
(xi) PSEG International Ltd./CPC
12/31/03
US$
----------
Assets
Current Assets 58,278,000
Noncurrent Assets --
-----------
Total Assets 58,278,000
===========
Liabilities
Current Liabilities 15,175,000
Noncurrent Liabilities 1,467,000
-----------
Total Liabilities 16,642,000
Equity 41,636,000
-----------
Total Liabilities and Equity 58,278,000
===========
Net Loss for Year-Ended 12/31/03 (1,666,000)
68
(xii) GPP
12/31/03
US$
-----------
Assets
Current Assets 22,957,933
Noncurrent Assets 380,541,237
-----------
Total Assets 403,499,170
===========
Liabilities
Current Liabilities 16,938,722
Noncurrent Liabilities 235,517,436
-----------
Total Liabilities 252,456,158
Equity 151,043,012
-----------
Total Liabilities and Equity 403,499,170
===========
Net Loss for Year-Ended 12/31/03 (9,572,948)
69
(xiii) OEPP
12/31/03
US$
-----------
Assets
Current Assets 33,362,847
Noncurrent Assets 399,418,098
-----------
Total Assets 432,780,945
===========
Liabilities
Current Liabilities 12,322,834
Noncurrent Liabilities 252,765,547
-----------
Total Liabilities 265,088,381
Equity 167,692,564
-----------
Total Liabilities and Equity 432,780,945
===========
Net Income for Year-Ended 12/31/03 4,816,145
(xiv) CHILQUINTA
12/31/03
US$
-----------
Assets
Current Assets 61,814,549
Noncurrent Assets 687,320,775
-----------
Total Assets 749,135,324
===========
Liabilities
Current Liabilities 71,345,592
Noncurrent Liabilities 358,838,347
-----------
Total Liabilities 430,183,939
Equity 318,951,385
-----------
Total Liabilities and Equity 749,135,324
===========
Net Income for Year-Ended 12/31/03 23,187,515
70
(xv) LUZ
12/31/03
US$
-----------
Assets
Current Assets 65,722,783
Noncurrent Assets 497,056,375
-----------
Total Assets 562,779,158
===========
Liabilities
Current Liabilities 60,337,452
Noncurrent Liabilities 245,578,222
-----------
Total Liabilities 305,915,674
Equity 256,863,484
-----------
Total Liabilities and Equity 562,779,158
===========
Net Income for Year-Ended 12/31/03 58,285,196
(xvi) Fossil
12/31/03
US$
-------------
Assets
Current Assets 190,404,242
Noncurrent Assets 2,946,834,517
-------------
Total Assets 3,137,238,759
=============
Liabilities
Current Liabilities 1,085,153,216
Noncurrent Liabilities 51,283,408
-------------
Total Liabilities 1,136,436,624
Equity 2,000,802,135
-------------
Total Liabilities and Equity 3,137,238,759
=============
Net Income for Year-Ended 12/31/03 96,176,484
71
(xvii) Nuclear
12/31/03
US$
-------------
Assets
Current Assets 319,703,408
Noncurrent Assets 1,484,915,271
-------------
Total Assets 1,804,618,679
=============
Liabilities
Current Liabilities 832,249,285
Noncurrent Liabilities 290,022,317
-------------
Total Liabilities 1,122,271,602
Equity 682,347,077
-------------
Total Liabilities and Equity 1,804,618,679
=============
Net Income for Year-Ended 12/31/03 308,990,348
(xviii) PSEG Chorzow B.V.
12/31/03
US$
----------
Assets
Current Assets 4,560,000
Noncurrent Assets 61,712,000
----------
Total Assets 66,272,000
==========
Liabilities
Current Liabilities 50,721,000
Noncurrent Liabilities --
----------
Total Liabilities 50,721,000
Equity 15,551,000
----------
Total Liabilities and Equity 66,272,000
==========
Net Loss for Year-Ended 12/31/03 (990,000)
72
(xix) PSEG Rongjiang
12/31/03
US$
----------
Assets
Current Assets 3,605,018
Noncurrent Assets 56,641,706
----------
Total Assets 60,246,724
==========
Liabilities
Current Liabilities 4,301,165
Noncurrent Liabilities 34,319,379
----------
Total Liabilities 38,620,544
Equity 21,626,180
----------
Total Liabilities and Equity 60,246,724
==========
Net Income for Year-Ended 12/31/03 1,692,682
(xx) KPLP
12/31/03
US$
-----------
Assets
Current Assets 23,467,678
Noncurrent Assets 202,415,114
-----------
Total Assets 225,882,792
===========
Liabilities
Current Liabilities 14,042,618
Noncurrent Liabilities 152,978,282
-----------
Total Liabilities 167,020,900
Equity 58,861,892
-----------
Total Liabilities and Equity 225,882,792
===========
Net Income for Year-Ended 12/31/03 10,692,279
73
(xxi) Meiya Electric Asia, Ltd.
12/31/03
US$
----------
Assets
Current Assets 8,159,582
Noncurrent Assets 22,215,943
----------
Total Assets 30,375,525
==========
Liabilities
Current Liabilities 18,568,865
Noncurrent Liabilities 1,421,649
----------
Total Liabilities 19,990,514
Equity 10,385,011
----------
Total Liabilities and Equity 30,375,525
==========
Net Income for Year-Ended 12/31/03 8,314,202
(xxii) SWGEC
12/31/03
US$
-------
Assets
Current Assets 140,548
Noncurrent Assets 311,252
-------
Total Assets 451,800
=======
Liabilities
Current Liabilities 52,986
Noncurrent Liabilities 100,000
-------
Total Liabilities 152,986
Equity 298,814
-------
Total Liabilities and Equity 451,800
=======
Net Income for Year-Ended 12/31/03 64,857
74
(xxiii) Power New York
12/31/03
US$
-----------
Assets
Current Assets 6,248,010
Noncurrent Assets 385,898,390
-----------
Total Assets 392,146,400
===========
Liabilities
Current Liabilities 126,633,245
Noncurrent Liabilities 153,283,818
-----------
Total Liabilities 279,917,063
Equity 112,229,337
-----------
Total Liabilities and Equity 392,146,400
===========
Net Loss for Year-Ended 12/31/03 (292,871)
(xxiv) GWF Energy LLC
12/31/03
US$
-----------
Assets
Current Assets 42,757,473
Noncurrent Assets 308,167,299
-----------
Total Assets 350,924,772
===========
Liabilities
Current Liabilities 39,724,945
Noncurrent Liabilities 199,375,804
-----------
Total Liabilities 239,100,749
Equity 11,824,023
-----------
Total Liabilities and Equity 350,924,772
===========
Net Income for Year-Ended 12/31/03 37,552,060
75
(xxv) Biomasse Italia S.p.A.
12/31/03
US$
-----------
Assets
Current Assets 51,371,182
Noncurrent Assets 189,156,278
-----------
Total Assets 240,527,460
===========
Liabilities
Current Liabilities 30,118,920
Noncurrent Liabilities 177,599,018
-----------
Total Liabilities 207,717,938
Equity 32,809,522
-----------
Total Liabilities and Equity 240,527,460
===========
Net Income for Year-Ended 12/31/03 1,809,064
(xxvi) TIE
12/31/03
US$
---------
Assets
Current Assets 1,978,462
Noncurrent Assets --
---------
Total Assets 1,978,462
=========
Liabilities
Current Liabilities 910,083
Noncurrent Liabilities --
---------
Total Liabilities 910,083
Equity 1,068,379
---------
Total Liabilities and Equity 1,978,462
=========
Net Income for Year-Ended 12/31/03 5,776
76
(xxvii) Danskammer OP
12/31/03
US$
----------
Assets
Current Assets --
Noncurrent Assets 59,468,644
----------
Total Assets 59,468,644
==========
Liabilities
Current Liabilities 100
Noncurrent Liabilities --
----------
Total Liabilities 100
Equity 59,468,544
----------
Total Liabilities and Equity 59,468,644
==========
Net Income for Year-Ended 12/31/03 3,199,540
(xxviii) Danskammer OL
12/31/03
US$
----------
Assets
Current Assets 5,241,381
Noncurrent Assets 62,178,853
----------
Total Assets 67,420,234
==========
Liabilities
Current Liabilities --
Noncurrent Liabilities 7,951,590
----------
Total Liabilities 7,951,590
Equity 59,468,644
----------
Total Liabilities and Equity 67,420,234
==========
Net Income for Year-Ended 12/31/03 3,199,540
77
(xxix) Roseton OP
12/31/03
US$
-----------
Assets
Current Assets --
Noncurrent Assets 122,720,754
-----------
Total Assets 122,720,754
===========
Liabilities
Current Liabilities 100
Noncurrent Liabilities --
-----------
Total Liabilities 100
Equity 122,720,654
-----------
Total Liabilities and Equity 122,720,754
===========
Net Income for Year-Ended 12/31/03 6,515,207
(xxx) Roseton OL
12/31/03
US$
-----------
Assets
Current Assets 11,689,078
Noncurrent Assets 128,221,804
-----------
Total Assets 139,910,882
===========
Liabilities
Current Liabilities --
Noncurrent Liabilities 17,190,128
-----------
Total Liabilities 17,190,128
Equity 122,720,754
-----------
Total Liabilities and Equity 139,910,882
===========
Net Income for Year-Ended 12/31/03 6,515,207
78
(xxxi) Conemaugh Lessor
12/31/03
US$
----------
Assets
Current Assets --
Noncurrent Assets 79,112,815
----------
Total Assets 79,112,815
==========
Liabilities
Current Liabilities 69,173,272
Noncurrent Liabilities --
----------
Total Liabilities 69,173,272
Equity 9,939,543
----------
Total Liabilities and Equity 79,112,815
==========
Net Income for Year-Ended 12/31/03 957,590
(xxxii) Keystone Lessor
12/31/03
US$
----------
Assets
Current Assets --
Noncurrent Assets 78,818,318
----------
Total Assets 78,818,318
==========
Liabilities
Current Liabilities 68,933,018
Noncurrent Liabilities --
----------
Total Liabilities 68,933,018
Equity 9,885,300
----------
Total Liabilities and Equity 78,818,318
==========
Net Income for Year-Ended 12/31/03 934,457
79
(xxxiii) Shawville Lessor
12/31/03
US$
----------
Assets
Current Assets 2,093,129
Noncurrent Assets 80,879,188
----------
Total Assets 82,972,317
==========
Liabilities
Current Liabilities 74,599,908
Noncurrent Liabilities --
----------
Total Liabilities 74,599,908
Equity 8,372,409
----------
Total Liabilities and Equity 82,972,317
==========
Net Loss for Year-Ended 12/31/03 (7,240)
80
(xxxiv) PSEG Lawrenceburg Energy Company LLC
12/31/03
US$
-----------
Assets
Current Assets 26,775,970
Noncurrent Assets 672,083,989
-----------
Total Assets 698,859,959
===========
Liabilities
Current Liabilities 17,742,995
Noncurrent Liabilities 445,000,000
-----------
Total Liabilities 462,742,995
Equity 236,116,964
-----------
Total Liabilities and Equity 698,859,959
===========
Net Loss for Year-Ended 12/31/03 (376,073)
(xxxv) PSEG Waterford Energy LLC
12/31/03
US$
-----------
Assets
Current Assets 22,392,722
Noncurrent Assets 510,788,827
-----------
Total Assets 533,181,549
===========
Liabilities
Current Liabilities --
Noncurrent Liabilities 355,000,000
-----------
Total Liabilities 355,000,000
Equity 178,181,549
-----------
Total Liabilities and Equity 533,181,549
===========
Net Loss for Year-Ended 12/31/03 (8,564,253)
81
(xxxvi) Frontel
12/31/03
US$
-----------
Assets
Current Assets 25,949,579
Noncurrent Assets 145,052,701
-----------
Total Assets 171,002,280
===========
Liabilities
Current Liabilities 17,631,184
Noncurrent Liabilities 72,417,998
-----------
Total Liabilities 90,049,182
Equity 80,953,098
-----------
Total Liabilities and Equity 171,002,280
===========
Net Income for Year-Ended 12/31/03 4,915,524
82
(xxxvii) Creo
12/31/03
US$
----------
Assets
Current Assets 2,977,890
Noncurrent Assets 13,628,375
----------
Total Assets 16,606,265
==========
Liabilities
Current Liabilities 827,871
Noncurrent Liabilities 2,372,032
----------
Total Liabilities 3,199,903
Equity 13,406,362
----------
Total Liabilities and Equity 16,606,265
==========
Net Income for Year-Ended 12/31/03 1,251,793
(xxxviii) STS
12/31/03
US$
----------
Assets
Current Assets 12,479,962
Noncurrent Assets 38,431,227
----------
Total Assets 50,911,189
==========
Liabilities
Current Liabilities 11,904,050
Noncurrent Liabilities 1,131,832
----------
Total Liabilities 13,035,882
Equity 37,875,307
----------
Total Liabilities and Equity 50,911,189
==========
Net Income for Year-Ended 12/31/03 7,937,457
83
(xxxix) Power Midwest
12/31/03
US$
--------
Assets
Current Assets 32,298
Noncurrent Assets 24,444
--------
Total Assets 56,742
========
Liabilities
Current Liabilities 993,752
Noncurrent Liabilities --
--------
Total Liabilities 993,752
Equity (937,010)
--------
Total Liabilities and Equity 56,742
========
Net Loss for Year-Ended 12/31/03 (474,533)
(xl) Power Connecticut
12/31/03
US$
-----------
Assets
Current Assets 72,406,021
Noncurrent Assets 224,410,755
-----------
Total Assets 296,816,776
===========
Liabilities
Current Liabilities --
Noncurrent Liabilities 157,444,645
-----------
Total Liabilities 157,444,645
Equity 139,372,131
-----------
Total Liabilities and Equity 296,816,776
===========
Net Income for Year-Ended 12/31/03 26,931,281
84
(xli) Edersa
12/31/03
US$
-------
Assets
Current Assets 5,573
Noncurrent Assets 114,603
-------
Total Assets 120,176
=======
Liabilities
Current Liabilities 77,483
Noncurrent Liabilities 362
-------
Total Liabilities 77,845
Equity 42,331
-------
Total Liabilities and Equity 120,176
=======
Net Loss for Year-Ended 12/31/03 (2,480)
(xlii) Electroandes S.A.
12/31/03
US$
-----------
Assets
Current Assets 20,660,889
Noncurrent Assets 270,565,314
-----------
Total Assets 291,226,203
===========
Liabilities
Current Liabilities 9,791,344
Noncurrent Liabilities 119,651,696
-----------
Total Liabilities 129,443,040
Equity 161,783,163
-----------
Total Liabilities and Equity 291,226,203
===========
Net Income for Year-Ended 12/31/03 14,254,505
85
(xliii) PSEG Poland
12/31/03
US$
----------
Assets
Current Assets 320,000
Noncurrent Assets 44,334,000
----------
Total Assets 44,654,000
==========
Liabilities
Current Liabilities 35,526,000
Noncurrent Liabilities --
----------
Total Liabilities 35,526,000
Equity 9,128,000
----------
Total Liabilities and Equity 44,654,000
==========
Net Income for Year-Ended 12/31/03 5,674,000
(xliv) San Marco
12/31/03
US$
----------
Assets
Current Assets 10,504,061
Noncurrent Assets 39,598,173
----------
Total Assets 50,102,234
==========
Liabilities
Current Liabilities 12,716,783
Noncurrent Liabilities 38,898,823
----------
Total Liabilities 51,615,606
Equity (1,513,372)
----------
Total Liabilities and Equity 50,102,234
==========
Net Loss for Year-Ended 12/31/03 (4,040,393)
86
(xlv) Dhofar Power (xlvi) Dhofar Generating*
12/31/03
US$
-----------
Assets
Current Assets 66,370,261
Noncurrent Assets 207,186,777
-----------
Total Assets 273,557,038
===========
Liabilities
Current Liabilities 26,822,098
Noncurrent Liabilities 220,802,226
-----------
Total Liabilities 247,624,324
Equity 25,932,714
-----------
Total Liabilities and Equity 273,557,038
===========
Net Income for Year-Ended 12/31/03 2,729,470
* Information in the above table represents aggregate amounts for Dhofar Power
and Dhofar Generating.
87
(xlvii) TAO YUAN
12/31/03
US$
----------
Assets
Current Assets --
Noncurrent Assets 40,886,172
----------
Total Assets 40,886,172
==========
Liabilities
Current Liabilities 4,234,371
Noncurrent Liabilities --
----------
Total Liabilities 4,234,371
Equity 36,651,801
----------
Total Liabilities and Equity 40,886,172
==========
Net Loss for Year-Ended 12/31/03 (163,221)
(xlviii) FWIL
12/31/03
US$
-------
Assets
Current Assets 763
Noncurrent Assets 127,447
-------
Total Assets 128,210
=======
Liabilities
Current Liabilities --
Noncurrent Liabilities --
-------
Total Liabilities --
Equity 128,210
-------
Total Liabilities and Equity 128,210
=======
Net Income for Year-Ended 12/31/03 --
88
(xlix) HUANGSHI
12/31/03
US$
----------
Assets
Current Assets 1,023,263
Noncurrent Assets 64,974,030
----------
Total Assets 65,997,293
==========
Liabilities
Current Liabilities 9,605,734
Noncurrent Liabilities --
----------
Total Liabilities 9,605,734
Equity 56,391,559
----------
Total Liabilities and Equity 65,997,293
==========
Net Income for Year-Ended 12/31/03 308,127
(l) MQPCL
12/31/03
US$
----------
Assets
Current Assets 1,111,068
Noncurrent Assets 38,253,502
----------
Total Assets 39,364,570
==========
Liabilities
Current Liabilities --
Noncurrent Liabilities 11,596,365
----------
Total Liabilities 11,596,365
Equity 27,768,205
----------
Total Liabilities and Equity 39,364,570
==========
Net Income for Year-Ended 12/31/03 837,263
89
(li) SAESA
12/31/03
US$
-----------
Assets
Current Assets 63,769,083
Noncurrent Assets 549,838,685
-----------
Total Assets 613,607,768
===========
Liabilities
Current Liabilities 67,011,260
Noncurrent Liabilities 250,460,804
-----------
Total Liabilities 317,472,064
Equity 296,135,704
-----------
Total Liabilities and Equity 613,607,768
===========
Net Income for Year-Ended 12/31/03 16,717,889
(lii) Edelaysen
12/31/03
US$
----------
Assets
Current Assets 9,307,285
Noncurrent Assets 53,937,108
----------
Total Assets 63,244,393
==========
Liabilities
Current Liabilities 20,460,578
Noncurrent Liabilities 778,696
----------
Total Liabilities 21,239,274
Equity 42,005,119
----------
Total Liabilities and Equity 63,244,393
==========
Net Income for Year-Ended 12/31/03 4,439,383
90
(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) CUPPI
None.
(ii) ZHL
Yaneng Consulting (Shanghai) Co. Ltd. entered into a service
contract with Guangxi Zoujiang Meiya Hydropower Co., Ltd.
(GZMHCL), a subsidiary of ZHL, to provide GZMHCL power plant
related technological and management services.
(iii) TCP
Yaneng Consulting (Shanghai) Co. Ltd. entered into a service
contract with Tongzhou Meiya Cogeneration Co., Ltd. (TMCC),
a subsidiary of TCP, to provide TCP project management
consulting services.
(iv) RGE
RGE has an Operators Agreement with IPE under which IPE
provides certain support services to RGE in connection with
electricity distribution.
(v) TGM
None.
(vi) CAGUA
None.
(vii) MARACAY
None.
(viii) VALENCIA
None.
(ix) PPN Energy
None.
91
(x) 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.
(xi) PSEG International Ltd./CPC
None.
(xii) GPP
GPP has an Operation and Maintenance Agreement with TIE
pursuant to which TIE provides operation and maintenance
services at GPP's electric generation facility in Guadalupe
County, Texas. GPP also has a Fuel Management Agreement with
TIELP pursuant to which TIELP administers GPP's gas
transportation and gas supply agreements and provides other
fuel management services to GPP.
(xiii) OEPP
OEPP has an Operation and Maintenance Agreement with TIE
pursuant to which TIE provides operation and maintenance
services at OEPP's electric generation facility in Odessa,
Texas. OEPP also has a Fuel Management Agreement with TIELP
pursuant to which TIELP administers OEPP's gas
transportation and gas supply agreements and provides other
fuel management services to OEPP. Lastly, OEPP has affiliate
gas services agreements with OEPPS, including (a) an
Operation and Maintenance Agreement pursuant to which OEPPS
or its subcontractors provide operation and maintenance
services relative to OEPP's natural gas pipeline, natural
gas compression station and related facilities which extend
from three natural gas pipelines owned by unrelated parties
to OEPP's electric generation facility in Odessa, Texas, (b)
a Transportation Service Agreement pursuant to which OEPPS
provides certain gas transportation services to OEPP and (c)
and Assignment and Assumption Agreement pursuant to which
OEPP assigned certain right-of-way easements for pipeline
and equipment to OEPPS in return
92
for OEPPS agreeing to transport natural gas in such pipeline
on behalf of OEPP at no cost to OEPP.
(xiv) CHILQUINTA
None.
(xv) LUZ
None.
(xvi) Fossil
Fossil has a Power Sale Agreement with ER&T to provide all
energy, capacity, and ancillary services to ER&T.
(xvii) Nuclear
Nuclear has a Power Sale Agreement with ER&T to provide all
energy, capacity, and ancillary services to ER&T.
(xviii) PSEG Chorzow B.V.
None.
(xix) PSEG Rongjiang
Yaneng Consulting (Shanghai) Co. Ltd. entered into a service
contract with GRMHCL, a subsidiary of Rongjiang, to provide
GRMCL power plant with related technological services.
(xx) KPLP
None.
(xxi) Meiya Electric Asia, Ltd.
Yaneng Consulting (Shanghai) Co. Ltd. entered into a service
contract with NANTONG, a subsidiary of Meiya Electric Asia,
Ltd., to provide NANTONG power-related, technological,
consulting services and project-management services.
(xxii) SWGEC
None.
(xxiii) Power New York
Power New York has an Agreement with ER&T to provide all
energy, capacity, and ancillary services to ER&T.
93
(xxiv) GWF Energy LLC
GWF Energy LLC has an Operation and Maintenance Agreement
with GWFLP and 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.
(xxv) Biomasse Italia S.p.A.
None.
(xxvi) TIE
TIEOC has Operation and Maintenance Agreements with each of
(a) GPP pursuant to which TIE provides operation and
maintenance services at GPP's electric generation facility
in Guadalupe County, Texas and (b) OEPP pursuant to which
TIE provides operation and maintenance services at OEPP's
electric generation facility in Odessa, Texas.
(xxvii) Danskammer OP
None.
(xxviii) Danskammer OL
None.
(xxix) Roseton OP
None.
(xxx) Roseton OL
None.
(xxxi) Conemaugh Lessor
None.
(xxxii) Keystone Lessor
None.
94
(xxxiii) Shawville Lessor
None.
(xxxiv) PSEG 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 2004.
(xxxv) PSEG 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 was
placed in service in August 2003.
(xxxvi) Frontel
None.
95
(xxxvii) Creo
None.
(xxxviii) STS
None.
(xxxix) Power Midwest
None.
(xl) Power Connecticut
Power Connecticut has entered into a Power Purchase
Agreement with ER&T dated February 2, 2004.
(xli) Edersa
Edersa had a service contract with PSEG Americas Services
Inc. for the provision of technical services at a fee of
$200,000 per year. This contract was terminated in 2003.
(xlii) Electroandes S.A.
None.
(xliii) PSEG Poland
None.
(xliv) San Marco
None.
(xlv) Dhofar Power
None.
(xlvi) Dhofar Generating
None.
(xlvii) TAO YUAN
None.
(xlviii) FWIL
None.
(xlix) HUANGSHI
None.
(l) MQPCL
None.
(li) SAESA
None.
96
EXHIBIT A
A consolidating statement of income 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, as
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, Global, Global USA,
PSEG International, PSEG Americas Inc., PSEG Americas Ltd., Inversiones America
Chile Holding, PSEG Europe (Delaware) LLC, PSEG Europe B.V. and PSEG Global
Holding Co. and are included in Exhibit A and cross-referenced for additional
information to Item I.
EXHIBIT B
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 B.
97
The above-named Claimant (PSEG) has caused this statement to be duly
executed on its behalf by its authorized officer on this 27th day of February
2004.
Public Service Enterprise Group Incorporated
(Name of Claimant)
By: /s/ 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, T-5B, P. O. Box 1171, Newark, New Jersey 07101-1171
(Address)
98
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2003
(Millions, except for Per Share Data)
INTERCOMPANY PSEG
PSEG ELIMINATIONS PSE&G & POWER &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A)
-------- ------------ --------- ---------
OPERATING REVENUES $ 11,116 $(1,954) $6,740 $5,605
OPERATING EXPENSES
Energy Costs 6,368 (1,954) 4,421 3,746
Operation and Maintenance 2,120 -- 1,050 914
Depreciation and Amortization 527 -- 372 102
Taxes Other Than Income Taxes 136 -- 136 --
-------- ------- ------ ------
Total Operating Expenses 9,151 (1,954) 5,979 4,762
-------- ------- ------ ------
Income from Equity Method Investments 114 -- -- --
-------- ------- ------ ------
OPERATING INCOME 2,079 -- 761 843
Other Income 178 (15) 6 149
Other Deductions (101) -- (1) (78)
Equity in Earnings of Subsidiaries -- (1,216) -- --
Interest Expense (836) 15 (390) (114)
Preferred Stock Dividends (4) -- -- --
-------- ------- ------ ------
INCOME FROM CONTINUING OPERATIONS 1,316 (1,216) 376 800
Income Tax Expense (464) -- (129) (326)
-------- ------- ------ ------
INCOME FROM CONTINUING OPERATIONS 852 (1,216) 247 474
Loss from Discontinued Operations, net of tax
(including Loss on Disposal, net of tax) (44) -- -- --
-------- ------- ------ ------
INCOME BEFORE EXTRAORDINARY ITEM AND CUMULATIVE
EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 808 (1,216) 247 474
Extraordinary Item, net of tax (18) -- (18) --
Cumulative Effect of a Change in Accounting Principle, net of tax 370 -- -- 370
-------- ------- ------ ------
NET INCOME $ 1,160 $(1,216) $ 229 $ 844
======== ======= ====== ======
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000)
BASIC 228,222
========
DILUTED 228,824
========
EARNINGS PER SHARE:
BASIC
Income from Continuing Operations $ 3.73
========
Net income $ 5.08
========
DILUTED
Income from Continuing Operations $ 3.72
========
Net Income $ 5.07
========
DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 2.16
========
ENERGY
PSEG HOLDINGS &
SERVICES SUBS. (A) PSEG
-------- ---------- -----
OPERATING REVENUES $ -- $ 725 $ --
OPERATING EXPENSES
Energy Costs -- 155 --
Operation and Maintenance (19) 176 (1)
Depreciation and Amortization 6 44 3
Taxes Other Than Income Taxes -- -- --
---- ----- ----
Total Operating Expenses (13) 375 2
---- ----- ----
Income from Equity Method Investments -- 114 --
---- ----- ----
OPERATING INCOME 13 464 (2)
Other Income 1 20 17
Other Deductions -- (18) (4)
Equity in Earnings of Subsidiaries -- -- 1,216
Interest Expense (14) (218) (115)
Preferred Stock Dividends -- -- (4)
---- ----- ----
INCOME FROM CONTINUING OPERATIONS -- 248 1,108
Income Tax Expense (2) (59) 52
---- ----- ----
INCOME FROM CONTINUING OPERATIONS (2) 189 1,160
Loss from Discontinued Operations, net of tax
(including Loss on Disposal, net of tax) -- (44) --
---- ----- ----
INCOME BEFORE EXTRAORDINARY ITEM AND
CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (2) 145 1,160
Extraordinary Item, net of tax -- -- --
Cumulative Effect of a Change in Accounting Principle, net of tax -- -- --
---- ----- ----
NET INCOME $ (2) $ 145 $1,160
==== ===== ====
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000)
EARNINGS PER SHARE (NET INCOME):
BASIC
DILUTED
DIVIDENDS PAID PER SHARE OF COMMON STOCK
(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, 2003
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SERVICES SUBS. (A) PSEG
--------- ------------ ------- ------- -------- ---------- ------
BALANCE JANUARY 1, 2003 $1,554 $(1,411) $ 389 $ 966 $ -- $ 56 $1,554
Net Income 1,160 (1,216) 229 844 (2) 145 1,160
------ ------- ----- ------ --- ---- ------
Subtotal 2,714 (2,627) 618 1,810 (2) 201 2,714
------ ------- ----- ------ --- ---- ------
Cash Dividends:
Preferred Stock, at required rates -- 27 (4) -- -- (23) --
Common Stock (493) 200 (200) -- -- -- (493)
------ ------- ----- ------ --- ---- ------
Total Cash Dividends (493) 227 (204) -- -- (23) (493)
------ ------- ----- ------ --- ---- ------
Other Deductions -- -- -- -- -- -- --
------ ------- ----- ------ --- ---- ------
BALANCE DECEMBER 31, 2003 $2,221 $(2,400) $ 414 $1,810 $(2) $178 $2,221
====== ======= ===== ====== === ==== ======
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, 2003
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SERVICES SUBS. PSEG
------- ------------ ------- ------- -------- ---------- ------
CURRENT ASSETS
Cash and Cash Equivalents $ 548 $ -- $ 140 $ 66 $ 2 $ 161 $ 179
Accounts Receivable 1,547 -- 804 615 1 122 5
Accounts Receivable - Affiliated Companies, net -- (495) -- 240 82 173 --
Short-Term Loan to Affiliate -- (377) -- 77 -- 300 --
Unbilled Revenues 261 -- 261 -- -- -- --
Fuel 527 -- -- 516 -- 11 --
Materials and Supplies 227 -- 50 162 -- 15 --
Prepayments 164 -- 44 12 3 7 98
Energy Trading Contracts 101 -- -- 101 -- -- --
Restricted Cash 5 -- 5 -- -- -- --
Assets Held for Sale -- -- -- -- -- -- --
Assets of Discontinued Operations 298 -- -- -- -- 298 --
Other 39 -- 17 20 -- 2 --
------- ------- ------- ------- ----- ------ ------
Total Current Assets 3,717 (872) 1,321 1,809 88 1,089 282
------- ------- ------- ------- ----- ------ ------
PROPERTY, PLANT AND EQUIPMENT 17,406 -- 9,793 5,980 271 1,362 --
Less: Accumulated Depreciation and Amortization (4,984) -- (3,258) (1,399) (143) (184) --
------- ------- ------- ------- ----- ------ ------
Net Property, Plant and Equipment 12,422 -- 6,535 4,581 128 1,178 --
------- ------- ------- ------- ----- ------ ------
NONCURRENT ASSETS
Regulatory Assets 4,801 -- 4,801 -- -- -- --
Long-Term Investments 4,808 -- 131 43 2 4,583 49
Investment in Subsidiaries -- (7,365) -- -- -- -- 7,365
Deferred Income Taxes and Investment
Tax Credits (ITC) -- (24) -- 24 -- -- --
Nuclear Decommissioning Trust Funds 985 -- -- 985 -- -- --
Other Special Funds 470 -- 272 115 67 16 --
Goodwill 507 -- -- 16 -- 491 --
Energy Trading Contracts 12 -- -- 12 -- -- --
Other Intangibles 103 -- 2 92 5 4 --
Other 230 -- 74 51 -- 96 9
------- ------- ------- ------- ----- ------ ------
Total Noncurrent Assets 11,916 (7,389) 5,280 1,338 74 5,190 7,423
------- ------- ------- ------- ----- ------ ------
TOTAL ASSETS $28,055 $(8,261) $13,136 $ 7,728 $ 290 $7,457 $7,705
======= ======= ======= ======= ===== ====== ======
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, 2003
(Millions)
INTERCOMPANY PSEG ENERGY
PSEG ELIMINATIONS PSE&G & POWER & PSEG HOLDINGS &
CONSOL. & RECLASS. SUBS. SUBS. SERVICES SUBS. PSEG
-------- ------------ ------- ------- -------- ---------- ------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 726 $ -- $ 423 $ -- $ -- $ 303 $ --
Commercial Paper and Loans 301 -- -- -- -- 2 299
Accounts Payable 1,216 -- 286 800 61 53 16
Accounts Payable - Affiliated Companies, net -- (494) 405 -- -- 4 85
Short-Term Loan from Affiliate -- (377) -- -- 124 -- 253
Energy Trading Contracts 72 -- -- 72 -- -- --
Accrued Taxes 33 -- 10 15 -- 8 --
Liabilities of Discontinued Operations 242 -- -- -- -- 242 --
Other 795 1 422 192 13 116 51
------- ------- ------- ------ ---- ------ ------
Total Current Liabilities 3,385 (870) 1,546 1,079 198 728 704
------- ------- ------- ------ ---- ------ ------
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment
Tax Credits (ITC) 4,196 (24) 2,715 -- 26 1,487 (8)
Regulatory Liabilities 536 -- 536 -- -- -- --
Nuclear Decommissioning Liabilities 284 -- -- 284 -- -- --
Other Postemployment Benefit (OPEB) Costs 532 -- 509 16 4 3 --
Accrued Pension Costs 67 -- 16 14 25 12 --
Other 501 (1) 145 114 40 185 18
------- ------- ------- ------ ---- ------ ------
Total Noncurrent Liabilities 6,116 (25) 3,921 428 95 1,687 10
------- ------- ------- ------ ---- ------ ------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- -- --
------- ------- ------- ------ ---- ------ ------
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 7,921 -- 1,843 2,816 -- 1,800 1,462
Securitization Debt 2,085 -- 2,085 -- -- -- --
Project Level, Non-Recourse Debt 1,738 -- -- 800 -- 938 --
Debt Supporting Trust Preferred Securities 1,201 -- 1,201 -- -- -- --
------- ------- ------- ------ ---- ------ ------
Total Long-Term Debt 12,945 -- 5,129 3,616 -- 2,738 1,462
------- ------- ------- ------ ---- ------ ------
SUBSIDIARIES' PREFERRED SECURITIES
Preferred Stock Without Mandatory Redemption 80 (509) 80 -- -- 509 --
------- ------- ------- ------ ---- ------ ------
COMMON STOCKHOLDERS' EQUITY
Common Stock, issued; 2003 - 262,252,032
shares 2002 - 251,385,937 shares 4,490 (892) 892 -- -- -- 4,490
Contributed Capital -- (3,760) 170 1,700 2 1,888 --
Basis Adjustment -- -- 986 (986) -- -- --
Treasury Stock, at cost; 2003 and 2002 -
26,118,590 shares (981) -- -- -- -- -- (981)
Retained Earnings 2,221 (2,400) 414 1,810 (2) 178 2,221
Accumulated Other Comprehensive Income (Loss) (201) 195 (2) 81 (3) (271) (201)
------- ------- ------- ------ ---- ------ ------
Total Common Stockholders' Equity 5,529 (6,857) 2,460 2,605 (3) 1,795 5,529
------- ------- ------- ------ ---- ------ ------
Total Capitalization 18,554 (7,366) 7,669 6,221 (3) 5,042 6,991
------- ------- ------- ------ ---- ------ ------
TOTAL LIABILITIES AND CAPITALIZATION $28,055 $(8,261) $13,136 $7,728 $290 $7,457 $7,705
======= ======= ======= ====== ==== ====== ======
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, 2003
(Millions)
PSE&G
INTERCOMPANY TRANSITION
PSE&G ELIMINATIONS FUNDING NEW
CONSOL. (A) & RECLASS. PSE&G LLC MILLENNIUM NJP
----------- ------------ ------- ---------- ---------- ---
OPERATING REVENUES $6,740 $(180) $6,628 $ 292 $-- $--
OPERATING EXPENSES
Energy Costs 4,421 (178) 4,599 -- -- --
Operation and Maintenance 1,050 (2) 1,050 2 -- --
Depreciation and Amortization 372 -- 248 124 -- --
Taxes Other Than Income Taxes 136 -- 136 -- -- --
------ ----- ------ ----- --- ---
Total Operating Expenses 5,979 (180) 6,033 126 -- --
------ ----- ------ ----- --- ---
OPERATING INCOME 761 -- 595 166 -- --
Other Income 6 (7) 12 1 -- --
Other Deductions (1) -- (1) -- -- --
Equity in Earnings of Subsidiaries -- (1) 1 -- -- --
Interest Expense (390) 7 (231) (166) -- --
------ ----- ------ ----- --- ---
INCOME BEFORE INCOME TAXES
AND EXTRAORDINARY ITEM 376 (1) 376 1 -- --
Income Taxes (129) -- (129) -- -- --
------ ----- ------ ----- --- ---
INCOME BEFORE EXTRAORDINARY ITEM 247 (1) 247 1 -- --
Extraordinary Item, net of tax (18) -- (18) -- -- --
------ ----- ------ ----- --- ---
NET INCOME $ 229 $ (1) $ 229 $ 1 $-- $--
Preferred Stock Dividends (4) -- (4) -- -- --
------ ----- ------ ----- --- ---
Earnings Available to PSEG $ 225 $ (1) $ 225 $ 1 $-- $--
====== ===== ====== ===== === ===
(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
NEW MILLENNIUM - Public Service New Millennium Economic Development Fund LLC
NJP - New Jersey Properties, Inc.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2003
(Millions)
PSE&G
INTERCOMPANY TRANSITION
PSE&G ELIMINATIONS FUNDING NEW
CONSOL. & RECLASS. PSE&G LLC MILLENNIUM NJP
------- ------------ ----- ---------- ---------- ---
BALANCE JANUARY 1, 2003 $ 389 $-- $ 389 $-- $-- $--
Net Income 229 (1) 229 1 -- --
----- --- ----- --- --- ---
Subtotal 618 (1) 618 1 -- --
----- --- ----- --- --- ---
Cash Dividends:
Preferred Stock (4) -- (4) -- -- --
Common Stock (200) -- (200) -- -- --
----- --- ----- --- --- ---
Total Cash Dividends (204) -- (204) -- -- --
----- --- ----- --- --- ---
BALANCE DECEMBER 31, 2003 $ 414 $(1) $ 414 $ 1 $-- $--
===== === ===== === === ===
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.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
PSE&G
INTERCOMPANY TRANSITION
PSE&G ELIMINATIONS FUNDING NEW
CONSOL. & RECLASS. PSE&G LLC MILLENNIUM NJP
------- ------------ ------- ---------- ---------- ---
CURRENT ASSETS
Cash and Cash Equivalents $ 140 $ -- $ 139 $ 1 $-- $--
Accounts Receivable 804 -- 804 -- -- --
Unbilled Revenues 261 -- 261 -- -- --
Materials and Supplies 50 -- 50 -- -- --
Prepayments 44 -- 44 -- -- --
Restricted Cash 5 -- -- 5 -- --
Other 17 -- 17 -- -- --
------- ---- ------- ------ --- ---
Total Current Assets 1,321 -- 1,315 6 -- --
------- ---- ------- ------ --- ---
PROPERTY, PLANT AND EQUIPMENT 9,793 -- 9,793 -- -- --
Less: Accumulated Depreciation and Amortization (3,258) -- (3,258) -- -- --
------- ---- ------- ------ --- ---
Net Property, Plant and Equipment 6,535 -- 6,535 -- -- --
------- ---- ------- ------ --- ---
NONCURRENT ASSETS
Regulatory Assets 4,801 (12) 2,488 2,313 -- 12
Long-Term Investments 131 -- 122 -- 9 --
Investment in Subsidiaries -- (23) 23 -- -- --
Other Special Funds 272 -- 272 -- -- --
Intangibles 2 -- 2 -- -- --
Other 74 -- 61 13 -- --
------- ---- ------- ------ --- ---
Total Noncurrent Assets 5,280 (35) 2,968 2,326 9 12
------- ---- ------- ------ --- ---
TOTAL ASSETS $13,136 $(35) $10,818 $2,332 $ 9 $12
======= ==== ======= ====== === ===
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.
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
INTERCOMPANY PSE&G
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. & RECLASS. PSE&G FUNDING LLC MILLENNIUM NJP
------- ------------ ------- ----------- ---------- ---
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 423 $ -- $ 286 $ 137 $-- $--
Accounts Payable 691 -- 640 39 -- 12
Other 432 -- 375 57 -- --
------- ---- ------- ------ --- ---
Total Current Liabilities 1,546 -- 1,301 233 -- 12
------- ---- ------- ------ --- ---
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax Credits (ITC) 2,715 -- 2,715 -- -- --
Regulatory Liabilities 536 (12) 548 -- -- --
Other Postemployment Benefits (OPEB) Costs 509 -- 509 -- -- --
Accrued Pension Costs 16 -- 16 -- -- --
Other 145 -- 145 -- -- --
------- ---- ------- ------ --- ---
Total Noncurrent Liabilities 3,921 (12) 3,933 -- -- --
------- ---- ------- ------ --- ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- --
------- ---- ------- ------ --- ---
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 3,044 -- 3,044 -- -- --
Securitization Debt 2,085 -- -- 2,085 -- --
------- ---- ------- ------ --- ---
Total Long-Term Debt 5,129 -- 3,044 2,085 -- --
------- ---- ------- ------ --- ---
PREFERRED SECURITIES 80 -- 80 -- -- --
------- ---- ------- ------ --- ---
COMMON STOCKHOLDER'S EQUITY
Common Stock 892 -- 892 -- -- --
Contributed Capital 170 (22) 170 13 9 --
Basis Adjustment 986 -- 986 -- -- --
Retained Earnings 414 (1) 414 1 -- --
Accumulated Other Comprehensive Loss (2) -- (2) -- -- --
------- ---- ------- ------ --- ---
Total Common Stockholders' Equity 2,460 (23) 2,460 14 9 --
------- ---- ------- ------ --- ---
Total Capitalization 7,669 (23) 5,584 2,099 9 --
------- ---- ------- ------ --- ---
TOTAL LIABILITIES AND CAPITALIZATION $13,136 $(35) $10,818 $2,332 $ 9 $12
======= ==== ======= ====== === ===
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, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG PSEG PSEG
POWER & ELIMINATIONS PSEG FOSSIL LLC NUCLEAR LLC PSEG POWER POWER
SUBS. (A) & RECLASS. POWER & SUBS. (A) & SUBS. (A) ER&T INVEST CO. DEVP CO.
--------- ------------ ----- ----------- ----------- ------ ---------- --------
OPERATING REVENUES $5,605 $(957) $ -- $459 $631 $5,472 $ -- $--
OPERATING EXPENSES
Energy Costs 3,746 (957) -- -- 113 4,590 -- --
Operation and Maintenance 914 -- (4) 335 513 70 -- --
Depreciation and Amortization 102 -- 5 82 14 1 -- --
------ ----- ----- ---- ---- ------ ---- ---
Total Operating Expenses 4,762 (957) 1 417 640 4,661 -- --
------ ----- ----- ---- ---- ------ ---- ---
OPERATING INCOME 843 -- (1) 42 (9) 811 -- --
Other Income 149 (137) 15 -- 144 11 116 --
Other Deductions (78) -- -- -- (78) -- -- --
Equity Earnings (Losses) of
Subsidiaries (928) 928
Interest Expense (114) 137 (159) (12) (29) (51) -- --
------ ----- ----- ---- ---- ------ ---- ---
INCOME BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 800 (928) 783 30 28 771 116 --
Income Tax Expense (326) -- 61 (12) (11) (317) (47) --
------ ----- ----- ---- ---- ------ ---- ---
INCOME BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING
PRINCIPLE 474 (928) 844 18 17 454 69 --
Cumulative Effect of a Change in
Accounting Principle, net of tax 370 -- -- 78 292 -- -- --
------ ----- ----- ---- ---- ------ ---- ---
NET INCOME $ 844 $(928) $ 844 $ 96 $309 $ 454 $ 69 $--
====== ===== ===== ==== ==== ====== ==== ===
(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, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG PSEG PSEG
POWER & ELIMINATIONS PSEG FOSSIL LLC NUCLEAR PSEG POWER POWER
SUBS. & RECLASS. POWER & SUBS. (A) LLC & SUBS. ER&T INVEST CO. DEVP CO.
------- ------------ ------ ----------- ----------- ------- ---------- --------
BALANCE JANUARY 1, 2003 $ 966 $(1,128) $ 966 $(115) $ (103) $1,202 $ 144 $--
Net Income 844 (928) 844 96 309 454 69 --
--
------ ------- ------ ----- ----- ------ ----- ---
Subtotal 1,810 (2,056) 1,810 (19) 206 1,656 213 --
------ ------- ------ ----- ----- ------ ----- ---
Cash Dividends:
Common Stock -- 1,291 -- -- (630) (486) (175) --
------ ------- ------ ----- ----- ------ ----- ---
Total Cash Dividends -- 1,291 -- -- (630) (486) (175) --
------ ------- ------ ----- ----- ------ ----- ---
BALANCE DECEMBER 31, 2003 $1,810 $ (765) $1,810 $ (19) $(424) $1,170 $ 38 $--
====== ======= ====== ===== ===== ====== ===== ===
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, 2003
(Millions)
PSEG
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
POWER & ELIMINATIONS PSEG FOSSIL NUCLEAR PSEG INVEST POWER
SUBS. & RECLASS. POWER LLC & SUBS. LLC & SUBS. ER&T CO. DEVP CO.
------- ------------ ------ ----------- ----------- ------ ------ --------
CURRENT ASSETS
Cash and Cash Equivalents $ 66 $ -- $ (244) $ 177 $ 188 $ (55) $ -- $--
Accounts Receivable - net 615 (59) -- 21 32 573 48 --
Accounts Receivable - Affiliated Companies, net 240 95 327 29 (36) (165) (10) --
Short-Term Loan to Affiliate 77 (1,839) 1,675 -- -- 241 -- --
Fuel 516 -- -- (2) 1 517 -- --
Materials and Supplies 162 -- -- 66 96 -- -- --
Energy Trading Contracts 101 -- -- -- -- 101 -- --
Other 32 -- 4 3 3 22 -- --
------- ------- ------ ------ ------ ------ ---- ---
Total Current Assets 1,809 (1,803) 1,762 294 284 1,234 38 --
------- ------- ------ ------ ------ ------ ---- ---
PROPERTY, PLANT AND EQUIPMENT 5,980 1 73 4,859 1,037 10 -- --
Less: Accumulated Depreciation and Amortization (1,399) -- (28) (930) (440) (1) -- --
------- ------- ------ ------ ------ ------ ---- ---
Net Property, Plant and Equipment 4,581 1 45 3,929 597 9 -- --
------- ------- ------ ------ ------ ------ ---- ---
NONCURRENT ASSETS
Deferred Income Taxes and Investment Tax
Credits (ITC) 24 -- 9 96 (97) 16 -- --
Notes Receivable - Affiliated Companies -- (300) 300 -- -- -- -- --
Investment in Subsidiaries -- (3,329) 3,329 -- -- -- -- --
Nuclear Decommissioning Trust Funds 985 -- -- -- 985 -- -- --
Intangibles 108 1 3 56 -- 48 -- --
Other 221 -- 143 12 -- 66 -- --
------- ------- ------ ------ ------ ------ ---- ---
Total Noncurrent Assets 1,338 (3,628) 3,784 164 888 130 -- --
------- ------- ------ ------ ------ ------ ---- ---
TOTAL ASSETS $ 7,728 $(5,430) $5,591 $4,387 $1,769 $1,373 $ 38 $--
======= ======= ====== ====== ====== ====== ==== ===
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, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG PSEG PSEG
POWER & ELIMINATIONS PSEG FOSSIL NUCLEAR PSEG POWER POWER
SUBS. & RECLASS. POWER LLC & SUBS. LLC & SUBS. ER&T INVEST CO. DEVP CO.
------- ------------ ------ ----------- ----------- ------- ---------- --------
CURRENT LIABILITIES
Accounts Payable $ 800 $ (11) $ 49 $ 91 $ 73 $ 598 $-- $--
Short-Term Loan from Affiliate -- (1,839) -- 1,145 694 -- -- --
Energy Trading Contracts 72 -- -- -- -- 72 -- --
Other 207 (46) 77 62 28 86 -- --
------ ------- ------ ------ ------ ------ --- ---
Total Current Liabilities 1,079 (1,896) 126 1,298 795 756 -- --
------ ------- ------ ------ ------ ------ --- ---
NONCURRENT LIABILITIES
Nuclear Decommissioning 284 -- -- -- 284 -- -- --
Accrued Pension Costs 14 -- 14 -- -- -- -- --
Other 130 -- 30 61 7 32 -- --
------ ------- ------ ------ ------ ------ --- ---
Total Noncurrent Liabilities 428 -- 44 61 291 32 -- --
------ ------- ------ ------ ------ ------ --- ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- -- -- --
------ ------- ------ ------ ------ ------ --- ---
LONG TERM DEBT
Notes Payable - Affiliated Company -- (300) -- 300 -- -- -- --
Project Level, Non-Recourse Debt 800 -- -- 800 -- -- -- --
Long-Term Debt 2,816 -- 2,816 -- -- -- -- --
------ ------- ------ ------ ------ ------ --- ---
Total Long-Term Debt 3,616 (300) 2,816 1,100 -- -- -- --
------ ------- ------ ------ ------ ------ --- ---
MEMBER'S EQUITY
Contributed Capital 1,700 (2,384) 1,700 1,965 989 (570) -- --
Basis Adjustment (986) -- (986) (10) -- 10 -- --
Retained Earnings 1,810 (765) 1,810 (19) (424) 1,170 38 --
Accumulated Other Comprehensive
Income (Loss) 81 (85) 81 (8) 118 (25) -- --
------ ------- ------ ------ ------ ------ --- ---
Total Member's Equity 2,605 (3,234) 2,605 1,928 683 585 38 --
------ ------- ------ ------ ------ ------ --- ---
Total Capitalization 6,221 (3,234) 5,421 3,028 683 585 38 --
------ ------- ------ ------ ------ ------ --- ---
TOTAL LIABILITIES AND MEMBER'S EQUITY $7,728 $(5,430) $5,591 $4,387 $1,769 $1,373 $38 $--
====== ======= ====== ====== ====== ====== === ===
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, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. (A) & RECLASS. LLC INC. ENERGY LLC
----------- ------------ ------ ---------- ------------
OPERATING REVENUES $459 $ -- $326 $16 $--
OPERATING EXPENSES
Operation and Maintenance 335 1 257 16 --
Depreciation and Amortization 82 (1) 68 --
---- ---- ---- --- ---
Total Operating Expenses 417 -- 325 16 --
---- ---- ---- --- ---
OPERATING INCOME 42 -- 1 -- --
Other Income and Deductions -- -- -- -- --
Equity Earnings Loss in Subs -- (21) 21 -- --
Interest Expense (12) -- (1) -- --
---- ---- ---- --- ---
INCOME BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE 30 (21) 21 -- --
Income Taxes (12) -- 1 -- --
---- ---- ---- --- ---
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE 18 (21) 22 -- --
Cumulative Effect of a Change in Accounting
Principle, net of tax 78 -- 74 4 --
---- ---- ---- --- ---
NET INCOME $ 96 $(21) $ 96 $ 4 $--
==== ==== ==== === ===
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
---------- ---------- ---------- -----------
OPERATING REVENUES $-- $ -- $-- $117
OPERATING EXPENSES
Operation and Maintenance -- 3 1 57
Depreciation and Amortization -- 5 -- 10
--- ---- --- ----
Total Operating Expenses -- 8 1 67
--- ---- --- ----
OPERATING INCOME -- (8) (1) 50
Other Income and Deductions -- -- -- --
Equity Earnings Loss in Subs -- -- -- --
Interest Expense -- (7) -- (4)
--- ---- --- ----
INCOME BEFORE INCOME TAXES AND
CUMULATIVE EFFECT OF A CHANGE
IN ACCOUNTING PRINCIPLE -- (15) (1) 46
Income Taxes -- 6 -- (19)
--- ---- --- ----
INCOME BEFORE CUMULATIVE EFFECT OF
A CHANGE IN ACCOUNTING PRINCIPLE -- (9) (1) 27
Cumulative Effect of a Change in Accounting
Principle, net of tax -- -- -- --
--- ---- --- ----
NET INCOME $-- $ (9) $(1) $ 27
=== ==== === ====
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
PSEG FOSSIL LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. & RECLASS. LLC INC ENERGY LLC
---------- ------------ ------ ---------- ------------
BALANCE JANUARY 1, 2003 $(115) $ (7) $(115) $ 4 $--
Net Income 96 (21) 96 4 --
----- ---- ----- ---- ---
BALANCE DECEMBER 31, 2003 $ (19) $(28) $ (19) $ 8 $--
===== ==== ===== ==== ===
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
---------- ---------- ---------- -----------
BALANCE JANUARY 1, 2003 $-- $ 1 $-- $ 2
Net Income -- (9) (1) 27
--- --- --- ---
BALANCE DECEMBER 31, 2003 $-- $(8) $(1) $29
=== === === ===
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. & RECLASS. LLC INC. ENERGY LLC
---------- ------------ ------ ---------- ------------
CURRENT ASSETS
Cash and Cash Equivalents $ 177 $ -- $ 138 $ -- $ 21
Accounts Receivable - net 21 -- -- 1 2
Accounts Receivable Affiliated Companies - net 29 (10) 47 (19) 1
Fuel (2) -- -- -- --
Materials and Supplies 66 -- 51 1 4
Energy Trading Contracts -- -- -- -- --
Other 3 -- 1 2 --
------ ----- ------ ---- ----
Total Current Assets 294 (10) 237 (15) 28
------ ----- ------ ---- ----
PROPERTY, PLANT AND EQUIPMENT 4,859 -- 3,031 336 662
Less: Accumulated Depreciation and Amortization (930) -- (913) (2) --
------ ----- ------ ---- ----
Net Property, Plant and Equipment 3,929 -- 2,118 334 662
------ ----- ------ ---- ----
NONCURRENT ASSETS
Deferred Income Taxes and Inv. Tax Credits 96 -- 95 (4) 1
Investment in Subs -- (678) 678 -- --
Intangibles 56 -- -- 56 --
Other 12 -- -- -- 9
------ ----- ------ ---- ----
Total Noncurrent Assets 164 (678) 773 52 10
------ ----- ------ ---- ----
TOTAL ASSETS $4,387 $(688) $3,128 $371 $700
====== ===== ====== ==== ====
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
---------- ---------- ---------- -----------
CURRENT ASSETS
Cash and Cash Equivalents $-- $ 19 $-- $ (1)
Accounts Receivable - net -- -- -- 18
Accounts Receivable net - Affiliated Companies (87) 9 6 82
Fuel -- -- -- (2)
Materials and Supplies -- 3 -- 7
Energy Trading Contracts -- -- -- --
Other -- -- -- --
--- ---- --- ----
Total Current Assets (87) 31 6 104
--- ---- --- ----
PROPERTY, PLANT AND EQUIPMENT 84 509 -- 237
Less: Accumulated Depreciation and Amortization -- (5) -- (10)
--- ---- --- ----
Net Property, Plant and Equipment 84 504 -- 227
--- ---- --- ----
NONCURRENT ASSETS
Deferred Income Taxes and Inv. Tax Credits 3 4 -- (3)
Investment in Subs -- -- -- --
Intangibles -- -- -- --
Other -- 3 -- --
--- ---- --- ----
Total Noncurrent Assets 3 7 -- (3)
--- ---- --- ----
TOTAL ASSETS $-- $542 $ 6 $328
=== ==== === ====
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG PSEG POWER PSEG
FOSSIL LLC ELIMINATIONS FOSSIL NEW YORK LAWRENCEBURG
& SUBS. & RECLASS. LLC INC. ENERGY LLC
---------- ------------ ------ ---------- ------------
CURRENT LIABILITIES
Accounts Payable $ 91 $ -- $ 42 $ 25 $ 16
Other 1,207 -- 1,107 59 2
------ ----- ------ ---- ----
Total Current Liabilities 1,298 -- 1,149 84 18
------ ----- ------ ---- ----
NONCURRENT LIABILITIES
Deferred Income Taxes -- -- -- -- --
Environmental 57 -- 51 -- --
Other 4 -- -- 3 --
------ ----- ------ ---- ----
Total Noncurrent Liabilities 61 -- 51 3 --
------ ----- ------ ---- ----
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- --
------ ----- ------ ---- ----
LONG TERM DEBT
Notes Payable - Affiliated Company 300 -- -- 150 --
Long-Term Debt 800 -- -- -- 445
------ ----- ------ ---- ----
Total Long-Term Debt 1,100 -- -- 150 445
------ ----- ------ ---- ----
MEMBER'S EQUITY
Contributed Capital 1,965 (678) 1,965 126 237
Basis Adjustment (10) 10 (10) -- --
Retained Earnings (19) (28) (19) 8 --
Accumulated Other Comprehensive Income (8) 8 (8) -- --
------ ----- ------ ---- ----
Total Member's Equity 1,928 (688) 1,928 134 237
------ ----- ------ ---- ----
Total Capitalization 3,028 (688) 1,928 284 682
------ ----- ------ ---- ----
TOTAL LIABILITIES AND MEMBER'S EQUITY $4,387 $(688) $3,128 $371 $700
====== ===== ====== ==== ====
PSEG POWER PSEG PSEG POWER PSEG POWER
BELLPORT WATERFORD MIDWEST CONNECTICUT
LLC ENERGY LLC LLC LLC
---------- ---------- ---------- -----------
CURRENT LIABILITIES
Accounts Payable $ -- $ -- $ -- $ 8
Other -- 8 7 24
---- ---- --- ----
Total Current Liabilities -- 8 7 32
---- ---- --- ----
NONCURRENT LIABILITIES
Deferred Income Taxes -- -- -- --
Environmental -- -- -- 6
Other -- -- -- 1
---- ---- --- ----
Total Noncurrent Liabilities -- -- -- 7
---- ---- --- ----
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- --
---- ---- --- ----
LONG TERM DEBT
Notes Payable - Affiliated Company -- -- -- 150
Long-Term Debt -- 355 -- --
---- ---- --- ----
Total Long-Term Debt -- 355 -- 150
---- ---- --- ----
MEMBER'S EQUITY
Contributed Capital -- 205 -- 110
Basis Adjustment -- (10) -- --
Retained Earnings -- (8) (1) 29
Accumulated Other Comprehensive Income -- (8) -- --
---- ---- --- ----
Total Member's Equity -- 179 (1) 139
---- ---- --- ----
Total Capitalization -- 534 (1) 289
---- ---- --- ----
TOTAL LIABILITIES AND MEMBER'S EQUITY $ -- $542 $ 6 $328
==== ==== === ====
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. (A) & RECLASS. LLC CORP.
----------- ------------ ------- -------
OPERATING REVENUES $631 $-- $631 $--
OPERATING EXPENSES
Energy Costs 113 -- 113 --
Operation and Maintenance 513 -- 513 --
Depreciation and Amortization 14 -- 14 --
---- --- ---- ---
Total Operating Expenses 640 -- 640 --
---- --- ---- ---
OPERATING INCOME (9) -- (9) --
Other Income and Deductions 66 -- 66 --
Interest Expense (29) -- (29) --
---- --- ---- ---
INCOME BEFORE INCOME TAXES 28 -- 28 --
Income Taxes (11) -- (11) --
---- --- ---- ---
INCOME BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING PRINCIPLE 17 -- 17 --
Cumulative Effect of a Change in Accounting
Principle 292 -- 292 --
---- --- ---- ---
NET INCOME $309 $-- $309 $--
==== === ==== ===
(A) Exceeds 2% of Enterprise's consolidated operating revenues. For additional
information, see Item I.
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
----------- ------------ ------- -------
BALANCE JANUARY 1, 2003 $(103) $-- $(103) $--
Net Income 309 -- 309 --
----- --- ----- ---
Subtotal 206 -- 206 --
----- --- ----- ---
Cash Dividends:
Common Stock (630) -- (630) --
----- --- ----- ---
Total Cash Dividends (630) -- (630) --
----- --- ----- ---
BALANCE DECEMBER 31, 2003 $(424) $-- $(424) $--
===== === ===== ===
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
----------- ------------ ------- -------
CURRENT ASSETS
Cash and Cash Equivalents $ 188 $-- $ 188 $--
Accounts Receivable 32 -- 32 --
Accounts Receivable - Affiliated Companies (36) -- (36) --
Fuel 1 -- 1 --
Materials and Supplies 96 -- 96 --
Other 3 -- 3 --
------ --- ------ ---
Total Current Assets 284 -- 284 --
------ --- ------ ---
PROPERTY, PLANT AND EQUIPMENT 1,037 (5) 1,037 5
Less: Accumulated depreciation and amortization (440) -- (440) --
------ --- ------ ---
Net Property, Plant and Equipment 597 (5) 597 5
------ --- ------ ---
NONCURRENT ASSETS
Deferred Income Taxes (97) -- (97) --
Other 985 -- 985 --
------ --- ------ ---
Total Noncurrent Assets 888 -- 888 --
------ --- ------ ---
TOTAL ASSETS $1,769 $(5) $1,769 $ 5
====== === ====== ===
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2003
(Millions)
PSEG INTERCOMPANY PSEG THE
NUCLEAR LLC ELIMINATIONS NUCLEAR FRANCIS
& SUBS. & RECLASS. LLC CORP.
----------- ------------ ------- -------
CURRENT LIABILITIES
Accounts Payable $ 767 $-- $ 767 $--
Other 28 -- 28 --
------ --- ------ ---
Total Current Liabilities 795 -- 795 --
------ --- ------ ---
NONCURRENT LIABILITIES
Nuclear Decommissioning 284 -- 284 --
Other 7 -- 7 --
------ --- ------ ---
Total Noncurrent Liabilities 291 -- 291 --
------ --- ------ ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- --
------ --- ------ ---
LONG TERM DEBT
Notes Payable - Affiliated Company -- -- -- --
------ --- ------ ---
Total Long-Term Debt -- -- -- --
------ --- ------ ---
MEMBER'S EQUITY
Contributed Capital 989 (5) 989 5
Retained Earnings (424) -- (424) --
Accumulated Other Comprehensive Income 118 -- 118 --
------ --- ------ ---
Total Member's Equity 683 (5) 683 5
------ --- ------ ---
Total Capitalization 683 (5) 683 5
------ --- ------ ---
TOTAL LIABILITIES AND MEMBER'S EQUITY $1,769 $(5) $1,769 $ 5
====== === ====== ===
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY PSEG
PSEG ENERGY ELIMINATIONS ENERGY PSEG PSEG ENERGY
HOLDINGS CONSOL. & RECLASS HOLDINGS GLOBAL RESOURCES TECHNOLOGIES
---------------- ------------ -------- --------- --------- -----------
REVENUES:
Income from capital lease agreements $ 206,265 $ -- $ -- $ -- $206,265 $ --
Income from operating leases 10,387 -- -- -- 10,387 --
Income from withdrawal of partnership interests 44,500 -- -- 44,500 -- --
Rental income 10,355 -- -- -- -- --
Investment losses (4,199) -- -- -- (4,199) --
Interest and dividend income 489 -- -- -- 318 133
Electric revenues:
Generation 254,014 -- -- 254,014 -- --
Distribution 155,114 -- -- 155,114 -- --
Other 22,101 -- -- 22,101 -- --
DSM revenues 24,852 -- -- -- 24,852 --
Other revenues 793 -- -- -- 793 --
Interest and other - associated cos. -- (190,808) 184,732 -- -- --
Equity in subsidiary earnings -- (149,428) 149,428 -- -- --
--------- --------- -------- --------- -------- --------
Total revenues 724,671 (340,236) 334,160 475,729 238,416 133
--------- --------- -------- --------- -------- --------
OPERATING EXPENSES:
Electric energy costs 155,509 -- -- 155,509 -- --
Operation and maintenance 73,620 -- -- 50,145 15,509 --
Depreciation and amortization 43,599 -- 123 38,444 5,032 --
Write-down of investments (3,165) -- -- (3,165) -- --
Restructuring charges 3,330 -- -- 3,330 -- --
Administrative and general 102,217 (8,195) 15,887 81,776 13,412 --
--------- --------- -------- --------- -------- --------
Total operating expenses 375,110 (8,195) 16,010 326,039 33,953 --
--------- --------- -------- --------- -------- --------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from joint ventures and partnerships 88,134 -- -- 86,954 1,236 --
Interest income 19,851 -- -- 19,851 -- --
Consulting and O&M fees 6,434 -- -- 6,434 -- --
--------- --------- -------- --------- -------- --------
Total income from equity method investments 114,419 -- -- 113,239 1,236 --
--------- --------- -------- --------- -------- --------
OPERATING INCOME 463,980 (332,041) 318,150 262,929 205,699 133
--------- --------- -------- --------- -------- --------
OTHER INCOME (LOSS) :
Foreign currency transaction gain 16,444 -- -- 16,444 -- --
Change in derivative fair value (4,810) -- -- (4,810) -- --
Loss on early extinguishment of debt (357) 355 (357) (172) (183) --
Other 4,455 -- 2,076 2,379 -- --
--------- --------- -------- --------- -------- --------
Total other income (loss) 15,732 355 1,719 13,841 (183) --
--------- --------- -------- --------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- (6,028) -- 3,161 2,867 --
PSEG Energy Holdings L.L.C. -- (175,806) -- 84,722 90,704 --
PSEG Energy Technologies Inc. -- (64) 64 -- -- --
Enterprise Group Development Corp. -- (55) -- -- -- --
Other 229,926 (305) 176,131 42,953 2,825 --
Capitalized interest (11,661) -- -- (11,661) -- --
--------- --------- -------- --------- -------- --------
Net interest expense 218,265 (182,258) 176,195 119,175 96,396 --
--------- --------- -------- --------- -------- --------
INCOME FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES, MINORITY INTERESTS
AND DISCONTINUED OPERATIONS 261,447 (149,428) 143,674 157,595 109,120 133
--------- --------- -------- --------- -------- --------
INCOME TAXES:
Current (355,510) -- (714) (138,853) (214,423) 46
Deferred 400,863 -- (1,699) 147,700 252,475 --
Investment and energy tax credits - net (1,170) -- -- (434) (736) --
Foreign 14,821 -- -- 14,821 -- --
--------- --------- -------- --------- -------- --------
Total income taxes 59,004 -- (2,413) 23,234 37,316 46
--------- --------- -------- --------- -------- --------
MINORITY INTERESTS 13,157 -- -- 13,021 -- --
--------- --------- -------- --------- -------- --------
INCOME FROM CONTINUING OPERATIONS
BEFORE DISCONTINUED OPERATIONS 189,286 (149,428) 146,087 121,340 71,804 87
--------- --------- -------- --------- -------- --------
DISCONTINUED OPERATIONS:
Loss from discontinued operations (12,236) -- -- (617) -- (11,619)
Loss on disposal of discontinued operations (31,596) -- (633) (22,733) -- (8,230)
--------- --------- -------- --------- -------- --------
NET INCOME (LOSS) 145,454 (149,428) 145,454 97,990 71,804 (19,762)
Preferred stock dividend requirements -- (4,004) -- 4,004 -- --
Preference units distributions 22,761 (18,757) 22,761 12,758 5,999 --
--------- --------- -------- --------- -------- --------
EARNINGS (LOSS) AVAILABLE TO ORDINARY
MEMBER $ 122,693 $(126,667) $122,693 $ 81,228 $ 65,805 $(19,762)
========= ========= ======== ========= ======== ========
PSEG
PETAMC EGDC CAPITAL ECFC
------- ------- ------- ----
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $--
Income from operating leases -- -- -- --
Income from withdrawal of partnership interests -- -- -- --
Rental income -- 10,355 -- --
Investment losses -- -- -- --
Interest and dividend income 38 -- -- --
Electric revenues:
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
DSM revenues -- -- -- --
Other revenues -- -- -- --
Interest and other - associated cos. -- 55 6,021 --
Equity in subsidiary earnings -- -- -- --
------- ------- ------ ---
Total revenues 38 10,410 6,021 --
------- ------- ------ ---
OPERATING EXPENSES:
Electric energy costs -- -- -- --
Operation and maintenance -- 7,966 -- --
Depreciation and amortization -- -- -- --
Write-down of investments -- -- -- --
Restructuring charges -- -- -- --
Administrative and general (991) 339 (11) --
------- ------- ------ ---
Total operating expenses (991) 8,305 (11) --
------- ------- ------ ---
INCOME (LOSS) FROM EQUITY METHOD INVESTMENTS:
Income (loss) from joint ventures and partnerships -- (56) -- --
Interest income -- -- -- --
Consulting and O&M fees -- -- -- --
------- ------- ------ ---
Total income (loss) from equity method investments -- (56) -- --
------- ------- ------ ---
OPERATING INCOME (LOSS) 1,029 2,049 6,032 --
------- ------- ------ ---
OTHER INCOME (LOSS) :
Foreign currency transaction gain -- -- -- --
Change in derivative fair value -- -- -- --
Loss on early extinguishment of debt -- -- -- --
Other -- -- -- --
------- ------- ------ ---
Total other income (loss) -- -- -- --
------- ------- ------ ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings L.L.C. 356 24 -- --
PSEG Energy Technologies Inc. -- -- -- --
Enterprise Group Development Corp. -- -- 55 --
Other 32 2,316 5,974 --
Capitalized interest -- -- -- --
------- ------- ------ ---
Net interest expense 388 2,340 6,029 --
------- ------- ------ ---
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES, MINORITY INTERESTS
AND DISCONTINUED OPERATIONS 641 (291) 3 --
------- ------- ------ ---
INCOME TAXES:
Current (1,440) (129) 3 --
Deferred 2,358 29 -- --
Investment and energy tax credits - net -- -- -- --
Foreign -- -- -- --
------- ------- ------ ---
Total income taxes 918 (100) 3 --
------- ------- ------ ---
MINORITY INTERESTS -- 136 -- --
------- ------- ------ ---
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE DISCONTINUED OPERATIONS (277) (327) -- --
------- ------- ------ ---
DISCONTINUED OPERATIONS:
Loss from discontinued operations -- -- -- --
Loss on disposal of discontinued operations -- -- -- --
------- ------- ------ ---
NET INCOME (LOSS) (277) (327) -- --
Preferred stock dividend requirements -- -- -- --
Preference units distributions -- -- -- --
------- ------- ------ ---
EARNINGS (LOSS) AVAILABLE TO ORDINARY
MEMBER $ (277) $ (327) $ -- $--
======= ======= ====== ===
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(Thousands)
PSEG
ENERGY INTERCOMPANY PSEG
HOLDINGS ELIMINATIONS ENERGY PSEG PSEG ENERGY PSEG
CONSOL. & RECLASS. HOLDINGS GLOBAL RESOURCES TECHNOLOGIES PETAMC EGDC CAPITAL ECFC
-------- ------------ -------- --------- --------- ------------ ------ ---- ------- ----
BALANCE JANUARY 1, 2003 $ 55,826 $ 119,674 $ 55,826 $(215,192) $368,867 $(171,705) $ -- $(101,644) $-- $__
NET INCOME (LOSS) 145,454 (149,428) 145,454 97,990 71,804 (19,762) (277) (327) -- --
-------- --------- -------- --------- -------- --------- ----- --------- --- ---
TOTAL 201,280 (29,754) 201,280 (117,202) 440,671 (191,467) (277) (101,971) -- --
-------- --------- -------- --------- -------- --------- ----- --------- --- ---
DIVIDENDS DECLARED 22,761 (22,761) 22,761 16,762 5,999 -- -- -- -- --
SALE OF ENERGY
TECHNOLOGIES -- (191,467) -- -- -- 191,467 -- -- -- --
-------- --------- -------- --------- -------- --------- ----- --------- --- ---
BALANCE
DECEMBER 31, 2003 $178,519 $(198,460) $178,519 $(133,964) $434,672 $-- $(277) $(101,971) $-- $--
======== ========= ======== ========= ======== ========= ===== ========= === ===
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY PSEG
PSEG ENERGY ELIMINATIONS ENERGY PSEG PSEG
HOLDINGS CONSOL. & RECLASS HOLDINGS GLOBAL RESOURCES
---------------- ------------ ---------- ---------- ----------
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 161,073 $ -- $ 74 $ 151,979 $ 7,177
Accounts receivable:
Trade 108,232 -- -- 91,267 2,882
Allowance for doubtful accounts (5,512) -- -- -- (95)
Other 17,527 -- 296 16,516 210
PSEG 172,577 (411) 4,319 47,626 83,848
PSEG Power 172 (70) -- 242 --
Other associated companies -- (72,956) 69,403 -- 3,553
Notes receivable:
Associated companies 299,900 (1,724,714) 2,024,414 -- --
Other 2,462 -- -- -- --
Interest and dividends receivable 607 -- 537 -- 70
Fuel 10,912 -- -- 10,912 --
Materials and supplies 14,770 -- -- 14,770 --
Cost and earnings in excess of billings 988 -- -- -- --
Prepayments 6,623 -- 623 3,963 966
Current assets of discontinued operations 298,396 -- -- 298,396 --
---------- ----------- ---------- ---------- ----------
Total current assets 1,088,727 (1,798,151) 2,099,666 635,671 98,611
---------- ----------- ---------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT:
Real estate 208,515 -- -- 19,275 84,849
Generation and distribution assets 1,053,418 -- -- 1,053,418 --
Furniture and equipment 68,211 -- 2,207 63,741 2,084
Construction work in progress 29,856 -- -- 29,497 --
Other 2,144 -- 917 1,202 25
Accum. depr. and amortization (170,212) -- (2,476) (136,150) (13,587)
Valuation allowances (13,485) -- -- -- --
---------- ----------- ---------- ---------- ----------
Property, plant and equipment - net 1,178,447 -- 648 1,030,983 73,371
---------- ----------- ---------- ---------- ----------
INVESTMENTS:
Subsidiaries -- (2,564,987) 2,564,987 -- --
Capital lease agreements 2,987,071 -- -- -- 2,987,071
Limited partnership interests 506,020 -- -- 411,865 94,155
General partnership interests 29,431 -- -- 20,166 --
Corporate joint ventures 1,040,424 -- -- 1,040,424 --
Securities 4,400 -- -- -- 4,400
DSM investment 22,765 -- -- -- 22,765
Other investments 3,837 -- -- -- --
Valuation allowances (10,527) -- -- -- (5,677)
---------- ----------- ---------- ---------- ----------
Total investments 4,583,421 (2,564,987) 2,564,987 1,472,455 3,102,714
---------- ----------- ---------- ---------- ----------
OTHER ASSETS:
Long-term receivable 9,626 -- 2,131 7,495 --
Deferred project costs 30,800 -- -- 30,800 --
Deferred finance costs 49,039 -- 14,650 34,389 --
Prepaid pension costs 15,709 -- 2,439 8,350 1,767
Goodwill 490,793 -- -- 490,793 --
Deferred tax asset -- (104,132) 266 98,436 112
Derivative asset 60 -- -- 60 --
Tenant improvements 666 -- -- -- --
Intangibles 5,283 -- 1,518 2,220 600
Other 4,790 -- 1,276 2,423 --
---------- ----------- ---------- ---------- ----------
Total other assets 606,766 (104,132) 22,280 674,966 2,479
---------- ----------- ---------- ---------- ----------
TOTAL ASSETS $7,457,361 $(4,467,270) $4,687,581 $3,814,075 $3,277,175
========== =========== ========== ========== ==========
PSEG
PETAMC EGDC CAPITAL ECFC
------- -------- ------- ----
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 317 $ 1,526 $ -- $ --
Accounts receivable:
Trade 14,083 -- -- --
Allowance for doubtful accounts (5,417) -- -- --
Other -- 505 -- --
PSEG 37,195 -- -- --
PSEG Power -- -- -- --
Other associated companies -- -- -- --
Notes receivable:
Associated companies -- -- 100 100
Other 2,462 -- -- --
Interest and dividends receivable -- -- -- --
Fuel -- -- -- --
Materials and supplies -- -- -- --
Cost and earnings in excess of billings 988 -- -- --
Prepayments -- 1,071 -- --
Current assets of discontinued operations -- -- -- --
------- -------- ---- ----
Total current assets 49,628 3,102 100 100
------- -------- ---- ----
PROPERTY, PLANT AND EQUIPMENT:
Real estate -- 104,391 -- --
Generation and distribution assets -- -- -- --
Furniture and equipment -- 179 -- --
Construction work in progress -- 359 -- --
Other -- -- -- --
Accum. depr. and amortization -- (17,999) -- --
Valuation allowances -- (13,485) -- --
------- -------- ---- ----
Property, plant and equipment - net -- 73,445 -- --
------- -------- ---- ----
INVESTMENTS:
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Limited partnership interests -- -- -- --
General partnership interests -- 9,265 -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
DSM investment -- -- -- --
Other investments 3,837 -- -- --
Valuation allowances -- (4,850) -- --
------- -------- ---- ----
Total investments 3,837 4,415 -- --
------- -------- ---- ----
OTHER ASSETS:
Long-term receivable -- -- -- --
Deferred project costs -- -- -- --
Deferred finance costs -- -- -- --
Prepaid pension costs 3,153 -- -- --
Goodwill -- -- -- --
Deferred tax asset 2,169 3,149 -- --
Derivative asset -- -- -- --
Tenant improvements -- 666 -- --
Intangibles 945 -- -- --
Other -- 1,091 -- --
------- -------- ---- ----
Total other assets 6,267 4,906 -- --
------- -------- ---- ----
TOTAL ASSETS $59,732 $ 85,868 $100 $100
======= ======== ==== ====
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY PSEG
PSEG ENERGY ELIMINATIONS ENERGY PSEG PSEG
HOLDINGS CONSOL. & RECLASS HOLDINGS GLOBAL RESOURCES
---------------- ------------ ---------- ---------- ----------
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ 52,985 $ -- $ -- $ 52,723 $ 262
Taxes 8,383 -- -- 7,959 373
Other 61,473 -- 1,237 51,464 4,516
Interest 54,809 -- 44,077 9,808 924
Associated companies 3,780 (73,437) 674 32,869 36,533
Billings in excess of costs and earnings 41 -- -- -- --
Notes payable:
PSEG Capital Corporation -- (100) 100 -- --
PSEG Energy Holdings L.L.C. -- (1,724,514) -- 772,153 940,972
Enterprise Capital Funding Corp. -- (100) 100 -- --
Other 1,996 -- -- 1,996 --
Long-term debt due within one year 302,996 -- 266,732 33,149 1,380
Current liabilities of discontinued operations 241,837 -- -- 241,837 --
---------- ----------- ---------- ---------- ----------
Total current liabilities 728,300 (1,798,151) 312,920 1,203,958 984,960
---------- ----------- ---------- ---------- ----------
TOTAL LONG-TERM DEBT 2,737,889 -- 1,799,323 884,273 30,975
---------- ----------- ---------- ---------- ----------
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes 1,480,346 (104,132) (5,324) -- 1,589,802
Deferred investment and energy tax credits 6,513 -- -- 6,513 --
Deferred revenues 31,909 -- -- 31,909 --
Derivative liability 107,476 -- 1,099 106,377 --
Other long-term payables 26,239 -- 4,586 14,947 2,548
---------- ----------- ---------- ---------- ----------
Total deferred taxes and other liabilities 1,652,483 (104,132) 361 159,746 1,592,350
---------- ----------- ---------- ---------- ----------
MINORITY INTERESTS 34,524 -- -- 28,736 --
---------- ----------- ---------- ---------- ----------
MEMBER'S /STOCKHOLDER'S EQUITY:
Common stock -- (701) -- -- --
Preference units/Preferred stock 509,200 (509,200) 509,200 375,000 134,200
Ordinary unit/common stock and capital 1,887,708 (1,856,626) 1,887,708 1,566,818 100,134
Undistributed retained earnings/deficit 178,519 (198,460) 178,519 (133,964) 434,672
Cumulative translation adjustment (193,217) -- -- (193,217) --
Accumulated other comprehensive loss (78,045) -- (450) (77,275) (116)
---------- ----------- ---------- ---------- ----------
Total member's/stockholder's equity 2,304,165 (2,564,987) 2,574,977 1,537,362 668,890
---------- ----------- ---------- ---------- ----------
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $7,457,361 $(4,467,270) $4,687,581 $3,814,075 $3,277,175
========== =========== ========== ========== ==========
PSEG
PETAMC EGDC CAPITAL ECFC
------- --------- ------- ----
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- 51 -- --
Other 3,892 364 -- --
Interest -- -- -- --
Associated companies 6,723 418 -- --
Billings in excess of costs and earnings 41 -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings L.L.C. 10,634 755 -- --
Enterprise Capital Funding Corp. -- -- -- --
Other -- -- -- --
Long-term debt due within one year -- 1,735 -- --
Current liabilities of discontinued operations -- -- -- --
------- --------- ---- ----
Total current liabilities 21,290 3,323 -- --
------- --------- ---- ----
TOTAL LONG-TERM DEBT -- 23,318 -- --
------- --------- ---- ----
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes -- -- -- --
Deferred investment and energy tax credits -- -- -- --
Deferred revenues -- -- -- --
Derivative liability -- -- -- --
Other long-term payables 4,158 -- -- --
------- --------- ---- ----
Total deferred taxes and other liabilities 4,158 -- -- --
------- --------- ---- ----
MINORITY INTERESTS -- 5,788 -- --
------- --------- ---- ----
MEMBER'S /STOCKHOLDER'S EQUITY:
Common stock -- 501 100 100
Preference units/Preferred stock -- -- -- --
Ordinary unit/common stock and capital 34,765 154,909 -- --
Undistributed retained earnings/deficit (277) (101,971) -- --
Cumulative translation adjustment -- -- -- --
Accumulated other comprehensive loss (204) -- -- --
------- --------- ---- ----
Total member's/stockholder's equity 34,284 53,439 100 100
------- --------- ---- ----
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $59,732 $ 85,868 $100 $100
======= ========= ==== ====
PSEG GLOBAL L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG PSEG GLOBAL
GLOBAL L.L.C. ELIMINATIONS GLOBAL USA
CONSOL. & RECLASS. L.L.C. CONSOL.
------------- ------------ -------- -----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Withdrawal from Partnership 44,500 -- 44,500 --
Other -- -- -- --
Electric Revenues
Generation 254,014 -- 1 53,255
Distribution 155,114 -- -- --
Other 22,101 -- 1 --
Equity in subsidiary earnings -- (290,025) 290,025 --
--------- --------- -------- --------
Total revenues 475,729 (290,025) 334,527 53,255
--------- --------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 50,145 -- -- 6,627
Write-down of Project Investments (3,165) -- -- --
Depreciation and amortization 38,444 -- 1,052 10,728
Electric and Energy Costs 155,509 -- 1 2,768
Administrative and general 85,106 -- 26,328 4,555
--------- --------- -------- --------
Total operating expenses 326,039 -- 27,381 24,678
--------- --------- -------- --------
Income from partnerships 86,954 -- (183) 52,938
Interest and dividend income 19,851 -- 4,893 10,879
Consulting and O&M fees 6,434 -- 4,085 1,270
--------- --------- -------- --------
Total Income from equity method investments 113,239 -- 8,795 65,087
--------- --------- -------- --------
OPERATING INCOME 262,929 (290,025) 315,941 93,664
--------- --------- -------- --------
Foreign currency Translation Gain/Loss 16,444 -- 5 302
Change in Derivative Fair Value-FAS 133 (4,810) -- (1) --
Write off of investments -- -- -- --
Realized gains (losses) on investments (172) -- (61) (111)
Other 2,379 -- (139) (578)
--------- --------- -------- --------
OTHER INCOME 13,841 -- (196) (387)
--------- --------- -------- --------
PSEG Capital Corporation 3,161 -- 3,056 105
PSEG Energy Holdings 84,722 -- 83,228 720
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- (292) --
Other 42,953 -- 53 13,980
Capitalized interest (11,661) -- (11,281) --
--------- --------- -------- --------
INTEREST EXPENSE - NET 119,175 -- 74,764 14,805
--------- --------- -------- --------
INCOME BEFORE INCOME TAXES 157,595 (290,025) 240,981 78,472
--------- --------- -------- --------
INCOME TAXES:
Current (138,853) -- (96,844) (25,842)
Deferred 147,700 -- 239,515 31,133
Foreign Taxes 14,821 -- 1 (75)
Investment and energy tax credits - net (434) -- -- (434)
--------- --------- -------- --------
Total income taxes 23,234 -- 142,672 4,782
--------- --------- -------- --------
MINORITY INTERESTS 13,021 (206) -- 7,445
--------- --------- -------- --------
INCOME FROM CONTINUING OPERATIONS 121,340 (289,819) 98,309 66,245
--------- --------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes (617) -- (318) 245
Gain on Sale of Discontinued Operations - Net of Taxes (22,733) -- -- --
--------- --------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS (23,350) -- (318) 245
--------- --------- -------- --------
NET INCOME 97,990 (289,819) 97,991 66,490
--------- --------- -------- --------
Preferred Dividend Requirement 16,762 -- 16,762 --
--------- --------- -------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 81,228 $(289,819) $ 81,229 $ 66,490
========= ========= ======== ========
PSEG
PSEG GLOBAL EUROPE PSEG
INT'L HOLDINGS (Delaware) INDIA
LLC PSEG LLC COMPANY
CONSOL. BAJA, INC CONSOL. CONSOL
-------------- --------- ---------- -------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Withdrawal from Partnership -- -- -- --
Other -- -- -- --
Electric Revenues
Generation 74,009 -- 126,749 --
Distribution 155,114 -- -- --
Other 21,309 -- 791 --
Equity in subsidiary earnings -- -- -- --
--------- -------- -------- -----
Total revenues 250,432 -- 127,540 --
--------- -------- -------- -----
OPERATING EXPENSES:
Operation and maintenance 15,617 -- 27,901 --
Write-down of Project Investments (3,491) -- 326 --
Depreciation and amortization 21,119 -- 5,545 --
Electric and Energy Costs 100,468 -- 52,272 --
Administrative and general 29,189 15 24,939 80
--------- -------- -------- -----
Total operating expenses 162,902 15 110,983 80
--------- -------- -------- -----
Income from partnerships 39,327 950 (5,906) (172)
Interest and dividend income 552 207 3,320 --
Consulting and O&M fees 571 327 181 --
--------- -------- -------- -----
Total Income from equity method investments 40,450 1,484 (2,405) (172)
--------- -------- -------- -----
OPERATING INCOME 127,980 1,469 14,152 (252)
--------- -------- -------- -----
Foreign currency Translation Gain/Loss 8,442 -- 7,695 --
Change in Derivative Fair Value-FAS 133 (5,651) -- 842 --
Write off of investments -- -- --
Realized gains (losses) on investments -- -- --
Other 2,094 -- 1,002 --
--------- -------- -------- -----
OTHER INCOME 4,885 -- 9,539 --
--------- -------- -------- -----
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings 774 -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies (233) -- 525 --
Other 24,241 -- 4,679 --
Capitalized interest (380) -- -- --
--------- -------- -------- -----
INTEREST EXPENSE - NET 24,402 -- 5,204 --
--------- -------- -------- -----
INCOME BEFORE INCOME TAXES 108,463 1,469 18,487 (252)
--------- -------- -------- -----
INCOME TAXES:
Current (284) (18,126) 2,274 (31)
Deferred (123,173) (333) 295 263
Foreign Taxes 13,506 -- 1,389 --
Investment and energy tax credits - net -- -- -- --
--------- -------- -------- -----
Total income taxes (109,951) (18,459) 3,958 232
--------- -------- -------- -----
MINORITY INTERESTS 831 -- 4,951 --
--------- -------- -------- -----
INCOME FROM CONTINUING OPERATIONS 217,583 19,928 9,578 (484)
--------- -------- -------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes (544) -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes (22,733) -- -- --
--------- -------- -------- -----
INCOME FROM DISCONTINUED OPERATIONS (23,277) -- -- --
--------- -------- -------- -----
NET INCOME 194,306 19,928 9,578 (484)
--------- -------- -------- -----
Preferred Dividend Requirement -- -- -- --
--------- -------- -------- -----
EARNINGS AVAILABLE TO COMMON STOCK $ 194,306 $ 19,928 $ 9,578 $(484)
========= ======== ======== =====
PSEG GLOBAL L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG PSEG GLOBAL
GLOBAL L.L.C. ELIMINATIONS GLOBAL USA
CONSOL. & RECLASS. L.L.C. CONSOL.
------------- ------------ ----------- -----------
BALANCE JANUARY 1, 2003 $(215,192) $ 366,248 $(215,193) $100,384
NET INCOME 97,990 (289,819) 97,991 66,490
--------- --------- --------- --------
TOTAL (117,202) 76,429 (117,202) 166,874
--------- --------- --------- --------
DIVIDENDS DECLARED 16,762 -- 16,762 --
--------- --------- --------- --------
--------- --------- --------- --------
BALANCE DECEMBER 31, 2003 $(133,964) $ 76,429 $(133,964) $166,874
========= ========= ========= ========
PSEG
PSEG GLOBAL EUROPE PSEG
INT'L HOLDINGS (Delaware) INDIA
LLC PSEG LLC COMPANY
CONSOL. BAJA, INC CONSOL. CONSOL
-------------- --------- ---------- --------
BALANCE JANUARY 1, 2003 $(508,375) $48,673 $(11,060) $4,131
NET INCOME 194,306 19,928 9,578 (484)
--------- ------- -------- ------
TOTAL (314,069) 68,601 (1,482) 3,647
--------- ------- -------- ------
DIVIDENDS DECLARED -- -- -- --
--------- ------- -------- ------
--------- ------- -------- ------
BALANCE DECEMBER 31, 2003 $(314,069) $68,601 $ (1,482) $3,647
========= ======= ======== ======
PSEG GLOBAL L.L.C.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG PSEG GLOBAL
GLOBAL L.L.C. ELIMINATIONS GLOBAL USA
CONSOL. & RECLASS. L.L.C. CONSOL.
------------- ------------ ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 151,979 $ -- $ 139 $ 18,245
Accounts and Notes receivable:
Trade 91,267 (3) 147 1,431
Other 16,516 -- 16 39
PSE&G -- -- -- --
PSEG 47,626 -- 47,711 --
PSEG Power 242 -- 166 76
PSEG Energy Holdings -- -- -- --
Other associated companies -- (6,007,525) 2,871,790 1,566,702
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops 298,396 -- 21,737 150
Prepayments 3,963 -- 352 256
Fuel 10,912 -- (44) --
Materials and supplies 14,770 -- 44 --
---------- ----------- ---------- ----------
Total Current Assets 635,671 (6,007,528) 2,942,058 1,586,899
---------- ----------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 19,275 -- 1,480 --
Generation and distribution assets 1,053,418 -- -- --
Furniture and equipment 63,741 -- 6,830 185
Construction work in progress 29,497 -- -- --
Other 1,202 -- (3,367) --
Accum. depr. and amortization (136,150) -- (2,296) (143)
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Property, Plant and Equipment-net 1,030,983 -- 2,647 42
---------- ----------- ---------- ----------
INVESTMENTS
Subsidiaries -- (2,270,585) 2,222,286 9,782
Capital lease agreements -- -- -- --
Limited partnership interests 411,865 -- 17,806 394,059
General partnership interests 20,166 -- 1 20,165
Corporate joint ventures 1,040,424 -- 29,840 223,208
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Total Investments 1,472,455 (2,270,585) 2,269,933 647,214
---------- ----------- ---------- ----------
OTHER ASSETS
Long-term receivable 7,495 -- -- 5,500
Goodwill 490,793 -- -- --
Deferred tax asset 98,436 (134,675) 201,097 (27)
Derivative Asset 60 -- -- 161
Restricted Cash -- -- -- --
Project Start Up Costs 30,800 -- 12,026 9,486
Deferred finance costs 34,389 -- (212) 15,372
Prepaid Pension Costs 8,350 -- 7,178 1,127
Intangibles 2,220 -- 656 533
Other 2,423 -- 7 234
---------- ----------- ---------- ----------
Total Other Assets 674,966 (134,675) 220,752 32,386
---------- ----------- ---------- ----------
TOTAL ASSETS $3,814,075 $(8,412,788) $5,435,390 $2,266,541
========== =========== ========== ==========
PSEG
PSEG GLOBAL EUROPE PSEG
INT'L HOLDINGS (Delaware) INDIA
LLC PSEG LLC COMPANY
CONSOL. BAJA, INC CONSOL. CONSOL
-------------- --------- --------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 122,085 $ 13 $ 11,369 $ 128
Accounts and Notes receivable:
Trade 64,453 -- 25,054 185
Other 15,549 1 911 --
PSE&G -- -- -- --
PSEG (85) -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 1,074,838 239,898 251,618 2,679
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops 276,509 -- -- --
Prepayments 1,919 -- 1,436 --
Fuel 1,821 -- 9,135 --
Materials and supplies 10,404 -- 4,322 --
---------- -------- -------- --------
Total Current Assets 1,567,493 239,912 303,845 2,992
---------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 14,720 -- 3,075 --
Generation and distribution assets 690,353 -- 363,065 --
Furniture and equipment 56,726 -- -- --
Construction work in progress 19,490 -- 10,007 --
Other 4,568 -- 1 --
Accum. depr. and amortization (125,048) -- (8,663) --
Valuation allowances -- -- -- --
---------- -------- -------- --------
Property, Plant and Equipment-net 660,809 -- 367,485 --
---------- -------- -------- --------
INVESTMENTS
Subsidiaries 38,517 -- -- --
Capital lease agreements -- -- -- --
Limited partnership interests -- -- -- --
General partnership interests -- -- -- --
Corporate joint ventures 677,060 -- 74,666 35,650
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- -------- -------- --------
Total Investments 715,577 -- 74,666 35,650
---------- -------- -------- --------
OTHER ASSETS
Long-term receivable 1,995 -- --
Goodwill 482,641 -- 8,152 --
Deferred tax asset 31,378 -- 663 --
Derivative Asset (101) -- --
Restricted Cash -- -- --
Project Start Up Costs 4,931 -- 4,357 --
Deferred finance costs 12,214 -- 7,015 --
Prepaid Pension Costs 45 -- --
Intangibles 663 -- 368 --
Other 2,182 -- -- --
---------- -------- -------- --------
Total Other Assets 535,948 -- 20,555 --
---------- -------- -------- --------
TOTAL ASSETS $3,479,827 $239,912 $766,551 $38,642
========== ======== ======== ========
PSEG GLOBAL L.L.C.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG PSEG GLOBAL
GLOBAL L.L.C. ELIMINATIONS GLOBAL USA
CONSOL. & RECLASS. L.L.C. CONSOL.
------------- ------------ ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 52,723 $ (4) $ 375 $ (433)
Taxes 7,959 -- 2,161 753
Other 51,464 -- 4,088 2,799
Interest 9,808 1 -- 2,757
Associated companies 32,869 (5,610,157) 2,866,574 885,290
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings 772,153 -- 755,202 7,342
Other 1,996 -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt 33,149 -- -- --
Current Liabilities of Disc Ops 241,837 -- 73 --
---------- ----------- ---------- ----------
Total Current Liabilities 1,203,958 (5,610,160) 3,628,473 898,508
---------- ----------- ---------- ----------
TOTAL LONG-TERM DEBT 884,273 -- -- 161,600
---------- ----------- ---------- ----------
DEFERRED CREDITS
Deferred income taxes -- (134,680) 250,372 48,626
Deferred investment
and energy tax credits 6,513 -- 393 6,120
Deferred revenues 31,909 -- 13,392 13,635
Derivative Liability 106,377 -- -- --
Other 14,947 -- 5,398 2,595
---------- ----------- ---------- ----------
Total Deferred Credits 159,746 (134,680) 269,555 70,976
---------- ----------- ---------- ----------
MINORITY INTEREST 28,736 (9,761) -- 9,761
---------- ----------- ---------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- (11) -- 10
Preferred stock -- -- -- --
Preference Units 375,000 -- 375,000 --
Stock Subs Payable -- -- -- --
Members Capital 1,566,818 -- 1,566,818 --
Contributed capital -- (3,040,425) -- 981,214
Retained earnings (133,964) 76,429 (133,964) 166,874
Other Comprehensive Income (77,275) 77,017 (77,275) (6,292)
Cumulative Translation Adjustment (193,217) 228,803 (193,217) (16,110)
---------- ----------- ---------- ----------
Total Stockholder's Equity 1,537,362 (2,658,187) 1,537,362 1,125,696
---------- ----------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $3,814,075 $(8,412,788) $5,435,390 $2,266,541
========== =========== ========== ==========
PSEG
PSEG GLOBAL EUROPE PSEG
INT'L HOLDINGS (Delaware) INDIA
LLC PSEG LLC COMPANY
CONSOL. BAJA, INC CONSOL. CONSOL
-------------- --------- --------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 38,886 $ -- $ 13,895 $ 4
Taxes 1,907 3,138 -- --
Other 34,923 -- 9,654 --
Interest 5,333 -- 1,717 --
Associated companies 1,387,128 160,055 337,253 6,726
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings 9,609 -- -- --
Other -- -- 1,996 --
Other associated companies -- -- -- --
Current portion of long-term debt 29,422 -- 3,727 --
Current Liabilities of Disc Ops 241,764 -- -- --
---------- -------- -------- -------
Total Current Liabilities 1,748,972 163,193 368,242 6,730
---------- -------- -------- -------
TOTAL LONG-TERM DEBT 438,590 -- 284,083 --
---------- -------- -------- -------
DEFERRED CREDITS
Deferred income taxes (131,808) (501) (32,016) 7
Deferred investment
and energy tax credits -- -- -- --
Deferred revenues -- 4,891 (9) --
Derivative Liability 24,248 -- 82,129 --
Other (674) -- 7,628 --
---------- -------- -------- -------
Total Deferred Credits (108,234) 4,390 57,732 7
---------- -------- -------- -------
MINORITY INTEREST 13,104 -- 15,632 --
---------- -------- -------- -------
STOCKHOLDER'S EQUITY
Capital stock -- 1 -- --
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 1,928,388 3,727 98,838 28,258
Retained earnings (314,069) 68,601 (1,482) 3,647
Other Comprehensive Income (13,958) -- (56,767) --
Cumulative Translation Adjustment (212,966) -- 273 --
---------- -------- -------- -------
Total Stockholder's Equity 1,387,395 72,329 40,862 31,905
---------- -------- -------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $3,479,827 $239,912 $766,551 $38,642
========== ======== ======== =======
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
GLOBAL INTERCOMPANY
USA ELIMINATIONS PSEG PSEG
CONSOL. & RECLASS. USA CONEMAUGH
-------- ------------ -------- ---------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation 53,255 -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings -- (59,534) 59,534 --
-------- -------- ------- -----
Total revenues 53,255 (59,534) 59,534 --
-------- -------- ------- -----
OPERATING EXPENSES:
Operation and maintenance 6,627 -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization 10,728 -- 238 --
Fuel expenses 2,768 -- -- --
Administrative and general 4,555 -- (3,588) 3
-------- -------- ------- -----
Total operating expenses 24,678 -- (3,350) 3
-------- -------- ------- -----
Income from partnerships 52,938 -- 8,753 --
Interest and dividend income 10,879 -- -- --
Consulting and O&M fees 1,270 -- -- --
-------- -------- ------- -----
Total Income from equity method investments 65,087 -- 8,753 --
-------- -------- ------- -----
OPERATING INCOME 93,664 (59,534) 71,637 (3)
-------- -------- ------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss 302 -- -- --
Gain on sale - other (111) -- (51) --
Other (578) -- (1) --
Change in derivative fair value -- -- -- --
-------- -------- ------- -----
Total Other Income (387) -- (52) --
-------- -------- ------- -----
INTEREST EXPENSE:
PSEG Capital Corporation 105 -- 105 --
PSEG Energy Holdings 720 -- 720 --
Other Associated Companies -- -- -- --
Other 13,980 -- 117 --
Capitalized interest -- -- -- --
-------- -------- ------- -----
Net interest expense 14,805 -- 942 --
-------- -------- ------- -----
INCOME BEFORE INCOME TAXES 78,472 (59,534) 70,643 (3)
-------- -------- ------- -----
INCOME TAXES:
Current (25,842) -- 3,872 286
Deferred 31,133 -- 640 (210)
Foreign Taxes (75) -- -- --
Investment and energy tax credits - net (434) -- (359) --
-------- -------- ------- -----
Total income taxes 4,782 -- 4,153 76
-------- -------- ------- -----
MINORITY INTERESTS 7,445 -- -- --
-------- -------- ------- -----
INCOME FROM CONTINUING OPERATIONS 66,245 (59,534) 66,490 (79)
-------- -------- ------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes 245 -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- -------- ------- -----
INCOME FROM DISCONTINUED OPERATIONS 245 -- -- --
-------- -------- ------- -----
NET INCOME $ 66,490 $(59,534) $66,490 $ (79)
======== ======== ======= =====
PSEG PSEG
PSEG PROJECT GWF PSEG
TRACY SERVICES CONSOL. EASING
------ -------- ------- ------
REVENUES:
Income from capital lease agreements $ -- $-- $ -- $--
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings -- -- -- --
------ --- ---- ---
Total revenues -- -- -- --
------ --- ---- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Fuel expenses -- -- -- --
Administrative and general 171 4 8 3
------ --- ---- ---
Total operating expenses 171 4 8 3
------ --- ---- ---
Income from partnerships 1,154 -- 14 --
Interest and dividend income -- -- -- --
Consulting and O&M fees 194 -- -- --
------ --- ---- ---
Total Income from equity method investments 1,348 -- 14 --
------ --- ---- ---
OPERATING INCOME 1,177 (4) 6 (3)
------ --- ---- ---
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 1,177 (4) 6 (3)
------ --- ---- ---
INCOME TAXES:
Current 329 4 63 (1)
Deferred 150 (5) (59) --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------ --- ---- ---
Total income taxes 479 (1) 4 (1)
------ --- ---- ---
MINORITY INTERESTS -- -- -- --
------ --- ---- ---
INCOME FROM CONTINUING OPERATIONS 698 (3) 2 (2)
------ --- ---- ---
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
------ --- ---- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
------ --- ---- ---
NET INCOME $ 698 $(3) $ 2 $(2)
====== === ==== ===
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG PSEG PSEG INDIA
DEBLOIS MOUNT HENRIETTA PRIVATE
INVESTMENT CARMEL TURBINE LTD.
---------- ------ --------- -------
REVENUES:
Income from capital lease agreements $-- $ -- $-- $ --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings -- -- -- --
--- ----- --- -------
Total revenues -- -- -- --
--- ----- --- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- 70
Fuel expenses -- -- -- --
Administrative and general 3 3 -- 922
--- ----- --- -------
Total operating expenses 3 3 -- 992
--- ----- --- -------
Income from partnerships -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
--- ----- --- -------
Total Income from equity method investments -- -- -- --
--- ----- --- -------
OPERATING INCOME (3) (3) -- (992)
--- ----- --- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- (2)
Gain on sale - other -- -- -- 10
Other -- -- -- 2
Change in derivative fair value -- -- -- --
--- ----- --- -------
Total Other Income -- -- -- 10
--- ----- --- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
--- ----- --- -------
Net interest expense -- -- -- --
--- ----- --- -------
INCOME BEFORE INCOME TAXES (3) (3) -- (982)
--- ----- --- -------
INCOME TAXES:
Current (1) 119 -- --
Deferred -- (103) -- 1,083
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
--- ----- --- -------
Total income taxes (1) 16 -- 1,083
--- ----- --- -------
MINORITY INTERESTS -- -- -- --
--- ----- --- -------
INCOME FROM CONTINUING OPERATIONS (2) (19) -- (2,065)
--- ----- --- -------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in 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) $ (19) $-- $(2,065)
=== ===== === =======
PSEG
PSEG ASIA PSEG
INTERNATIONAL INC. INDIA
CEMAS SERVICES CONSOL. INC
------- ------------- -------- -----
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of operating assets -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings -- -- -- --
------- ------- ------- ----
Total revenues -- -- -- --
------- ------- ------- ----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- 4
Fuel expenses -- -- -- --
Administrative and general 15 1,340 6 --
------- ------- ------- ----
Total operating expenses 15 1,340 6 4
------- ------- ------- ----
Income from partnerships -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
------- ------- ------- ----
Total Income from equity method investments -- -- -- --
------- ------- ------- ----
OPERATING INCOME (15) (1,340) (6) (4)
------- ------- ------- ----
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Gain on sale - other -- -- -- (26)
Other -- 15 -- --
Change in derivative fair value -- -- -- --
------- ------- ------- ----
Total Other Income -- 15 -- (26)
------- ------- ------- ----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- (21) -- --
Capitalized interest -- -- -- --
------- ------- ------- ----
Net interest expense -- (21) -- --
------- ------- ------- ----
INCOME BEFORE INCOME TAXES (15) (1,304) (6) (30)
------- ------- ------- ----
INCOME TAXES:
Current (5,164) (742) (2) (26)
Deferred -- 285 -- 16
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------- ------- ------- ----
Total income taxes (5,164) (457) (2) (10)
------- ------- ------- ----
MINORITY INTERESTS -- -- -- --
------- ------- ------- ----
INCOME FROM CONTINUING OPERATIONS 5,149 (847) (4) (20)
------- ------- ------- ----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
------- ------- ------- ----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
------- ------- ------- ----
NET INCOME $ 5,149 $ (847) $ (4) $(20)
======= ======= ======= ====
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG INTERATIONAL PSEG PSEG PSEG
US SERVICES INC NEW HAWAIIAN HAWAIIAN
INC CONSOL. HAMPSHIRE MGT INVESTMENT
----------- ------------ --------- -------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ --
Gain on Sale of operating assets -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- 53,255 -- -- --
Distribution -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
----- -------- ------ ---- ------
Total revenues -- 53,255 -- -- --
----- -------- ------ ---- ------
OPERATING EXPENSES:
Operation and maintenance -- 6,627 -- -- --
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- 10,416 -- -- --
Fuel expenses -- 2,768 -- -- --
Administrative and general 245 5,260 162 -- 1
----- -------- ------ ---- ------
Total operating expenses 245 25,071 162 -- 1
----- -------- ------ ---- ------
Income from partnerships -- 31,760 6,195 255 4,472
Interest and dividend income -- 10,879 -- -- --
Consulting and O&M fees -- 247 152 -- --
----- -------- ------ ---- ------
Total Income from equity method investments -- 42,886 6,347 255 4,472
----- -------- ------ ---- ------
OPERATING INCOME (245) 71,070 6,185 255 4,471
----- -------- ------ ---- ------
OTHER INCOME
Foreign currency Translation Gain/Loss -- 315 -- -- --
Gain on sale - other -- (44) -- -- --
Other -- (594) -- -- --
Change in derivative fair value -- -- -- -- --
----- -------- ------ ---- ------
Total Other Income -- (323) -- -- --
----- -------- ------ ---- ------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- 13,795 -- -- --
Capitalized interest -- -- -- -- --
----- -------- ------ ---- ------
Net interest expense -- 13,795 -- -- --
----- -------- ------ ---- ------
INCOME BEFORE INCOME TAXES (245) 56,952 6,185 255 4,471
----- -------- ------ ---- ------
INCOME TAXES:
Current (94) (27,627) 2,398 34 286
Deferred 8 28,055 (201) 66 1,463
Foreign Taxes -- (75) -- -- --
Investment and energy tax credits - net -- -- (75) -- --
----- -------- ------ ---- ------
Total income taxes (86) 353 2,122 100 1,749
----- -------- ------ ---- ------
MINORITY INTERESTS -- 7,445 -- -- --
----- -------- ------ ---- ------
INCOME FROM CONTINUING OPERATIONS (159) 49,154 4,063 155 2,722
----- -------- ------ ---- ------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- 245 -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
----- -------- ------ ---- ------
INCOME FROM DISCONTINUED OPERATIONS -- 245 -- -- --
----- -------- ------ ---- ------
NET INCOME $(159) $ 49,399 $4,063 $155 $2,722
===== ======== ====== ==== ======
PSEG
PSEG CHILQUINTA PSEG KI
KALAELOA FINANCE SVILUPPO PSEG HOLDINGS INC
INC LLC SRL POLSKA CONSOL.
-------- ---------- -------- ------ ------------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $--
Gain on Sale of operating assets -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
----- ----- ---- ---- ---
Total revenues -- -- -- -- --
----- ----- ---- ---- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Fuel expenses -- -- -- -- --
Administrative and general (16) 35 (6) (16) --
----- ----- ---- ---- ---
Total operating expenses (16) 35 (6) (16) --
----- ----- ---- ---- ---
Income from partnerships 81 254 -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees 677 -- -- -- --
----- ----- ---- ---- ---
Total Income from equity method investments 758 254 -- -- --
----- ----- ---- ---- ---
OPERATING INCOME 774 219 6 16 --
----- ----- ---- ---- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- (10) (1) --
Gain on sale - other -- -- -- -- --
Other -- -- -- -- --
Change in derivative fair value -- -- -- -- --
----- ----- ---- ---- ---
Total Other Income -- -- (10) (1) --
----- ----- ---- ---- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- 89 -- -- --
Capitalized interest -- -- -- -- --
----- ----- ---- ---- ---
Net interest expense -- 89 -- -- --
----- ----- ---- ---- ---
INCOME BEFORE INCOME TAXES 774 130 (4) 15 --
----- ----- ---- ---- ---
INCOME TAXES:
Current 335 84 -- 5 --
Deferred (31) (24) -- -- --
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
----- ----- ---- ---- ---
Total income taxes 304 60 -- 5 --
----- ----- ---- ---- ---
MINORITY INTERESTS -- -- -- -- --
----- ----- ---- ---- ---
INCOME FROM CONTINUING OPERATIONS 470 70 (4) 10 --
----- ----- ---- ---- ---
DISCONTINUED OPERATIONS
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
----- ----- ---- ---- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
----- ----- ---- ---- ---
NET INCOME $ 470 $ 70 $ (4) $ 10 $--
===== ===== ==== ==== ===
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG GLOBAL INTERCOMPANY PSEG PSEG
USA ELIMINATIONS PSEG PSEG PSEG PROJECT GWF PSEG
CONSOL. & RECLASS. USA CONEMAUGH TRACY SERVICES CONSOL. LEASING
----------- ------------ -------- --------- ------- -------- ------- -------
BALANCE JANUARY 1, 2003 $100,384 $ (1,475) $100,384 $(730) $(2,104) $(1,225) $14,791 $(1,689)
NET INCOME 66,490 (59,534) 66,490 (79) 698 (3) 2 (2)
-------- -------- -------- ----- ------- ------- ------- -------
TOTAL 166,874 (61,009) 166,874 (809) (1,406) (1,228) 14,793 (1,691)
-------- -------- -------- ----- ------- ------- ------- -------
DIVIDENDS DECLARED -- -- -- -- -- -- -- --
-------- -------- -------- ----- ------- ------- ------- -------
-------- -------- -------- ----- ------- ------- ------- -------
BALANCE DECEMBER 31, 2003 $166,874 $(61,009) $166,874 $(809) $(1,406) $(1,228) $14,793 $(1,691)
======== ========= ======== ===== ======= ======= ======= =======
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG
PSEG PSEG PSEG INDIA PSEG ASIA PSEG
DEBLOIS MOUNT HENRIETTA PRIVATE INTERNATIONAL INC. INDIA
INVESTMENT CARMEL TURBINE LTD. CEMAS SERVICES CONSOL. INC
---------- ------- --------- ------- -------- ------------- -------- -------
BALANCE JANUARY 1, 2003 $(1,735) $(2,593) $-- $(7,529) $(11,129) $ (9,577) $(14,652) $(1,860)
NET INCOME (2) (19) -- (2,065) 5,149 (847) (4) (20)
------- ------- --- ------- -------- -------- -------- -------
TOTAL (1,737) (2,612) -- (9,594) (5,980) (10,424) (14,656) (1,880)
------- ------- --- ------- -------- -------- -------- -------
DIVIDENDS DECLARED -- -- -- -- -- -- -- --
------- ------- --- ------- -------- -------- -------- -------
------- ------- --- ------- -------- -------- -------- -------
BALANCE DECEMBER 31, 2003 $(1,737) $(2,612) $-- $(9,594) $ (5,980) $(10,424) $(14,656) $(1,880)
======= ======= === ======= ======== ======== ======== =======
PSEG GLOBAL USA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG
PSEG INTERATIONAL PSEG PSEG PSEG PSEG CHILQUINTA PSEG
US SERVICES INC NEW HAWAIIAN HAWAIIAN KALAELOA FINANCE SVILUPPO
INC CONSOL. HAMPSHIRE MGT INVESTMENT INC LLC SRL
----------- ------------ --------- -------- ---------- -------- ---------- --------
BALANCE JANUARY 1, 2003 $(170) $ 4,573 $25,073 $ 90 $10,278 $1,403 $402 $--
NET INCOME (159) 49,399 4,063 155 2,722 470 70 (4)
----- ------- ------- ---- ------- ------ ---- ---
TOTAL (329) 53,972 29,136 245 13,000 1,873 472 (4)
----- ------- ------- ---- ------- ------ ---- ---
DIVIDENDS DECLARED -- -- -- -- -- -- -- --
----- ------- ------- ---- ------- ------ ---- ---
----- ------- ------- ---- ------- ------ ---- ---
BALANCE DECEMBER 31, 2003 $(329) $53,972 $29,136 $245 $13,000 $1,873 $472 $(4)
===== ======= ======= ==== ======= ====== ==== ===
KI
PSEG HOLDINGS INC
POLSKA CONSOL.
------ ------------
BALANCE JANUARY 1, 2003 $(142) $--
NET INCOME 10 --
----- ---
TOTAL (132) --
----- ---
DIVIDENDS DECLARED -- --
----- ---
----- ---
BALANCE DECEMBER 31, 2003 $(132) $--
===== ===
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG GLOBAL INTERCOMPANY
USA ELIMINATIONS PSEG PSEG
CONSOL. & RECLASS. USA CONEMAUGH
----------- ------------ ---------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 18,245 $ -- $ -- $ --
Accounts and Notes receivable:
Trade 1,431 -- (21) --
Other 39 -- (101) --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power 76 -- 52 --
PSEG Energy Holdings -- -- -- --
Other associated companies 1,566,702 -- 515,563 582
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Inventory -- -- -- --
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops 150 -- -- --
Prepayments 256 -- 154 --
---------- --------- ---------- ----
Total Current Assets 1,586,899 -- 515,647 582
---------- --------- ---------- ----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Furniture and Equipment 185 -- 185 --
Accum. depr. and amortization (143) -- (143) --
Valuation allowances -- -- -- --
---------- --------- ---------- ----
Property, Plant and Equipment-net 42 -- 42 --
---------- --------- ---------- ----
INVESTMENTS
Subsidiaries 9,782 (825,312) 825,312 --
Capital lease agreements -- -- -- --
General Partnership interests 20,165 -- 2,691 2
Limited Partnership interests 394,059 -- 59,699 --
Corporate joint ventures 223,208 -- 1 --
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- --------- ---------- ----
Total Investments 647,214 (825,312) 887,703 2
---------- --------- ---------- ----
OTHER ASSETS
Long-term receivables 5,500 -- -- --
Deferred Tax Asset (27) -- (38) --
Derivative Asset 161 -- -- --
Deferred Finance Costs 15,372 -- 636 --
Project Start Up Costs 9,486 -- 9,486 --
Prepaid Pension Costs 1,127 -- 421 --
-- -- -- --
Intangibles 533 -- 13 --
Other 234 -- -- --
---------- --------- ---------- ----
Total Other Assets 32,386 -- 10,518 --
---------- --------- ---------- ----
TOTAL ASSETS $2,266,541 $(825,312) $1,413,910 $584
========== ========= ========== ====
PSEG
PSEG PROJECT GWF PSEG
TRACY SERVICES CONSOL. LEASING
------- -------- ------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade 91 3 -- --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 3,593 -- 47,215 41,603
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Inventory -- -- -- --
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops -- -- -- --
Prepayments -- -- -- --
------ ------ ------- -------
Total Current Assets 3,684 3 47,215 41,603
------ ------ ------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Furniture and Equipment -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
------ ------ ------- -------
Property, Plant and Equipment-net -- -- -- --
------ ------ ------- -------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- 7,580 686 (2,671)
Limited Partnership interests -- -- -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
------ ------ ------- -------
Total Investments -- 7,580 686 (2,671)
------ ------ ------- -------
OTHER ASSETS
Long-term receivables -- -- -- --
Deferred Tax Asset -- -- -- --
Derivative Asset -- -- -- --
Deferred Finance Costs -- -- -- --
Project Start Up Costs -- -- -- --
Prepaid Pension Costs -- -- -- --
-- -- -- --
Intangibles -- -- -- --
Other -- -- -- --
------ ------ ------- -------
Total Other Assets -- -- -- --
------ ------ ------- -------
TOTAL ASSETS $3,684 $7,583 $47,901 $38,932
====== ====== ======= =======
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG PSEG INDIA
DEBLOIS MOUNT HENRIETTA PRIVATE
INVESTMENT CARMEL TURBINE LTD.
---------- ------ --------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $-- $-- $ 896
Accounts and Notes receivable:
Trade -- -- -- 134
Other -- -- -- 145
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 1 81 2,730
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Inventory -- -- -- --
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops -- -- -- --
Prepayments -- -- -- 8
--- ---- --- ------
Total Current Assets 1 81 -- 3,913
--- ---- --- ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Furniture and Equipment -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
--- ---- --- ------
Property, Plant and Equipment-net -- -- -- --
--- ---- --- ------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- 198 -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
--- ---- --- ------
Total Investments -- 198 -- --
--- ---- --- ------
OTHER ASSETS
Long-term receivables -- -- -- --
Deferred Tax Asset -- -- -- --
Derivative Asset -- -- --
Deferred Finance Costs -- -- -- --
Project Start Up Costs -- -- -- --
Prepaid Pension Costs -- -- -- (56)
-- -- -- --
Intangibles -- -- -- --
Other -- -- -- 221
--- ---- --- ------
Total Other Assets -- -- -- 165
--- ---- --- ------
TOTAL ASSETS $ 1 $279 $-- $4,078
=== ==== === ======
PSEG
PSEG ASIA PSEG
INTERNATIONAL INC INDIA
CEMAS SERVICES CONSOL. INC
------- ------------- ------- ------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- 103 -- --
Other -- -- -- 1
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 26,519 11,126 4,026 2,830
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Inventory -- -- -- --
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Current Assets of Disc Ops -- -- -- --
Prepayments -- 9 -- --
------- ------- ------ ------
Total Current Assets 26,519 11,238 4,026 2,831
------- ------- ------ ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Furniture and Equipment -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
------- ------- ------ ------
Property, Plant and Equipment-net -- -- -- --
------- ------- ------ ------
INVESTMENTS
Subsidiaries 21 -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
------- ------- ------ ------
Total Investments 21 -- -- --
------- ------- ------ ------
OTHER ASSETS
Long-term receivables -- -- -- --
Deferred Tax Asset -- 11 -- --
Derivative Asset -- -- -- --
Deferred Finance Costs -- -- -- --
Project Start Up Costs -- -- -- --
Prepaid Pension Costs -- 762 -- --
-- -- -- --
Intangibles -- 520 -- --
Other -- -- -- --
------- ------- ------ ------
Total Other Assets -- 1,293 -- --
------- ------- ------ ------
TOTAL ASSETS $26,540 $12,531 $4,026 $2,831
======= ======= ====== ======
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG INTERATIONAL PSEG PSEG PSEG
US SERVICES INC NEW HAWAIIAN HAWAIIAN
INC CONSOL. HAMPSHIRE MGT INVESTMENT
----------- ----------- --------- --- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ 17,219 $ -- $ -- $ --
Accounts and Notes receivable:
Trade -- 939 -- -- --
Other 1 (8) -- 1 --
PSE&G -- -- -- ---- --
PSEG -- -- -- ---- --
PSEG Power -- 24 -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 471 890,399 12,138 143 5,181
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Inventory -- -- -- -- --
Interest receivable -- -- -- -- --
Assets held for sale -- -- -- -- --
Current Assets of Disc Ops -- 150 -- -- --
Prepayments -- 85 -- -- --
---- --------- ------- ------ -------
Total Current Assets 472 908,808 12,138 144 5,181
---- --------- ------- ------ -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Furniture and Equipment -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
---- --------- ------- ------ -------
Property, Plant and Equipment-net -- -- -- -- --
---- --------- ------- ------ -------
INVESTMENTS
Subsidiaries -- 9,761 -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests -- 6,249 4,295 539 --
Limited Partnership interests -- 304,986 -- -- 29,183
Corporate joint ventures -- 220,896 -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
---- --------- ------- ------ -------
Total Investments -- 541,892 4,295 539 29,183
---- --------- ------- ------ -------
OTHER ASSETS
Long-term receivables -- 5,500 -- -- --
Deferred Tax Asset -- -- -- -- --
Derivative Asset -- -- -- -- --
Deferred Finance Costs -- 14,736 -- -- --
Project Start Up Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
-- -- -- -- --
Intangibles -- -- -- -- --
Other -- 13 -- -- --
---- --------- ------- ------ -------
Total Other Assets -- 20,249 -- -- --
---- ---------- ------- ---- --------
TOTAL ASSETS $472 $1,470,949 $16,433 $683 $ 34,364
==== ========== ======= ==== ========
PSEG CHILQUINTA PSEG KI
KALAELOA FINANCE SVILUPPO PSEG HOLDINGS INC
INC LLC SRL POLSK CONSOL
-------- ---------- -------- ----- ------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ 68 $ 62 $ --
Accounts and Notes receivable:
Trade 189 (7) -- -- --
Other -- -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 2,053 139 153 156 --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Inventory -- -- -- -- --
Interest receivable -- -- -- -- --
Assets held for sale -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- --
Prepayments -- -- -- -- --
------ ------- ---- ---- ----
Total Current Assets 2,242 132 221 218 --
------ ------- ---- ---- ----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Furniture and Equipment -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
------ ------- ---- ---- ----
Property, Plant and Equipment-net -- -- -- -- --
------ ------- ---- ---- ----
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests 794 -- -- -- --
Limited Partnership interests (7) -- -- -- --
Corporate joint ventures -- 2,311 -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------ ------- ---- ---- ----
Total Investments 787 2,311 -- -- --
------ ------- ---- ---- ----
OTHER ASSETS
Long-term receivables -- -- -- -- --
Deferred Tax Asset -- -- -- -- --
Derivative Asset -- 161 -- -- --
Deferred Finance Costs -- -- -- -- --
Project Start Up Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
-- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
-- -- -- -- --
------ ------- ---- ---- ----
Total Other Assets -- 161 -- -- --
------ ------- ---- ---- ----
$3,029 $ 2,604 $221 $218 $ --
TOTAL ASSETS ====== ======= ==== ==== ====
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG GLOBAL INTERCOMPANY PSEG PSEG
USA ELIMINATIONS PSEG PSEG PSEG PROJECT GWF PSEG
CONSOL. & RECLASS. USA CONEMAUGH TRACY SERVICES CONSOL. LEASING
----------- ------------ ---------- --------- ------- -------- ------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ (433) $ -- $ 124 $ -- $ -- $ -- $ -- $ --
Taxes 753 -- 285 226 63 -- 23 --
Other 2,799 -- 1,998 -- -- -- -- --
Interest 2,757 -- -- -- -- -- -- --
Associated companies 885,290 -- 238,120 1,353 5,334 8,008 31,525 9,219
Notes payable:
PSEG Capital Corporation -- -- -- -- -- -- -- --
PSEG Energy Holdings 7,342 -- 7,342 -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- -- -- --
Other Associated companies -- -- -- -- -- -- -- --
U.S.Energy Incorporated -- -- -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- -- -- --
---------- --------- ---------- ------ ------- ------- ------- -------
Total Current Liabilities 898,508 -- 247,869 1,579 5,397 8,008 31,548 9,219
---------- --------- ---------- ------ ------- ------- ------- -------
TOTAL LONG-TERM DEBT 161,600 -- 1,600 -- -- -- -- --
---------- --------- ---------- ------ ------- ------- ------- -------
DEFERRED CREDITS
Deferred income taxes 48,626 -- 10,327 (191) (312) 798 (389) (540)
Deferred investment
and energy tax credits 6,120 -- 5,840 -- -- -- -- --
Deferred Revenue 13,635 -- -- -- -- -- -- --
Other 2,595 -- 72 -- -- -- -- --
---------- --------- ---------- ------ ------- ------- ------- -------
Total Deferred Credits 70,976 -- 16,239 (191) (312) 798 (389) (540)
---------- --------- ---------- ------ ------- ------- ------- -------
MINORITY INTEREST 9,761 -- -- -- -- -- -- --
---------- --------- ---------- ------ ------- ------- ------- -------
STOCKHOLDER'S EQUITY
Capital stock 10 (140) 10 5 5 5 5 5
Stock Subs Payable -- -- -- -- -- -- -- --
Contributed capital 981,214 (764,163) 981,214 -- -- -- 1,944 31,939
Retained earnings 166,874 (61,009) 166,874 (809) (1,406) (1,228) 14,793 (1,691)
Other Comprehensive Income (6,292) -- 104 -- -- -- -- --
Cumulative Translation Adjustment (16,110) -- -- -- -- -- -- --
---------- --------- ---------- ------ ------- ------- ------- -------
Total Stockholder's Equity 1,125,696 (825,312) 1,148,202 (804) (1,401) (1,223) 16,742 30,253
---------- --------- ---------- ------ ------- ------- ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,266,541 $(825,312) $1,413,910 $ 584 $ 3,684 $ 7,583 $47,901 $38,932
========== ========= ========== ====== ======= ======= ======= =======
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG
PSEG PSEG PSEG INDIA PSEG ASIA PSEG
DEBLOIS MOUNT HENRIETTA PRIVATE INTERNATIONAL INC. INDIA
INVESTMENT CARMEL TURBINE LTD. CEMAS SERVICES CONSOL. INC
---------- ------- --------- ------- ------- ------------- -------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $-- $ (37) $ -- $ (2) $ (203) $ --
Taxes -- 70 -- -- -- (4) -- --
Other -- -- -- (93) -- 207 -- --
Interest -- -- -- -- -- -- -- --
Associated companies 1,732 3,203 -- 3,891 171 20,105 20,799 5,183
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 1,732 3,273 -- 3,761 171 20,306 20,596 5,183
------- ------- --- ------- ------- -------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- -- -- -- -- --
------- ------- --- ------- ------- -------- -------- -------
DEFERRED CREDITS
Deferred income taxes 1 1,202 -- -- 2,200 (746) (5,714) (473)
Deferred investment
and energy tax credits -- -- -- -- -- -- -- --
Deferred Revenue -- -- -- 18 -- -- -- --
Other -- -- -- -- -- 2,201 -- --
------- ------- --- ------- ------- -------- -------- -------
Total Deferred Credits 1 1,202 -- 18 2,200 1,455 (5,714) (473)
------- ------- --- ------- ------- -------- -------- -------
MINORITY INTEREST -- -- -- -- -- -- -- --
------- ------- --- ------- ------- -------- -------- -------
STOCKHOLDER'S EQUITY
Capital stock 5 -- -- 100 -- -- -- 1
Stock Subs Payable -- -- -- -- -- -- -- --
Contributed capital -- (1,584) -- 9,793 30,149 1,200 3,800 --
Retained earnings (1,737) (2,612) -- (9,594) (5,980) (10,424) (14,656) (1,880)
Other Comprehensive Income -- -- -- -- -- (20) -- --
Cumulative Translation Adjustment -- -- -- -- -- 14 -- --
------- ------- --- ------- ------- -------- -------- -------
Total Stockholder's Equity (1,732) (4,196) -- 299 24,169 (9,230) (10,856) (1,879)
------- ------- --- ------- ------- -------- -------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 1 $ 279 $-- $ 4,078 $26,540 $ 12,531 $ 4,026 $ 2,831
======= ======= === ======= ======= ======== ======== =======
PSEG GLOBAL USA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG INTERNATIONAL PSEG PSEG PSEG
US SERVICES INC NEW HAWAILAN HAWAILAN
INC CONSOL. HAMPSHIRE MGT INVESTMENT
----------- ------------- --------- -------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ (315) $ -- $ -- $ --
Taxes -- (64) -- 4 38
Other 12 675 -- -- --
Interest -- 2,668 -- -- --
Associated companies 781 528,341 4,841 49 1,104
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 793 531,305 4,841 53 1,142
----- ---------- -------- ---- -------
TOTAL LONG-TERM DEBT -- 160,000 -- -- --
----- ---------- -------- ---- -------
DEFERRED CREDITS 7 33,837 471 127 7,889
Deferred income taxes -- -- 280 -- --
Deferred investment and energy tax credits -- 13,617 -- -- --
Deferred Revenue -- 322 -- -- --
----- ---------- -------- ---- -------
Total Deferred Credits 7 47,776 751 127 7,889
----- ---------- -------- ---- -------
Minority Interest -- 9,761 -- -- --
----- ---------- -------- ---- -------
STOCKHOLDER'S EQUITY
Capital stock 1 1 5 1 --
Stock Subs Payable -- -- -- -- --
Contributed capital -- 689,481 (18,300) 280 13,435
Retained earnings (329) 53,972 29,136 245 13,000
Other Comprehensive Income -- (5,223) -- (23) (1,102)
Cumulative Translation Adjustment -- (16,124) -- -- --
----- ---------- -------- ---- -------
Total Stockholder's Equity (328) 722,107 10,841 503 25,333
----- ---------- -------- ---- -------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 472 $1,470,949 $ 16,433 $683 $ 34,364
===== ========== ======== ==== ========
PSEG
PSEG CHILQUINTA PSEG KI
KALAELOA FINANCE SVILUPPO PSEG HOLDINGS INC
INC LLC SRL POLSKA CONSOL.
-------- ---------- -------- ------ ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $--
Taxes 112 -- -- -- --
Other -- -- -- -- --
Interest -- 89 -- -- --
Associated companies 819 209 153 350 --
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 931 298 153 350 --
------- ------ ---- ----- ---
TOTAL LONG-TERM DEBT -- -- -- -- --
------- ------ ---- ----- ---
DEFERRED CREDITS
Deferred income taxes 58 74 -- -- --
Deferred investment and energy tax credits -- -- -- -- --
Deferred Revenue -- -- -- -- --
Other -- -- -- -- --
------- ------ ---- ----- ---
Total Deferred Credits 58 74 -- -- --
------- ------ ---- ----- ---
MINORITY INTEREST -- -- -- -- --
------- ------ ---- ----- ---
STOCKHOLDER'S EQUITY
Capital stock 1 -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 194 1,760 72 -- --
Retained earnings 1,873 472 (4) (132) --
Other Comprehensive Income (28) -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
------- ------ ---- --- ---
Total Stockholder's Equity 2,040 2,232 68 (132) --
------- ------ ---- ----- ---
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 3,029 $2,604 $221 $ 218 $--
======= ====== ==== ===== ===
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
INC ELIMINATIONS INTERNATIONAL INC INC CALIFORNIA
CONSOL. & RECLASS. INC CONSOL. CONSOL. CORP
------------- ------------ ------------- ------- -------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Electric Revenues
Generation 53,255 -- -- -- -- 53,255
Distribution -- -- -- -- -- --
Equity in subsidiary earnings -- (50,771) 50,771 -- -- --
------- -------- ------- ----- ------- -------
Total revenues 53,255 (50,771) 50,771 -- -- 53,255
------- -------- ------- ----- ------- -------
OPERATING EXPENSES:
Operation and maintenance 6,627 -- -- -- -- 6,627
Write-down of project investments -- -- -- -- -- --
Depreciation and amortization 10,416 -- -- -- -- 10,351
Fuel expenses 2,768 -- -- -- -- 2,768
Administrative and general 5,260 -- 13 367 962 1,572
------- -------- ------- ----- ------- -------
Total operating expenses 25,071 -- 13 367 962 21,318
------- -------- ------- ----- ------- -------
Income from partnerships 31,760 (22,184) -- -- 9,643 15,624
Interest and dividend income 10,879 (264) -- -- 10,942 103
Consulting and O&M fees 247 -- -- -- 245 2
------- -------- ------- ----- ------- -------
Total Income from equity method investments 42,886 (22,448) -- -- 20,830 15,729
------- -------- ------- ----- ------- -------
OPERATING INCOME 71,070 (73,219) 50,758 (367) 19,868 47,666
------- -------- ------- ----- ------- -------
OTHER INCOME
Foreign currency Translation Gain/Loss 315 -- -- 1 4 --
Other (594) -- -- -- -- (594)
Gain on Sale (44) -- -- -- -- --
------- -------- ------- ----- -------- -------
Total Other Income (323) -- -- 1 4 (594)
------- -------- ------- ----- -------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other 13,795 (264) -- 7 11,788 2,261
Capitalized interest -- -- -- -- -- --
------- -------- ------- ----- ------- -------
Net interest expense 13,795 (264) -- 7 11,788 2,261
------- -------- ------- ----- ------- -------
INCOME BEFORE INCOME TAXES 56,952 (72,955) 50,758 (373) 8,084 44,811
------- -------- ------- ----- ------- -------
INCOME TAXES:
Current (27,627) -- 486 (39) (20,771) (3,706)
Deferred 28,055 -- 873 -- 9,854 9,893
Foreign Taxes (75) -- -- -- -- --
Investment and energy tax credits
- net -- -- -- -- -- --
------- -------- ------- ----- ------- -------
Total income taxes 353 -- 1,359 (39) (10,917) 6,187
------- -------- ------- ----- ------- -------
MINORITY INTERESTS 7,445 7,445 -- -- -- --
------- -------- ------- ----- ------- -------
INCOME FROM CONTINUING OPERATIONS 49,154 (80,400) 49,399 (334) 19,001 38,624
------- -------- ------- ----- ------- -------
DISCONTINUED OPERATIONS
Cumulative Effect of a change
in the Acct. Principle -- -- -- -- -- --
Income from Discontinued Operations
- Net of Taxes 245 -- -- 150 -- --
Gain on Sale of Discontinued Operations
- Net of Taxes -- -- -- -- -- --
------- -------- ------- ----- -------- -------
INCOME FROM DISCONTINUED OPERATIONS 245 -- -- 150 -- --
------- -------- ------- ----- -------- -------
NET INCOME $49,399 $(80,400) $49,399 $(184) $ 19,001 $38,624
======= ======== ======= ===== ======== =======
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
PSEG ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD
RADES, INC INC LLC INC INC CONSOL.
---------- -------------- ------------------------------------------------
REVENUES:
Income from capital lease agreements $-- $ -- $-- $-- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- --
Distribution -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
--- ---- --- --- ---- -------
Total revenues -- -- -- -- -- --
--- ---- --- --- ---- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Write-down of project investments -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Fuel expenses -- -- -- -- -- --
Administrative and general -- 20 -- -- 57 --
--- ---- --- --- ---- -------
Total operating expenses -- 20 -- -- 57 --
--- ---- --- --- ---- -------
Income from partnerships -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees -- -- -- -- -- --
--- ---- --- --- ---- -------
Total Income from equity method investments -- -- -- -- -- --
--- ---- --- --- ---- -------
OPERATING INCOME -- (20) -- -- (57) --
--- ---- --- --- ---- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- 6 --
Other -- -- -- -- -- --
Gain on Sale -- -- -- -- -- --
--- ---- --- --- ---- -------
Total Other Income -- -- -- -- 6 --
--- ---- --- --- ---- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- 3
Capitalized interest -- -- -- -- -- --
--- ---- --- --- ---- -------
Net interest expense -- -- -- -- -- 3
--- ---- --- --- ---- -------
INCOME BEFORE INCOME TAXES -- (20) -- -- (51) (3)
--- ---- --- --- ---- -------
INCOME TAXES:
Current -- -- -- -- (61) (106)
Deferred -- -- -- -- 43 2,555
Foreign Taxes -- -- -- -- (75) --
Investment and energy tax credits
- net -- -- -- -- --
--- ---- --- --- ---- -------
Total income taxes -- -- -- -- (93) 2,449
--- ---- --- --- ---- -------
MINORITY INTERESTS -- -- -- -- -- --
--- ---- --- --- ---- -------
INCOME FROM CONTINUING OPERATIONS -- (20) -- -- 42 (2,452)
--- ---- --- --- ---- -------
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 $-- $(20) $-- $-- $ 42 $(2,452)
=== ==== === === ==== =======
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG PSEG OPERACIONES PSEG PSEG
CALIFORNIA III HENRIETTA II EUROPE LTD CALIFORNIA II
CORP TURBINE INC CONSOL. CONSOL. CORP
-------------- ----------- ----------- ---------- -------------
REVENUES:
Income from capital lease agreements $ -- $-- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
------ --- ------- ------- -------
Total revenues -- -- -- -- --
------ --- ------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- -- -- 65 --
Fuel expenses -- -- -- -- --
Administrative and general -- -- -- 2,258 --
------ --- ------- ------- -------
Total operating expenses -- -- -- 2,323 --
------ --- ------- ------- -------
Income from partnerships 4,605 -- 19,467 -- 4,605
Interest and dividend income 49 -- -- -- 49
Consulting and O&M fees -- -- -- -- --
------ --- ------- ------- -------
Total Income from equity method investments 4,654 -- 19,467 -- 4,654
------ --- ------- ------- -------
OPERATING INCOME 4,654 -- 19,467 (2,323) 4,654
------ --- ------- ------- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- 356 (52) --
Other -- -- -- -- --
Gain on Sale -- -- -- (44) --
------ --- ------- ------- -------
Total Other Income -- -- 356 (96) --
------ --- ------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- --
Capitalized interest -- -- -- -- --
------ --- ------- ------- -------
Net interest expense -- -- -- -- --
------ --- ------- ------- -------
INCOME BEFORE INCOME TAXES 4,654 -- 19,823 (2,419) 4,654
------ --- ------- ------- -------
INCOME TAXES:
Current (423) -- -- (2,585) (423)
Deferred 2,319 -- -- 199 2,319
Foreign Taxes -- -- -- -- --
Investment and energy tax credits
- net -- -- -- -- --
------ --- ------- ------- -------
Total income taxes 1,896 -- -- (2,386) 1,896
------ --- ------- ------- -------
MINORITY INTERESTS -- -- -- -- --
------ --- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS 2,758 -- 19,823 (33) 2,758
------ --- ------- ------- -------
DISCONTINUED OPERATIONS
Cumulative Effect of a change
in the Acct. Principle -- -- -- -- --
Income from Discontinued Operations
- Net of Taxes -- -- -- 95 --
Gain on Sale of Discontinued Operations
- Net of Taxes -- -- -- -- --
------ --- ------- ------- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- 95 --
------ --- ------- ------- -------
NET INCOME $2,758 $-- $19,823 $ 62 $2,758
====== === ======= ======= =======
PSEG
PSEG PSEG PSEG PONTIANAK
CHINA PHILIPPINE ZHOU LTD
HOLDINGS HOLDINGS KOU POWER (Malaysia)
LTD LLC LTD CONSOL.
-------- ---------- --------- ----------
REVENUES:
Income from capital lease agreements $-- $-- $-- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings -- -- -- --
---- --- --- ---
Total revenues -- -- -- --
---- --- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Fuel expenses -- -- -- --
Administrative and general 11 -- -- --
---- --- --- ---
Total operating expenses 11 -- -- --
---- --- --- ---
Income from partnerships -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
---- --- --- ---
Total Income from equity method investments -- -- -- --
---- --- --- ---
OPERATING INCOME (11) -- -- --
---- --- --- ---
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 (11) -- -- --
---- --- --- ---
INCOME TAXES:
Current -- -- -- --
Deferred -- -- -- --
Foreign Taxes -- -- -- --
Investment and energy tax credits
- net -- -- -- --
---- --- --- ---
Total income taxes -- -- -- --
---- --- --- ---
MINORITY INTERESTS -- -- -- --
---- --- --- ---
INCOME FROM CONTINUING OPERATIONS (11) -- -- --
---- --- --- ---
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 $(11) $-- $-- $--
==== === === ===
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
INC ELIMINATIONS INTERNATIONAL INC INC CALIFORNIA PSEG
CONSOL & RECLASS. INC CONSOL. CONSOL. CORP RADES, INC
------------- ------------ ------------- ------- -------- ---------- ----------
BALANCE JANUARY 1, 2003 $ 4,573 $ (4,553) $ 4,573 $ (5) $(1,649) $16,715 $--
NET INCOME 49,399 (80,400) 49,399 (184) 19,001 38,624 --
------- -------- ------- ----- ------- ------- ---
TOTAL 53,972 (84,953) 53,972 (189) 17,352 55,339 --
------- -------- ------- ----- ------- ------- ---
DIVIDENDS DECLARED -- -- -- -- -- -- --
------- -------- ------- ----- ------- ------- ---
------- -------- ------- ----- ------- ------- ---
BALANCE DECEMBER 31, 200 3 $53,972 $(84,953) $53,972 $(189) $17,352 $55,339 $--
======= ======== ======= ===== ======= ======= ===
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD
INC LLC INC INC CONSOL.
-------------- --------- ------------- -------- --------
BALANCE JANUARY 1, 2003 $ -- $-- $-- $(3,641) $(6,718)
NET INCOME (20) -- -- 42 (2,452)
---- --- --- ------- -------
TOTAL (20) -- -- (3,599) (9,170)
---- --- --- ------- -------
DIVIDENDS DECLARED -- -- -- -- --
---- --- --- ------- -------
---- --- --- ------- -------
BALANCE DECEMBER 31, 2003 $(20) $-- $-- $(3,599) $(9,170)
==== === === ======= =======
PSEG INTERNATIONAL INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG PSEG
PSEG PSEG OPERACIONES PSEG PSEG CHINA PHILIPPINE
CALIFORNIA III HENRIETTA II EUROPE LTD CALIFORNIA II HOLDINGS HOLDINGS
CORP TURBINE INC CONSOL. CONSOL. CORP LTD LLC
-------------- ----------- ----------- ---------- ------------- -------- ----------
BALANCE JANUARY 1, 2003 $ 64 $(7) $17,463 $(11,141) $ 64 $ (4) $(4,126)
NET INCOME 2,758 -- 19,823 62 2,758 (11) --
------ --- ------- -------- ------ ---- -------
TOTAL 2,822 (7) 37,286 (11,079) 2,822 (15) (4,126)
------ --- ------- -------- ------ ---- -------
DIVIDENDS DECLARED -- -- -- -- -- -- --
------ --- ------- -------- ------ ---- -------
------ --- ------- -------- ------ ---- -------
BALANCE DECEMBER 31, 2003 $2,822 $(7) $37,286 $(11,079) $2,822 $(15) $(4,126)
====== === ======= ======== ====== ==== =======
PSEG
PSEG PONTIANAK
ZHOU LTD
KOU POWER (Malaysia)
LTD CONSOL.
--------- ----------
BALANCE JANUARY 1, 2003 $(224) $(2,238)
NET INCOME -- --
----- -------
TOTAL (224) (2,238)
----- -------
DIVIDENDS DECLARED -- --
----- -------
----- -------
BALANCE DECEMBER 31, 2003 $(224) $(2,238)
===== =======
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
INC ELIMINATIONS INTERNATIONAL INC INC CALIFORNIA
CONSOL. & RECLASS. INC CONSOL. CONSOL. CORP
------------- ------------ ------------- ------- -------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 17,219 $ -- $ 5 $ 886 $ 5,847 $ --
Accounts and Notes receivable:
Trade 939 -- -- 637 1 142
Other (8) -- (36) -- (1) --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power 24 -- -- -- 24 --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 890,399 -- 223,320 1,481 234,502 51,322
Notes receivable:
Associated companies -- -- -- -- -- --
Assets Held for Sale -- -- -- -- -- --
Current Assets of Disc Ops 150 -- -- -- -- --
Other -- -- -- -- -- --
Inventory-Materials -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments 85 -- -- 85 -- --
---------- --------- -------- ------ -------- --------
Total Current Assets 908,808 -- 223,289 3,089 240,373 51,464
---------- --------- -------- ------ -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---------- --------- -------- ------ -------- --------
Property, Plant and Equipment-net -- -- -- -- -- --
---------- --------- -------- ------ -------- --------
INVESTMENTS
Subsidiaries 9,761 (544,538) 544,538 -- 9,761 --
Capital lease agreements -- -- -- -- -- --
General Partnership interests 6,249 -- -- -- 6,249 --
Limited Partnership interests 304,986 -- -- -- 220,348 61,432
Corporate joint ventures 220,896 -- -- -- 185,696 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---------- --------- -------- ------ -------- --------
Total Investments 541,892 (544,538) 544,538 -- 422,054 61,432
---------- --------- -------- ------ -------- --------
OTHER ASSETS
Long-term receivables 5,500 -- -- -- 5,500 --
Deferred Tax Asset -- -- -- -- -- --
Deferred Finance Costs 14,736 -- -- -- 14,736 --
Other 13 -- -- 10 -- --
---------- --------- -------- ------ -------- --------
Total Other Assets 20,249 -- -- 10 20,236 --
---------- --------- -------- ------ -------- --------
TOTAL ASSETS $1,470,949 $(544,538) $767,827 $3,099 $682,663 $112,896
========== ========= ======== ====== ======== ========
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
PSEG ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD
RADES, INC INC LLC INC INC CONSOL.
---------- -------------- --------- ------------- -------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $152 $-- $ -- $ 1 $ 2
Accounts and Notes receivable:
Trade -- 81 -- -- 29 --
Other -- -- -- 4 -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies -- -- -- -- 968 273
Notes receivable:
Associated companies -- -- -- -- -- --
Assets Held for Sale -- -- -- -- -- --
Current Assets of Disc Ops 150 -- -- -- -- --
Other -- -- -- -- -- --
Inventory-Materials -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Prepayments -- -- -- -- -- --
---- ---- --- --- ---- ----
Total Current Assets 150 233 -- 4 998 275
---- ---- --- --- ---- ----
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 -- -- -- -- -- --
Deferred Tax Asset -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Other -- -- -- -- -- --
---- ---- --- --- ---- ----
Total Other Assets -- -- -- -- -- --
---- ---- --- --- ---- ----
TOTAL ASSETS $150 $233 $-- $ 4 $998 $275
==== ==== === === ==== ====
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG PSEG OPERACIONES PSEG PSEG
CALIFORNIA III HENRIETTA II EUROPE LTD CALIFORNIA II
CORP TURBINE INC CONSOL. CONSOL. CORP
-------------- ----------- ----------- ---------- -------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $-- $ 10,051 $ 275 $ --
Accounts and Notes receivable:
Trade -- -- -- 49 --
Other -- 1 -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 19,564 9 311,014 27,319 19,564
Notes receivable:
Associated companies -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- --
Other -- -- -- -- --
Inventory-Materials -- -- -- -- --
Interest receivable -- -- -- -- --
Prepayments -- -- -- -- --
------- --- -------- ------- -------
Total Current Assets 19,564 10 321,065 27,643 19,564
------- --- -------- ------- -------
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 11,603 -- -- -- 11,603
Corporate joint ventures -- -- 32,100 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------- --- -------- ------- -------
Total Investments 11,603 -- 32,100 -- 11,603
------- --- -------- ------- -------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Deferred Tax Asset -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Other -- -- -- 3 --
------- --- -------- ------- -------
Total Other Assets -- -- -- 3 --
------- --- -------- ------- -------
TOTAL ASSETS $31,167 $10 $353,165 $27,646 $31,167
======= === ======== ======= =======
PSEG
PSEG PSEG PSEG PONTIANAK
CHINA PHILIPPINE ZHOU LTD
HOLDINGS HOLDINGS KOU POWER (Malaysia)
LTD LTD LTD CONSOL.
-------- ---------- --------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ -- $-- $ --
Accounts and Notes receivable:
Trade -- -- -- --
Other 12 -- 12 --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies -- -- -- 1,063
Notes receivable:
Associated companies -- -- -- --
Assets Held for Sale -- -- -- --
Current Assets of Disc Ops -- -- -- --
Other -- -- -- --
Inventory-Materials -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
--- ------ --- ------
Total Current Assets 12 -- 12 1,063
--- ------ --- ------
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 -- -- -- --
Deferred Tax Asset -- -- -- --
Deferred Finance Costs -- -- -- --
Other -- -- -- --
--- ------ --- ------
Total Other Assets -- -- -- --
--- ------ --- ------
TOTAL ASSETS $12 $3,100 $12 $1,063
=== ====== === ======
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
INC ELIMINATIONS INTERNATIONAL INC INC CALIFORNIA
CONSOL. & RECLASS. INC CONSOL. CONSOL. CORP
------------- ------------ ------------- ------- -------- ----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ (315) $ -- $ -- $ -- $ 29 $ --
Taxes (64) -- (1) -- -- 239
Other 675 -- -- 675 -- --
Interest 2,668 -- -- -- 2,668 --
Associated companies 528,341 -- 35,132 540 190,436 28,558
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 531,305 -- 35,131 1,215 193,133 28,797
---------- --------- -------- ------ -------- --------
TOTAL LONG-TERM DEBT 160,000 -- -- -- 160,000 --
---------- --------- -------- ------ -------- --------
DEFERRED CREDITS
Deferred income taxes 33,837 -- 828 -- 17,950 15,505
Deferred investment and energy tax credits -- -- -- -- -- --
Deferred Revenue 13,617 -- -- -- 12,284 877
Other 322 -- -- 322 -- --
---------- --------- -------- ------ -------- --------
Total Deferred Credits 47,776 -- 828 322 30,234 16,382
---------- --------- -------- ------ -------- --------
MINORITY INTEREST 9,761 9,761 -- -- -- --
---------- --------- -------- ------ -------- --------
STOCKHOLDER'S EQUITY
Capital stock 1 (29) 1 -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 689,481 (490,663) 699,242 1,751 286,816 12,729
Retained earnings 53,972 (84,954) 53,972 (189) 17,352 55,339
Other Comprehensive Income (5,223) 5,223 (5,223) -- (4,872) (351)
Cumulative Translation Adjustment (16,124) 16,124 (16,124) -- -- --
---------- --------- -------- ------ -------- --------
Total Stockholder's Equity 722,107 (554,299) 731,868 1,562 299,296 67,717
---------- --------- -------- ------ -------- --------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $1,470,949 $(544,538) $767,827 $3,099 $682,663 $112,896
========== ========= ======== ====== ======== ========
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
PSEG ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD
RADES, INC INC LLC INC INC CONSOL.
---------- -------------- --------- ------------- -------- --------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $-- $-- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies 150 253 -- 5,835 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 150 253 -- -- 5,835 9,631
---- ---- --- --- ------- -------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
---- ---- --- --- ------- -------
DEFERRED CREDITS
Deferred income taxes -- -- -- -- (1,238) (186)
Deferred investment and energy tax credits -- -- -- -- -- --
Deferred Revenue -- -- -- -- -- --
Other -- -- -- -- -- --
---- ---- --- --- ------- -------
Total Deferred Credits -- -- -- -- (1,238) (186)
---- ---- --- --- ------- -------
MINORITY INTEREST -- -- -- -- -- --
---- ---- --- --- ------- -------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- 4 -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital -- -- -- -- -- --
Retained earnings -- (20) -- -- (3,599) (9,170)
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
---- ---- --- --- ------- -------
Total Stockholder's Equity -- (20) -- 4 (3,599) (9,170)
---- ---- --- --- ------- -------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $150 $233 $-- $ 4 $ 998 $ 275
==== ==== === === ======= =======
PSEG INTERNATIONAL INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG PSEG OPERACIONES PSEG PSEG
CALIFORNIA III HENRIETTA II EUROPE LTD CALIFORNIA II
CORP TURBINE INC CONSOL. CONSOL. CORP
-------------- ----------- ----------- ---------- -------------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $-- $ -- $ (344) $ --
Taxes (91) -- -- (120) (91)
Other -- -- -- -- --
Interest -- -- -- -- --
Associated companies 23,435 16 153,220 53,024 23,435
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 23,344 16 153,220 52,560 23,344
------- --- -------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- -- --
------- --- -------- -------- -------
DEFERRED CREDITS
Deferred income taxes 1,677 -- -- (260) 1,677
Deferred investment and energy tax credits -- -- -- -- --
Deferred Revenue 228 -- -- -- 228
Other -- -- -- -- --
------- --- -------- -------- -------
Total Deferred Credits 1,905 -- -- (260) 1,905
------- --- -------- -------- -------
MINORITY INTEREST -- -- -- -- --
------- --- -------- -------- -------
STOCKHOLDER'S EQUITY
Capital stock -- 1 -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 3,096 -- 162,659 -- 3,096
Retained earnings 2,822 (7) 37,286 (11,079) 2,822
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- (13,575) --
------- --- -------- -------- -------
Total Stockholder's Equity 5,918 (6) 199,945 (24,654) 5,918
------- --- -------- -------- -------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $31,167 $10 $353,165 $ 27,646 $31,167
======= === ======== ======== =======
PSEG
PSEG PSEG PSEG PONTIANAK
CHINA PHILIPPINE ZHOU LTD
HOLDINGS HOLDINGS KOU POWER (Malaysia)
LTD LLC LTD CONSOL.
-------- ---------- --------- ----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- -- -- --
Interest -- -- -- --
Associated companies 15 1,135 225 3,301
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 15 1,135 225 3,301
---- ------- ----- -------
TOTAL LONG-TERM DEBT -- -- -- --
---- ------- ----- -------
DEFERRED CREDITS
Deferred income taxes -- (2,115) (1) --
Deferred investment and energy tax credits -- -- -- --
Deferred Revenue -- -- -- --
Other -- -- -- --
---- ------- ----- -------
Total Deferred Credits -- (2,115) (1) --
---- ------- ----- -------
MINORITY INTEREST -- -- -- --
---- ------- ----- -------
STOCKHOLDER'S EQUITY
Capital stock 12 -- 12 --
Stock Subs Payable -- -- -- --
Contributed capital -- 10,755 -- --
Retained earnings (15) (4,126) (224) (2,238)
Other Comprehensive Income -- -- -- --
Cumulative Translation Adjustment -- (2,549) -- --
---- ------- ----- -------
Total Stockholder's Equity (3) 4,080 (212) (2,238)
---- ------- ----- -------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $ 12 $ 3,100 $ 12 $ 1,063
==== ======= ===== =======
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
AMERICAS INTERCOMPANY PSEG ANDINA
INC ELIMINATIONS AMERICAS ELECTRICA
CONSOL. & RECLASS. INC INC
-------- ------------ -------- ---------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Equity in subsidiary earnings -- (17,932) 17,932 --
-------- -------- ------- ---
Total revenues -- (17,932) 17,932 --
-------- -------- ------- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Administrative and general 962 -- 276 --
-------- -------- ------- ---
Total operating expenses 962 -- 276 --
-------- -------- ------- ---
Income from partnerships 9,643 -- 507 --
Interest and dividend income 10,942 -- 9,147 --
Consulting and O&M fees 245 -- (364) --
-------- -------- ------- ---
Total Income from equity method investments 20,830 -- 9,290 --
-------- -------- ------- ---
OPERATING INCOME 19,868 (17,932) 26,946 --
-------- -------- ------- ---
OTHER INCOME
Foreign currency Translation Gain/Loss 4 -- -- --
-------- -------- ------- ---
Total Other Income 4 -- -- --
-------- -------- ------- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other 11,788 -- -- --
Capitalized interest -- -- -- --
-------- -------- ------- ---
Net interest expense 11,788 -- -- --
-------- -------- ------- ---
INCOME BEFORE INCOME TAXES 8,084 (17,932) 26,946 --
-------- -------- ------- ---
INCOME TAXES:
Current (20,771) -- 7,945 --
Deferred 9,854 -- -- --
Investment and energy tax credits - net -- -- -- --
-------- -------- ------- ---
Total income taxes (10,917) -- 7,945 --
-------- -------- ------- ---
MINORITY INTERESTS -- -- -- --
-------- -------- ------- ---
INCOME FROM CONTINUING OPERATIONS 19,001 (17,932) 19,001 --
-------- -------- ------- ---
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 $ 19,001 $(17,932) $19,001 $--
======== ======== ======= ===
PSEG PSEG
TEXGEN HOLDINGS GLOBAL PSEG PSEG
INC FUNDING II LLC LAPLATA I GLOBAL
CONSOL. CONSOL (US) MGT INC
--------------- -------------- --------- -------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Equity in subsidiary earnings -- -- -- --
-------- ------- -------- ---
Total revenues -- -- -- --
-------- ------- -------- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Administrative and general 497 189 -- --
-------- ------- -------- ---
Total operating expenses 497 189 -- --
-------- ------- -------- ---
Income from partnerships (2,336) 11,472 -- --
Interest and dividend income 1,795 -- -- --
Consulting and O&M fees 609 -- -- --
-------- ------- -------- ---
Total Income from equity method investments 68 11,472 -- --
-------- ------- -------- ---
OPERATING INCOME (429) 11,283 -- --
-------- ------- -------- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- 4
-------- ------- -------- ---
Total Other Income -- -- -- 4
-------- ------- -------- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other Associated Companies -- -- -- --
Other -- 11,788 -- --
Capitalized interest -- -- -- --
-------- ------- -------- ---
Net interest expense -- 11,788 -- --
-------- ------- -------- ---
INCOME BEFORE INCOME TAXES (429) (505) -- 4
-------- ------- -------- ---
INCOME TAXES:
Current (10,001) (4,126) (14,590) 1
Deferred 9,854 -- -- --
Investment and energy tax credits - net -- -- -- --
-------- ------- -------- ---
Total income taxes (147) (4,126) (14,590) 1
-------- ------- -------- ---
MINORITY INTERESTS -- -- -- --
-------- ------- -------- ---
INCOME FROM CONTINUING OPERATIONS (282) 3,621 14,590 3
-------- ------- -------- ---
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 $ (282) $ 3,621 $ 14,590 $ 3
======== ======= ======== ===
PSEG AMERICAS INC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
AMERICAS INTERCOMPANY PSEG ANDINA
INC ELIMINATIONS AMERICAS ELECTRICA
CONSOL. & RECLASS. INC INC
-------- ------------ -------- ---------
BALANCE JANUARY 1, 2003 $(1,649) $ 24,627 $(1,649) $--
NET INCOME 19,001 (17,932) 19,001 --
------- -------- ------- ---
TOTAL 17,352 6,695 17,352 --
------- -------- ------- ---
DIVIDENDS DECLARED -- -- -- --
------- -------- ------- ---
------- -------- ------- ---
BALANCE DECEMBER 31, 2003 $17,352 $ 6,695 $17,352 $--
======= ======== ======= ===
PSEG PSEG
TEXGEN HOLDINGS GLOBAL PSEG PSEG
INC FUNDING II LLC LAPLATA I GLOBAL
CONSOL. CONSOL (US) MGT INC
--------------- -------------- --------- -------
BALANCE JANUARY 1, 2003 $(4,708) $24,196 $(43,365) $(750)
NET INCOME (282) 3,621 14,590 3
------- ------- -------- -----
TOTAL (4,990) 27,817 (28,775) (747)
------- ------- -------- -----
DIVIDENDS DECLARED -- -- -- --
------- ------- -------- -----
------- ------- -------- -----
BALANCE DECEMBER 31, 2003 $(4,990) $27,817 $(28,775) $(747)
======= ======= ======== =====
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
AMERICAS INTERCOMPANY PSEG ANDINA
INC ELIMINATIONS AMERICAS ELECTRICA
CONSOL. & RECLASS. INC INC
-------- ------------ -------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 5,847 $ -- $ 6 $--
Accounts and Notes receivable:
Trade 1 -- -- --
Other (1) -- (1) --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power 24 -- 24 --
PSEG Energy Holdings -- -- -- --
Other associated companies 234,502 -- 109,114 --
Notes receivable:
Associated companies -- -- -- --
Assets Held for Sale -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
-------- --------- -------- ---
Total Current Assets 240,373 -- 109,143 --
-------- --------- -------- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- --------- -------- ---
Property, Plant and Equipment-net -- -- -- --
-------- --------- -------- ---
INVESTMENTS
Subsidiaries 9,761 (268,958) 268,958 --
Capital lease agreements -- -- -- --
General Partnership interests 6,249 -- -- --
Limited Partnership interests 220,348 -- 68,955 --
Corporate joint ventures 185,696 -- 1,843 --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- --------- -------- ---
Total Investments 422,054 (268,958) 339,756 --
-------- --------- -------- ---
OTHER ASSETS
Long-term receivables 5,500 -- -- --
Deferred Finance Costs 14,736 -- -- --
Other -- -- -- --
-------- --------- -------- ---
Total Other Assets 20,236 -- -- --
-------- --------- -------- ---
TOTAL ASSETS $682,663 $(268,958) $448,899 $--
======== ========= ======== ===
PSEG PSEG
TEXGEN HOLDINGS GLOBAL PSEG PSEG
INC FUNDING II LLC LAPLATA I GLOBAL
CONSOL. CONSOL (US) MGT INC
--------------- -------------- --------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 18 $ 5,800 $ -- $ 23
Accounts and Notes receivable:
Trade -- 1 -- --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 39,063 71,320 14,590 415
Notes receivable:
Associated companies -- -- -- --
Assets Held for Sale -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Prepayments -- -- -- --
-------- -------- ------- ----
Total Current Assets 39,081 77,121 14,590 438
-------- -------- ------- ----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- -------- ------- ----
Property, Plant and Equipment-net -- -- -- --
-------- -------- ------- ----
INVESTMENTS
Subsidiaries -- 9,761 -- --
Capital lease agreements -- -- -- --
General Partnership interests 6,249 -- -- --
Limited Partnership interests 151,393 -- -- --
Corporate joint ventures -- 183,853 -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- -------- ------- ----
Total Investments 157,642 193,614 -- --
-------- -------- ------- ----
OTHER ASSETS
Long-term receivables 5,500 -- -- --
Deferred Finance Costs -- 14,736 -- --
Other -- -- -- --
-------- -------- ------- ----
Total Other Assets 5,500 14,736 -- --
-------- -------- ------- ----
TOTAL ASSETS $202,223 $285,471 $14,590 $438
======== ======== ======= ====
PSEG AMERICAS INC.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
AMERICAS INTERCOMPANY PSEG ANDINA
INC ELIMINATIONS AMERICAS ELECTRICA
CONSOL. & RECLASS. INC INC
-------- ------------- -------- ---------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 29 $ -- $ 29 $--
Taxes -- -- -- --
Other -- -- -- --
Interest 2,668 -- -- --
Associated companies 190,436 -- 139,169 --
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 193,133 -- 139,198 --
-------- --------- -------- ---
TOTAL LONG-TERM DEBT 160,000 -- -- --
-------- --------- -------- ---
DEFERRED CREDITS
Deferred income taxes 17,950 -- 3,505 --
Deferred investment and energy tax credits -- -- --
Deferred Revenue 12,284 -- 6,900 --
Other -- -- --
-------- --------- -------- ---
Total Deferred Credits 30,234 -- 10,405 --
-------- --------- -------- ---
MINORITY INTEREST -- -- -- --
-------- --------- -------- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital 286,816 (280,525) 286,816 --
Retained earnings 17,352 6,695 17,352 --
Other Comprehensive Income (4,872) 4,872 (4,872) --
Cumulative Translation Adjustment -- -- -- --
-------- --------- -------- ---
Total Stockholder's Equity 299,296 (268,958) 299,296 --
-------- --------- -------- ---
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $682,663 $(268,958) $448,899 $--
======== ========= ======== ===
PSEG PSEG
TEXGEN HOLDINGS GLOBAL PSEG PSEG
INC FUNDING II LLC LAPLATA I GLOBAL
CONSOL. CONSOL (US) MGT INC
--------------- -------------- --------- -------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- -- -- --
Interest -- 2,668 -- --
Associated companies 14,161 35,690 -- 1,416
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 14,161 38,358 -- 1,416
-------- -------- -------- ------
TOTAL LONG-TERM DEBT -- 160,000 -- --
-------- -------- -------- ------
DEFERRED CREDITS
Deferred income taxes 14,553 123 -- (231)
Deferred investment and energy tax credits -- -- -- --
Deferred Revenue 5,384 -- -- --
Other -- -- -- --
-------- -------- -------- ------
Total Deferred Credits 19,937 123 -- (231)
-------- -------- -------- ------
MINORITY INTEREST -- -- -- --
-------- -------- -------- ------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital 176,956 60,204 43,365 --
Retained earnings (4,990) 27,817 (28,775) (747)
Other Comprehensive Income (3,841) (1,031) -- --
Cumulative Translation Adjustment -- -- -- --
-------- -------- -------- ------
Total Stockholder's Equity 168,125 86,990 14,590 (747)
-------- -------- -------- ------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $202,223 $285,471 $ 14,590 $ 438
======== ======== ======== ======
PSEG GLOBAL INTL HOLDING LLC
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG GLOBAL INTERCOMPANY PSEG GLOBAL PSEG
INT'L HOLDINGS ELIMINATIONS INT'L HOLDINGS AMERICAS
LLC CONSOL & RECLASS. LLC LTD
-------------- ------------ -------------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Withdrawal from Partnership -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation 74,009 -- -- 74,009
Other 155,114 -- -- 155,114
Distribution 21,309 -- -- 21,309
Equity in subsidiary earnings -- (193,959) 194,306 (347)
--------- --------- -------- ---------
Total revenues 250,432 (193,959) 194,306 250,085
--------- --------- -------- ---------
OPERATING EXPENSES:
Operation and maintenance 15,617 -- -- 15,617
Write-down of project investments (3,491) -- -- (3,491)
Electric and Energy Costs 100,468 -- -- 100,468
Depreciation and amortization 21,119 -- -- 21,119
Administrative and general 29,189 -- -- 29,189
--------- --------- -------- ---------
Total operating expenses 162,902 -- -- 162,902
--------- --------- -------- ---------
Income from partnerships 39,327 -- -- 39,327
Interest and dividend income 552 -- -- 552
Consulting and O&M fees 571 -- -- 571
--------- --------- -------- ---------
Total Income from equity method investments 40,450 -- -- 40,450
--------- --------- -------- ---------
OPERATING INCOME 127,980 (193,959) 194,306 127,633
--------- --------- -------- ---------
OTHER INCOME:
Write off of investments -- -- -- --
Gain on sale - other -- -- -- --
Change in Derivative Fair Value - FAS 133 (5,651) -- -- (5,651)
Foreign currency translation Gain/Loss 8,442 -- -- 8,442
Other 2,094 -- -- 2,094
--------- --------- -------- ---------
Total Other Income 4,885 -- -- 4,885
--------- --------- -------- ---------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings 774 -- -- 774
Other Associated Companies (233) -- -- (233)
Other 24,241 -- -- 24,241
Capitalized interest (380) -- -- (380)
--------- --------- -------- ---------
Net interest expense 24,402 -- -- 24,402
--------- --------- -------- ---------
INCOME BEFORE INCOME TAXES 108,463 (193,959) 194,306 108,116
--------- --------- -------- ---------
INCOME TAXES:
Current (284) -- -- (284)
Deferred (123,173) -- -- (123,173)
Foreign Taxes 13,506 -- -- 13,506
Investment and energy tax credits - net -- -- -- --
--------- --------- -------- ---------
Total income taxes (109,951) -- -- (109,951)
--------- --------- -------- ---------
MINORITY INTERESTS 831 347 -- 484
--------- --------- -------- ---------
INCOME FROM CONTINUING OPERATIONS 217,583 (194,306) 194,306 217,583
--------- --------- -------- ---------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes (544) -- -- (544)
Gain on Sale of Discontinued Operations - Net of Taxes (22,733) -- -- (22,733)
--------- --------- -------- ---------
INCOME FROM DISCONTINUED OPERATIONS (23,277) -- -- (23,277)
--------- --------- -------- ---------
NET INCOME $ 194,306 $(194,306) $194,306 $ 194,306
========= ========= ======== =========
PSEG GLOBAL INTL HOLDING LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG GLOBAL INTERCOMPANY PSEG GLOBAL PSEG
INT'L HOLDINGS ELIMINATIONS INT'L HOLDINGS AMERICAS
LLC CONSOL & RECLASS. LLC LTD
-------------- ------------ -------------- ----------
BALANCE JANUARY 1, 2003 $(508,375) $ 508,375 $(508,375) $(508,375)
NET INCOME 194,306 (194,306) 194,306 194,306
--------- --------- --------- ---------
TOTAL (314,069) 314,069 (314,069) (314,069)
--------- --------- --------- ---------
DIVIDENDS DECLARED -- -- -- --
--------- --------- --------- ---------
--------- --------- --------- ---------
BALANCE DECEMBER 31, 2003 $(314,069) $ 314,069 $(314,069) $(314,069)
========= ========= ========= =========
PSES GLOBAL INT'L HOLDING LLC
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(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 $ 122,085 $ -- $ -- $ 122,085
Accounts and Notes receivable:
Trade 64,453 -- -- 64,453
Other 15,549 -- (12) 15,561
PSE&G -- -- -- --
PSEG (85) -- -- (85)
PSEG Energy Holdings -- -- -- --
Other associated companies 1,074,838 -- 1,074,838
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Assets held for sale -- -- -- --
Current Assets Disc Ops 276,509 -- -- 276,509
Restricted Cash -- -- -- --
Prepayments 1,919 -- -- 1,919
Fuel 1,821 -- -- 1,821
Materials 10,404 -- -- 10,404
---------- ---------- ---------- ----------
Total Current Assets 1,567,493 -- (12) 1,567,505
---------- ---------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 14,720 -- -- 14,720
Generation & distribution Assets 690,353 -- -- 690,353
Furniture & Equipment 56,726 -- -- 56,726
Construction Work in Process 19,490 -- -- 19,490
Other 4,568 -- -- 4,568
Accum. depr. and amortization (125,048) -- -- (125,048)
Valuation allowances -- -- -- --
---------- ---------- ---------- ----------
Property, Plant and Equipment-net 660,809 -- -- 660,809
---------- ----------- ---------- ----------
INVESTMENTS
Subsidiaries 38,517 (1,387,407) 1,387,407 38,517
Capital lease agreements -- -- -- --
General Partnership Interests -- -- -- --
Limited Partnership Interests -- -- -- --
Corporate joint ventures 677,060 -- -- 677,060
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Total Investments 715,577 (1,387,407) 1,387,407 715,577
---------- ----------- ---------- ----------
OTHER ASSETS
Long Term Other Receivable 1,995 -- -- 1,995
Goodwill 482,641 -- -- 482,641
Deferred Tax Asset 31,378 -- -- 31,378
Derivative Asset (101) -- -- (101)
Deferred Finance Costs 12,214 -- -- 12,214
Project Start up Costs 4,931 -- -- 4,931
Prepaid Pension 45 -- -- 45
Intangibles 663 -- -- 663
Other 2,182 -- -- 2,182
---------- ----------- ---------- ----------
Total Other Assets 535,948 -- -- 535,948
---------- ----------- ---------- ----------
TOTAL ASSETS $3,479,827 $(1,387,407) $1,387,395 $3,479,839
========== =========== ========== ==========
PSES GLOBAL INT'L HOLDING LLC
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(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 $ 38,886 $ -- $ -- $ 38,886
Taxes 1,907 -- -- 1,907
Other 34,923 -- -- 34,923
Interest 5,333 -- -- 5,333
Associated companies 1,387,128 -- -- 1,387,128
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
PSEG Energy Holdings Inc. 9,609 -- -- 9,609
Other -- -- -- --
DISC OPS 241,764 -- -- 241,764
Current portion of long-term debt 29,422 -- -- 29,422
---------- ----------- ----------- ----------
Total Current Liabilities 1,748,972 -- -- 1,748,972
---------- ----------- ----------- ----------
TOTAL LONG-TERM DEBT 438,590 -- -- 438,590
---------- ----------- ----------- ----------
DEFERRED CREDITS
Deferred income taxes (131,808) -- -- (131,808)
Deferred investment
and energy tax credits -- -- -- --
Derivative Liability 24,248 -- -- 24,248
Other (674) -- -- (674)
---------- ----------- ----------- ----------
Total Deferred Credits (108,234) -- -- (108,234)
---------- ----------- ----------- ----------
MINORITY INTEREST 13,104 -- -- 13,104
---------- ----------- ----------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- (12) -- 12
Stock Subs Payable -- -- -- --
Contributed capital 1,928,388 (1,928,388) 1,928,388 1,928,388
Retained earnings (314,069) 314,069 (314,069) (314,069)
Other Comprehensive Income (13,958) 13,958 (13,958) (13,958)
Cumulative Translation Adjustment (212,966) 212,966 (212,966) (212,966)
---------- ----------- ----------- ----------
Total Stockholder's Equity 1,387,395 (1,387,407) 1,387,395 1,387,407
---------- ----------- ----------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $3,479,827 $(1,387,407) $ 1,387,395 $3,479,839
========== =========== =========== ==========
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
AMERICAS INTERCOMPANY PSEG ASSOCIACION
LTD ELIMINATIONS AMERICAS EN
CONSOL. & RECLASS. LTD PARTICIPACION CAYMAN'S IV
--------- ------------ --------- ------------- -----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation 74,009 -- -- -- --
Distribution 155,114 -- -- -- --
Other 21,309 -- -- -- --
Equity in subsidiary earnings (347) (43,028) 43,028 (347) --
--------- -------- --------- ----- -----
Total revenues 250,085 (43,028) 43,028 (347) --
--------- -------- --------- ----- -----
OPERATING EXPENSES:
Operation and maintenance 15,617 -- -- -- --
Write-down of project investments (3,491) -- (3,633) -- --
Depreciation and amortization 21,119 -- -- -- --
Electric and Energy Costs 100,468 -- -- -- --
Administrative and general 29,189 -- 1,630 -- 814
--------- -------- --------- ----- -----
Total operating expenses 162,902 -- (2,003) -- 814
--------- -------- --------- ----- -----
Income from partnerships 39,327 -- 19,762 -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income 552 -- 552 -- --
Consulting and O&M fees 571 -- 364 -- --
--------- -------- --------- ----- -----
Total Income from equity method investments 40,450 -- 20,678 -- --
--------- -------- --------- ----- -----
OPERATING INCOME 127,633 (43,028) 65,709 (347) (814)
--------- -------- --------- ----- -----
OTHER INCOME
Write off of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 (5,651) -- (943) -- --
Foreign currency Translation Gain/Loss 8,442 -- (5) -- --
Other 2,094 -- -- -- --
--------- -------- --------- ----- -----
Total Other Income 4,885 -- (948) -- --
--------- -------- --------- ----- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings' 774 -- -- -- --
Other Associated Companies (233) -- -- -- (204)
Other 24,241 -- (6,709) (730) --
Capitalized interest (380) -- -- -- --
--------- -------- --------- ----- -----
Net interest expense 24,402 -- (6,709) (730) (204)
--------- -------- --------- ----- -----
INCOME BEFORE INCOME TAXES 108,116 (43,028) 71,470 383 (610)
--------- -------- --------- ----- -----
INCOME TAXES:
Current (284) -- 1,556 -- --
Deferred (123,173) -- (124,368) -- --
Foreign Taxes 13,506 -- (24) -- --
Investment and energy tax credits - net -- -- -- -- --
--------- -------- --------- ----- -----
Total income taxes (109,951) -- (122,836) -- --
--------- -------- --------- ----- -----
MINORITY INTERESTS 484 -- -- -- --
--------- -------- --------- ----- -----
INCOME FROM CONTINUING OPERATIONS 217,583 (43,028) 194,306 383 (610)
--------- -------- --------- ----- -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes (544) -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes (22,733) -- -- -- --
--------- -------- --------- ----- -----
INCOME FROM DISCONTINUED OPERATIONS (23,277) -- -- -- --
--------- -------- --------- ----- -----
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
--------- -------- --------- ----- -----
NET INCOME $ 194,306 $(43,028) $ 194,306 $ 383 $(610)
========= ======== ========= ===== =====
PERUVIAN ANDINA PSEG VENERGY
OPPORTUNITY MENDOZA I BRAZIL HOLDINGS
COMPANY S.A.C. COMPANY OPERATING CO. COMPANY
(POC) (Cayman) (Cayman) (Cayman)
-------------- --------- ------------- --------
REVENUES:
Income from capital lease agreements $ -- $-- $-- $ --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
---- --- --- ----
Total revenues -- -- -- --
---- --- --- ----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general (58) -- -- 221
---- --- --- ----
Total operating expenses (58) -- -- 221
---- --- --- ----
Income from partnerships -- -- -- 496
Management/Development Fees -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
---- --- --- ----
Total Income from equity method investments -- -- -- 496
---- --- --- ----
OPERATING INCOME 58 -- -- 275
---- --- --- ----
OTHER INCOME
Write off of investments -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- --
Other -- -- -- --
---- --- --- ----
Total Other Income -- -- -- --
---- --- --- ----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings' -- -- -- --
Other Associated Companies -- -- -- --
Other 106 -- -- (11)
Capitalized interest -- -- -- --
---- --- --- ----
Net interest expense 106 -- -- (11)
---- --- --- ----
INCOME BEFORE INCOME TAXES (48) -- -- 286
---- --- --- ----
INCOME TAXES:
Current -- -- -- --
Deferred -- -- -- --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
---- --- --- ----
Total income taxes -- -- -- --
---- --- --- ----
MINORITY INTERESTS -- -- -- --
---- --- --- ----
INCOME FROM CONTINUING OPERATIONS (48) -- -- 286
---- --- --- ----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
---- --- --- ----
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
---- --- --- ----
Cumulative Effect of a change in Acct. Principle -- -- -- --
---- --- --- ----
NET INCOME $(48) $-- $-- $286
==== === === ====
RAYO-ANDINO
TERRA ROXA I GESTORA
LTDA COMPANY
(Cayman) (Cayman)
------------ -----------
REVENUES:
Income from capital lease agreements $-- $--
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Electric Revenues
Generation -- --
Distribution -- --
Other -- --
Equity in subsidiary earnings -- --
--- ---
Total revenues -- --
--- ---
OPERATING EXPENSES:
Operation and maintenance -- --
Write-down of project investments -- --
Depreciation and amortization -- --
Electric and Energy Costs -- --
Administrative and general -- --
--- ---
Total operating expenses -- --
--- ---
Income from partnerships -- --
Management/Development Fees -- --
Interest and dividend income -- --
Consulting and O&M fees -- --
--- ---
Total Income from equity method investments -- --
--- ---
OPERATING INCOME -- --
--- ---
OTHER INCOME
Write off of investments -- --
Change in Derivative Fair Value - FAS 133 -- --
Foreign currency Translation Gain/Loss -- --
Other -- --
--- ---
Total Other Income -- --
--- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- --
PSEG Energy Holdings' -- --
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 -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- --
--- ---
INCOME FROM DISCONTINUED OPERATIONS -- --
--- ---
Cumulative Effect of a change in Acct. Principle -- --
--- ---
NET INCOME $-- $--
=== ===
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
RAYO-ANDINO PSEG
INVERSORA PSEG ARGENTINA PSEG
COMPANY BRAZIL HOLDING CO AMERICAS
(Cayman) LTDA LLC EDEERSA OPERATING CO
----------- ------ ---------- ------- ------------
REVENUES:
Income from capital lease agreements $-- $ -- $-- $-- $ --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
--- ----- --- --- -------
Total revenues -- -- -- -- --
--- ----- --- --- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- 8 -- -- --
Electric and Energy Costs -- -- -- -- --
Administrative and general -- 265 -- -- (41)
--- ----- --- --- -------
Total operating expenses -- 273 -- -- (41)
--- ----- --- --- -------
Income from partnerships -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- --
--- ----- --- --- -------
Total Income from equity method investments -- -- -- -- --
--- ----- --- --- -------
OPERATING INCOME -- (273) -- -- 41
--- ----- --- --- -------
OTHER INCOME
Write off of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Foreign currency Translation Gain/Loss -- (11) -- -- --
Other -- -- -- -- --
--- ----- --- --- -------
Total Other Income -- (11) -- -- --
--- ----- --- --- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings' -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- 8,506
Capitalized interest -- -- -- -- --
--- ----- --- --- -------
Net interest expense -- -- -- -- 8,506
--- ----- --- --- -------
INCOME BEFORE INCOME TAXES -- (284) -- -- (8,465)
--- ----- --- --- -------
INCOME TAXES:
Current -- -- -- -- (1,246)
Deferred -- -- -- -- --
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
--- ----- --- --- -------
Total income taxes -- -- -- -- (1,246)
--- ----- --- --- -------
MINORITY INTERESTS -- -- -- -- --
--- ----- --- --- -------
INCOME FROM CONTINUING OPERATIONS -- (284) -- -- (7,219)
--- ----- --- --- -------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--- ----- --- --- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--- ----- --- --- -------
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
--- ----- --- --- -------
NET INCOME $-- $(284) $-- $-- $(7,219)
=== ===== === === =======
PSEG
CAYMAN PSEG
AMERICAS PERU POWER PSEG
CAYMAN CAYMAN COMPANY LTD ELECTRICA
AMERICAS I AMERICAS II CONSOL. (Cayman) (Cayman)
---------- ----------- -------- ---------- ---------
REVENUES:
Income from capital lease agreements $-- $-- $ -- $-- $--
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
--- --- ---- --- ---
Total revenues -- -- -- -- --
--- --- ---- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Electric and Energy Costs -- -- -- -- --
Administrative and general -- -- 2 -- --
--- --- ---- --- ---
Total operating expenses -- -- 2 -- --
--- --- ---- --- ---
Income from partnerships -- -- -- -- --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- --
--- --- ---- --- ---
Total Income from equity method investments -- -- -- -- --
--- --- ---- --- ---
OPERATING INCOME -- -- (2) -- --
--- --- ---- --- ---
OTHER INCOME
Write off of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- -- --
Other -- -- -- -- --
--- --- ---- --- ---
Total Other Income -- -- -- -- --
--- --- ---- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings' -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- --
Capitalized interest -- -- -- -- --
--- --- ---- --- ---
Net interest expense -- -- -- -- --
--- --- ---- --- ---
INCOME BEFORE INCOME TAXES -- -- (2) -- --
--- --- ---- --- ---
INCOME TAXES:
Current -- -- (26) -- --
Deferred -- -- -- -- --
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
--- --- ---- --- ---
Total income taxes -- -- (26) -- --
--- --- ---- --- ---
MINORITY INTERESTS -- -- -- -- --
--- --- ---- --- ---
INCOME FROM CONTINUING OPERATIONS -- -- 24 -- --
--- --- ---- --- ---
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--- --- ---- --- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--- --- ---- --- ---
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
--- --- ---- --- ---
NET INCOME $-- $-- $ 24 $-- $--
=== === ==== === ===
PSEG
PSEG PSEG GLOBAL
BRAZIL II BRAZIL III FUNDING II INFRAMAX
COMPANY COMPANY CORP CORP
--------- ---------- ---------- --------
REVENUES:
Income from capital lease agreements $-- $-- $-- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
--- --- --- ---
Total revenues -- -- -- --
--- --- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general -- -- -- --
--- --- --- ---
Total operating expenses -- -- -- --
--- --- --- ---
Income from partnerships -- -- -- --
Management/Development Fees -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
--- --- --- ---
Total Income from equity method investments -- -- -- --
--- --- --- ---
OPERATING INCOME -- -- -- --
--- --- --- ---
OTHER INCOME
Write off of investments -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- --
Other -- -- -- --
--- --- --- ---
Total Other Income -- -- -- --
--- --- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings' -- -- -- --
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 -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
--- --- --- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
--- --- --- ---
Cumulative Effect of a change in Acct. Principle -- -- -- --
--- --- --- ---
NET INCOME $-- $-- $-- $--
=== === === ===
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(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.
------------- ------------- ------------ ---------- -------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Electric Revenues
Generation -- -- 47,151 -- 26,858
Distribution -- 144,169 -- -- 10,945
Other -- 21,240 -- -- 69
Equity in subsidiary earnings -- -- -- -- --
------- -------- ------- ------- -------
Total revenues -- 165,409 47,151 -- 37,872
------- -------- ------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- 3,686 9,203 -- 2,728
Write-down of project investments -- -- -- -- --
Depreciation and amortization -- 8,723 4,142 -- 8,246
Electric and Energy Costs -- 85,902 1,536 -- 13,030
Administrative and general 945 13,226 7,776 635 3,710
------- -------- ------- ------- -------
Total operating expenses 945 111,537 22,657 635 27,714
------- -------- ------- ------- -------
Income from partnerships 16,557 (19,543) 1,896 11,553 --
Management/Development Fees -- -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- 207
------- -------- ------- ------- -------
Total Income from equity method investments 16,557 (19,543) 1,896 11,553 207
------- -------- ------- ------- -------
OPERATING INCOME 15,612 34,329 26,390 10,918 10,365
------- -------- ------- ------- -------
OTHER INCOME
Write off of investments -- -- -- -- --
Change in Derivative Fair Value - FAS 133 (645) (4,073) -- 10 --
Foreign currency Translation Gain/Loss (116) 5,109 (707) 4,161 --
Other -- (932) 3,026 -- --
------- -------- ------- ------- -------
Total Other Income (761) 104 2,319 4,171 --
------- -------- ------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings' -- -- -- 774 --
Other Associated Companies -- -- (29) -- --
Other -- 9,574 4,692 -- 8,813
Capitalized interest -- (380) -- -- --
------- -------- ------- ------- -------
Net interest expense -- 9,194 4,663 774 8,813
------- -------- ------- ------- -------
INCOME BEFORE INCOME TAXES 14,851 25,239 24,046 14,315 1,552
------- -------- ------- ------- -------
INCOME TAXES:
Current (4) -- -- 1 --
Deferred (226) (510) -- 263 --
Foreign Taxes -- 5,361 8,169 -- --
Investment and energy tax credits - net -- -- -- -- --
------- -------- ------- ------- -------
Total income taxes (230) 4,851 8,169 264 --
------- -------- ------- ------- -------
MINORITY INTERESTS -- 329 -- -- 155
------- -------- ------- ------- -------
INCOME FROM CONTINUING OPERATIONS 15,081 20,059 15,877 14,051 1,397
------- -------- ------- ------- -------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
------- -------- ------- ------- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
------- -------- ------- ------- -------
Cumulative Effect of a change in Acct. Principle -- -- -- -- --
------- -------- ------- ------- -------
NET INCOME $15,081 $ 20,059 $15,877 $14,051 $ 1,397
======= ======== ======= ======= =======
PSEG RAYO-ANDINO SERVICIOS
BERMUDA INVERSORA PSEG TECHNICOS
HOLDINGS III COMPANY CHINA PSEG CHILE
CONSOL. CONSOL. INC LTDA
------------ ----------- ------ ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
----- -------- ------ -----
Total revenues -- -- -- --
----- -------- ------ -----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- 142 -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general 9 334 21 (300)
----- -------- ------ -----
Total operating expenses 9 476 21 (300)
----- -------- ------ -----
Income from partnerships -- -- 8,606 --
Management/Development Fees -- -- -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
----- -------- ------ -----
Total Income from equity method investments -- -- 8,606 --
----- -------- ------ -----
OPERATING INCOME (9) (476) 8,585 300
----- -------- ------ -----
OTHER INCOME
Write off of investments -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Foreign currency Translation Gain/Loss -- -- -- 11
Other -- -- -- --
----- -------- ------ -----
Total Other Income -- -- -- 11
----- -------- ------ -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings' -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
----- -------- ------ -----
Net interest expense -- -- -- --
----- -------- ------ -----
INCOME BEFORE INCOME TAXES (9) (476) 8,585 311
----- -------- ------ -----
INCOME TAXES:
Current (398) (167) -- --
Deferred 199 1,469 -- --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
----- -------- ------ -----
Total income taxes (199) 1,302 -- --
----- -------- ------ -----
MINORITY INTERESTS -- -- -- --
----- -------- ------ -----
INCOME FROM CONTINUING OPERATIONS 190 (1,778) 8,585 311
----- -------- ------ -----
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- (544) -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- (22,733) -- --
----- -------- ------ -----
INCOME FROM DISCONTINUED OPERATIONS -- (23,277) -- --
----- -------- ------ -----
Cumulative Effect of a change in Acct. Principle -- -- -- --
----- -------- ------ -----
NET INCOME $ 190 $(25,055) $8,585 $ 311
===== ======== ====== =====
PSEG
AMERICAS PSEG
II LUXEMBOURG
LTD S.A.R.L.
-------- ----------
REVENUES:
Income from capital lease agreements $-- $--
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Electric Revenues
Generation -- --
Distribution -- --
Other -- --
Equity in subsidiary earnings -- --
--- ---
Total revenues -- --
--- ---
OPERATING EXPENSES:
Operation and maintenance -- --
Write-down of project investments -- --
Depreciation and amortization -- --
Electric and Energy Costs -- --
Administrative and general -- --
--- ---
Total operating expenses -- --
--- ---
Income from partnerships -- --
Management/Development Fees -- --
Interest and dividend income -- --
Consulting and O&M fees -- --
--- ---
Total Income from equity method investments -- --
--- ---
OPERATING INCOME -- --
--- ---
OTHER INCOME
Write off of investments -- --
Change in Derivative Fair Value - FAS 133 -- --
Foreign currency Translation Gain/Loss -- --
Other -- --
--- ---
Total Other Income -- --
--- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- --
PSEG Energy Holdings' -- --
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 -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- --
--- ---
INCOME FROM DISCONTINUED OPERATIONS -- --
--- ---
Cumulative Effect of a change in Acct. Principle -- --
--- ---
NET INCOME $-- $--
=== ===
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PERUVIAN
AMERICAS INTERCOMPANY PSEG ASSOCIACION OPPORTUNITY
LTD ELIMINATIONS AMERICAS EN COMPANY S.A.C.
CONSOL. & RECLASS. LTD PARTICIPACION CAYMAN'S IV (POC)
--------- ------------ --------- ------------- ----------- --------------
BALANCE JANUARY 1, 2003 $(508,375) $241,613 $(508,375) $(486) $ -- $(326)
NET INCOME 194,306 (43,028) 194,306 383 (610) (48)
--------- -------- --------- ----- ----- -----
TOTAL (314,069) 198,585 (314,069) (103) (610) (374)
--------- -------- --------- ----- ----- -----
DIVIDENDS DECLARED -- -- -- -- -- --
--------- -------- --------- ----- ----- -----
--------- -------- --------- ----- ----- -----
BALANCE DECEMBER 31, 2003 $(314,069) $198,585 $(314,069) $(103) $(610) $(374)
========= ======== ========= ===== ===== =====
ANDINA PSEG VENERGY RAYO-ANDINO
MENDOZA I BRAZIL HOLDINGS TERRA ROXA I GESTORA
COMPANY OPERATING CO. COMPANY LTDA COMPANY
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------- -------- ------------ -----------
BALANCE JANUARY 1, 2003 $-- $-- $2,815 $-- $--
NET INCOME -- -- 286 -- --
--- --- ------ --- ---
TOTAL -- -- 3,101 -- --
--- --- ------ --- ---
DIVIDENDS DECLARED -- -- -- -- --
--- --- ------ --- ---
--- --- ------ --- ---
BALANCE DECEMBER 31, 2003 $-- $-- $3,101 $-- $--
=== === ====== === ===
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
RAYO-ANDINO PSEG
INVERSORA PSEG ARGENTINA PSEG
COMPANY BRAZIL HOLDING CO AMERICAS CAYMAN CAYMAN
(Cayman) LTDA LLC EDEERSA OPERATING CO AMERICAS I AMERICAS II
----------- ------- ---------- ------- ------------ ---------- -----------
BALANCE JANUARY 1, 2003 $-- $(6,895) $-- $(70) $(214,217) $-- $--
NET INCOME -- (284) -- -- (7,219) -- --
--- ------- --- ---- --------- --- ---
TOTAL -- (7,179) -- (70) (221,436) -- --
--- ------- --- ---- --------- --- ---
DIVIDENDS DECLARED -- -- -- -- -- -- --
--- ------- --- ---- --------- --- ---
--- ------- --- ---- --------- --- ---
BALANCE DECEMBER 31, 2003 $-- $(7,179) $-- $(70) $(221,436) $-- $--
=== ======= === ==== ========= === ===
PSEG
CAYMAN PSEG PSEG
AMERICAS PERU POWER PSEG PSEG PSEG GLOBAL
COMPANY LTD ELECTRICA BRAZIL II BRAZIL III FUNDING II INFRAMAX
CONSOL. (Cayman) (Cayman) COMPANY COMPANY CORP CORP
-------- ---------- --------- --------- ---------- ---------- --------
BALANCE JANUARY 1, 2003 $(72,577) $-- $-- $-- $-- $-- $--
NET INCOME 24 -- -- -- -- -- --
-------- --- --- --- --- --- ---
TOTAL (72,553) -- -- -- -- -- --
-------- --- --- --- --- --- ---
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- --- --- --- --- --- ---
-------- --- --- --- --- --- ---
BALANCE DECEMBER 31, 2003 $(72,553) $-- $-- $-- $-- $-- $--
======== === === === === === ===
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG PSEG AMERICAS TRANSAMERICA PSEG PSEG
CHILEAN CHILE HOLDING ENERGY BRAZIL PSEG BERMUDA
EQUITY II LTD LIMITADA COMPANY INVESTMENT SALALAH HOLDINGS III
CONSOL. CONSOL. CONSOL CONSOL. CONSOL. CONSOL.
------------- ------------- ------------ ---------- ------- ------------
BALANCE JANUARY 1, 2003 $55,882 $16,540 $15,409 $(37,247) $(2,220) $(27,059)
NET INCOME 15,081 20,059 15,877 14,051 1,397 190
------- ------- ------- -------- ------- --------
TOTAL 70,963 36,599 31,286 (23,196) (823) (26,869)
------- ------- ------- -------- ------- --------
DIVIDENDS DECLARED -- -- -- -- -- --
------- ------- ------- -------- ------- --------
------- ------- ------- -------- ------- --------
BALANCE DECEMBER 31, 2003 $70,963 $36,599 $31,286 $(23,196) $ (823) $(26,869)
======= ======= ======= ======== ======= ========
RAYO-ANDINO SERVICIOS PSEG
INVERSORA PSEG TECHNICOS AMERICAS PSEG
COMPANY CHINA PSEG CHILE II LUXEMBOURG
CONSOL. INC LTDA LTD S.A.R.L.
----------- ------- ---------- -------- ----------
BALANCE JANUARY 1, 2003 $ 12,513 $16,487 $(162) $-- $--
NET INCOME (25,055) 8,585 311 -- --
-------- ------- ----- --- ---
TOTAL (12,542) 25,072 149 -- --
-------- ------- ----- --- ---
DIVIDENDS DECLARED -- -- -- -- --
-------- ------- ----- --- ---
-------- ------- ----- --- ---
BALANCE DECEMBER 31, 2003 $(12,542) $25,072 $ 149 $-- $--
======== ======= ===== === ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PERUVIAN
AMERICAS INTERCOMPANY PSEG ASSOCIACION OPPORTUNITY
LTD ELIMINATIONS AMERICAS EN COMPANY S.A.C.
CONSOL. & RECLASS. LTD PARTICIPACION CAYMAN'S IV (POC)
----------- ------------ ---------- ------------- ----------- --------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 122,085 $ -- $ 151 $ -- $ 20,007 $ 9,523
Accounts and Notes receivable:
Trade 64,453 -- (115) -- -- 31
Other 15,561 -- 11 -- -- --
PSE&G -- -- -- -- -- --
PSEG (85) -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 1,074,838 -- 408,345 49,472 44,083 43,860
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Fuel 1,821 -- -- -- -- --
Materials 10,404 -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Current Assets of Disc Ops 276,509 -- -- -- -- --
Prepayments 1,919 -- -- -- -- --
----------- ----------- ---------- -------- -------- --------
Total Current Assets 1,567,505 -- 408,392 49,472 64,090 53,414
----------- ----------- ---------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 14,720 -- -- -- -- --
Generation & Distribution Assets 690,353 -- -- -- -- --
Furniture & Equipment 56,726 -- -- -- -- --
Construction Work In process 19,490 -- -- -- -- --
Other 4,568 -- -- -- -- --
Accum. depr. and amortization (125,048) -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ---------- -------- -------- --------
Property, Plant and Equipment-net 660,809 -- -- -- -- --
----------- ----------- ---------- -------- -------- --------
INVESTMENTS
Subsidiaries 38,517 (1,326,572) 1,326,572 (834) -- --
Capital lease agreements -- . -- -- -- --
Limited partnership interests -- -- -- -- -- --
General partnership interests -- -- -- -- -- --
Corporate joint ventures 677,060 -- 258,043 (27,295) 45,031 (51,708)
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
----------- ----------- ---------- -------- -------- --------
Total Investments 715,577 (1,326,572) 1,584,615 (28,129) 45,031 (51,708)
----------- ----------- ---------- -------- -------- --------
OTHER ASSETS
Long Term Other Receivable 1,995 -- -- -- -- --
Goodwill 482,641 -- -- -- -- --
Derivative Asset (101) -- (394) -- -- --
Deferred Tax Asset 31,378 -- -- -- -- --
Deferred Finance Costs 12,214 -- -- -- -- --
Project Start up Costs 4,931 -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Prepaid Pension 45 -- 32 -- -- --
Intangibles 663 -- -- -- -- --
Other 2,182 -- -- -- -- --
----------- ----------- ---------- -------- -------- --------
Total Other Assets 535,948 -- (362) -- -- --
----------- ----------- ---------- -------- -------- --------
TOTAL ASSETS $ 3,479,839 $(1,326,572) $1,992,645 $ 21,343 $109,121 $ 1,706
=========== =========== ========== ======== ======== ========
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 $-- $-- $ 1,006 $-- $--
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- -- -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies -- -- 9,552 -- --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Fuel -- -- -- -- --
Materials -- -- -- -- --
Assets held for sale -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- --
Prepayments -- -- 109 -- --
--- --- ------- --- ---
Total Current Assets -- -- 10,667 -- --
--- --- ------- --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Generation & Distribution Assets -- -- -- -- --
Furniture & Equipment -- -- -- -- --
Construction Work In process -- -- -- -- --
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 -- -- 38,445 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
--- --- ------- --- ---
Total Investments -- -- 38,445 -- --
--- --- ------- --- ---
OTHER ASSETS
Long Term Other Receivable -- -- -- -- --
Goodwill -- -- -- -- --
Derivative Asset -- -- -- -- --
Deferred Tax Asset -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Project Start up Costs -- -- -- -- --
Restricted Cash -- -- -- -- --
Prepaid Pension -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
--- --- ------- --- ---
Total Other Assets -- -- -- -- --
--- --- ------- --- ---
TOTAL ASSETS $-- $-- $49,112 $-- $--
=== === ======= === ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
RAYO-ANDINO PSEG
INVERSORA PSEG ARGENTINA PSEG
COMPANY BRAZIL HOLDING CO AMERICAS CAYMAN CAYMAN
(Cayman) LTDA LLC EDEERSA OPERATING CO AMERICAS I AMERICAS II
----------- ------ ---------- ------- ------------ ---------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ 55 $-- $-- $ -- $-- $--
Accounts and Notes receivable:
Trade -- -- -- -- -- -- --
Other -- 4 -- -- -- -- --
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Other associated companies -- 1,580 -- -- 26,305 -- --
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest receivable -- -- -- -- -- -- --
Fuel -- -- -- -- -- -- --
Materials -- -- -- -- -- -- --
Assets held for sale -- -- -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
--- ------ --- --- ------- --- ---
Total Current Assets -- 1,639 -- -- 26,305 -- --
--- ------ --- --- ------- --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Generation & Distribution Assets -- -- -- -- -- -- --
Furniture & Equipment -- 22 -- -- -- -- --
Construction Work In process -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Accum. depr. and amortization -- (17) -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
--- ------ --- --- ------- --- ---
Property, Plant and Equipment-net -- 5 -- -- -- -- --
--- ------ --- --- ------- --- ---
INVESTMENTS
Subsidiaries -- -- -- -- 39,346 -- --
Capital lease agreements -- -- -- -- -- -- --
Limited partnership interests -- -- -- -- -- -- --
General partnership interests -- -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- -- --
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
--- ------ --- --- ------- --- ---
Total Investments -- -- -- -- 39,346 -- --
--- ------ --- --- ------- --- ---
OTHER ASSETS
Long Term Other Receivable -- -- -- -- -- -- --
Goodwill -- -- -- -- -- -- --
Derivative Asset -- -- -- -- -- -- --
Deferred Tax Asset -- -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- -- --
Project Start up Costs -- -- -- -- -- -- --
Restricted Cash -- -- -- -- -- -- --
Prepaid Pension -- -- -- -- -- -- --
Intangibles -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
--- ------ --- --- ------- --- ---
Total Other Assets -- -- -- -- -- -- --
--- ------ --- --- ------- --- ---
TOTAL ASSETS $-- $1,644 $-- $-- $65,651 $-- $--
=== ====== === === ======= === ===
PSEG
CAYMAN PSEG PSEG
AMERICAS PERU POWER PSEG PSEG PSEG GLOBAL
COMPANY LTD ELECTRICA BRAZIL II BRAZIL III FUNDING II INFRAMAX
CONSOL. (Cayman) (Cayman) COMPANY COMPANY CORP 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 4,479 -- -- -- -- 2,405 --
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Interest receivable -- -- -- -- -- -- --
Fuel -- -- -- -- -- -- --
Materials -- -- -- -- -- -- --
Assets held for sale -- -- -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- -- -- --
Prepayments -- -- -- -- -- -- --
------ --- --- --- --- ------ ---
Total Current Assets 4,479 -- -- -- -- 2,406 --
------ --- --- --- --- ------ ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- -- --
Generation & Distribution Assets -- -- -- -- -- -- --
Furniture & Equipment -- -- -- -- -- -- --
Construction Work In process -- -- -- -- -- -- --
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
Long Term Other Receivable -- -- -- -- -- -- --
Goodwill -- -- -- -- -- -- --
Derivative Asset -- -- -- -- -- -- --
Deferred Tax Asset -- -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- -- --
Project Start up Costs -- -- -- -- -- -- --
Restricted Cash -- -- -- -- -- -- --
Prepaid Pension -- -- -- -- -- -- --
Intangibles -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
------ --- --- --- --- ------ ---
Total Other Assets -- -- -- -- -- -- --
------ --- --- --- --- ------ ---
TOTAL ASSETS $4,479 $-- $-- $-- $-- $2,406 $--
====== === === === === ====== ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG PSEG AMERICAS TRANSAMERICA PSEG PSEG
CHILEAN CHILE HOLDING ENERGY BRAZIL PSEG BERMUDA
EQUITY II LTD LIMITADA COMPANY INVESTMENT SALALAH HOLDINGS III
CONSOL. CONSOL. CONSOL CONSOL. CONSOL. CONSOL.
------------- ------------- ------------ ---------- --------- ------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 25 $ 14,516 $ 21,418 $ -- $ 48,744 $ 8
Accounts and Notes receivable:
Trade (37) 40,317 7,900 3 16,302 --
Other 1 14,768 707 -- 60 --
PSE&G -- -- -- -- -- --
PSEG -- -- -- (85) -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 112,350 179,603 182,761 2,954 888 412
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Fuel -- -- -- -- 1,821 --
Materials -- 8,467 1,504 -- 433 --
Assets held for sale -- -- -- -- -- --
Current Assets of Disc Ops -- -- -- -- -- --
Prepayments -- 733 181 -- 896 --
-------- --------- -------- -------- -------- ----
Total Current Assets 112,339 258,404 214,471 2,872 69,144 420
-------- --------- -------- -------- -------- ----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 11,416 3,304 -- -- --
Generation & Distribution Assets -- 415,511 79,548 -- 195,294 --
Furniture & Equipment -- -- 56,388 -- 316 --
Construction Work In process -- 12,914 586 -- 5,990 --
Other -- -- 4,209 -- 326 --
Accum. depr. and amortization -- (109,366) (7,749) -- (7,916) --
Valuation allowances -- -- -- -- -- --
-------- --------- -------- -------- -------- ----
Property, Plant and Equipment-net -- 330,475 136,286 -- 194,010 --
-------- --------- -------- -------- -------- ----
INVESTMENTS
Subsidiaries (1) -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
Limited partnership interests -- -- -- -- -- --
General partnership interests -- -- -- -- -- --
Corporate joint ventures 182,793 (97,545) 359 163,796 15 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- --------- -------- -------- -------- ----
Total Investments 182,792 (97,545) 359 163,796 15 --
-------- --------- -------- -------- -------- ----
OTHER ASSETS
Long Term Other Receivable -- 1,995 -- -- -- --
Goodwill -- 349,274 133,367 -- -- --
Derivative Asset 609 (316) -- -- -- --
Deferred Tax Asset -- 30,958 -- -- -- --
Deferred Finance Costs -- 5,448 237 -- 6,529 --
Project Start up Costs -- (329) -- -- 5,260 --
Restricted Cash -- -- -- -- -- --
Prepaid Pension -- -- -- 13 -- --
Intangibles -- -- 663 -- -- --
Other -- 2,182 -- -- -- --
-------- --------- -------- -------- -------- ----
Total Other Assets 609 389,212 134,267 13 11,789 --
-------- --------- -------- -------- -------- ----
TOTAL ASSETS $295,740 $ 880,546 $485,383 $166,681 $274,958 $420
======== ========= ======== ======== ======== ====
RAYO-ANDINO SERVICIOS PSEG
INVERSORA PSEG TECHNICOS AMERICAS PSEG
COMPANY CHINA PSEG CHILE II LUXEMBOURG
CONSOL. INC LTDA LTD S.A.R.L.
----------- -------- ---------- -------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 6,521 $ -- $ 86 $-- $25
Accounts and Notes receivable:
Trade -- 52 -- -- --
Other 12 1 -- (4) --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 2,258 4,044 (523) 10 --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Fuel -- -- -- -- --
Materials -- -- -- -- --
Assets held for sale -- -- -- -- --
Current Assets of Disc Ops 276,509 -- -- -- --
Prepayments -- -- -- -- --
-------- -------- ----- --- ---
Total Current Assets 285,300 4,097 (437) 6 25
-------- -------- ----- --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Generation & Distribution Assets -- -- -- -- --
Furniture & Equipment -- -- -- -- --
Construction Work In process -- -- -- -- --
Other 33 -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
-------- -------- ----- --- ---
Property, Plant and Equipment-net 33 -- -- -- --
-------- -------- ----- --- ---
INVESTMENTS
Subsidiaries -- -- -- 6 --
Capital lease agreements -- -- -- -- --
Limited partnership interests -- -- -- -- --
General partnership interests -- -- -- -- --
Corporate joint ventures -- 165,124 2 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
-------- -------- ----- --- ---
Total Investments -- 165,124 2 6 --
-------- -------- ----- --- ---
OTHER ASSETS
Long Term Other Receivable -- -- -- -- --
Goodwill -- -- -- -- --
Derivative Asset -- -- -- -- --
Deferred Tax Asset 420 -- -- -- --
Deferred Finance Costs -- -- -- -- --
Project Start up Costs -- -- -- -- --
Restricted Cash -- -- -- -- --
Prepaid Pension -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
-------- -------- ----- --- ---
Total Other Assets 420 -- -- -- --
-------- -------- ----- --- ---
TOTAL ASSETS $285,753 $169,221 $(435) $12 $25
======== ======== ===== === ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG PERUVIAN
AMERICAS INTERCOMPANY PSEG ASSOCIACION OPPORTUNITY
LTD ELIMINATIONS AMERICAS EN CAYMAN'S COMPANY S.A.C.
CONSOL. & RECLASS. LTD PARTICIPACION IV (POC)
---------- ------------ ---------- ------------- -------- --------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 38,886 $ -- $ -- $ -- $ -- $ --
Taxes 1,907 -- -- -- -- --
Other 34,923 -- 531 -- -- --
Interest 5,333 -- (4,901) -- -- --
Associated companies 1,387,128 -- 739,981 1,246 64,700 2,056
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- -- --
Associated Companies 9,609 -- -- -- -- --
Other -- -- -- -- -- --
Liabilities of DISC OPS 241,764 -- -- -- -- --
Current portion of long-term debt 29,422 -- -- -- -- --
---------- ----------- ---------- ------- -------- ------
Total Current Liabilities 1,748,972 -- 735,611 1,246 64,700 2,056
---------- ----------- ---------- ------- -------- ------
TOTAL LONG-TERM DEBT 438,590 -- -- -- -- --
---------- ----------- ---------- ------- -------- ------
DEFERRED CREDITS
Deferred income taxes (131,808) -- (130,499) -- -- 24
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Derivative Liability 24,248 -- -- -- -- --
Other (674) -- 126 -- -- --
---------- ----------- ---------- ------- -------- ------
Total Deferred Credits (108,234) -- (130,373) -- -- 24
---------- ----------- ---------- ------- -------- ------
MINORITY INTEREST 13,104 -- -- -- -- --
---------- ----------- ---------- ------- -------- ------
STOCKHOLDER'S EQUITY
Capital stock 12 (15) 12 -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 1,928,388 (1,753,794) 1,928,388 20,200 45,031 --
Retained earnings (314,069) 198,585 (314,069) (103) (610) (374)
Other Comprehensive Income (13,958) 13,958 (13,958) -- -- --
Cumulative Translation Adjustment (212,966) 214,694 (212,966) -- -- --
---------- ----------- ---------- ------- -------- ------
Total Stockholder's Equity 1,387,407 (1,326,572) 1,387,407 20,097 44,421 (374)
---------- ----------- ---------- ------- -------- ------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $3,479,839 $(1,326,572) $1,992,645 $21,343 $109,121 $1,706
========== =========== ========== ======= ======== ======
ANDINA PSEG VENERGY RAYO-ANDINO
MENDOZA I BRAZIL HOLDINGS TERRA ROXA I GESTORA
COMPANY OPERATING CO. COMPANY LTDA COMPANY
(Cayman) (Cayman) (Cayman) (Cayman) (Cayman)
--------- ------------- -------- ------------ -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $-- $ -- $-- $--
Taxes -- -- -- -- --
Other -- -- 3 -- --
Interest -- -- -- -- --
Associated companies -- -- 7,226 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- -- -- -- --
Liabilities of DISC OPS -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--- --- ------- --- ---
Total Current Liabilities -- -- 7,229 -- --
--- --- ------- --- ---
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 -- -- 38,810 -- --
Retained earnings -- -- 3,101 -- --
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
--- --- ------- --- ---
Total Stockholder's Equity -- -- 41,911 -- --
--- --- ------- --- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $-- $49,112 $-- $--
=== === ======= === ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
RAYO-ANDINO PSEG
INVERSORA PSEG ARGENTINA PSEG
COMPANY BRAZIL HOLDING CO AMERICAS
(Cayman) LTDA LLC EDEERSA OPERATING CO
----------- ------- ---------- ------- ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $ -- $-- $ -- $ 16
Taxes -- -- -- -- --
Other -- -- -- -- --
Interest -- -- -- -- 4,901
Associated companies -- 8,983 -- 77 172,233
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- -- -- -- --
Liabilities of DISC OPS -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--- ------- --- ---- ---------
Total Current Liabilities -- 8,983 -- 77 177,150
--- ------- --- ---- ---------
TOTAL LONG-TERM DEBT -- -- -- -- --
--- ------- --- ---- ---------
DEFERRED CREDITS
Deferred income taxes -- (475) -- (7) (364)
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
--- ------- --- ---- ---------
Total Deferred Credits -- (475) -- (7) (364)
--- ------- --- ---- ---------
MINORITY INTEREST -- -- -- -- --
--- ------- --- ---- ---------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 315 -- -- 110,301
Retained earnings -- (7,179) -- (70) (221,436)
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
--- ------- --- ---- ---------
Total Stockholder's Equity -- (6,864) -- (70) (111,135)
--- ------- --- ---- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $ 1,644 $-- $ -- $ 65,651
=== ======= === ==== =========
PSEG
CAYMAN PSEG
AMERICAS PERU POWER PSEG
CAYMAN CAYMAN COMPANY LTD ELECTRICA
AMERICAS I AMERICAS II CONSOL. (Cayman) (Cayman)
---------- ----------- -------- ---------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $-- $ -- $-- $--
Taxes -- -- -- -- --
Other -- -- -- -- --
Interest -- -- -- -- --
Associated companies -- -- 38,472 -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- -- -- -- --
Liabilities of DISC OPS -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
--- --- -------- --- ---
Total Current Liabilities -- -- 38,472 -- --
--- --- -------- --- ---
TOTAL LONG-TERM DEBT -- -- -- -- --
--- --- -------- --- ---
DEFERRED CREDITS
Deferred income taxes -- -- 611 -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
--- --- -------- --- ---
Total Deferred Credits -- -- 611 -- --
--- --- -------- --- ---
MINORITY INTEREST -- -- -- -- --
--- --- -------- --- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital -- -- 37,949 -- --
Retained earnings -- -- (72,553) -- --
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
--- --- -------- --- ---
Total Stockholder's Equity -- -- (34,604) -- --
--- --- -------- --- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $-- $ 4,479 $-- $--
=== === ======== === ===
PSEG
PSEG PSEG GLOBAL
BRAZIL II BRAZIL III FUNDING II INFRAMAX
COMPANY COMPANY CORP CORP
--------- ---------- ---------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $-- $ -- $--
Taxes -- -- -- --
Other -- -- -- --
Interest -- -- -- --
Associated companies -- -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
Associated Companies -- -- -- --
Other -- -- -- --
Liabilities of DISC OPS -- -- -- --
Current portion of long-term debt -- -- -- --
--- --- ------ ---
Total Current Liabilities -- -- -- --
--- --- ------ ---
TOTAL LONG-TERM DEBT -- -- -- --
--- --- ------ ---
DEFERRED CREDITS
Deferred income taxes -- -- -- --
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Derivative Liability -- -- -- --
Other -- -- -- --
--- --- ------ ---
Total Deferred Credits -- -- -- --
--- --- ------ ---
MINORITY INTEREST -- -- -- --
--- --- ------ ---
STOCKHOLDER'S EQUITY
Capital stock -- -- 1 --
Stock Subs Payable -- -- -- --
Contributed capital -- -- 2,405 --
Retained earnings -- -- -- --
Other Comprehensive Income -- -- -- --
Cumulative Translation Adjustment -- -- -- --
--- --- ------ ---
Total Stockholder's Equity -- -- 2,406 --
--- --- ------ ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $-- $2,406 $--
=== === ====== ===
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG PSEG AMERICAS TRANSAMERICA PSEG PSEG
CHILEAN CHILE HOLDING ENERGY BRAZIL PSEG BERMUDA
EQUITY II LTD LIMITADA COMPANY INVESTMENT SALALAH HOLDINGS III
CONSOL. CONSOL. CONSOL CONSOL. CONSOL. CONSOL.
------------- ------------- ------------ ---------- -------- ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 17,474 $ 6,183 $ -- $ 15,209 $ --
Taxes -- -- 1,497 410 -- --
Other -- 16,309 11,697 -- 732 --
Interest -- 1,437 -- -- 3,896 --
Associated companies 18,722 36,054 177,619 53,365 15,681 4,163
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- -- --
Enterprise Diversified Holdings
Inc. -- -- -- -- -- --
Associated Companies -- -- -- 9,609 -- --
Other -- -- -- -- -- --
Liabilities of DISC OPS -- -- -- -- -- --
Current portion of long-term debt -- 21,335 -- -- 8,087 --
-------- -------- -------- --------- -------- --------
Total Current Liabilities 18,722 92,609 196,996 63,384 43,605 4,163
-------- -------- -------- --------- -------- --------
TOTAL LONG-TERM DEBT -- 145,371 100,388 -- 192,831 --
-------- -------- -------- --------- -------- --------
DEFERRED CREDITS
Deferred income taxes (5,937) 25,844 15,314 (22,098) (9,383) (12,763)
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Derivative Liability -- 1,107 -- 62 23,079 --
Other -- 4,117 (5,168) 251 -- --
-------- -------- -------- --------- -------- --------
Total Deferred Credits (5,937) 31,068 10,146 (21,785) 13,696 (12,763)
-------- -------- -------- --------- -------- --------
MINORITY INTEREST -- 6,869 -- -- 6,235 --
-------- -------- -------- --------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 1 -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Contributed capital 255,577 510,783 146,567 376,198 34,095 35,889
Retained earnings 70,963 36,599 31,286 (23,196) (823) (26,869)
Other Comprehensive Income -- 278 -- (276) (14,681) --
Cumulative Translation Adjustment (43,586) 56,969 -- (227,644) -- --
-------- -------- -------- --------- -------- --------
Total Stockholder's Equity 282,955 604,629 177,853 125,082 18,591 9,020
-------- -------- -------- --------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $295,740 $880,546 $485,383 $ 166,681 $274,958 $ 420
======== ======== ======== ========= ======== ========
RAYO-ANDINO SERVICIOS PSEG
INVERSORA PSEG TECHNICOS AMERICAS PSEG
COMPANY CHINA PSEG CHILE II LUXEMBOURG
CONSOL. INC LTDA LTD S.A.R.L.
----------- -------- ---------- -------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4 $ -- $ -- $-- $--
Taxes -- -- -- -- --
Other 5,651 -- -- -- --
Interest -- -- -- -- --
Associated companies 9,830 37,367 (659) 12 --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings
Inc. -- -- -- -- --
Associated Companies -- -- -- -- --
Other -- -- -- -- --
Liabilities of DISC OPS 241,764 -- -- -- --
Current portion of long-term debt -- -- -- -- --
-------- -------- ----- --- ---
Total Current Liabilities 257,249 37,367 (659) 12 --
-------- -------- ----- --- ---
TOTAL LONG-TERM DEBT -- -- -- -- --
-------- -------- ----- --- ---
DEFERRED CREDITS
Deferred income taxes 1,460 6,493 -- -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
-------- -------- ----- --- ---
Total Deferred Credits 1,460 6,493 -- -- --
-------- -------- ----- --- ---
MINORITY INTEREST -- -- -- -- --
-------- -------- ----- --- ---
STOCKHOLDER'S EQUITY
Capital stock 12 1 -- -- --
Stock Subs Payable -- -- -- -- --
Contributed capital 41,390 98,184 75 -- 25
Retained earnings (12,542) 25,072 149 -- --
Other Comprehensive Income (1,817) 2,538 -- -- --
Cumulative Translation Adjustment 1 (434) -- -- --
-------- -------- ----- --- ---
Total Stockholder's Equity 27,044 125,361 224 -- 25
-------- -------- ----- --- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $285,753 $169,221 $(435) $12 $25
======== ======== ===== === ===
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG AMERICAS EMPRESA SOCIEDAD
CHILE HOLDING INTERCOMPANY ELECTRICA DE LA AUSTRAL DE
LIMITADA ELIMINATIONS FRONTERA S.A. ELECTRICIDAD S.A.
CONSOL. & RECLASS. (Frontel) (Saesa)
------------- ------------ --------------- -----------------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Other 21,240 -- -- 21,240
Electric Revenues
Generation -- -- -- --
Distribution 144,169 -- -- 144,169
Equity in subsidiary earnings -- -- -- --
-------- -------- ------- --------
Total revenues 165,409 -- -- 165,409
-------- -------- ------- --------
OPERATING EXPENSES:
Operation and maintenance 3,686 -- -- 3,686
Depreciation and amortization 8,723 -- 161 8,562
Electric and Energy Costs 85,902 -- -- 85,902
Administrative and general 13,226 -- 514 12,712
-------- -------- ------- --------
Total operating expenses 111,537 -- 675 110,862
-------- -------- ------- --------
Interest and dividend income -- -- -- --
Income from partnerships (19,543) (48,921) 29,378 --
-------- -------- ------- --------
Total Income from equity method investments (19,543) (48,921) 29,378 --
-------- -------- ------- --------
OPERATING INCOME 34,329 (48,921) 28,703 54,547
-------- -------- ------- --------
OTHER INCOME:
Other (932) -- -- (932)
Change in Derivative Fair Value - FAS 133 (4,073) -- (1,243) (2,830)
Foreign currency translation Gain/Loss 5,109 -- -- 5,109
-------- -------- ------- --------
Total Other Income 104 -- (1,243) 1,347
-------- -------- ------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 9,574 (25,420) 7,836 27,158
Capitalized interest (380) -- -- (380)
-------- -------- ------- --------
Net interest expense 9,194 (25,420) 7,836 26,778
-------- -------- ------- --------
INCOME BEFORE INCOME TAXES 25,239 (23,501) 19,624 29,116
-------- -------- ------- --------
INCOME TAXES:
Current -- -- -- --
Deferred (510) -- (435) (75)
Foreign Taxes 5,361 -- -- 5,361
Investment and energy tax credits - net -- -- -- --
-------- -------- ------- --------
Total income taxes 4,851 -- (435) 5,286
-------- -------- ------- --------
MINORITY INTERESTS 329 (140) -- 469
-------- -------- ------- --------
INCOME FROM CONTINUING OPERATIONS 20,059 (23,361) 20,059 23,361
-------- -------- ------- --------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- -------- ------- --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- -------- ------- --------
NET INCOME $ 20,059 $(23,361) $20,059 $ 23,361
======== ======== ======= ========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG AMERICAS EMPRESA SOCIEDAD
CHILE HOLDING INTERCOMPANY ELECTRICA DE LA AUSTRAL DE
LIMITADA ELIMINATIONS FRONTERA S.A. ELECTRICIDAD S.A.
CONSOL. & RECLASS. (Frontel) (Saesa)
------------- ------------ --------------- -----------------
BALANCE JANUARY 1, 2003 $16,540 $(17,448) $16,540 $17,448
NET INCOME 20,059 (23,361) 20,059 23,361
------- -------- ------- -------
TOTAL 36,599 (40,809) 36,599 40,809
------- -------- ------- -------
DIVIDENDS DECLARED -- -- -- --
------- -------- ------- -------
BALANCE DECEMBER 31, 2003 $36,599 $(40,809) $36,599 $40,809
======= ======== ======= =======
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG AMERICAS EMPRESA SOCIEDAD
CHILE HOLDING INTERCOMPANY ELECTRICA DE LA AUSTRAL DE
LIMITADA ELIMINATIONS FRONTERA S.A. ELECTRICIDAD S.A.
CONSOL. & RECLASS. (Frontel) (Saesa)
------------- ------------ --------------- -----------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 14,516 $ -- $ -- $ 14,516
Accounts and Notes receivable:
Trade 40,317 -- 1 40,316
Other 14,768 -- -- 14,768
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 179,603 (2,386) 181,989 --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Fuel -- -- -- --
Materials 8,467 -- -- 8,467
Prepayments 733 -- -- 733
--------- --------- -------- ---------
Total Current Assets 258,404 (2,386) 181,990 78,800
--------- --------- -------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate 11,416 -- -- 11,416
Generation & Distribution Assets 415,511 -- -- 415,511
CWIP 12,914 -- -- 12,914
Other -- -- -- --
Accum. depr. and amortization (109,366) -- -- (109,366)
Valuation allowances -- -- -- --
--------- --------- -------- ---------
Property, Plant and Equipment-net 330,475 -- -- 330,475
--------- --------- -------- ---------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures (97,545) (551,691) 454,146 --
Securities -- -- -- --
Valuation allowances -- -- -- --
--------- --------- -------- ---------
Total Investments (97,545) (551,691) 454,146 --
--------- --------- -------- ---------
OTHER ASSETS
Long Term Receivable 1,995 -- -- 1,995
Goodwill 349,274 -- -- 349,274
Deferred tax asset 30,958 -- -- 30,958
Derivative Asset (316) -- (316) --
Deferred Finance Costs 5,448 -- 497 4,951
Project Start up Costs (329) (2,497) 2,168 --
Other 2,182 -- -- 2,182
--------- --------- -------- ---------
Total Other Assets 389,212 (2,497) 2,349 389,360
--------- --------- -------- ---------
TOTAL ASSETS $ 880,546 $(556,574) $638,485 $ 798,635
========= ========= ======== =========
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INVERSIONES
PSEG AMERICAS EMPRESA SOCIEDAD
CHILE HOLDING INTERCOMPANY ELECTRICA DE LA AUSTRAL DE
LIMITADA ELIMINATIONS FRONTERA S.A. ELECTRICIDAD S.A.
CONSOL. & RECLASS. (Frontel) (Saesa)
------------- ------------ --------------- -----------------
CURRENT LIABILITIES
Accounts payable:
Trade $ 17,474 $ -- $ -- $ 17,474
Taxes -- -- -- --
Other 16,309 -- -- 16,309
Interest 1,437 (25,703) -- 27,140
Associated companies 36,054 -- 36,054 --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
U.S.Energy Incorporated -- -- -- --
Other -- -- -- --
Current portion of long-term debt 21,335 -- -- 21,335
-------- --------- -------- --------
Total Current Liabilities 92,609 (25,703) 36,054 82,258
-------- --------- -------- --------
TOTAL LONG-TERM DEBT 145,371 (150,000) -- 295,371
-------- --------- -------- --------
DEFERRED CREDITS
Deferred income taxes 25,844 -- (2,319) 28,163
Deferred investment
and energy tax credits -- -- -- --
Derivative Liability 1,107 -- 121 986
Other 4,117 -- -- 4,117
-------- --------- -------- --------
Total Deferred Credits 31,068 -- (2,198) 33,266
-------- --------- -------- --------
MINORITY INTEREST 6,869 -- -- 6,869
-------- --------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- (284,935) -- 284,935
Stock Subs Payable -- -- -- --
Contributed capital 510,783 -- 510,783 --
Retained earnings 36,599 (40,809) 36,599 40,809
Other Comprehensive income 278 (278) 278 278
Cumulative Translation Adjustment 56,969 (54,849) 56,969 54,849
-------- --------- -------- --------
Total Stockholder's Equity 604,629 (380,871) 604,629 380,871
-------- --------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $880,546 $(556,574) $638,485 $798,635
======== ========= ======== ========
PSEG EUROPE (Delaware) LLC
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE PSEG PSEG
(Delaware) INTERCOMPANY EUROPE EUROPE
LLC ELIMINATIONS (Delaware) B.V.
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Other 791 -- -- 791
Electric Revenues
Generation 126,749 -- -- 126,749
Distribution -- -- -- --
Equity in subsidiary earnings -- (9,286) 9,286 --
-------- ------- ------ --------
Total revenues 127,540 (9,286) 9,286 127,540
-------- ------- ------ --------
OPERATING EXPENSES:
Operation and maintenance 27,901 -- -- 27,901
Write-down of project investments 326 -- -- 326
Depreciation and amortization 5,545 -- -- 5,545
Electric and Energy Costs 52,272 -- -- 52,272
Administrative and general 24,939 -- (449) 25,388
-------- ------- ------ --------
Total operating expenses 110,983 -- (449) 111,432
-------- ------- ------ --------
Income from partnerships (5,906) -- -- (5,906)
Interest and dividend income 3,320 -- -- 3,320
Consulting and O&M fees 181 -- -- 181
-------- ------- ------ --------
Total Income from equity method investments (2,405) -- -- (2,405)
-------- ------- ------ --------
OPERATING INCOME 14,152 (9,286) 9,735 13,703
-------- ------- ------ --------
OTHER INCOME:
Gain on sale - other 1,002 -- -- 1,002
Change in Derivative Fair Value - FAS 133 842 -- -- 842
Foreign currency translation Gain/Loss 7,695 -- -- 7,695
-------- ------- ------ --------
Total Other Income 9,539 -- -- 9,539
-------- ------- ------ --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 525 -- -- 525
Other 4,679 -- -- 4,679
Capitalized interest -- -- -- --
-------- ------- ------ --------
Net interest expense 5,204 -- -- 5,204
-------- ------- ------ --------
INCOME BEFORE INCOME TAXES 18,487 (9,286) 9,735 18,038
-------- ------- ------ --------
INCOME TAXES:
Current 2,274 -- 157 2,117
Deferred 295 -- -- 295
Investment and energy tax credits - net -- -- -- --
Foreign taxes 1,389 -- -- 1,389
-------- ------- ------ --------
Total income taxes 3,958 -- 157 3,801
-------- ------- ------ --------
MINORITY INTERESTS 4,951 -- -- 4,951
-------- ------- ------ --------
INCOME FROM CONTINUING OPERATIONS 9,578 (9,286) 9,578 9,286
-------- ------- ------ --------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
-------- ------- ------ --------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
-------- ------- ------ --------
NET INCOME $ 9,578 $(9,286) $9,578 $ 9,286
======== ======= ====== ========
PSEG Europe (Delaware) LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE PSEG PSEG
(Delaware) INTERCOMPANY EUROPE EUROPE
LLC ELIMINATIONS (Delaware) B.V.
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- --------
BALANCE JANUARY 1, 2003 $(11,060) $10,194 $(11,060) (10,194)
NET INCOME 9,578 (9,286) 9,578 9,286
-------- ------- -------- --------
TOTAL (1,482) 908 (1,482) (908)
-------- ------- -------- --------
DIVIDENDS DECLARED -- -- -- --
-------- ------- -------- --------
-------- ------- -------- --------
BALANCE DECEMBER 31, 2003 $ (1,482) $ 908 $ (1,482) $ (908)
======== ======= ======== ========
PSEG Europe (Delaware) LLC
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE PSEG PSEG
(Delaware) INTERCOMPANY EUROPE EUROPE
LLC ELIMINATIONS (Delaware) B.V.
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 11,369 $ -- $ -- $ 11,369
Accounts and Notes receivable:
Trade 25,054 -- -- 25,054
Other 911 -- -- 911
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 251,618 -- 79,747 171,871
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Assets Held for Sale -- -- -- --
Prepayments 1,436 -- -- 1,436
Inventory - fuel 9,135 -- -- 9,135
Inventory-Materials 4,322 -- -- 4,322
-------- ------- -------- --------
Total Current Assets 303,845 -- 79,747 224,098
-------- ------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 3,075 -- -- 3,075
Generation & Distribution Assets 363,065 -- -- 363,065
Other 1 -- -- 1
Construction Work in process 10,007 -- -- 10,007
Accum. depr. and amortization (8,663) -- -- (8,663)
Valuation allowances -- -- -- --
-------- ------- -------- --------
Property, Plant and Equipment-net 367,485 -- -- 367,485
-------- ------- -------- --------
INVESTMENTS
Subsidiaries -- 13,716 (13,716) --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures 74,666 -- -- 74,666
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- ------- -------- --------
Total Investments 74,666 13,716 (13,716) 74,666
-------- ------- -------- --------
OTHER ASSETS
Goodwill 8,152 -- -- 8,152
Deferred Tax Asset 663 -- -- 663
Deferred Finance Costs 7,015 -- -- 7,015
Project Start up Costs 4,357 -- -- 4,357
Intangibles 368 -- -- 368
Other -- -- -- --
-------- ------- -------- --------
Total Other Assets 20,555 -- -- 20,555
-------- ------- -------- --------
TOTAL ASSETS $766,551 $13,716 $ 66,031 $686,804
======== ======= ======== ========
PSEG Europe (Delaware) LLC
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE PSEG PSEG
(Delaware) INTERCOMPANY EUROPE EUROPE
LLC ELIMINATIONS (Delaware) B.V.
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 13,895 $ -- $ 4 $ 13,891
Taxes -- -- -- --
Other 9,654 -- -- 9,654
Interest 1,717 -- -- 1,717
Associated companies 337,253 -- 25,377 311,876
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
Other Assoc companies -- -- -- --
Other 1,996 -- -- 1,996
Current portion of long-term debt 3,727 -- -- 3,727
-------- -------- -------- --------
Total Current Liabilities 368,242 -- 25,381 342,861
-------- -------- -------- --------
TOTAL LONG-TERM DEBT 284,083 -- -- 284,083
-------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes (32,016) -- (212) (31,804)
Deferred investment
and energy tax credits -- -- -- --
Derivative Liability 82,129 -- -- 82,129
Deferred Revenue (9) -- -- (9)
Other 7,628 -- -- 7,628
-------- -------- -------- --------
Total Deferred Credits 57,732 -- (212) 57,944
-------- -------- -------- --------
MINORITY INTEREST 15,632 -- -- 15,632
-------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital 98,838 (43,686) 98,838 43,686
Retained earnings (1,482) 908 (1,482) (908)
Other Comprehensive Income (56,767) 56,767 (56,767) (56,767)
Cumulative Translation Adjustment 273 (273) 273 273
-------- -------- -------- --------
Total Stockholder's Equity 40,862 13,716 40,862 (13,716)
-------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $766,551 $ 13,716 $ 66,031 $686,804
======== ======== ======== ========
PSEG EUROPE B.V
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE INTERCOMPANY
B.V. ELIMINATIONS
CONSOL. & RECLASS.
-------- ------------
REVENUES:
Income from capital lease agreements $ -- $ --
Unrealized gains (losses) on investments -- --
Realized gains (losses) on investments -- --
Other 791 --
Electric Revenues
Generation 126,749 --
Distribution -- --
Equity in subsidiary earnings -- (10,503)
-------- --------
Total revenues 127,540 (10,503)
-------- --------
OPERATING EXPENSES:
Operation and maintenance 27,901 --
Write-down of project investments 326 --
Depreciation and amortization 5,545 --
Electric and Energy Costs 52,272 --
Administrative and general 25,388 --
-------- --------
Total operating expenses 111,432 --
-------- --------
Income from partnerships (5,906) --
Interest and dividend income 3,320 --
Consulting and O&M fees 181 --
-------- --------
Total Income from equity method investments (2,405) --
-------- --------
OPERATING INCOME 13,703 (10,503)
-------- --------
OTHER INCOME:
Gain on sale - other 1,002 --
Change in Derivative Fair Value - FAS 133 842 --
Foreign currency translation Gain/Loss 7,695 --
-------- --------
Total Other Income 9,539 --
-------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Other Associated Companies 525 --
Other 4,679 --
Capitalized interest -- --
-------- --------
Net interest expense 5,204 --
-------- --------
INCOME BEFORE INCOME TAXES 18,038 (10,503)
-------- --------
INCOME TAXES:
Current 2,117 --
Deferred 295 --
Investment and energy tax credits - net -- --
Foreign taxes 1,389 --
-------- --------
Total income taxes 3,801 --
-------- --------
MINORITY INTERESTS 4,951 --
-------- --------
INCOME FROM CONTINUING OPERATIONS 9,286 (10,503)
-------- --------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- --
-------- --------
INCOME FROM DISCONTINUED OPERATIONS -- --
-------- --------
NET INCOME $ 9,286 $(10,503)
======== ========
PSEG PSEG EUROPE PSEG EUROPE PSEG EUROPE
EUROPE I.B.V II.B.V III .B.V
B.V. (Netherlands) (Netherlands) (Netherlands)
------- -------------- ------------- -------------
REVENUES:
Income from capital lease agreements $ -- $-- $-- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Equity in subsidiary earnings 10,503 -- -- --
------- --- --- ---
Total revenues 10,503 -- -- --
------- --- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general 275 -- -- --
------- --- --- ---
Total operating expenses 275 -- -- --
------- --- --- ---
Income from partnerships -- -- -- --
Interest and dividend income 30 -- -- --
Consulting and O&M fees 172 -- -- --
------- --- --- ---
Total Income from equity method investments 202 -- -- --
------- --- --- ---
OPERATING INCOME 10,430 -- -- --
------- --- --- ---
OTHER INCOME:
Gain on sale - other -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Foreign currency translation Gain/Loss 9 -- -- --
------- --- --- ---
Total Other Income 9 -- -- --
------- --- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other (3) -- -- --
Capitalized interest -- -- -- --
------- --- --- ---
Net interest expense (3) -- -- --
------- --- --- ---
INCOME BEFORE INCOME TAXES 10,442 -- -- --
------- --- --- ---
INCOME TAXES:
Current 1,156 -- -- --
Deferred -- -- -- --
Investment and energy tax credits - net -- -- -- --
Foreign taxes -- -- -- --
------- --- --- ---
Total income taxes 1,156 -- -- --
------- --- --- ---
MINORITY INTERESTS -- -- -- --
------- --- --- ---
INCOME FROM CONTINUING OPERATIONS 9,286 -- -- --
------- --- --- ---
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
------- --- --- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
------- --- --- ---
NET INCOME $ 9,286 $-- $-- $--
======= === === ===
PSEG EUROPE B.V.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG EUROPE PSEG PSEG EUROPE PSEG POLAND DIST
IV .B.V POLAND V.B.V ITALIA B.V.
(Netherlands) B.V. (Netherlands) B.V. CONSOL.
------------- ------ ------------- ------- -----------
REVENUES:
Income from capital lease agreements $-- $-- $-- $ -- $ --
Unrealized gains (losses) on investments -- -- -- -- --
Realized gains (losses) on investments -- -- -- -- --
Other -- -- -- -- 612
Electric Revenues
Generation -- -- -- -- 94,887
Distribution -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
--- --- --- ------- -------
Total revenues -- -- -- -- 95,499
--- --- --- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- 21,511
Write-down of project investments -- -- -- 326 --
Depreciation and amortization -- -- -- -- 3,104
Electric and Energy Costs -- -- -- -- 43,224
Administrative and general -- -- 3 66 18,774
--- --- --- ------- -------
Total operating expenses -- -- 3 392 86,613
--- --- --- ------- -------
Income from partnerships -- -- -- (5,905) --
Interest and dividend income -- -- -- 3,290 --
Consulting and O&M fees -- -- -- -- --
--- --- --- ------- -------
Total Income from equity method investments -- -- -- (2,615) --
--- --- --- ------- -------
OPERATING INCOME -- -- (3) (3,007) 8,886
--- --- --- ------- -------
OTHER INCOME:
Gain on sale - other -- -- -- -- 1,002
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Foreign currency translation Gain/Loss -- -- -- 9,869 1
--- --- --- ------- -------
Total Other Income -- -- -- 9,869 1,003
--- --- --- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- -- (53)
Capitalized interest -- -- -- -- --
--- --- --- ------- -------
Net interest expense -- -- -- -- (53)
--- --- --- ------- -------
INCOME BEFORE INCOME TAXES -- -- (3) 6,862 9,942
--- --- --- ------- -------
INCOME TAXES:
Current -- -- -- 1,014 (51)
Deferred -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
Foreign taxes -- -- -- -- 805
--- --- --- ------- -------
Total income taxes -- -- -- 1,014 754
--- --- --- ------- -------
MINORITY INTERESTS -- -- -- -- 3,514
--- --- --- ------- -------
INCOME FROM CONTINUING OPERATIONS -- -- (3) 5,848 5,674
--- --- --- ------- -------
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- -- --
--- --- --- ------- -------
INCOME FROM DISCONTINUED OPERATIONS -- -- -- -- --
--- --- --- ------- -------
NET INCOME $-- $-- $(3) $ 5,848 $ 5,674
=== === === ======= =======
PSEG PSEG PSEG
PSEG INVESTMENTS SILESIA SPAIN
TURKEY B.V. B.V. B.V.
B.V. CONSOL CONSOL. CONSOL.
------ ----------- -------- -------
REVENUES:
Income from capital lease agreements $-- $ -- $ -- $--
Unrealized gains (losses) on investments -- -- -- --
Realized gains (losses) on investments -- -- -- --
Other -- -- 179 --
Electric Revenues
Generation -- -- 31,862 --
Distribution -- -- -- --
Equity in subsidiary earnings -- -- -- --
--- ---- ------- ---
Total revenues -- -- 32,041 --
--- ---- ------- ---
OPERATING EXPENSES:
Operation and maintenance -- -- 6,390 --
Write-down of project investments -- -- -- --
Depreciation and amortization -- -- 2,441 --
Electric and Energy Costs -- -- 9,048 --
Administrative and general 3 22 6,245 --
--- ---- ------- ---
Total operating expenses 3 22 24,124 --
--- ---- ------- ---
Income from partnerships -- -- (1) --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- 9 --
--- ---- ------- ---
Total Income from equity method investments -- -- 8 --
--- ---- ------- ---
OPERATING INCOME (3) (22) 7,925 --
--- ---- ------- ---
OTHER INCOME:
Gain on sale - other -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- 842 --
Foreign currency translation Gain/Loss -- -- (2,184) --
--- ---- ------- ---
Total Other Income -- -- (1,342) --
--- ---- ------- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- 525 --
Other -- -- 4,735 --
Capitalized interest -- -- -- --
--- ---- ------- ---
Net interest expense -- -- 5,260 --
--- ---- ------- ---
INCOME BEFORE INCOME TAXES (3) (22) 1,323 --
--- ---- ------- ---
INCOME TAXES:
Current (1) (1) -- --
Deferred -- -- 295 --
Investment and energy tax credits - net -- -- -- --
Foreign taxes -- -- 584 --
--- ---- ------- ---
Total income taxes (1) (1) 879 --
--- ---- ------- ---
MINORITY INTERESTS -- -- 1,437 --
--- ---- ------- ---
INCOME FROM CONTINUING OPERATIONS (2) (21) (993) --
--- ---- ------- ---
DISCONTINUED OPERATIONS
Income from Discontinued Operations - Net of Taxes -- -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes -- -- -- --
--- ---- ------- ---
INCOME FROM DISCONTINUED OPERATIONS -- -- -- --
--- ---- ------- ---
NET INCOME $(2) $(21) $ (993) $--
=== ==== ======= ===
PSEG Europe B.V.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE INTERCOMPANY
B.V. ELIMINATIONS
CONSOL. & RECLASS.
-------- ------------
BALANCE JANUARY 1, 2003 (10,194) $ 11,227
NET INCOME 9,286 (10,503)
-------- --------
TOTAL (908) 724
-------- --------
DIVIDENDS DECLARED -- --
-------- --------
-------- --------
BALANCE DECEMBER 31, 2003 $ (908) $ 724
======== ========
PSEG PSEG EUROPE PSEG EUROPE PSEG EUROPE
EUROPE I .B.V II .B.V III .B.V
B.V. (Netherlands) (Netherlands) (Netherlands)
-------- ------------- ------------- -------------
BALANCE JANUARY 1, 2003 $(10,194) $-- $-- $--
NET INCOME 9,286 -- -- --
-------- --- --- ---
TOTAL (908) -- -- --
-------- --- --- ---
DIVIDENDS DECLARED -- -- -- --
-------- --- --- ---
-------- --- --- ---
BALANCE DECEMBER 31, 2003 $ (908) $-- $-- $--
======== === === ===
PSEG Europe B.V.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG EUROPE PSEG PSEG EUROPE PSEG POLAND DIST
IV .B.V POLAND V.B.V ITALIA B.V.
(Netherlands) B.V. (Netherlands) B.V. CONSOL.
------------- ------ ------------- ------- -----------
BALANCE JANUARY 1, 2003 $-- $ -- $ (7) $(7,594) $3,181
NET INCOME -- -- (3) 5,848 5,674
--- ------ ---- ------- ------
TOTAL -- -- (10) (1,746) 8,855
--- ------ ---- ------- ------
DIVIDENDS DECLARED -- -- -- -- --
--- ------ ---- ------- ------
--- ------ ---- ------- ------
BALANCE DECEMBER 31, 2003 $-- $ -- $(10) $(1,746) $8,855
=== ====== ==== ======= ======
PSEG PSEG PSEG
PSEG INVESTMENTS SILESIA SPAIN
TURKEY B.V. B.V. B.V.
B.V. CONSOL CONSOL. CONSOL.
------ ----------- ------- -------
BALANCE JANUARY 1, 2003 $541 $(4,631) $(2,717) $--
NET INCOME (2) (21) (993) $--
---- ------- ------- ---
TOTAL 539 (4,652) (3,710) --
---- ------- ------- ---
DIVIDENDS DECLARED -- -- -- --
---- ------- ------- ---
---- ------- ------- ---
BALANCE DECEMBER 31, 2003 $539 $(4,652) $(3,710) $--
==== ======= ======= ===
PSEG Europe B.V.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE INTERCOMPANY
B.V. ELIMINATIONS
CONSOL. & RECLASS.
--------- ------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 11,369 $ --
Accounts and Notes receivable:
Trade 25,054 --
Other 911 --
PSE&G -- --
PSEG -- --
Other associated companies 171,871 --
Notes receivable:
Associated companies -- --
Other -- --
Interest receivable -- --
Assets Held for Sale -- --
Prepayments 1,436 --
Inventory - fuel 9,135 --
Inventory-Materials 4,322 --
-------- -------
Total Current Assets 224,098 --
-------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate 3,075 --
Generation & Distribution Assets 363,065 --
Other 1 --
Construction Work in process 10,007 --
Accum. depr. and amortization (8,663) --
Valuation allowances -- --
-------- -------
Property, Plant and Equipment-net 367,485 --
-------- -------
INVESTMENTS
Subsidiaries -- 30,083
Capital lease agreements -- --
Partnership interests -- --
Corporate joint ventures 74,666 --
Securities -- --
Valuation allowances -- --
-------- -------
Total Investments 74,666 30,083
-------- -------
OTHER ASSETS
Goodwill 8,152 --
Deferred Tax Asset 663 --
Deferred Finance Costs 7,015 --
Project Start up Costs 4,357 --
Intangibles 368 --
Other -- --
-------- -------
Total Other Assets 20,555 --
-------- -------
TOTAL ASSETS $686,804 $30,083
======== =======
PSEG PSEG EUROPE PSEG EUROPE PSEG EUROPE
EUROPE I.B.V II.B.V III.B.V
B.V. (Netherlands) (Netherlands) (Netherlands)
--------- ------------- ------------- -------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 755 $-- $-- $--
Accounts and Notes receivable:
Trade 16 -- -- --
Other (20) -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 137,871 -- -- --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Assets Held for Sale -- -- -- --
Prepayments -- -- -- --
Inventory - fuel -- -- -- --
Inventory-Materials -- -- -- --
-------- --- --- ---
Total Current Assets 138,622 -- -- --
-------- --- --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Generation & Distribution Assets -- -- -- --
Other -- -- -- --
Construction Work in process -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- --- --- ---
Property, Plant and Equipment-net -- -- -- --
-------- --- --- ---
INVESTMENTS
Subsidiaries (30,083) -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures (475) -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- --- --- ---
Total Investments (30,558) -- -- --
-------- --- --- ---
OTHER ASSETS
Goodwill -- -- -- --
Deferred Tax Asset -- -- -- --
Deferred Finance Costs -- -- -- --
Project Start up Costs 384 -- -- --
Intangibles -- -- -- --
Other -- -- -- --
-------- --- --- ---
Total Other Assets 384 -- -- --
-------- --- --- ---
TOTAL ASSETS $108,448 $-- $-- $--
======== === === ===
PSEG Europe B.V.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG EUROPE PSEG PSEG EUROPE PSEG POLAND DIST
IV .B.V POLAND V.B.V ITALIA B.V.
(Netherlands) B.V. (Netherlands) B.V. CONSOL.
------------- ------ ------------- ------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $-- $-- $ -- $ 1,514
Accounts and Notes receivable:
Trade -- -- 1 1 10,714
Other -- -- -- 20 1,109
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
Other associated companies -- -- 15 22,618 300
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Prepayments -- -- -- -- 99
Inventory - fuel -- -- -- -- 5,905
Inventory-Materials -- -- -- -- 2,008
--- --- --- ------- -------
Total Current Assets -- -- 16 22,639 21,649
--- --- --- ------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- 107
Generation & Distribution Assets -- -- -- -- 64,951
Other -- -- -- -- 1
Construction Work in process -- -- -- -- 10,007
Accum. depr. and amortization -- -- -- -- (4,156)
Valuation allowances -- -- -- -- --
--- --- --- ------- -------
Property, Plant and Equipment-net -- -- -- -- 70,910
--- --- --- ------- -------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
Partnership interests -- -- -- -- --
Corporate joint ventures -- -- -- 75,903 (2,826)
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
--- --- --- ------- -------
Total Investments -- -- -- 75,903 (2,826)
--- --- --- ------- -------
OTHER ASSETS
Goodwill -- -- -- -- --
Deferred Tax Asset -- -- -- -- 663
Deferred Finance Costs -- -- -- -- --
Project Start up Costs -- -- -- -- 1,396
Intangibles -- -- -- -- 9
Other -- -- -- -- --
--- --- --- ------- -------
Total Other Assets -- -- -- -- 2,068
--- --- --- ------- -------
TOTAL ASSETS $-- $-- $16 $98,542 $91,801
=== === === ======= =======
PSEG PSEG PSEG
PSEG INVESTMENTS SILESIA SPAIN
TURKEY B.V. B.V. B.V.
B.V. CONSOL CONSOL. CONSOL.
------ ----------- --------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 2 $ 24 $ 9,074 $--
Accounts and Notes receivable:
Trade -- (14) 14,336 --
Other -- -- (198) --
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 3,213 2,823 5,031 --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Assets Held for Sale -- -- -- --
Prepayments -- -- 1,337 --
Inventory - fuel -- -- 3,230 --
Inventory-Materials -- -- 2,314 --
------ ------ -------- ---
Total Current Assets 3,215 2,833 35,124 --
------ ------ -------- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- 2,968 --
Generation & Distribution Assets -- -- 298,114 --
Other -- -- -- --
Construction Work in process -- -- -- --
Accum. depr. and amortization -- -- (4,507) --
Valuation allowances -- -- -- --
------ ------ -------- ---
Property, Plant and Equipment-net -- -- 296,575 --
------ ------ -------- ---
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Partnership interests -- -- -- --
Corporate joint ventures -- -- 2,064 --
Securities -- -- -- --
Valuation allowances -- -- -- --
------ ------ -------- ---
Total Investments -- -- 2,064 --
------ ------ -------- ---
OTHER ASSETS
Goodwill -- -- 8,152 --
Deferred Tax Asset -- -- -- --
Deferred Finance Costs -- -- 7,015 --
Project Start up Costs -- -- 2,577 --
Intangibles -- -- 359 --
Other -- -- -- --
------ ------ -------- ---
Total Other Assets -- -- 18,103 --
------ ------ -------- ---
TOTAL ASSETS $3,215 $2,833 $351,866 $--
====== ====== ======== ===
PSEG Europe B.V.
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
EUROPE INTERCOMPANY
B.V. ELIMINATIONS
CONSOL. & RECLASS.
-------- ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 13,891 $ --
Taxes -- --
Other 9,654 --
Interest 1,717 --
Associated companies 311,876 --
Notes payable:
PSEG Capital Corporation -- --
Enterprise Capital Funding Corp. -- --
Enterprise Group Development Corp. -- --
Enterprise Diversified Holdings Inc. -- --
Other Assoc companies -- --
Other 1,996 --
Current portion of long-term debt 3,727 --
-------- ---
Total Current Liabilities 342,861 --
-------- ---
TOTAL LONG-TERM DEBT 284,083 --
-------- ---
DEFERRED CREDITS
Deferred income taxes (31,804) --
Deferred investment
and energy tax credits -- --
Derivative Liability 82,129 --
Deferred Revenue (9) --
Other 7,628 --
-------- ---
Total Deferred Credits 57,944 --
-------- ---
MINORITY INTEREST 15,632 --
-------- ---
STOCKHOLDER'S EQUITY
Capital stock -- (20)
Stock Subs Payable -- --
Contributed capital 43,686 (27,115)
Retained earnings (908) 724
Other Comprehensive Income (56,767) 56,767
Cumulative Translation Adjustment 273 (273)
-------- --------
Total Stockholder's Equity (13,716) 30,083
-------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $686,804 $ 30,083
======== ========
PSEG PSEG EUROPE PSEG EUROPE PSEG EUROPE
EUROPE I .B.V II .B.V III .B.V
B.V. (Netherlands) (Netherlands) (Netherlands)
-------- ------------- ------------- -------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $-- $-- $--
Taxes -- -- -- --
Other 47 -- -- --
Interest -- -- -- --
Associated companies 121,950 -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
Other Assoc companies -- -- -- --
Other -- -- -- --
Current portion of long-term debt -- -- -- --
-------- --- --- ---
Total Current Liabilities 121,997 -- -- --
-------- --- --- ---
TOTAL LONG-TERM DEBT -- -- -- --
-------- --- --- ---
DEFERRED CREDITS
Deferred income taxes 167 -- -- --
Deferred investment
and energy tax credits -- -- -- --
Derivative Liability -- -- -- --
Deferred Revenue -- -- -- --
Other -- -- -- --
-------- --- --- ---
Total Deferred Credits 167 -- -- --
-------- --- --- ---
MINORITY INTEREST -- -- -- --
-------- --- --- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- --
Stock Subs Payable -- -- -- --
Contributed capital 43,686 -- -- --
Retained earnings (908) -- -- --
Other Comprehensive Income (56,767) -- -- --
Cumulative Translation Adjustment 273 -- -- --
-------- --- --- ---
Total Stockholder's Equity (13,716) -- -- --
-------- --- --- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $108,448 $-- $-- $--
======== === === ===
PSEG Europe B.V
CONSOLIDATING BALANCE SHEET
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG
PSEG EUROPE PSEG PSEG EUROPE PSEG POLAND DIST
IV .B.V POLAND V.B.V ITALIA B.V.
(Netherlands) B.V. (Netherlands) B.V. CONSOL.
------------- ------- ------------- ------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $-- $ -- $ 7 $ 7,733
Taxes -- -- -- -- --
Other -- -- -- -- 8,547
Interest -- -- -- -- --
Associated companies -- 5 92,541 35,526
Notes payable:
PSEG Capital Corporation -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Enterprise Group Development Corp. -- -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- -- --
Other Assoc companies -- -- -- -- --
Other -- -- -- -- --
Current portion of long-term debt -- -- -- -- 425
--- --- ---- ------- -------
Total Current Liabilities -- -- 5 92,548 52,231
--- --- ---- ------- -------
TOTAL LONG-TERM DEBT -- -- -- -- 2,554
--- --- ---- ------- -------
DEFERRED CREDITS
Deferred income taxes -- -- -- (35) 3,167
Deferred investment
and energy tax credits -- -- -- -- --
Derivative Liability -- -- -- -- 1,174
Deferred Revenue -- -- -- -- --
Other -- -- -- -- 7,627
--- --- ---- ------- -------
Total Deferred Credits -- -- -- (35) 11,968
--- --- ---- ------- -------
MINORITY INTEREST -- -- -- -- 15,920
--- --- ---- ------- -------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- 20 --
Stock Subs Payable -- -- -- -- --
Contributed capital -- -- 21 7,755 --
Retained earnings -- -- (10) (1,746) 8,855
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- 273
--- --- ---- ------- -------
Total Stockholder's Equity -- -- 11 6,029 9,128
--- --- ---- ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $-- $ 16 $98,542 $91,801
=== === ==== ======= =======
PSEG PSEG PSEG
PSEG INVESTMENTS SILESIA SPAIN
TURKEY B.V. B.V. B.V.
B.V. CONSOL CONSOL. CONSOL.
------ ----------- -------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ 6,151 $--
Taxes -- -- -- --
Other 1 1 1,058 --
Interest -- -- 1,717 --
Associated companies 2,614 8,035 51,205 --
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Enterprise Diversified Holdings Inc. -- -- -- --
Other Assoc companies -- -- -- --
Other -- -- 1,996 --
Current portion of long-term debt -- -- 3,302 --
------ -------- -------- ---
Total Current Liabilities 2,615 8,036 65,429 --
------ -------- -------- ---
TOTAL LONG-TERM DEBT -- -- 281,529 --
------ -------- -------- ---
DEFERRED CREDITS
Deferred income taxes 61 (551) (34,613) --
Deferred investment
and energy tax credits -- -- -- --
Derivative Liability -- -- 80,955 --
Deferred Revenue -- -- (9) --
Other -- -- 1 --
------ -------- -------- ---
Total Deferred Credits 61 (551) 46,334 --
------ -------- -------- ---
MINORITY INTEREST -- -- (288) --
------ -------- -------- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Stock Subs Payable -- -- -- --
Contributed capital -- -- 19,339 --
Retained earnings 539 (4,652) (3,710) --
Other Comprehensive Income -- -- (56,767) --
Cumulative Translation Adjustment -- -- -- --
------ -------- -------- ---
Total Stockholder's Equity 539 (4,652) (41,138) --
------ -------- -------- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $3,215 $ 2,833 $351,866 $--
====== ======== ======== ===
PSEG RESOURCES L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC
CONSOL. & RECLASS. LLC CONSOL.(A)
--------- ------------ --------- ----------
REVENUES:
Income from capital lease agreements 206,265 -- 61,553 118,335
Investment gains (losses) (4,199) -- -- (4,199)
Interest and dividend income 318 1 42 275
DSM Revenues 24,852 -- -- 24,852
Operating Lease Income 10,387 -- -- 10,387
Other 793 (3) 70 726
Equity in subsidiary earnings -- (99,286) 99,286 --
--------- -------- --------- --------
Total revenues 238,416 (99,288) 160,952 150,376
--------- -------- --------- --------
OPERATING EXPENSES:
Operation and maintenance 15,509 (1) -- 15,510
Depreciation and amortization 5,032 -- 15 5,017
Administrative and general 13,412 (2) 7,596 5,221
--------- -------- --------- --------
Total operating expenses 33,953 (3) 7,610 25,748
--------- -------- --------- --------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income (loss) from partnerships 1,236 -- -- 1,236
--------- -------- --------- --------
Total income from equity method investments 1,236 -- -- 1,236
OPERATING INCOME 205,699 (99,285) 153,341 125,863
--------- -------- --------- --------
OTHER INCOME
Gain on extinguishment of debt (183) 1 (184) --
--------- -------- --------- --------
Total other income (183) 1 (184) --
INTEREST EXPENSE:
PSEG Capital Corporation 2,867 -- 2,867 --
Energy Holdings Inc. 90,704 -- 90,704 --
Other 2,825 -- (519) 3,344
Capitalized interest -- -- -- --
--------- -------- --------- --------
Net interest expense 96,396 -- 93,052 3,344
--------- -------- --------- --------
INCOME BEFORE INCOME TAXES 109,120 (99,284) 60,106 122,519
--------- -------- --------- --------
INCOME TAXES:
Current (214,423) 1 (160,889) (50,763)
Deferred 252,475 (2) 149,192 99,172
Investment and energy tax credits - net (736) 1 (736)
--------- -------- --------- --------
Total income taxes 37,316 -- (11,698) 47,673
--------- -------- --------- --------
MINORITY INTERESTS -- -- -- --
--------- -------- --------- --------
NET INCOME 71,804 (99,284) 71,804 74,846
--------- -------- --------- --------
PREFERRED STOCK DIVIDEND / PREFERENCE UNITS 5,999 -- 5,999 --
--------- -------- --------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 65,805 $(99,284) $ 65,805 $ 74,846
========= ======== ========= ========
NESBITT PSEGR Midwest
ASSETT PSEG COLLINS EME 2 (LLC)
RECOVERY CONSOL. CONSOL
-------- ------------ -------------
REVENUES:
Income from capital lease agreements 6,244 10,695 9,437
Investment gains (losses) -- -- --
Interest and dividend income -- -- --
DSM Revenues -- -- --
Operating Lease Income -- -- --
Other -- -- --
Equity in subsidiary earnings -- -- --
------- ------- ------
Total revenues 6,244 10,695 9,437
------- ------- ------
OPERATING EXPENSES:
Operation and maintenance -- -- --
Depreciation and amortization -- -- --
Administrative and general 596 1 1
------- ------- ------
Total operating expenses 596 1 1
------- ------- ------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income (loss) from partnerships -- -- --
------- ------- ------
Total income from equity method investments -- -- --
OPERATING INCOME 5,648 10,694 9,436
------- ------- ------
OTHER INCOME
Gain on extinguishment of debt -- -- --
------- ------- ------
Total other income -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- --
Energy Holdings Inc. -- -- --
Other -- -- --
Capitalized interest -- -- --
------- ------- ------
Net interest expense -- -- --
------- ------- ------
INCOME BEFORE INCOME TAXES 5,648 10,694 9,436
------- ------- ------
INCOME TAXES:
Current (2,772) -- --
Deferred 4,113 -- --
Investment and energy tax credits - net -- -- --
------- ------- ------
Total income taxes 1,341 -- --
------- ------- ------
MINORITY INTERESTS -- -- --
------- ------- ------
NET INCOME 4,307 10,694 9,436
------- ------- ------
PREFERRED STOCK DIVIDEND / PREFERENCE UNITS -- -- --
------- ------- ------
EARNINGS AVAILABLE TO COMMON STOCK $ 4,307 $10,694 $9,436
======= ======= ======
(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, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC
CONSOL. & RECLASS. LLC CONSOL.
--------- ------------ --------- --------
BALANCE JANUARY 1, 2003 $368,867 $(419,180) $368,867 $330,361
NET INCOME 71,804 (99,284) 71,804 74,846
-------- --------- -------- --------
TOTAL 440,671 (518,464) 440,671 405,207
-------- --------- -------- --------
DIVIDENDS DECLARED (Incl. Preferred
Stock Dividends) 5,999 -- 5,999 --
-------- --------- -------- --------
TRANSFER OF ASSETS FROM COLLINS/EME2
TO NESBITT 2
BALANCE DECEMBER 31, 2003 $434,672 $(518,464) $434,672 $405,207
======== ========= ======== ========
NESBITT PSEGR Midwest
ASSETT PSEG COLLINS EME 2 (LLC)
RECOVERY CONSOL. CONSOL
-------- ------------ -------------
BALANCE JANUARY 1, 2003 $ -- $ 49,093 $ 39,728
NET INCOME 4,307 10,694 9,436
-------- -------- --------
TOTAL 4,307 59,787 49,163
-------- -------- --------
DIVIDENDS DECLARED (Incl. Preferred
Stock Dividends) -- -- --
-------- -------- --------
TRANSFER OF ASSETS FROM COLLINS/EME2
TO NESBITT 108,952 (59,787) (49,163)
BALANCE DECEMBER 31, 2003 $113,258 $ -- $ --
======== ======== ========
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 7,177 $ -- $ 1,095 $ 5,990
Accounts and Notes receivable:
Trade 2,882 -- -- 2,882
Allowance for doubtful accounts (95) -- -- (95)
Other 210 1 -- 210
PSE&G -- -- -- --
PSEG 83,848 (1) 97,500 (13,652)
Other associated companies 3,553 (121,201) 99,517 3,551
Notes receivable: -- -- -- --
Associated companies -- -- -- --
Other -- -- -- --
Interest & dividiend receivable 70 (1) -- 70
Prepayments 966 3 -- 963
---------- ----------- ---------- ----------
Total Current Assets 98,611 (121,199) 198,112 (81)
---------- ----------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 84,849 -- -- 84,849
Other 2,109 -- 99 2,011
Accum. depr. and amortization (13,587) -- (89) (13,498)
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Property, Plant and Equipment-net 73,371 -- 10 73,362
---------- ----------- ---------- ----------
INVESTMENTS
Subsidiaries -- (1,174,943) 1,174,943 --
Capital lease agreements 2,987,071 (1) 789,450 1,816,005
Partnership interests / Other 94,155 -- -- 94,155
Corporate joint ventures -- -- -- --
Securities 4,400 -- -- 4,400
Other investments 22,765 -- -- 22,765
Valuation allowances (5,677) 1 -- (5,678)
---------- ----------- ---------- ----------
Total Investments 3,102,714 (1,174,943) 1,964,393 1,931,647
---------- ----------- ---------- ----------
OTHER ASSETS
Special funds-pension 1,767 -- 1,767 --
Unamortized fees -- -- -- --
Deferred intangible assets 600 -- 600 --
Deferred tax assets 112 -- 73 39
---------- ----------- ---------- ----------
Total Other Assets 2,479 -- 2,440 39
---------- ----------- ---------- ----------
TOTAL ASSETS $3,277,175 $(1,296,142) $2,164,955 $2,004,967
========== =========== ========== ==========
NESBITT PSEGR Midwest
ASSETT PSEG COLLINS EME 2 (LLC)
RECOVERY CONSOL. CONSOL
-------- ------------ --------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 92 $-- $--
Accounts and Notes receivable:
Trade -- -- --
Allowance for doubtful accounts -- -- --
Other -- -- --
PSE&G -- -- --
PSEG -- -- --
Other associated companies 21,687 -- --
Notes receivable: -- -- --
Associated companies -- -- --
Other -- -- --
Interest & dividiend receivable -- -- --
Prepayments -- -- --
-------- --- ---
Total Current Assets 21,778 -- --
-------- --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other -- -- --
Accum. depr. and amortization -- -- --
Valuation allowances -- -- --
-------- --- ---
Property, Plant and Equipment-net -- -- --
-------- --- ---
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements 381,618 -- --
Partnership interests / Other -- -- --
Corporate joint ventures -- -- --
Securities -- -- --
Other investments -- -- --
Valuation allowances -- -- --
-------- --- ---
Total Investments 381,618 -- --
-------- --- ---
OTHER ASSETS
Special funds-pension -- -- --
Unamortized fees -- -- --
Deferred intangible assets -- -- --
Deferred tax assets -- -- --
-------- --- ---
Total Other Assets -- -- --
-------- --- ---
TOTAL ASSETS $403,396 $-- $--
======== === ===
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC
CONSOL. & RECLASS. LLC CONSOL.
---------- ------------ ---------- ----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 262 $ -- $ -- $ 262
Taxes 373 -- 40 333
Other 4,516 -- 319 4,197
Interest 924 -- 835 89
Associated companies 36,533 (121,200) 58,079 99,652
Notes payable:
PSEG Capital Corporation -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Enterprise Group Development Corp. -- -- -- --
Energy Holdings Inc. 940,972 -- 940,972 --
PSEG Resources -- -- -- --
Current portion of long-term debt 1,380 -- -- 1,380
---------- ----------- ---------- ----------
Total Current Liabilities 984,960 (121,200) 1,000,245 105,913
---------- ----------- ---------- ----------
TOTAL LONG-TERM DEBT 30,975 (1) -- 30,976
---------- ----------- ---------- ----------
DEFERRED CREDITS
Deferred income taxes 1,589,802 -- 493,436 1,092,253
Deferred investment
and energy tax credits -- -- -- --
Other 2,548 -- 2,548 --
---------- ----------- ---------- ----------
Total Deferred Credits 1,592,350 -- 495,983 1,092,253
---------- ----------- ---------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- (107,001) -- 107,001
Preference units 134,200 -- 134,200 --
Preferred stock -- -- -- --
Members' Capital 100,134 -- 100,134 --
Contributed capital -- (549,475) (164) 263,618
Retained earnings 434,672 (518,464) 434,672 405,207
Accumulated other comprehensive income (116) -- (116) --
---------- ----------- ---------- ----------
Total Stockholder's Equity 668,890 (1,174,940) 668,727 775,826
---------- ----------- ---------- ----------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $3,277,175 $(1,296,142) $2,164,955 $2,004,967
========== =========== ========== ==========
NESBITT PSEGR Midwest
ASSETT PSEG COLLINS EME 2 (LLC)
RECOVERY CONSOL. CONSOL
-------- ------------ -------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $-- $--
Taxes -- -- --
Other -- -- --
Interest -- -- --
Associated companies 4 -- --
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 4 -- --
-------- --- ---
TOTAL LONG-TERM DEBT -- -- --
-------- --- ---
DEFERRED CREDITS
Deferred income taxes 4,113 -- --
Deferred investment
and energy tax credits -- -- --
Other -- -- --
-------- --- ---
Total Deferred Credits 4,113 -- --
-------- --- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- --
Preference units -- -- --
Preferred stock -- -- --
Members' Capital -- -- --
Contributed capital 286,021 -- --
Retained earnings 113,258 -- --
Accumulated other comprehensive income -- -- --
-------- --- ---
Total Stockholder's Equity 399,279 -- --
-------- --- ---
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $403,396 $-- $--
======== === ===
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. & RECLASS. PSRC CONSOL. (A) CONSOL RCSC RCFC
-------- ------------ -------- ----------- ------- ---- ----
REVENUES:
Income from capital lease agreements $118,335 $ -- $ 46,328 $ 46,551 $ 5,689 $ -- $--
Investment gains (losses) (4,199) -- 8,714 -- -- -- --
Interest and dividend income 275 (8,944) 8,944 68 -- -- --
DSM Revenues 24,852 -- -- -- -- -- --
Operating Lease Income 10,387 -- 8,870 1,517 -- -- --
Other 726 2 418 302 -- 1 --
Equity in subsidiary earnings -- (42,111) 42,111 -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Total revenues 150,376 (51,053) 115,385 48,438 5,689 1 --
-------- -------- -------- -------- ------- ---- ---
OPERATING EXPENSES:
Operation and maintenance 15,510 1 4,336 334 -- -- --
Depreciation and amortization 5,017 -- 3,708 334 -- -- --
Administrative and general 5,221 1 344 902 36 1 --
-------- -------- -------- -------- ------- ---- ---
Total operating expenses 25,748 2 8,388 1,570 36 1 --
-------- -------- -------- -------- ------- ---- ---
INCOME FROM EQUITY METHOD INVESTMENTS:
Income (loss) from partnerships 1,236 -- (213) 144 -- -- --
-------- -------- -------- -------- ------- ---- ---
Total income from equity method investments 1,236 -- (213) 144 -- -- --
OPERATING INCOME 125,863 (51,055) 106,784 47,012 5,654 -- --
-------- -------- -------- -------- ------- ---- ---
OTHER INCOME
Gain on extinguishment of debt -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Total other income -- -- -- -- -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- -- --
Energy Holdings Inc. -- -- -- -- -- -- --
Other 3,344 (8,944) 1,840 9,928 -- -- --
Capitalized interest -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Net interest expense 3,344 (8,944) 1,840 9,928 -- -- --
-------- -------- -------- -------- ------- ---- ---
INCOME BEFORE INCOME TAXES 122,519 (42,111) 104,944 37,084 5,654 -- --
-------- -------- -------- -------- ------- ---- ---
INCOME TAXES:
Current (50,763) (1) (10,151) (25,678) (6,673) (50) 2
Deferred 99,172 2 40,513 41,457 8,654 -- --
Investment and energy tax credits - net (736) -- (267) (469) -- -- --
-------- -------- -------- -------- ------- ---- ---
Total income taxes 47,673 1 30,095 15,310 1,981 (50) 2
-------- -------- -------- -------- ------- ---- ---
MINORITY INTERESTS -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
NET INCOME 74,846 (42,112) 74,849 21,774 3,672 50 (2)
-------- -------- -------- -------- ------- ---- ---
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
EARNINGS AVAILABLE TO COMMON STOCK $ 74,846 $(42,112) $ 74,849 $ 21,774 $ 3,672 $ 50 $(2)
======== ======== ======== ======== ======= ==== ===
(A) Exceeds 2% of Enterprise's consolidated assets.
For additional information, see Item I.
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSRC SC PSRC SC PSRC SC PSRC SC PSRC, INC.
ONE TWO THREE FOUR CONSOL ENTECH PSRC II, INC.
------- ------- ------- ------- ---------- ------ -------------
REVENUES:
Income from capital lease agreements $-- $-- $-- $-- $ 1,535 $-- $ 27
Investment gains (losses) -- -- -- -- (7,858) -- (5,055)
Interest and dividend income -- -- -- -- 23 -- 184
DSM Revenues -- -- -- -- -- -- --
Operating Lease Income -- -- -- -- -- -- --
Other 2 1 1 1 -- -- --
Equity in subsidiary earnings -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
Total revenues 2 1 1 1 (6,300) -- (4,844)
--- --- --- --- ------- --- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- -- --
Depreciation and amortization -- -- -- -- 857 -- 8
Administrative and general 2 1 1 1 402 -- 507
--- --- --- --- ------- --- -------
Total operating expenses 2 1 1 1 1,259 -- 515
--- --- --- --- ------- --- -------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income (loss) from partnerships -- -- -- -- -- -- 1,304
--- --- --- --- ------- --- -------
Total income from equity method investments -- -- -- -- -- -- 1,304
OPERATING INCOME -- -- -- -- (7,559) -- (4,054)
--- --- --- --- ------- --- -------
OTHER INCOME
Gain on extinguishment of debt -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
Total other income -- -- -- -- -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- -- --
Energy Holdings Inc. -- -- -- -- -- -- --
Other -- -- -- -- -- -- 520
Capitalized interest -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
Net interest expense -- -- -- -- -- -- 520
--- --- --- --- ------- --- -------
INCOME BEFORE INCOME TAXES -- -- -- -- (7,559) -- (4,574)
--- --- --- --- ------- --- -------
INCOME TAXES:
Current -- -- -- -- (4,105) 2 (5,381)
Deferred -- -- -- -- 2,076 -- 3,071
Investment and energy tax credits - net -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
Total income taxes -- -- -- -- (2,029) 2 (2,310)
--- --- --- --- ------- --- -------
MINORITY INTERESTS -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
NET INCOME -- -- -- -- (5,530) (2) (2,265)
--- --- --- --- ------- --- -------
PREFERRED STOCK DIVIDEND REQUIREMENT -- -- -- -- -- -- --
--- --- --- --- ------- --- -------
EARNINGS AVAILABLE TO COMMON STOCK $-- $-- $-- $-- $(5,530) $(2) $(2,265)
=== === === === ======= === =======
PSEGR PJM
RELIANT (LLC) DEMAND
CONSOL MGMT CO.
------------- --------
REVENUES:
Income from capital lease agreements $18,205
Investment gains (losses) --
Interest and dividend income --
DSM Revenues -- 24,852
Operating Lease Income --
Other --
Equity in subsidiary earnings --
------- -------
Total revenues 18,205 24,852
------- -------
OPERATING EXPENSES:
Operation and maintenance -- 10,840
Depreciation and amortization -- 110
Administrative and general 559 2,465
------- -------
Total operating expenses 559 13,415
------- -------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income (loss) from partnerships -- --
------- -------
Total income from equity method investments -- --
OPERATING INCOME 17,646 11,437
------- -------
OTHER INCOME
Gain on extinguishment of debt -- --
------- -------
Total other income -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- --
Energy Holdings Inc. -- --
Other -- --
Capitalized interest -- --
------- -------
Net interest expense -- --
------- -------
INCOME BEFORE INCOME TAXES 17,646 11,437
------- -------
INCOME TAXES:
Current -- 1,271
Deferred -- 3,401
Investment and energy tax credits - net -- --
------- -------
Total income taxes -- 4,672
------- -------
MINORITY INTERESTS -- --
------- -------
NET INCOME 17,646 6,765
------- -------
PREFERRED STOCK DIVIDEND REQUIREMENT -- --
------- -------
EARNINGS AVAILABLE TO COMMON STOCK $17,646 $ 6,765
======= =======
(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, 2003
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. & RECLASS. PSRC CONSOL. CONSOL RCSC RCFC
-------- ------------ -------- -------- ------- ------- -------
BALANCE JANUARY 1, 2003 $330,361 $(282,831) $330,361 $183,731 $51,671 $(6,309) $ 5,671
NET INCOME 74,846 (42,112) 74,849 21,774 3,672 50 (2)
-------- --------- -------- -------- ------- ------- -------
TOTAL 405,207 (324,943) 405,210 205,505 55,343 (6,259) 5,669
-------- --------- -------- -------- ------- ------- -------
DIVIDENDS DECLARED (Incl. Preferred
Stock Dividends) -- (2,210) -- -- -- -- --
-------- --------- -------- -------- ------- ------- -------
BALANCE DECEMBER 31, 2003 $405,207 $(322,733) $405,210 $205,505 $55,343 $(6,259) $ 5,669
======== ========= ======== ======== ======= ======= =======
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSRC SC PSRC SC PSRC SC PSRC SC PSRC, INC.
ONE TWO THREE FOUR CONSOL
------- ------- ------- ------- ----------
BALANCE JANUARY 1, 2003 $(3) $(3) $-- $(535) $ 9,084
NET INCOME -- -- -- -- (5,530)
--- --- --- ----- -------
TOTAL (3) (3) -- (535) 3,553
--- --- --- ----- -------
DIVIDENDS DECLARED (Incl.
Preferred Stock Dividends) -- -- -- -- 2,210
--- --- --- ----- -------
BALANCE DECEMBER 31, 2003 $(3) $(3) $-- $(535) $ 1,343
=== === === ===== =======
PSEGR PJM
RELIANT (LLC) DEMAND
ENTECH PSRC II, INC. CONSOL MGMT CO.
------ ------------- ------------- --------
BALANCE JANUARY 1, 2003 $(976) $(37,486) $50,710 $27,276
NET INCOME (2) (2,265) 17,646 6,765
----- -------- ------- -------
TOTAL (978) (39,751) 68,355 34,042
----- -------- ------- -------
DIVIDENDS DECLARED (Incl.
Preferred Stock Dividends) -- -- -- --
----- -------- ------- -------
BALANCE DECEMBER 31, 2003 $(978) $(39,751) $68,355 $34,042
===== ======== ======= =======
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC
CONSOL. & RECLASS. PSRC CONSOL.
---------- ------------ ---------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 5,990 $ -- $ 3,466 $ 1,136
Accounts and Notes receivable:
Trade 2,882 -- -- --
Allowance for doubtful accounts (95) -- -- --
Other 210 -- 125 48
PSE&G -- -- -- --
PSEG (13,652) -- (14,173) --
Other associated companies 3,551 (340,371) 8,152 67,413
Notes receivable:
Associated companies -- (105,225) 105,225 --
Other -- -- -- --
Interest & dividiend receivable 70 -- 1 --
Prepayments 963 -- 34 930
---------- ----------- ---------- --------
Total Current Assets (81) (445,596) 102,830 69,527
---------- ----------- ---------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 84,849 -- 56,381 28,467
Other 2,011 -- 799 --
Accum. depr. and amortization (13,498) -- (12,395) (334)
Valuation allowances -- -- -- --
---------- ----------- ---------- --------
Property, Plant and Equipment-net 73,362 -- 44,785 28,133
---------- ----------- ---------- --------
INVESTMENTS
Subsidiaries -- (936,341) 936,341 --
Capital lease agreements 1,816,005 -- 657,103 789,290
Partnership interests / Other 94,155 -- 1,747 1,732
Corporate joint ventures -- -- -- --
Securities 4,400 -- 400 --
Other investments 22,765 -- -- --
Valuation allowances (5,678) -- (5,678) --
---------- ----------- ---------- --------
Total Investments 1,931,647 (936,341) 1,589,913 791,022
---------- ----------- ---------- --------
OTHER ASSETS
Special funds-pension -- -- -- --
Unamortized fees -- -- -- --
Deferred tax assets 39 -- -- --
---------- ----------- ---------- --------
Total Other Assets 39 -- -- --
---------- ----------- ---------- --------
TOTAL ASSETS $2,004,967 $(1,381,938) $1,737,528 $888,682
========== =========== ========== ========
RCIC
CONSOL RCSC RCFC
-------- ---- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 11 $ 5 $ --
Accounts and Notes receivable:
Trade -- -- --
Allowance for doubtful accounts -- -- --
Other -- 28 --
PSE&G -- -- --
PSEG -- -- --
Other associated companies 39,597 -- 12,492
Notes receivable:
Associated companies -- -- --
Other -- -- --
Interest & dividiend receivable -- -- --
Prepayments -- -- --
-------- --- -------
Total Current Assets 39,608 33 12,492
-------- --- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- --
Other -- -- --
Accum. depr. and amortization -- -- --
Valuation allowances -- -- --
-------- --- -------
Property, Plant and Equipment-net -- -- --
-------- --- -------
INVESTMENTS
Subsidiaries -- -- --
Capital lease agreements 89,167 -- --
Partnership interests / Other -- -- --
Corporate joint ventures -- -- --
Securities -- -- --
Other investments -- -- --
Valuation allowances -- -- --
-------- --- -------
Total Investments 89,167 -- --
-------- --- -------
OTHER ASSETS
Special funds-pension -- -- --
Unamortized fees -- -- --
Deferred tax assets -- -- --
-------- --- -------
Total Other Assets -- -- --
-------- --- -------
TOTAL ASSETS $128,775 $33 $12,492
======== === =======
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSRC SC PSRC SC PSRC SC PSRC SC PSRC, INC.
ONE TWO THREE FOUR CONSOL
------- ------- ------- ------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $10 $10 $10 $ 5 $ 102
Accounts and Notes receivable:
Trade -- -- -- -- --
Allowance for doubtful accounts -- -- -- -- --
Other -- -- -- 8 --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
Other associated companies -- -- -- -- 6,362
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest & dividiend receivable -- -- -- -- --
Prepayments -- -- -- -- --
--- --- --- --- -------
Total Current Assets 10 10 10 13 6,464
--- --- --- --- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Other -- -- -- -- --
Accum. depr. and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
--- --- --- --- -------
Property, Plant and Equipment-net -- -- -- -- --
--- --- --- --- -------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- 41,487
Partnership interests / Other -- -- -- -- --
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- --
Other investments -- -- -- -- --
Valuation allowances -- -- -- -- --
--- --- --- --- -------
Total Investments -- -- -- -- 41,487
--- --- --- --- -------
OTHER ASSETS
Special funds-pension -- -- -- -- --
Unamortized fees -- -- -- -- --
Deferred tax assets -- -- -- -- --
--- --- --- --- -------
Total Other Assets -- -- -- -- --
--- --- --- --- -------
TOTAL ASSETS $10 $10 $10 $13 $47,951
=== === === === =======
PSEGR PJM
RELIANT (LLC) DEMAND
ENTECH PSRC II, INC. CONSOL MGMT CO.
------ ------------- ------------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ 1,206 $ 29 $ --
Accounts and Notes receivable:
Trade -- -- -- 2,882
Allowance for doubtful accounts -- -- -- (95)
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- 521
Other associated companies 42 183,530 2,093 24,241
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest & dividiend receivable -- 69 -- --
Prepayments -- -- -- --
--- -------- -------- --------
Total Current Assets 42 184,805 2,122 27,549
--- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
Other -- 41 -- 1,170
Accum. depr. and amortization -- (8) -- (761)
Valuation allowances -- -- -- --
--- -------- -------- --------
Property, Plant and Equipment-net -- 33 -- 409
--- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- 147 238,810 --
Partnership interests / Other -- 90,677 -- --
Corporate joint ventures -- -- -- --
Securities -- 4,000 -- --
Other investments -- -- -- 22,765
Valuation allowances -- -- --
--- -------- -------- --------
Total Investments -- 94,824 238,810 22,765
--- -------- -------- --------
OTHER ASSETS
Special funds-pension -- -- -- --
Unamortized fees -- -- -- --
Deferred tax assets -- -- -- 39
--- -------- -------- --------
Total Other Assets -- -- -- 39
--- -------- -------- --------
TOTAL ASSETS $42 $279,662 $240,932 $ 50,762
=== ======== ======== ========
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. & RECLASS. PSRC CONSOL. (A) CONSOL RCSC RCFC
---------- ------------ ---------- ----------- -------- ------- -------
LIABILITIES AND MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 262 $ -- $ -- $ -- $ -- $ -- $ --
Taxes 333 -- -- 209 -- -- --
Other 4,197 -- 2,935 97 -- -- --
Interest 89 -- -- 89 -- -- --
Associated companies 99,652 (340,370) 431,775 271 -- 6,282 --
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 1,380 -- 1,045 335 -- -- --
---------- ----------- ---------- -------- -------- ------- -------
Total Current Liabilities 105,913 (445,595) 435,755 106,226 -- 6,282 --
---------- ----------- ---------- -------- -------- ------- -------
TOTAL LONG-TERM DEBT 30,976 -- 19,702 11,273 -- -- --
---------- ----------- ---------- -------- -------- ------- -------
DEFERRED CREDITS
Deferred income taxes 1,092,253 -- 506,242 525,508 62,268 -- (49)
Deferred investment
and energy tax credits -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
---------- ----------- ---------- -------- -------- ------- -------
Total Deferred Credits 1,092,253 -- 506,242 525,508 62,268 -- (49)
---------- ----------- ---------- -------- -------- ------- -------
MEMBER'S EQUITY
Capital stock 107,001 (57) 107,001 2 1 10 1
Preferred stock -- -- -- -- -- -- --
Contributed capital 263,618 (613,553) 263,618 40,168 11,163 -- 6,871
Retained earnings 405,207 (322,733) 405,210 205,505 55,343 (6,259) 5,669
---------- ----------- ---------- -------- -------- ------- -------
Total Stockholder's Equity 775,826 (936,343) 775,829 245,675 66,507 (6,249) 12,541
---------- ----------- ---------- -------- -------- ------- -------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $2,004,967 $(1,381,938) $1,737,528 $888,682 $128,775 $ 33 $12,492
========== =========== ========== ======== ======== ======= =======
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSRC SC PSRC SC PSRC SC PSRC SC PSRC, INC.
ONE TWO THREE FOUR CONSOL
------- ------- ------- ------- ----------
LIABILITIES AND MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $-- $-- $ -- $ --
Taxes -- -- -- -- --
Other -- -- -- -- --
Interest -- -- -- -- --
Associated companies 3 3 -- 538 36
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 3 3 -- 538 36
--- --- --- ----- -------
TOTAL LONG-TERM DEBT -- -- -- -- --
--- --- --- ----- -------
DEFERRED CREDITS
Deferred income taxes -- -- -- -- 31,538
Deferred investment
and energy tax credits -- -- -- -- --
Other -- -- -- -- --
--- --- --- ----- -------
Total Deferred Credits -- -- -- -- 31,538
--- --- --- ----- -------
MEMBER'S EQUITY
Capital stock 10 10 10 10 1
Preferred stock -- -- -- -- --
Contributed capital -- -- -- -- 15,034
Retained earnings (3) (3) -- (535) 1,343
--- --- --- ----- -------
Total Stockholder's Equity 7 7 10 (525) 16,378
--- --- --- ----- -------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $10 $10 $10 $ 13 $47,951
=== === === ===== =======
PSEGR PJM PSEG
RELIANT (LLC) ASSET
ENTECH PSRC II, INC. CONSOL MGMT CO.
------- ------------- ------------- --------
LIABILITIES AND MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ 262
Taxes -- -- -- 123
Other -- -- -- 1,164
Interest -- -- -- --
Associated companies -- -- 1,077 38
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 -- -- 1,077 1,588
------ -------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- --
------ -------- -------- -------
DEFERRED CREDITS
Deferred income taxes -- (33,253) -- --
Deferred investment and energy tax
credits -- -- -- --
Other -- -- -- --
------ -------- -------- -------
TOTAL DEFERRED CREDITS -- (33,253) -- --
------ -------- -------- -------
MEMBER'S EQUITY
Capital stock 1 1 -- --
Preferred stock -- -- -- --
Contributed capital 1,018 352,665 171,500 15,133
Retained earnings (978) (39,751) 68,355 34,042
------ ------- -------- ------
Total Stockholder's Equity 42 312,915 239,855 49,175
------ -------- -------- -------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $ 42 $279,662 $240,932 $50,762
====== ======== ======== =======
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. & RECLASS. RCMC RCMCSC
-------- ------------ ------- ------
REVENUES:
Income from capital lease agreements $ 46,551 $ -- $24,655 $--
Investment gains (losses) -- -- -- --
Interest and dividend income 68 -- -- --
Operating Lease Income 1,517 -- 1,517 --
Other 302 -- 301 1
Equity in subsidiary earnings -- (11,692) 11,692 --
-------- -------- ------- ---
Total revenues 48,438 (11,692) 38,165 1
-------- -------- ------- ---
OPERATING EXPENSES:
Operation and maintenance 334 -- 334 --
Depreciation and amortization 334 -- 334 --
Administrative and general 902 183 541 1
-------- -------- ------- ---
Total operating expenses 1,570 183 1,209 1
-------- -------- ------- ---
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from partnerships 144 -- -- --
-------- -------- ------- ---
Total income from equity method investments 144 -- -- --
OPERATING INCOME 47,012 (11,875) 36,956 --
-------- -------- ------- ---
OTHER INCOME
Gain on extinguishment of debt -- -- -- --
-------- -------- ------- ---
Total other income -- -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
Energy Holdings Inc. -- -- -- --
Other 9,928 760 9,168 --
Capitalized interest -- -- -- --
-------- -------- ------- ---
Net interest expense 9,928 760 9,168 --
-------- -------- ------- ---
INCOME BEFORE INCOME TAXES 37,084 (12,635) 27,788 --
-------- -------- ------- ---
INCOME TAXES:
Current (25,678) (330) (8,879) --
Deferred 41,457 -- 15,361 --
Investment and energy tax credits - net (469) -- (469) --
-------- -------- ------- ---
Total income taxes 15,310 (330) 6,013 --
-------- -------- ------- ---
MINORITY INTERESTS -- -- -- --
-------- -------- ------- ---
NET INCOME $ 21,774 $(12,305) $21,775 $--
======== ======== ======= ===
RCMC I, INC. DYNEGY
RCMC, INC. CONSOL CONSOL
---------- ------------ --------
REVENUES:
Income from capital lease agreements $ -- $3,970 $ 17,926
Investment gains (losses) -- -- --
Interest and dividend income 45 23 --
Operating Lease Income -- -- --
Other -- -- --
Equity in subsidiary earnings -- -- --
----- ------ --------
Total revenues 45 3,993 17,926
----- ------ --------
OPERATING EXPENSES:
Operation and maintenance -- -- --
Depreciation and amortization -- -- --
Administrative and general 112 65 --
----- ------ --------
Total operating expenses 112 65 --
----- ------ --------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from partnerships 144 -- --
----- ------ --------
Total income from equity method investments 144 -- --
OPERATING INCOME 77 3,928 17,926
----- ------ --------
OTHER INCOME
Gain on extinguishment of debt -- -- --
----- ------ --------
Total other income -- -- --
INTEREST EXPENSE:
PSEG Capital Corporation -- -- --
Energy Holdings Inc. -- -- --
Other -- -- --
Capitalized interest -- -- --
----- ------ --------
Net interest expense -- -- --
----- ------ --------
INCOME BEFORE INCOME TAXES 77 3,928 17,926
----- ------ --------
INCOME TAXES:
Current 190 272 (16,931)
Deferred (163) 1,117 25,142
Investment and energy tax credits - net -- -- --
----- ------ --------
Total income taxes 27 1,389 8,211
----- ------ --------
MINORITY INTERESTS -- -- --
----- ------ --------
NET INCOME $ 50 $2,539 $ 9,715
===== ====== ========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS RCMC I, INC. DYNEGY
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. CONSOL CONSOL
-------- ------------ -------- ------ ---------- ------------ -------
BALANCE JANUARY 1, 2003 $183,731 $(46,752) $183,731 $(16) $4,188 $10,406 $32,174
NET INCOME 21,774 (12,305) 21,775 -- 50 2,539 9,715
-------- -------- -------- ---- ------ ------- -------
TOTAL 205,505 (59,057) 205,506 (16) 4,238 12,944 41,889
-------- -------- -------- ---- ------ ------- -------
DIVIDENDS DECLARED -- (294) -- -- -- 294 --
-------- -------- -------- ---- ------ ------- -------
BALANCE DECEMBER 31, 2003 $205,505 $(58,763) $205,506 $(16) $4,238 $12,650 $41,889
======== ======== ======== ==== ====== ======= =======
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS RCMC I, INC. DYNEGY
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. CONSOL CONSOL
-------- ------------ -------- ------ ---------- ------------ --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 1,136 $ -- $ 84 $ 6 $ 609 $ 437 $ --
Accounts and Notes receivable:
Trade -- -- -- -- -- -- --
Other 48 -- 48 -- -- -- --
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
Other associated companies 67,413 -- 43,088 -- 5,636 1,759 16,930
Notes receivable:
Associated companies -- -- -- -- -- -- --
Prepayments 930 -- 930 -- -- -- --
-------- --------- -------- --- ------ -------- --------
Total Current Assets 69,527 -- 44,150 6 6,245 2,196 16,930
-------- --------- -------- --- ------ -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 28,467 -- 28,467 -- -- -- --
Other -- -- -- -- -- -- --
Accum. depr. and amortization (334) -- (334) -- -- -- --
Valuation allowances -- -- -- -- -- -- --
-------- --------- -------- --- ------ -------- --------
Property, Plant and Equipment-net 28,133 -- 28,133 -- -- -- --
-------- --------- -------- --- ------ -------- --------
INVESTMENTS
Subsidiaries -- (220,938) 219,163 -- -- 1,775 --
Capital lease agreements 789,290 -- 408,855 -- -- 190,034 190,401
Partnership interests 1,732 -- -- -- 1,732 -- --
Corporate joint ventures -- -- -- -- -- -- --
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
-------- --------- -------- --- ------ -------- --------
Total Investments 791,022 (220,938) 628,018 -- 1,732 191,809 190,401
-------- --------- -------- --- ------ -------- --------
OTHER ASSETS
Other -- -- -- -- -- -- --
-------- --------- -------- --- ------ -------- --------
Total Other Assets -- -- -- -- -- -- --
-------- --------- -------- --- ------ -------- --------
TOTAL ASSETS $888,682 $(220,938) $700,301 $ 6 $7,977 $194,005 $207,331
======== ========= ======== === ====== ======== ========
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS RCMC I, INC. DYNEGY
CONSOL. & RECLASS. RCMC RCMCSC RCMC, INC. CONSOL CONSOL
-------- ------------ -------- ------ ---------- ------------ --------
LIABILITIES AND MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ -- --
Taxes 209 -- 209 -- -- -- --
Other 97 2 95 -- -- -- --
Interest 89 -- 89 -- -- -- --
Associated companies 271 (7) -- 11 28 239 --
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 335 -- 335 -- -- -- --
-------- --------- -------- ---- ------ -------- --------
Total Current Liabilities 106,226 (5) 105,953 11 28 239 --
-------- --------- -------- ---- ------ -------- --------
TOTAL LONG-TERM DEBT 11,273 -- 11,273 -- -- -- --
-------- --------- -------- ---- ------ -------- --------
DEFERRED CREDITS
Deferred income taxes 525,508 -- 337,398 -- 2,515 160,453 25,142
Deferred investment -- -- -- -- -- -- --
and energy tax credits -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
-------- --------- -------- ---- ------ -------- --------
Total Deferred Credits 525,508 -- 337,398 -- 2,515 160,453 25,142
-------- --------- -------- ---- ------ -------- --------
MEMBER'S EQUITY
Capital stock 2 (3) 2 1 1 1 --
Preferred stock -- -- -- -- -- -- --
Contributed capital 40,168 (162,167) 40,168 10 1,195 20,662 140,300
Retained earnings 205,505 (58,763) 205,506 (16) 4,238 12,650 41,889
-------- --------- -------- ---- ------ -------- --------
Total Stockholder's Equity 245,675 (220,933) 245,676 (5) 5,434 33,313 182,189
-------- --------- -------- ---- ------ -------- --------
TOTAL LIABILITIES AND
MEMBER'S EQUITY $888,682 $(220,938) $700,301 $ 6 $7,977 $194,005 $207,331
======== ========= ======== ==== ====== ======== ========
Exhibit B
Organizational Chart - Response
4(b)(ix)(x)(xlv)(xlvi)
PPN Energy, PPN Operations,
Dhofar Power, Dhofar Generating
-------------
Public
Service
Enterprise
Group
Incorporated
(New Jersey)
-------------
|
|
-------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
-------------
|
|
-------------
PSEG Global
L.L.C.
(New Jersey)
-------------
|
|
--------------------------------------------------------------
| |
| |
------------ -------------
PSEG India PSEG Global
Company International
(Cayman) Holdings LLC
------------ (Delaware)
| -------------
| |
------------ |
PSEG EAMS -------------
Ltd. PSEG
(Mauritius) Americas Ltd.
(Bermuda)
------------ -------------
| |
|------------------ -------------
| | |
------------ ----------------- --------------
PSEG PSEG PSEG Salalah
PPN Energy Operations Inc.
Company Ltd. Ltd. (Delaware)
(Mauritius) ( Mauritius) --------------
------------ ----------------- |
|
| --------------
| Salalah
100% (A) Power
| Holdings, Ltd.
----------------- (Bermuda)
PSEG PPN --------------
Operations |
Private |
Limited --------------
----------------- Dhofar Power
Company
SAOC
(Oman)
--------------
|
99.9996%
|
--------------
Dhofar
Generating
Company
SAOC
(Oman)
--------------
Exhibit B
Organization Chart - Response
4(b)(i)(ii)(iii)(xix)(xxi)(xxii)(xlvii)(xlviii)(xlix)(1)
CUPPI, ZHL, TCP, Rongjiang, Meiya Electric Asia, SWGEC, Meiya
(Tao Yuan), FWIL, HUANGSHI, MQPCL
---------------
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 Meiya (Tao | Meiya Power Meiya Qujing Meiya Hexie Meiya Power | PSEG PSEG
Tongzhou Zuojiang Yuan) | China Power Power Investment | Rongjiang Shanghai BFG
Cogen Power Hydropower Power | Holdings Company Ltd. Company Company | Hydropower Company
Ltd. Ltd. Company Ltd. | Limited (Cayman) Limited Limited | Ltd. (Cayman)
(Bermuda) (Mauritius) (Malaysia) | (Cayman) (Cayman) (Cayman) | (Mauritius) -------------
----------- ----------- ------------ | -------------- ------------ ----------- ----------- | ----------- |
| | | | | |
| | | | | |
----------- | ---99%---1%--- | -------------
China U.S. | | | CanAm
Power | | | Energy China
Partners I, | ----------- | Holdings, LLC
Ltd. | Fast Well | (Delaware)
(Bermuda) | Investments | -------------
----------- | Limited | |
| (Hong Kong) | |
| ----------- | 65%
-------------- | |
Meiya Power | |
International ---------- -------------
Holding I, PSEG Shanghai Wei-
Limited Huangshi Gang Energy
(Cayman) Power Ltd. Company Ltd.
-------------- (Bermuda) (China)
| ---------- -------------
|
--------------
Meiya Electric
Asia, Ltd.
(Mauritius)
--------------
Exhibit B
Organizational Chart - Response
4(b)(iv)(v)(vi)(vii)(viii)(xiv))(xxxvi)(xxxvii)
(xxxviii)(xli)(xlii)(li)(lii)
RGE, TGM, CAGUA,
MARACAY, Valencia,
CHILQUINTA, Frontel,
Creo, STS, Edersa,
Electroandes S.A., SAESA, Edelaysen
-------------
Public
Service
Enterprise
Group
Incorporated
(New Jersey)
-------------
|
|
-------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
-------------
|
|
-------------
PSEG Global
L.L.C.
(New Jersey)
-------------
|
|
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
|
|
-------------
PSEG
------------------------------------------------------Americas Ltd.------------------------------------(A)
| (Bermuda) |
| ------------- |
| | 76%
| | |
| ----------------------------------- |
| | | | -------------
88.5013% | | | ("AenP")
| ---------------- -------------- | Asociacion en
| PSEG Transamerica | Participacion
| Americas II Energy Company 20% (Peru)
| Ltd. (Bermuda) (Cayman) | -------------
------------- ---------------- -------------- | |
Inversiones | | | |
PSEG Americas | | | 49.993%
Chile Holding 50% 80% | |
Limitada | | | |
(Chile) | | | -------------
------------- ---------------- -------------- | Chilquinta
| Turbogeneradores ("AenPII") | Energia
| de Venezuela, Asociacion en -------- S.A.
--99.922%----95.889%-- C.A. Participacion (Chile)
| | (Venezuela) (Peru) -------------
| | ---------------- --------------
---------------- --------------- | |
Sociedad Austral Empresa | |
de Electricidad Electrica de la---------------0.10% 17.13% 99.98%
S.A. Frontera S.A. | | |
(Chile) (Chile)(D) | | |
---------------- --------------- | ---------------- --------------
| | Turbogeneradores Electroandes
| | Maracay, C.A. S.A.
50%--------91.66%------------99.90%-----------99.90% (Venezuela) (Peru)
| | | | ---------------- --------------
| | | |
----------- ------------ ---------------- ------------
Empresa de Empresa Compania Sistema de
Energia Rio Electrica de Electrica Osorno Transmision
Negro S.A. Aisen S.A. S.A. del Sur S.A.
(Argentina) (Chile) (Chile) (Chile)
----------- ------------ ---------------- ------------
(A)
|
|
------------------------------------------------------------------------
| |
| |
---------------- --------------
Venergy Holdings PSEG
Company Brazil
(Cayman) Investment
---------------- Company
| (Cayman)
| --------------
50% |
| |
| --------------
---------------- Pampa
Turboven Energia Ltda.
Company Inc. (Cayman)
(Cayman) --------------
---------------- |
| |
| --------------------------
---------------- -------------- ----------------- | |
Turboven Maracay Turboven Cagua Turboven Valencia | |
Company Inc. Company Inc. Company Inc. ---------------------------------- --------------
(Cayman) (Cayman) (Cayman) | PSEG Brazil PSEG Brazil I
---------------- -------------- ----------------- | 50%-------- Company Company
| | (Cayman) (Cayman)
| | ------------ --------------
| | |
| |------50%-----99.94%--------------------50%
| | |
| ------------- -------------- -------------
| Conversora de
| PSEG Fertilizante e Ipe Energia
| Participacoes Energia do ------> Ltda. (E)
| S.A. Parana Ltda. | (Brazil)
| (Brazil) (Brazil) |
| ------------- -------------- | -------------
| | 50% |
| | | |
| 0.06% | 32.46%
| | | |
--------------------------------------- -------------
Rio Grande
Energia S.A.
(Brazil)
-------------
Exhibit B
Organizational Chart - Response
4(b)(xi)(xviii)(xxv)(xliii)(xliv)
PSEG International Ltd., PSEG
Chorzow B.V., Biomasse Italia
S.p.A., PSEG Poland, San Marco
------------
Public
Service
Enterprise
Group
Incorporated
(New Jersey)
------------
|
|
|
------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
------------
|
|
|
------------- ------------
SEG Global
International-------PSEG Global
Holdings LLC L.L.C.
(Delaware) (New Jersey)
------------- ------------
| |
| |
| |
------------- ------------
PSEG PSEG Europe
Americas Ltd. (Delaware)
(Bermuda) LLC
(Delaware)
------------- ------------
| |
99% |
| |
------------- -------------
Rayo-Andino PSEG Europe
Inversora B.V.
Company(A) (Netherlands)
(Cayman)
------------- -------------
| |
| |----------------------------------------
| | | |
------------- ------------- ------------- -------------
PSEG PSEG Poland
International PSEG Italia Distribution PSEG Silesia
Holding B.V. B.V. B.V.
Company (Netherlands) (Netherlands) (Netherlands)
(Cayman)
------------- ------------- ------------- -------------
| | |
| 50%(A) |
| | |
------------- ------------ -------------
PSEG
International Prisma 2000 PSEG
Holding II S.p.A. Chorzow B.V.
Company (Italy) (Netherlands)
(Cayman)
------------- ------------ -------------
| |
| |
| 50%---------------99.80%
| | |
| | |
------------- ------------- ----------
PSEG San Marco
International Biomasse Bioenergie
Ltd. Italia S.p.A. S.p.A.
(Bermuda) (Italy) PSEG
(Italy)
------------- ------------- ----------
Organizational Chart - Response Exhibit B
4(b)(xii)(xiii)(xx)(xxiv)(xxvi)
GPP, OEPP, KPLP, GWF Energy LLC,
TIE
-------------
Public
Service
Enterprise
Group
Incorporated
(New Jersey)
-------------
|
|
|
-------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
-------------
|
|
|
-------------
PSEG Global
L.L.C. (A)
(New Jersey)
-------------
|
|
|
-------------
PSEG Global
USA Inc.
(New Jersey)
-------------
|
|
|
-------------
PSEG
International
Inc.
(Delaware)
-------------
|
|
|
-------------------------------------------------------------------------------------
| | | | | | |
| | | | | | |
------------- ---------- ---------- ---------- ------------- -------------- -------------
PSEG PSEG
PSEG Hawaiian Hawaiian PSEG PSEG PSEG PSEG
Kalaeloa Inc. Management Investment California California II California III Americas Inc.
(Delaware) Inc. Inc. Corp. Corp. Corp. (Delaware)
(Delaware) (Delaware) (Delaware) (Delaware) (Delaware)
------------- ---------- ---------- ---------- ------------- -------------- -------------
| | | | | | |
| | | | | | |
| 1% GP 48.49% LP | 13% | |
| | | | | | |
| | | | | | |
| ------------- | ------------- | -------------
| Kalaeloa | GWF Energy | PSEG Texgen
| Investment ----50%-- LLC (B) ----13%-- Holdings Inc.
| Partners, LP (Delware) (Delaware)
| (Delaware) ------------- -------------
| ------------- |
| | |
| | |
| 99% LP --------------------------------
| | | | |
| | | | |
--------1% GP----------------- ----------- ------------- --------------
PSEG
Kalaeloa PSEG Texgen PSEG Texgen Preferred
Partners, L.P. I Inc. II Inc. Partner L.L.C.----------------
(Delaware) (Delaware) (Delaware) (Delaware) |
-------------- ----------- ------------- -------------- |
| | | |
0.5% GP---------49.5% LP | |
| | |
|---0% Pref. LP (C)---- |
| |
----------- |
Texas |
Independent |
Energy, L.P. |
(Delaware) |
----------- |
| |
| |
| |
-------------------------------------------------------------- |
| | | | | |
| | | | | |
| | | | | |
------------- ------------- ------------- ------------- ----------- |
Texas |
Independent |
Guadalupe Guadalupe Odessa-Ector Odessa-Ector Energy |
Power I, LLC Power II, LLC Power I, LLC Power II, LLC -- Operating |
(Delaware) (Delaware) (Delaware) (Delaware) | Company, |
| LLC |
| (Delaware) |
------------ ------------- ------------- ------------- ---------- |
| | | | | | |
| | | | | | |
1% GP-----------99% LP 1% GP | 99% LP | |
| | | | | |
| | ---1% GP--- | |
--------------- --------------- -------------- | |
Odessa-Ector Odessa-Ector | |
Guadalupe Power Power Partners, Power Partners | |
Partners, LP LP Services, LP | |
(Delaware) (Delaware) (Delaware) | |
--------------- --------------- -------------- | |
| | | | |
| | | | |
| | ----99% LP------------ |
| | |
-----100% Pref. LP------------------------------------------
Exhibit B
Organizational Chart - Response
4(b)(xv)
LUZ
-------------
Public
Service
Enterprise
Group
Incorporated
(New Jersey)
-------------
|
-------------
PSEG Energy
Holdings
L.L.C.
(New Jersey)
-------------
|
-------------
PSEG Global
L.L.C.
(New Jersey)
-------------
|
-------------
PSEG Global
International
Holdings LLC
(Delaware)
-------------
|
-------------
PSEG
Americas Ltd.
(Bermuda)
-------------
|
76%
|
-------------
("AenP")
Asociacion en
Participacion
(Peru)
-------------
|
50%
|
-------------
Peruvian
Opportunity
Company
SAC(I)
(Peru)
-------------
|
------ 99.986%(J) ----------- 99.992%(J) ------------------------------------------
| | | |
| --------------- -------------- ----------- ----------- |
| Energy Business Ontario Quinta PSEG Sempra PSEG Sempra |
| International S.R.L. Peruvian Peruvian |
| S.R.L. (Peru) Services Services |
| (Peru) -------------- Company Company II |
| --------------- | (Cayman) (Cayman) |
| | | ----------- ----------- |
22.89% -- 3.83% -- 61.16% ---------| | | |
| | 99.8% | |
| | | | |
------- | ------------ | |
Luz del | Inversiones | |
Sur | en Servicios | |
S.A.A. | Electricos -- 0.2% --- |
(Peru) | S.R.L. |
------- | (Peru) |
| | ------------ |
99.9999% --------------------- 99.9999% ---------| | | |
| | | | 51.79% |
---------------- ------------ ------------- | | |
Inmobiliaria Luz Empresa de Luz del Sur | ------------- |
del Sur S.A. -- 0.00005% -- Distribucion International | Tecsur S.A.A. |
(Peru) Electrica de A.V.V. ----- 3.72% -- (Peru) -- 31.51% -----------
---------------- Canete S.A. (Aruba) -------------
(Peru) ------------- |
------------ |
| |
--- 0.00005% -----------------------------------------------
Exhibit B
Organizational Chart -
Response 4(b)(xvi)(xvii)(xxiii)(xxxiv)(xxxv)(xxxix)(xl)
Fossil, Nuclear, Power New York, Lawrenceburg,
Waterford, Power Midwest, Power Connecticut
------------------------
PSEG
------------------------
|
100%
|
------------------------
PSEG Power LLC
------------------------ -----------------------
|
100%------------------- Nuclear
|
------------------------ -----------------------
PSEG Fossil LLC
------------------------
|
|
--------------------------------------------------------
| | | | |
100% | 100% | 100%
| | | | |
| | | | |
-------------------- | -------------------- | --------------------------
| |
Power New York | Waterford | Lawrenceburg
| |
-------------------- | -------------------- | --------------------------
| |
100% 100%
| |
------------------ -------------------
Power Midwest Power Connecticut
------------------ -------------------
Exhibit B
Organizational Chart - Response
4(b)(xxvii)(xxviii)(xxix)(xxx)(xxxi)(xxxii)(xxxiii)
Danskammer OP, Danskammer OL, Roseton OP, Roseton OL, Conemaugh
Lessor, Keystone Lessor, Shawville Lessor,
------------------
PSEG Resources LLC
------------------
|
|
|
---------------------------------------------
| |
------------------ -----
PSEGR PJM, LLC PSRC
------------------ -----
| |
| |
| |
------------------------------------- -
| | | |
| | | |
| | | |
---------------- --------------- ---------------- --------------
PSEGR PSEG Keystone, PSEGR Shawville, RCMC
Conemaugh, LLC LLC LLC
---------------- --------------- ---------------- --------------
| | | |
| | | |
| | | |
| | | ------------------
| | | | |
| | | | |
| | | | |
---------------- --------------- ---------------- ------------- --------------
PSEGR Conemaugh PSEG Keystone PSEGR Shawville Danskammer OP Roseton OP LLC
Generation, LLC Generation, LLC Generation, LLC LLC EWG EWG
---------------- --------------- ---------------- ------------- --------------
| | | | |
| | | | |
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Conemaugh Lessor Keystone Lessor Shawville Lessor Danskammer OL Roseton OL LLC
Genco LLC EWG Genco LLC EWG Genco LLC EWG LLC EWG EWG
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