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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
File No. 1-9120
FORM U-3A-2
Statement by Holding Company
Claiming Exemption Under Rule U-3A-2
from the Provisions of the
Public Utility Holding Company Act of 1935
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:
As filed with the SEC on February 28, 2005
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1. Name, State of organization, location and nature of business of claimant, and
every subsidiary thereof, other than any exempt wholesale generator (EWG) or
foreign utility company (FUCO) 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 352
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, 2004,
PSE&G comprised approximately 46% of PSEG's assets. PSE&G's 2004 revenues were
approximately 63% of PSEG's revenues and PSE&G's earnings available to PSEG were
$342 million.
PSE&G has four 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 Trusts, as described below:
1.1.A. New Jersey Properties, Inc. (NJP), a New Jersey corporation, with its
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 its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSC of NJ owns 1% of Public Service New Millennium Economic
Development Fund L.L.C. (New Millennium), as described below:
1.1.C. Public Service New Millennium Economic Development Fund L.L.C. (New
Millennium) with its 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. Gridco International (Gridco International), a Delaware limited
liabilitiy company, with its 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.
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1.1.E. PSE&G Transition Funding LLC (Transition Funding), a Delaware limited
liability company, has its principal offices at 80 Park Plaza, Newark, New
Jersey 07102. PSE&G is the sole member (parent) of Transition Funding.
Transition Funding 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.F. PSEG Area Development L.L.C. (Area Development), a New Jersey limited
liability company and a wholly owned subsidiary of PSE&G, with its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102. Area Development,
a wholly owned subsidiary of PSE&G, was formed to hold membership interests in
limited liability companies that will provide the following services in New
Jersey: real estate site finding, listing and referral, corporate relocation,
strategic land use and economic development planning.
1.1.F.1. PSEG SiteFinders L.L.C. (SiteFinders), a New Jersey limited liability
company and a wholly owned subsidiary of Area Development, with its 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.F.2. PSEG Economic Development L.L.C. (Economic Development), a New Jersey
limited liability company and a wholly owned subsidiary of Area Development, has
its 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.G. 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.H. 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.I. PSE&G Capital Trust II, a Delaware Trust with its principal executive
offices at 80 Park Plaza, Newark, New Jersey 07102, was formed and controlled by
PSE&G for the purpose of issuing Quarterly Income Preferred Securities, and is
presently active.
1.1.J. 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.K. 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.
1.1.L. 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.M. 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.
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1.1.N. 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. Through its subsidiaries, Power is a multi-regional
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 eight
indirect wholly owned subsidiaries, discussed below. As of December 31, 2004,
Power comprised approximately 29% of PSEG's assets. Power's 2004 revenues were
approximately 47% of PSEG's revenues and Power's 2004 earnings available to PSEG
were $308 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 a
EWG. Fossil was formed to own and operate fossil-fueled generating stations.
Fossil has six direct wholly owned subsidiaries and one indirect wholly owned
subsidiary, as discussed below:
1.2.A.1. PSEG Power New York Inc. (Power New York), a Delaware corporation and a
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.
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. Cross Hudson was formed for the purpose of developing power
projects for delivery into New York City. Cross Hudson has one direct wholly
owned subsidiary, 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, and was
formed for the purpose of developing power projects for delivery into New York
City.
1.2.A.3. PSEG Lawrenceburg Energy Company LLC (PSEG Lawrenceburg), a Delaware
limited liability company, is a EWG and has its registered office at 1209 Orange
Street, Wilmington, Delaware 19801. PSEG Lawrenceburg 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 Waterford Energy LLC (PSEG Waterford), a Delaware limited
liability company, has its registered office at 1209 Orange Street, Wilmington,
Delaware 19801. PSEG Waterford was formed for the purpose of investing in a
power facility in Waterford, Ohio and is a EWG. PSEG Waterford is a wholly
owned subsidiary of Fossil.
1.2.A.5. PSEG Power Midwest LLC (Power Midwest), a Delaware limited liability
company, is a EWG and has its registered office at 1209 Orange Street,
Wilmington, Delaware 19801. Power Midwest was formed for the purpose of
operating power facilities in the Midwestern United States.
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1.2.A.6. 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 a EWG
and was formed for the purpose of owning and operating 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 a EWG
and was formed to own and operate 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, with 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 purchase fuel for co-owned generation plants in Pennsylvania.
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 primarily markets electricity, natural gas and capacity and
ancillary services throughout the greater North East region (Northeast,
Mid-Atlantic and Mid-West) of the United States.
1.2.E. PSEG Power Capital Investment Co. LLC (Power Capital LLC), a Delaware
limited liability company, formerly PSEG Power Capital Investment Co. (Power
Capital), a Delaware corporation, has its principal executive offices at 1300
Market Street, Suite 602, Wilmington, Delaware 19801, and 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, and 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.
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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, 2004, Energy Holdings
comprised approximately 25% of PSEG's assets. Energy Holdings' 2004 revenues
were approximately 9% of PSEG's revenues and Energy Holdings' 2004 earnings
available to PSEG were $125 million. Energy Holdings' has six direct wholly
owned subsidiaries and 311 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 50
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, 2004, PSEG Resources
comprised approximately 10% of PSEG's assets. PSEG Resources' 2004 revenues were
approximately 2% of PSEG's revenues and PSEG Resources' 2004 earnings available
to PSEG were $65 million. PSEG Resources is a wholly owned subsidiary of Energy
Holdings. PSEG Resources has two direct and forty-three 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, 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-two 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.
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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, 2004, RCMC comprised approximately 3% of PSEG's
assets. RCMC's 2004 revenues were less than 1% of PSEG's revenues and RCMC's
2004 earnings available to PSEG were $24 million. RCMC has investments in a
project financing and several leveraged leases. RCMC has eight 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.
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.
1.3.A.1.(d)(v) RCMC I, Inc. (RCMC I), a Delaware corporation, has its principal
executive offices at 1300 Market Street, Suite 400, 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.
RCMC I has one direct wholly owned subsidiary, as described below:
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1.3.A.1.(d)(v)(A) KLF 98-C2, Inc. (KLFC2), 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.(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, has an undivided interest in
certain common facilities related thereto located in Newburgh, New York and is a
EWG. 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, has an undivided interest in
certain common facilities related thereto located in Newburgh, New York and is a
EWG.
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, has an undivided interest in
certain common facilities related thereto located in Newburgh, New York and is a
EWG. Roseton OP has one direct wholly owned subsidiary, as described below:
1.3.A.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, has an undivided interest in certain common
facilities related thereto located in Newburgh, New York and is a EWG.
1.3.A.1.(d)(viii) Uzal LLC (UZAL), a Delaware limited liability company, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102 and
was formed to act as the Owner Participant in connection with a 100% interest
in UZAL SWG BUSINESS TRUST, which owned a 100% interest in the Harold G. Laub
LNG facility and an associated 61.1 mile, 20 inch high pressure looping pipeline
in Nevada. UZAL SWG BUSINESS TRUST was later converted into UZAL, and in
December 2004 UZAL conveyed all of its interest in the LNG facility to Paiute
Pipeline Company, an affiliate of Southwest Gas Corporation, and thereafter
UZAL became inactive.
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 and 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 and was formed as an FSC.
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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 its principal executive offices
at 50 Kronprindsens Gade, 2nd Floor, GERS Building, Saint Thomas, United States
Virgin Islands 00802, and 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.
1.3.A.1.(k) Enterprise Energy Technology Group, Inc. (ENERTECH), a Delaware
corporation, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, 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.
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1.3.A.1.(l)(i)(A)(i) Conemaugh Lessor Genco LLC (Conemaugh Lessor), a Delaware
limited liability company, is a 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 a EWG.
1.3.A.1.(l)(iii) PSEGR Shawville, LLC (PSEGR Shawville), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. PSEGR Shawville has an indirect investment in Shawville. PSEGR
Shawville has one direct and one indirect wholly owned subsidiary, as 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 a EWG.
1.3.A.1.(m) PSEG Demand Management Co., L.L.C. (DMC), a New Jersey limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. In October 2004 PSEG Demand Management Co., Inc. (DMC Inc.)
converted from a New Jersey corporation into a New Jersey limited liability
company pursuant to a restructuring in which DMC Inc. merged into a
newly-formed, direct, wholly owned subsidiary of PSRC, PSEG Demand Management
Co., L.L.C., a New Jersey limited liability company. DMC is a party to certain
demand-side management contracts.
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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. Nesbitt holds equity interests in two, coal-fired, steam-generating units
located in Pekin, Illinois and Joliet, Illinois through Series MW, a duly
constituted series within Nesbitt. Nesbitt has two direct and six 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. 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. Collins I is presently inactive.
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. Collins II 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. Collins III 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. Collins IV is presently inactive.
1.3.A.2.(b) PSEGR Midwest, LLC (PSEGR Midwest), a Delaware limited liability
company, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. PSEGR Midwest is presently inactive and has two direct wholly
owned subsidiaries, as described below.
1.3.A.2.(b)(i) Powerton Generation I, LLC (Powerton Generation), a Delaware
limited liability company, has its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102. Powerton Generation is presently inactive.
1.3.A.2.(b)(ii) Joliet Generation I, LLC (Joliet Generation), a Delaware limited
liability company, has its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102. Joliet Generation is presently inactive.
1.3.B. PSEG Global L.L.C. (Global), a New Jersey limited liability company, has
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102.
Through its subsidiaries, Global participates in the development and operation
of projects in the generation and distribution of energy, which includes
cogeneration and power-production facilities and electric distribution
companies. Some of the cogeneration and power-production 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), and some are EWGs, under the
Public Utility Holding Company Act of 1935, as amended. Global is a wholly owned
10
subsidiary of Energy Holdings. Global has five direct wholly owned subsidiaries:
PSEG Baja Inc. (Baja), PSEG Global USA L.L.C. (Global USA), PSEG Global
International Holdings LLC (PGIHLLC), PSEG India Company, and PSEG Europe
(Delaware) LLC (PEDLLC), as well as many indirect subsidiaries including limited
and general partnership interests. Global USA and its direct and indirect
subsidiaries primarily hold investments in domestic generation projects. 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. As of December
31, 2004, Global comprised approximately 14% of PSEG's assets. Global's 2004
revenues were approximately 8% of PSEG's revenues and Global's 2004 earnings
available to PSEG were $69 million.
1.3.B.1. PSEG Baja Inc. (Baja), a Delaware corporation, with its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, is presently inactive.
1.3.B.2. PSEG Global USA L.L.C. (Global USA), a New Jersey limited liability
company with its registered office at 80 Park Plaza, Newark, New Jersey 07102,
has a total of 22 direct and 91 indirect subsidiaries including limited and
general partnership interests as described below:
1.3.B.2.(a) CEMAS Corporation, a Delaware corporation, with its 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 its 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 L.L.C. 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 its
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:
1.3.B.2.(c)(i) GWF Power Systems Company, Inc., a California corporation, with
its principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565, 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 its
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.
11
1.3.B.2.(c)(i)(A)(i) GWF Power Systems, L.P. (GWFLP), a Delaware limited
partnership, with its 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 its
principal executive offices at 4300 Railroad Avenue, Pittsburg, California
94565, 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
its 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 its 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 its
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 its
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 its principal executive offices at 1370
Avenue of the Americas, Suite 3300, New York, New York 10019, 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 its principal
executive offices at 80 Park Plaza, Newark, New Jersey 07102, has the following
direct wholly owned subsidiaries as described below:
1.3.B.2.(f)(i) PSEG Bay Area Inc., a Delaware corporation, with its 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.
12
1.3.B.2.(f)(ii) PSEG Hanford Inc., a Delaware corporation, with its 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 its
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 its
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 its 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 a EWG, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, owns a heavy, oil-fired cogeneration QF on the Island of Oahu in
Hawaii.
1.3.B.2.(i) TPS Holdings II, Inc. (formerly KI Holdings Inc.), a Delaware
corporation, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is presently inactive. TPS Holdings II, Inc. has the following
direct wholly owned subsidiary, as described below:
1.3.B.2.(i)(a) TPS Holdings III, Inc. (formerly PSEG Merger Inc.), a Delaware
corporation, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is presently inactive.
1.3.B.2.(j) PSEG India Inc., a Delaware corporation, with its 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 its
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 share is owned by PSEG India
Inc.
1.3.B.2.(l) PSEG International Services Inc., a Delaware corporation, with its
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.(m) PSEG Kalaeloa Inc., a Delaware corporation, with its 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 in KPLP is
owned by KIPLP.
13
1.3.B.2.(n) PSEG Leasing Inc., a New Jersey corporation, with its 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
its 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 its 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 its
principal executive offices at 9 Capital Street, Concord, New Hampshire 03301,
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 its 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 its
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 general partnerships,
as described below:
1.3.B.2.(q)(i) National Energy Constructors, a Delaware general partnership,
with its 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 its
principal executive offices at 14800 West Schulte Road, Tracy, California 95376,
operates and maintains a biomass-fired, small power-production QF in Tracy,
California.
1.3.B.2.(r) PSEG Tracy L.L.C., a New Jersey limited liability company, with its
registered office at 80 Park Plaza, T-20, Newark, New Jersey, 07102, is a 34.5%
general partner in Thermal Energy Development Partnership, L.P.
1.3.B.2.(r)(i) Thermal Energy Development Partnership, L.P., a Delaware limited
partnership, with its registered office at 2711 Centerville Road, Suite 400,
Wilmington, Delaware 19808, owns a biomass-fired, small power-production QF in
Tracy, California.
1.3.B.2.(s) PSEG U.S. Services Inc., a Delaware corporation, with its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, was formed for the
purpose of future investments in Texas and is presently inactive.
14
1.3.B.2.(t) PSEG International L.L.C., a Delaware corporation, with its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, has the
following direct and indirect wholly owned and partially owned subsidiaries, as
described below:
1.3.B.2.(t)(i) PSEG Americas Services Inc., a Delaware corporation, with its
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.(t)(ii) PSEG Millbank Inc., formerly PSEG Middle East Inc., a Delaware
corporation, with its 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.(t)(ii)(A) PSEG Global Power Holdings Ltd., formerly Barka Power
Holdings Ltd., a Bermuda limited liability company, with its principal offices
at Clarendon House, 2 Church Street, Hamilton HMCX HM11, Bermuda, is presently
inactive.
1.3.B.2.(t)(ii)(B) PSEG UK Services Limited, a United Kingdom company, with its
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.(t)(iii) PSEG (Bermuda) Holdings II Ltd., a Bermuda limited liability
company, with its principal, executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, has the following direct subsidiary, as described
below:
1.3.B.2.(t)(iii)(A) PSEG Bhilai Energy Company Ltd. (BHILAI), a Mauritius
company, with its 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.(t)(iv) PSEG Americas L.L.C., a Delaware limited liability company, with
its registered office at 1209 Orange Street, 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.(t)(iv)(A) La Plata I, Inc., a Delaware corporation, with its registered
office at 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, is a
direct and wholly owned subsidiary of PSEG Americas L.L.C.
1.3.B.2.(t)(iv)(B) TPS Holdings, Inc., a Delaware corporation, with its
registered office at 1209 Orange Street, Wilmington Delaware 19801, owns a 49.5%
limited partnership interest in Texas Independent Energy, L.P. (TIELP). TPS
Holdings, Inc. is a direct and wholly owned subsidiary of PSEG Americas L.L.C.
and has the following direct subsidiary, as described below:
1.3.B.2.(t)(iv)(B)(i) TPS General Partner LLC (TPS GP), a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, owns a 0.5% general partnership interest in TIELP.
15
1.3.B.2.(t)(iv)(C) PSEG Texgen Holdings Inc., a Delaware corporation, with its
registered office at 300 Delaware Avenue, Suite 900, Wilmington, Delaware 19801,
was formed for the purpose of investments in Texas. PSEG Texgen Holdings Inc. is
a direct and wholly owned subsidiary of PSEG Americas L.L.C. and has the
following direct and indirect subsidiaries, as described below:
1.3.B.2.(t)(iv)(C)(i) PSEG Texgen I Inc. (Texgen I), a Delaware corporation,
with its registered office at 300 Delaware Avenue, Suite 900, Wilmington,
Delaware 19801, owns a 0.5% general partnership interest in TIELP.
1.3.B.2.(t)(iv)(C)(ii) PSEG Texgen II Inc. (Texgen II), a Delaware corporation,
with its registered office at 300 Delaware Avenue, Suite 900, Wilmington,
Delaware 19801, owns a 49.5% limited partnership interest in TIELP.
1.3.B.2.(t)(iv)(C)(ii)(a) Texas Independent Energy, L.P. (TIELP), a Delaware
limited partnership, with its 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,
respectively, own a 0.5% general partnership interest and 49.5% limited
partnership interest in TIELP, and TPS GP and TPS Holdings, Inc., together,
respectively own the remaining 0.5% general partnership interest and 49.5%
limited partnership interest in TIELP. TIELP has five direct and three indirect
subsidiaries, as described below.
1.3.B.2.(t)(iv)(C)(ii)(a)(i) Guadalupe Power I, LLC, a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly owned subsidiary of TIELP and owns a 1% general
partnership interest in Guadalupe Power Partners, LP (GPP), as described below.
1.3.B.2.(t)(iv)(C)(ii)(a)(ii) Guadalupe Power II, LLC, a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly owned subsidiary of TIELP and owns a 99%, limited
partnership interest in GPP, as described below.
1.3.B.2.(t)(iv)(C)(ii)(a)(ii)(a) Guadalupe Power Partners, LP (GPP), a Delaware
limited partnership and a EWG, with its 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.(t)(iv)(C)(ii)(a)(iii) Odessa-Ector Power I, LLC, a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly owned subsidiary of TIELP and owns a 1%,
general-partnership interest in Odessa-Ector Power Partners, LP (OEPP) and
Odessa-Ector Power Partners Services, L.P. (OEPPS), as described below.
1.3.B.2.(t)(iv)(C)(ii)(a)(iv) Odessa-Ector Power II, LLC, a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is a wholly owned subsidiary of TIELP and owns a 99% limited
partnership interest in OEPP and OEPPS, as described below.
16
1.3.B.2.(t)(iv)(C)(ii)(a)(iv)(a) Odessa-Ector Power Partners, L.P. (OEPP), a
Delaware limited partnership and a EWG, with its registered office at 1209
Orange Street, Wilmington, Delaware 19801, owns a natural gas-fired,
power-generating facility in Ector County, Texas.
1.3.B.2.(t)(iv)(C)(ii)(a)(iv)(b) Odessa-Ector Power Partners Services, L.P.
(OEPPS), a Delaware limited partnership, with its 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.(t)(iv)(C)(ii)(a)(v) Texas Independent Energy Operating Company, LLC
(TIE), a Delaware limited liability company and a EWG, with its registered
office at 1209 Orange Street, Wilmington, Delaware 19801, is a wholly owned
subsidiary of TIELP and was formed to operate and maintain the power-generating
facility owned by each of GPP and OEPP.
1.3.B.2.(t)(iv)(C)(iii) PSEG Preferred Partner L.L.C., a Delaware limited
liability company, with its 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.(t)(iv)(D) PSEG Global Funding II LLC, a Delaware limited liability
company, with its registered office at 1209 Orange Street, Wilmington, Delaware
19801, directly owns PSEG Global Funding Corp.
1.3.B.2.(t)(iv)(D)(i) PSEG Global Funding Corp., a Delaware corporation, with
its 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.(t)(iv)(D)(i)(a) PSEG Global Funding III Company, a Cayman Islands
company, with its 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.(t)(iv)(D)(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.(t)(iv)(D)(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.(t)(iv)(D)(i)(a)(i)(b) PSEG Peru S.R.L., a Peruvian limited liability
company, with its 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.
17
1.3.B.2.(t)(iv)(E) PSEG Global Management Inc., formerly Mendoza Energia, Inc.,
a Delaware corporation, with its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, was formed for the purpose of providing
energy-related services.
1.3.B.2.(t)(iv)(F) Sempra Energy International Chile Holdings I B.V., a
Netherlands company, with its principal executive offices at Weena 340,
Rotterdam, The Netherlands 3012NJ, was formed for the purpose of investing in
Latin America. PSEG Americas L.L.C. owns 0.108% of Sempra Energy International
Chile Holdings I B.V.
1.3.B.2.(t)(v) PSEG China Holdings Ltd., formerly PSEG Gongyi Power Ltd., a
Bermuda limited liability company, with its principal offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda, is presently inactive.
1.3.B.2.(t)(vi) PSEG Philippine Holdings LLC (PPHLLC), a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, has one direct 27.67%-owned subsidiary and seventeen indirect,
partially owned subsidiaries, as described below.
1.3.B.2.(t)(vi)(A) Magellan Capital Holdings Corporation (MCHC), 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 power
facilities in the Philippines. MCHC is 27.67% owned by PPHLLC and 67% owned by F
& J Prince Holdings Corporation, and has the following, direct and indirect,
wholly owned and partially owned subsidiaries:
1.3.B.2.(t)(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. MUDC is 43% owned by MCHC.
1.3.B.2.(t)(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 has a 99.8% ownership interest in
Pinamucan Power Corporation.
1.3.B.2.(t)(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.(t)(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 power facility that MUDC may construct and owns various
subsidiaries, which hold title to part of the land intended for the MUDC
project. MCHC owns 99.99% of BAIDC.
18
1.3.B.2.(t)(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
owns 99.75% of Fruits of the East, Inc.
1.3.B.2.(t)(vi)(A)(ii)(b) King Leader Philippines, Inc., a Philippines company,
with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas, Makati City,
1226 Philippines, was formed as a holding company. BAIDC owns 99.99% of King
Leader Philippines.
1.3.B.2.(t)(vi)(A)(ii)(c) Hometel Integrated Management 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
management services. BAIDC owns 99.92% of Hometel Integrated Management
Corporation.
1.3.B.2.(t)(vi)(A)(ii)(d) Samar Commodities Trading, Inc., 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 engaging in the
business of aquatic, marine and agricultural trading, and is 99.99% owned by
BAIDC.
1.3.B.2.(t)(vi)(A)(ii)(e) Tropical Aqua Resources, Inc., a Philippines company,
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 owns 99.99% of Tropical Aqua Resources, Inc.
1.3.B.2.(t)(vi)(A)(ii)(f) United Philippine Oil Trading, Inc., a Philippines
company, with executive offices at 5/F Citibank Center, 8741 Paseo de Roxas,
Makati City, 1226 Philippines, was formed to engage in commodities trading.
BAIDC owns 99.99% of United Philippine Oil Trading, Inc.
1.3.B.2.(t)(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 99.99% of Pinamucan Industrial
Estates, Inc.
1.3.B.2.(t)(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 presently inactive. F & J Prince Holdings Corporation owns
67% of MCHC, and is 9.854% owned by MCHC and 10.006% owned by Pinamucan
Industrial Estates, Inc.
1.3.B.2.(t)(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 23.691% of Pointwest Technologies Corporation.
19
1.3.B.2.(t)(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 owns 99.8% of Malabrigo Corporation.
1.3.B.2.(t)(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 owns 99.99% of Magellan Capital
Corporation.
1.3.B.2.(t)(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 owns 99.99% of
Magellan Capital Realty Development Corporation.
1.3.B.2.(t)(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 owns 99.99% of Magellan Trading
Capital Corporation.
1.3.B.2.(t)(vii) PSEG Pontianak (L) Ltd., a Malaysian company, with its
registered office at Noblehouse International Trust Sdn. Bhd, Level 1, Lot 7,
Block F, Saguking Commercial Building, 87000 Jalan Patau-Patau, Labuan F.T.,
Malaysia, has one direct 93.75%-owned subsidiary, as described below.
1.3.B.2.(t)(vii)(A) PT Pontianak Power, an Indonesian company, with its
principal executive offices at JI. Dr. Saharjo 52 Jakarta, 12970 Indonesia, is
presently inactive.
1.3.B.2.(t)(viii) PSEG Zhou Kou Power Ltd., a Bermuda limited liability company,
with its principal, executive offices at Clarendon House, 2 Church Street,
Hamilton, Bermuda, is presently inactive.
1.3.B.2.(t)(ix) PSEG Rades Services Inc., formerly Empresa Argentina Electrica
I, Inc., a Delaware corporation, with its 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.(t)(x)PSEG Elcho Services Inc., formerly Empresa Argentina Electrica II,
Inc., a Delaware corporation, with its 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.(t)(xi) PSEG Europe Ltd., formerly PSEG Global Ltd., a United Kingdom
company, with its 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.(t)(xi)(A) PSEG Technical Services Ltd., a United Kingdom company, with
its 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.
20
1.3.B.2.(t)(xi)(B) PSEG Offshore Operations Ltd., formerly PSEG Operations Ltd.,
a United Kingdom company, with its registered office at 100 New Bridge Street,
EC4V 6JA, United Kingdom, is presently inactive.
1.3.B.2.(t)(xi)(C) PSEG Operations Tunisia Ltd., a United Kingdom company, with
its registered office at 100 New Bridge Street, EC4V 6JA, United Kingdom, is
presently inactive.
1.3.B.2.(t)(xii) PSEG Operaciones I Company, formerly PSEG Electrica and
Turbogeneradores de Cagua Company, a Cayman Islands company, with its 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.(t)(xiii) PSEG Operaciones II Company, formerly Peru Power, Ltd., a
Cayman Islands company, with its 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.(t)(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.(t)(xiii)(A)(i) PSEG Cuenta Finance Company, formerly Andina Mendoza I
Company, a Cayman Islands company, with its 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. PSEG Cuenta
Finance Company is 20% owned by PSEG Operaciones I Company and 80% owned by PSEG
Operaciones II Company.
1.3.B.2.(t)(xiii)(A)(ii) PSEG Generacion y Energia Chile Limitada, a Chilean
limited liability company and a EWG, with its registered office at Miraflores
222, Piso 24, Santiago, Chile, was formed for the purpose of making investments
in Latin America. PSEG Generacion y Energia Chile Limitada owns an
electric-generating station in Chile. PSEG Generacion Energia y Chile Limitada
is 20% owned by PSEG Operaciones I Company and 80% owned by PSEG Operaciones II
Company.
1.3.B.2.(t)(xiii)(B) PSEG Chile Company, a Cayman Islands company, with its
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. PSEG Chile Company is wholly owned by PSEG
Operaciones I Company.
1.3.B.2.(t)(xiv) North Bay Power LLC, a Delaware limited liability company, with
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, was
formed for the purpose of investing in North America.
21
1.3.B.2.(t)(xv) PSEG Henrietta Turbine Inc., formerly PSEG Mexico Inc., a
Delaware corporation, with its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, is presently inactive.
1.3.B.2.(t)(xvi) PSEG California Corp., a Delaware corporation, with its
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.(t)(xvi)(A) GWF Energy LLC, a Delaware limited liability company and a
EWG, with its 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.(t)(xvii) PSEG California II Corp., formerly Andina Electrica, Inc., a
Delaware corporation, with its 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 10% interest in GWF Energy LLC.
1.3.B.2.(t)(xviii) PSEG California III Corp., formerly Andina Mendoza
Corporation, a Delaware corporation, with its registered office at 1209 Orange
Street, Wilmington, Delaware 19801, was formed for the purpose of investing in
North America.
1.3.B.2.(t)(xix) PSEG Tracy Turbine Inc., formerly PSEG Peru Inc., a Delaware
corporation, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, is presently inactive.
1.3.B.2.(u) PSEG Chilquinta Finance LLC, a Delaware limited liability company,
with its registered office at 1209 Orange Street, Wilmington, Delaware 19801, is
a holding company that has the following, 50%-owned subsidiary:
1.3.B.2.(u)(i) Chilquinta Energia Finance Co. LLC, a Delaware limited liability
company, with its 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.(v) PSEG Polska Sp. z o.o. w likwidacji, a Polish company, with its
registered office at ul. Emilii Plater 53, 18 Pietro, Warsaw, Poland 00-113, was
formed for the purpose of managing investments in Poland, and is currently being
liquidated.
1.3.B.3. PSEG Global International Holdings LLC (PGIHLLC), a Delaware limited
liability company, with its 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.3.(a) PSEG Americas Ltd., a Bermuda limited liability company, with its
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:
22
1.3.B.3.(a)(i) Andina Mendoza Company, a Cayman Islands company, with its
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.3.(a)(ii) Inversiones PSEG Americas Chile Holding Limitada (Inversiones
Chile), a Chilean limited liability company, with its registered office at
Miraflores 222, Piso 24, Santiago, Chile, was formed for the purpose of
investing in Sociedad Austral de Electricidad S.A. (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.3.(a)(ii)(A) Empresa Electrica de la Frontera S.A. (Frontel), a Chilean
company and a FUCO, with its 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
98.361% owned by Inversiones Chile and 0.002% owned by Chilean Equity II.
Frontel owns a 0.1% direct interest in each of Compania Electrica Osorno S.A.
(Creo), Sistema de Transmision del Sur S.A. (STS) and Sociedad Generadora
Austral S.A. (SGA), as described below.
1.3.B.3.(a)(ii)(B) Sociedad Austral de Electricidad S.A. (SAESA), a Chilean
sociedad anonima and a FUCO, with its 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 99.965% owned by Inversiones Chile and 0.001% owned by Chilean Equity
II. SAESA has the following direct and indirect partially owned subsidiaries:
1.3.B.3.(a)(ii)(B)(i) Sociedad Austral de Electricidad Overseas Ltd. (SAEOL), a
Cayman Island Company, with its registered office at Corporate Centre, Windward
One, West Bay Road, PO Box 31106 SMB, Grand Cayman, Cayman Islands, was formed
for the purpose of investing in Latin America. SAESA and Frontel respectively
hold a 99.9% and 0.1% ownership interest in SAEOL, which has the following
direct partially owned subsidiary, as described below:
1.3.B.3.(a)(ii)(B)(i)(a) Empresa de Energia Rio Negro S.A. (Edersa), an
Argentine sociedad anonima and a FUCO, with its 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 SAEOL.
1.3.B.3.(a)(ii)(B)(ii) Empresa Electrica de Aisen S.A. (Edelaysen), a Chilean
sociedad anonima and a FUCO, with its registered office at Bulnes 441, Osorno,
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.3.(a)(ii)(B)(iii) Compania Electrica Osorno S.A. (Creo), a Chilean
sociedad anonima and a FUCO, with its 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.
23
1.3.B.3.(a)(ii)(B)(iv) Sociedad Generadora Austral S.A. (SGA), a Chilean
sociedad anonima, with its registered office at Isidora Goyenechea No. 3621,
Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of engaging in
the energy broker business. SGA is 99.9% owned by SAESA and 0.1% owned by
FRONTEL. SGA has a 7.142% ownership interest in Centro de Despacho Economico de
Carga del Sistema Electrico Interconectado Central CDEC-SOC Limitada subsidiary,
as described below.
1.3.B.3.(a)(ii)(B)(v) Sistema de Transmision del Sur S.A. (STS), a Chilean
sociedad anonima and a FUCO, with its 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 a 7.142%
ownership interest in one subsidiary, as described below.
1.3.B.3.(a)(ii)(B)(v)(a) Centro de Despacho Economico de Carga del Sistema
Electrico Interconectado Central CDEC-SOC Limitada, a Chilean limited liability
company, with its registered office in Chile, was formed for the purpose of
investing in Latin America and owns electric distribution facilities in Chile.
STS and SGA each own a 7.142% interest in CDEC-SOC.
1.3.B.3.(a)(iii) PSEG Americas Operating Company (PSEGAOC), a Cayman Island
company, with its 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 L.L.C. holds an
additional 0.01% interest in this company.
1.3.B.3.(a)(iv) PSEG Brasil Ltda., a Brazilian limited liability company, with
its 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 99.99973% of PSEG Brasil Ltda. Ipe Energia S.A. (IPE), as
described below, directly owns the remaining 0.00027% of PSEG Brasil Ltda.
1.3.B.3.(a)(v) PSEG Brazil II Company, a Cayman Islands company, with its
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.3.(a)(v)(A) PSEG Trader S.A., formerly Terra Roxa Participacoes S.A., a
Brazilian company, with its 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.3.(a)(vi) PSEG Brazil III Company, a Cayman Islands company, with its
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.
24
1.3.B.3.(a)(vii) PSEG Brazil Investment Company, a Cayman Islands company, with
its 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.3.(a)(vii)(A) Pampa Energia Ltda., a Cayman Islands company, with its
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:
1.3.B.3.(a)(vii)(A)(i) PSEG Brazil Company, a Cayman Islands company, with its
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.3.(a)(vii)(A)(i)(a) PSEG Participacoes S.A., a Brazilian sociedade
anonima, with its 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.3.(a)(vii)(A)(i)(b) Ipe Energia Ltda. (IPE), a Brazilian company, with its
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 32.456% interest in RGE. IPE also owns 0.00027% of PSEG Brasil Ltda.
1.3.B.3.(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 its 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 32.456% of RGE. RGE
has the following, wholly owned subsidiary:
1.3.B.3.(a)(vii)(A)(i)(b)(i)(a) Sul Geradora Participacoes S.A., a Brazilian
sociedade anonima, with its 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 the importation, exportation and commerce of
agricultural products.
1.3.B.3.(a)(vii)(A)(ii) PSEG Brazil I Company, a Cayman Islands company, with
its 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 99.945% interest in Conversora de Fertilizante e Energia do
Parana Ltda., a Brazilian limited liability
25
company, and PSEG Brazil Company holds the remaining 0.055% ownership interest
in Conversora de Fertilizante e Energia do Parana Ltda.
1.3.B.3.(a)(vii)(A)(ii)(a) Conversora de Fertilizante e Energia do Parana Ltda.,
formerly PSEG Brasil Operacoes Ltda., a Brazilian limited liability company, has
its 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 a direct 99.945%
interest in Conversora de Fertilizante e Energia do Parana Ltda. PSEG Brazil
Company directly owns the remaining 0.055%.
1.3.B.3.(a)(viii) PSEG Brazil Operating Company, a Cayman Islands company, with
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has two, 0.1%-owned subsidiaries,
as described below.
1.3.B.3.(a)(viii)(A) Inversiones Electricas del Sur Limitada, a Chilean company,
with its registered office at Miraflores 222, Piso 24, Santiago, Chile, was
formed for the purpose of investing in Latin America. Inversiones Electricas del
Sur Limitada is 99.9% owned by PSEG Americas Ltd. and 0.1% owned by PSEG Brazil
Operating Company.
1.3.B.3.(a)(viii)(B) Inversiones Electricas del Sur Dos Limitada, a Chilean
company, with its registered office at Miraflores 222, Piso 24, Santiago, Chile,
was formed for the purpose of investing in Latin America. Inversiones Electricas
del Sur Dos Limitada is 99.9% owned by PSEG Americas Ltd. and 0.1% owned by PSEG
Brazil Operating Company.
1.3.B.3.(a)(ix) PSEG (Bermuda) Holdings III Ltd., a Bermuda limited liability
company, with its 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.3.(a)(ix)(A) PSEG India Ltd., a Mauritius company, with its 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.3.(a)(ix)(A)(i) PSEG Ambalamugal Energy Company Ltd., a Mauritius company,
with its registered office at 608 St. James Court, St. Denis Street, Port Louis,
Mauritius, was formed for the purpose of investing in power facilities in India.
PSEG Ambalamugal Energy Company Ltd. owns one share of PSEG PPN Operations
Private Ltd. (PPN Operations), as described below.
1.3.B.3.(a)(ix)(A)(ii) PSEG North Chennai Ltd., formerly PSEG North Madras Ltd.,
a Mauritius company, with its registered office at 608 St. James Court, St.
Denis Street, Port Louis, Mauritius, was formed for the purpose of investing in
power facilities in India. 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).
26
1.3.B.3.(a)(ix)(A)(ii)(a) Tri-Sakthi Investments Limited (TSIL), a Mauritius
company, with its registered office at 3rd Floor, TM Building, Pope Hennessy
Street, Port Louis, Mauritius, has a 50% interest in TSEPL.
1.3.B.3.(a)(ix)(A)(iii)(a)(i) Tri-Sakthi Energy Private Limited (TSEPL), an
Indian company, with its 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.
1.3.B.3.(a)(x) PSEG Cayman Americas Company, a Cayman Islands company, with its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has the following subsidiary:
1.3.B.3.(a)(x)(A) PSEG Cayman Americas V Company, a Cayman Islands company, with
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.3.(a)(xi) PSEG Global Funding II Corp., a Delaware corporation, with its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, was formed
for future investments in South America.
1.3.B.3.(a)(xii) PSEG Luxembourg S.a.r.l., a Luxembourg company, with its
registered office at 4 Rue Carlo Hemmer, Luxembourg, was formed as a holding
company for entities in various jurisdictions.
1.3.B.3.(a)(xiii) Transamerica Energy Company, a Cayman Islands company, with
its 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 Latin America. Transamerica Energy Company has an 80%
interest in Asociacion en Participacion (AenPII), as described below.
1.3.B.3.(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.3.(a)(xiii)(A)(i) Electroandes S.A., a Peruvian sociedad anonima and a
FUCO, with its 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.
Electroandes S.A. is 20.39% owned by PSEG Americas Ltd. and 79.60% owned by
Transamerica Energy Company.
1.3.B.3.(a)(xiii)(A)(ii) PSEG Peru Company, a Cayman Islands company, with its
registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, is presently inactive and is wholly
owned by PSEG Americas Ltd.
1.3.B.3.(a)(xiv) Venergy Holdings Company, formerly Turbogeneradores de Maracay
Company, a Cayman Islands company, with its registered office at Ugland House,
South
27
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.3.(a)(xiv)(A) Turboven Company Inc., a Cayman Islands company, with its
registered office at c/o Trident Trust Company (Cayman) Limited, Fourth Floor,
One Capital Place, P. O. Box 847, Grand Cayman, Cayman Islands, British West
Indies, is a 50%-owned, direct subsidiary of Venergy Holdings Company. Turboven
Company Inc. has the following direct wholly owned subsidiaries:
1.3.B.3.(a)(xiv)(A)(i) Turboven Cagua Company Inc. (CAGUA), a Cayman Islands
company and a FUCO, with its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman,
Cayman Islands, British West Indies, was formed for the purpose of making
investments in Latin America.
1.3.B.3.(a)(xiv)(A)(ii) Turboven Maracay Company Inc. (MARACAY), a Cayman
Islands company and a FUCO, with its registered office at c/o Trident Trust
Company (Cayman) Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand
Cayman, Cayman Islands, British West Indies, was formed for the purpose of
making investments in Latin America.
1.3.B.3.(a)(xiv)(A)(iii) Turboven Valencia Company Inc. (VALENCIA)., a Cayman
Islands company, with its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman,
Cayman Islands, British West Indies, was formed for the purpose of making
investments in Latin America. VALENCIA is a FUCO.
1.3.B.3.(a)(xiv)(A)(iv) Turboven La Victoria Company Inc., a Cayman Islands
company with its registered office at c/o Trident Trust Company (Cayman)
Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand Cayman, Cayman
Islands, British West Indies, was formed for the purpose of making investments
in Latin America.
1.3.B.3.(a)(xv) Rayo-Andino Gestora Company, formerly Turbogeneradores de
Valencia Company, a Cayman Islands company, with its registered office at Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies, has one direct 0.014%-owned subsidiary, as described below.
1.3.B.3.(a)(xv)(A) Promotora Termica del Cafe S.C.A., a Colombian company, with
its registered office at Carrera 11 No. 86-60, Oficina 301 de Santafe de Bogota,
Colombia is presently inactive.
1.3.B.3.(a)(xvi) Rayo-Andino Inversora Company, a Cayman Islands company, with
its registered office at Ugland House, South Church Street, George Town, Grand
Cayman, Cayman Islands, British West Indies, has a direct 92.843% interest in
Promotora Termica del Cafe S.C.A. Rayo-Andino Inversora Company also has a 100%
interest in PSEG International Holding Company, as described below.
1.3.B.3.(a)(xvi)(A) PSEG International Holding Company, a Cayman Island company,
with its registered office at Ugland House, South Church Street, George Town,
Grand
28
Cayman, Cayman Islands, British West Indies, has the following direct and
indirect subsidiaries, as described below:
1.3.B.3.(a)(xvi)(A)(i) PSEG International Holding II Company, a Cayman Island
company, with its registered office at Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.3.(a)(xvi)(A)(ii) PSEG Holdings Pte Ltd., a Singapore company, with its
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.
1.3.B.3.(a)(xvii) PSEG Chilean Equity II Ltd. (Chilean Equity II), a Cayman
Islands company, with its registered office at Ugland House, South Church
Street, George Town, Grand Cayman, Cayman Islands, British West Indies, is a
direct wholly owned subsidiary of PSEG Americas Ltd. and has the following
direct and indirect subsidiaries, as described below:
1.3.B.3.(a)(xvii)(A) PSEG Chilean Equity Ltd. (Chilean Equity), a Cayman Islands
company, with its 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.3.(a)(xvii)(A)(i) PSEG Venezuela S.R.L., a Venezuelan limited liability
company, with its 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.3.(a)(xvii)(A)(ii) PSEG Chilean Equity III Ltd., a Cayman Islands company,
with its 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.3.(a)(xvii)(A)(iii) Asociacion en Participacion (AenP) is a contractual
arrangement through which Chilean Equity has a 76% interest, and PSEG Americas
Ltd. has a 24% 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.3.(a)(xvii)(A)(iii)(a) Chilquinta Energia S.A. (CHILQUINTA), a Chilean
sociedad anonima and a FUCO, with its principal, executive offices at General
Cruz No. 222, Valparaiso, Chile, owns electric distribution facilities. PSEG
Americas Ltd. has a 49.993% ownership interest in CHILQUINTA.
1.3.B.3.(a)(xvii)(A)(iii)(a)(i) Energas S.A., a Chilean sociedad anonima, with
its 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%.
29
1.3.B.3.(a)(xvii)(A)(iii)(a)(ii) Energia de Casablanca S.A., a Chilean sociedad
anonima, with its 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 69.75% interest in Energia de Casablanca S.A.
1.3.B.3.(a)(xvii)(A)(iii)(a)(iii) Compania Electrica del Litoral S.A. (Compania
Electrica), a Chilean sociedad anonima, with its 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.3.(a)(xvii)(A)(iii)(a)(iii)(a) Inmobiliaria del Litoral S.A., a Chilean
sociedad anonima, with its 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. and Generadora Electrica Sauce Los Andes S. A. holds the remaining 20%
interest.
1.3.B.3.(a)(xvii)(A)(iii)(a)(iii)(b) Generadora Electrica Sauce Los Andes S. A.,
a Chilean sociedad anonima, with its 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.3.(a)(xvii)(A)(iii)(a)(iv) Luzlinares S. A., a Chilean sociedad anonima,
with its 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.3.(a)(xvii)(A)(iii)(a)(v) Luzparral S.A. (formerly Distribuidora Parral
S.A.), a Chilean sociedad anonima, with its 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 56.588% interest in Luzparral S.A.
1.3.B.3.(a)(xvii)(A)(iii)(b) Inversiones PSEG Chile Holdco Limitada, a Chilean
sociedad de responsabilidad limitada, with its registered office at Miraflores
222, Piso 24, Santiago, Chile, was formed for the purpose of holding investments
in Chile. Inversiones PSEG Chile Holdco Limitada is 99.99998% owned by PSEG
Americas Ltd and 0.00002% owned by Chilean Equity, and has the following direct
partially owned subsidiary, as described below:
1.3.B.3.(a)(xvii)(A)(iii)(b)(i) Tecnored S.A.(Tecnored), a Chilean corporation
and a FUCO, with its principal executive offices at Av. Apoquindo 3721, Piso 13,
Santiago, Chile, owns electric generation facilities in Chile and provides
additional services to CHILQUINTA, and is 50% owned by Inversiones PSEG Chile
Holdco Limitada.
30
1.3.B.3.(a)(xvii)(A)(iii)(c) Peruvian Opportunity Company S.A.C. (POC) is a
Peruvian company, with its registered office at Victor Andres Belaunde 147,
Edificio Real 3, Piso 12, San Isidro, Lima 27, Peru. PSEG Americas Ltd. has a
50% ownership interest in POC. POC has direct and indirect, wholly owned and
partially owned subsidiaries, as described below.
1.3.B.3.(a)(xvii)(A)(iii)(c)(i) Ontario Quinta S.R.L. (Ontario), a Peruvian
limited liability company, with its 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 99.995%, and Chilean Equity owns less than 1% of
Ontario.
1.3.B.3.(a)(xvii)(A)(iii)(c)(i)(a) Luz del Sur S.A. (LUZ), a Peruvian sociedad
anonima and a FUCO, with its 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, 12.79% owned by POC
and 1.927% owned by Energy Business International A.V.V. (EBI).
1.3.B.3.(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 Tecsur S.A. and Inmobiliaria Luz del Sur S.A. each own a 0.00005%
interest, in Edecanete.
1.3.B.3.(a)(xvii)(A)(iii)(c)(i)(a)(ii) Inmobiliaria Luz del Sur S.A., a Peruvian
sociedad anonima, with its principal executive offices at Av. 28 de Julio 386,
San Vincente de Canete, Canete, Peru, is 99.9999% owned by LUZ.
1.3.B.3.(a)(xvii)(A)(iii)(c)(i)(a)(iii) Luz del Sur International A. V. V., an
Aruban company, with its principal place of business at Zoutmanstraat 35,
Oranjestad, Aruba, is wholly owned by LUZ.
1.3.B.3.(a)(xvii)(A)(iii)(c)(ii) Energy Business International S.R.L. (EBI), a
Peruvian company, with its registered office at Av. Canaval y Moreyra 380 (piso
16) Lima 27, Peru, is a holding company with a 1.927% interest in LUZ. EBI is
99.966% owned by POC.
1.3.B.3.(a)(xvii)(A)(iii)(c)(iii) PSEG Sempra Peruvian Services Company, a
Cayman Islands company, with its 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 99.8% of IeSE and PSEG Sempra Peruvian
Services Company II owns 0.2% of IeSE.
1.3.B.3.(a)(xvii)(A)(iii)(c)(iii)(a) Inversiones en Servicios Electricos S.R.L.
(IeSE), a Peruvian company, with its 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.
1.3.B.3.(a)(xvii)(A)(iii)(c)(iii)(a)(i) Tecsur S.A., a Peruvian sociedad
anonima, with executive offices at Pasaje Calango 158 San Juan De Miraflores,
Lima, Peru, is an
31
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.
1.3.B.3.(a)(xvii)(A)(iii)(c)(iv) PSEG Sempra Peruvian Services Company II, a
Cayman Islands company, with its 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 0.2% of IeSE.
1.3.B.3.(a)(xvii)(A)(iii)(d) PSEG Cayman Americas IV Company, a Cayman Islands
company, with its 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 Latin America and is wholly owned by PSEG
Americas Ltd.
1.3.B.3.(a)(xvii)(A)(iii)(e) Servicios Tecnicos PSEG Chile Limitada, a Chilean
limited liability company, with its registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, was formed for the purpose of
providing management services. PSEG Americas Ltd. owns 99.9% and Chilean Equity
owns 0.1% of Servicios Tecnicos PSEG Chile Limitada.
1.3.B.3.(a)(xviii) Inframax, a Cayman Islands company, with its registered
office at Ugland House, South Church Street, George Town, Grand Cayman, Cayman
Islands, British West Indies is presently inactive.
1.3.B.3.(a)(xix) PSEG Americas II Ltd. a Bermuda company, with its 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.3.(a)(xix)(A) Turbogeneradores de Venezuela, C.A. (TGV), a Venezuelan
compania anonima, with its 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.3.(a)(xix)(A)(i) Turbogeneradores Maracay, C.A. (TGM), a Venezuelan
company and a FUCO, with its principal executive offices at Avenida Francisco de
Miranda Piso 12, Torre Country Club, Chacaito and Caracas 1050, Venezuela, owns
an investment in a gas-fired, electric power-generation facility in Maracay,
Venezuela.
1.3.B.3.(a)(xx) PSEG China L.L.C., a Delaware limited liability company, with
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, is
presently inactive.
1.3.B.3.(a)(xxi) PSEG Salalah L.L.C., a Delaware corporation, with its
registered office at 1209 Orange Street, Wilmington, Delaware 19801, has the
following direct and indirect wholly owned and partially owned subsidiaries:
1.3.B.3.(a)(xxi)(A) Salalah Power Holdings, Ltd., a Bermuda limited liability
company, with its principal executive offices at Clarendon House, 2 Church
Street, Hamilton, Bermuda, is wholly owned by PSEG Salalah L.L.C. and has the
following direct and indirect wholly owned and partially owned subsidiaries:
32
1.3.B.3.(a)(xxi)(A)(i) Dhofar Power Company S.A.O.C. (Dhofar Power), an Oman
company and a FUCO, with its 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.3.(a)(xxi)(A)(i)(a) Dhofar Generating Company S.A.O.C. (Dhofar
Generating), an Oman company and a EWG, with its 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.3.(a)(xxii) PSEG Argentina Holding Company LLC, a Delaware limited
liability company, with its registered office at 1209 Orange Street, Wilmington,
Delaware 19801, was formed for the purpose of investing in Latin America.
1.3.B.3.(a)(xxiii) PSEG Cayman Americas I Company, a Cayman Islands company,
with its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.3.(a)(xxiv) PSEG Cayman Americas II Company, a Cayman Islands company,
with its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.3.(a)(xxv) PSEG Edeersa Company, formerly PSEG Sharquia Power Holdings
Ltd., a Cayman Islands company, with its 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 presently inactive.
1.3.B.3.(a)(xxvi) PSEG Chile Generation Ltd., formerly Salalah Power Holdings I
Ltd., a Bermuda company, with its principal executive offices at Clarendon
House, 2 Church Street, Hamilton, Bermuda, was formed for the purpose of
investing in power facilities in Chile, is presently inactive, and has one
direct subsidiary, as described below.
1.3.B.3.(a)(xxvi)(A) Compania de Generacion del Sur S.A., a Chilean sociedad
anonima, with its registered office at Miraflores 222, Piso 24, Santiago, Chile,
was formed for the purpose of investing in Latin America, is presently inactive,
and is 99% owned by PSEG Chile Generation Ltd. and 1% owned by PSEG Brazil II
Company.
1.3.B.3.(a)(xxvii) PSEG Uruguay Sociedad de Responsabilidad Limitada, an
Uruguayan limited liability company, with its 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.3.(a)(xxvii)(A) PSEG Spain S.L., a Spanish limited liability company, with
its registered office at Plaza de Pablo Ruiz Picasso, Sin Numero, Torre Picasso,
Planta 5a, Madrid, 28020, Spain, is presently inactive.
33
1.3.B.3.(a)(xxvii)(B) PSEG Uruguay Finance Company, a Cayman Islands company,
with its registered office at Ugland House, South Church Street, George Town,
Grand Cayman, Cayman Islands, British West Indies, is presently inactive.
1.3.B.4. PSEG India Company, a Cayman Islands company, with its 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.4.(a) PSEG EAMS Ltd., a Mauritius company, with its 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
and two indirect partially owned subsidiaries, as described below.
1.3.B.4.(a)(i) PSEG Operations Ltd., a Mauritius company, with its registered
office at 608 St. James Court, St. Denis Street, Port Louis, Mauritius, has the
following direct partially owned subsidiary:
1.3.B.4.(a)(i)(A) PSEG PPN Operations Private Limited (PPN Operations), an
Indian company and a EWG, with its registered office at Prince Towers', Floor 9,
25-26, College Road, Chennai, India 600 006, was formed for the purpose of
operation and maintenance of power facilities in India. PSEG Ambalamugal Energy
Company Ltd. owns one share of PPN Operations.
1.3.B.4.(a)(ii) PSEG PPN Energy Company Ltd. (PPN Energy), a Mauritius company
and a EWG, with its registered office at 608 St. James Court, St. Denis Street,
Port Louis, Mauritius, was formed for the purpose of investing in power
facilities in India. PPN Energy has a 20% ownership interest in PPN Power
Generating Company Limited (PPN PGC), as described below.
1.3.B.4.(a)(ii)(A) PPN Power Generating Company Limited (PPN PGC), an Indian
company, with its 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.5. PSEG Europe (Delaware) LLC (PEDLLC), formerly PSEG Europe (Delaware)
Inc. and PSEG Elcho (Delaware) Inc., a Delaware limited liability company, with
its registered office at 1209 Orange Street, Wilmington, Delaware 19801, has the
following direct and indirect wholly owned and partially owned subsidiaries:
1.3.B.5.(a) PSEG Europe B.V., a Netherlands company, with its 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, partially owned subsidiaries and indirect subsidiaries:
1.3.B.5.(a)(i) PSEG Investments B.V., a Netherlands company, with its 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%.
34
1.3.B.5.(a)(i)(A) Konya Ilgin Elektrik Uretim ve Ticaret Ltd. Sti., a Turkish
company, with its registered address at Piyade Sk. 18 C Blok Flat No. 9,
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.5.(a)(ii) PSEG Silesia B.V., a Netherlands company, with its principal
executive offices at Weena 340, 3012 NJ Rotterdam, The Netherlands, has the
following one wholly owned and one partially owned subsidiaries:
1.3.B.5.(a)(ii)(A) PSEG Chorzow B.V., a Netherlands company and a EWG, with its
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.5.(a)(ii)(A)(i) Elektrocieplownia Chorzow ELCHO Sp. z o.o., a Polish
company, with its principal executive offices at ul. Kosciuszki 6, 41-500
Chorzow, Poland, owns and operates a coal-fired power station in Chorzow,
Poland, and upon completion of the facility is expected to qualify as a EWG.
1.3.B.5.(a)(iii) PSEG Turkey B.V., formerly Konya Ilgin Electric Production
B.V., a Netherlands company, with its 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 owns 1% of PSEG Turkey B.V. PSEG Turkey B.V. owns 1% of Konya Ilgin
Elektrik Uretim ve Ticaret Ltd. Sti.
1.3.B.5.(a)(iv) PSEG Italia B.V. (formerly Ramat Hovav, B.V.), a Netherlands
company, with its 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:
1.3.B.5.(a)(iv)(A) Prisma 2000 S.p.A. (Prisma), an Italian company, with its
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.5.(a)(iv)(A)(i) Cellulosa Calabra S.p.A., an Italian company, with its
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.5.(a)(iv)(A)(ii) Energ S.p.A., an Italian company, with its registered
office at Piazzetta Duca d'Aosta, n. 265, Napoli, Italy, was formed for the
purpose of investing in power facilities in Italy and is 50% owned by Prisma.
1.3.B.5.(a)(iv)(A)(iii) San Marco Bioenergie S.p.A. (San Marco), an Italian
company, with its 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 and is a EWG.
1.3.B.5.(a)(iv)(A)(iv) Idrogest S.p.A., an Italian company, with its registered
office at Via Piemonte 117, Roma, Italy, is presently inactive. Prisma wholly
owns Idrogest S.p.A.
35
1.3.B.5.(a)(iv)(A)(v) Elettrica Centro Nord S.r.l., an Italian company, with its
registered office at Viale Lunigiana, n. 46, Milano, Italy, is presently
inactive. Prisma wholly owns Elettrica Centro Nord S.r.l.
1.3.B.5.(a)(iv)(A)(vi) Sicob Energia S.r.l., an Italian company, with its
registered office at Viale Lunigiana, n. 46, Milano, Italy, is presently
inactive. Prisma wholly owns Sicob Energia S.r.l.
1.3.B.5.(a)(iv)(A)(vii) Ecogen S.p.A., an Italian company, with its registered
address at Strada Cipata 118, 46100, Mantova, Italy, is 9% owned by Prisma, and
is presently inactive.
1.3.B.5.(a)(iv)(A)(viii) Biomasse Italia S.p.A., an Italian company and a EWG,
with its 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 subsidiary:
1.3.B.5.(a)(iv)(A)(viii)(a) Pontedera Energia S.p.A., an Italian company, with
its registered office at Via Carducci 8, Empoli (FI), Firenze, Italy, is
presently inactive.
1.3.B.5.(a)(iv)(A)(ix) Monteleone Energia S.r.l., with its registered office at
Via Bernardo Dovizi 40/D, Arezzo, 52100, Italy, is wholly owned by Prisma and is
presently inactive.
1.3.B.5.(a)(v) PSEG Poland Distribution B.V. (PSEG Poland), a Netherlands
company and a EWG, with its principal executive offices at Weena 340, 3012 NJ
Rotterdam, The Netherlands, owns 74.48% of the following subsidiary:
1.3.B.5.(a)(v)(A) Elektrownia Skawina, S.A. (Skawina), a Polish company, with
its registered offices at ul. Pilsudskiego 10, Skawina, 32-050, Skawina, Poland,
owns and operates a coal-fired power station at Skawina, Poland, and has the
following partially owned subsidiaries:
1.3.B.5.(a)(v)(A)(i) Bank Inicjatyw Spoleczno-Ekonomicznych S.A., a Polish
company, with its registered office at ul. Dubois 5A, Warszawa, 00-184, Poland,
is 0.29% owned by Skawina.
1.3.B.5.(a)(v)(A)(ii) Przedsiebiorstwo Produkcji Uslug i Handlu "PREVAR" Sp. z
o.o., a Polish company, with its registered office at ul. Energetykow 1,
Skawina, 32-050, Poland, is 28.77% owned by Skawina.
1.3.B.5.(a)(v)(A)(iii) Concorde Investissement S.A., a Polish company, with its
registered office at ul. Modzelewskiego 27, Warszawa, 02-679, Poland, is 0.11%
owned by Skawina.
1.3.B.5.(a)(vi) PSEG Europe V B.V. a Netherlands company, with its 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, has its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102. EGDC is
36
a nonresidential, real-estate, property-management business. EGDC has
investments in five commercial real-estate properties (one of which is
developed) in two 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 one indirect subsidiaries, including general partnership interests,
as described below:
1.3.C.1. EGDC - Concourse, Incorporated (Concourse), a Florida corporation, with
its 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 its 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
its principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, was
a 50% general partner in Monument Place Associates (MPA) until 2004 when MPA was
dissolved and Fairfax became inactive.
1.3.C.3. State Street Square Urban Renewal Partners (SSSURPI), a New Jersey
general partnership, with its 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.
1.3.C.4. State Street Square Urban Renewal Partners II (SSSURPII), a New Jersey
general partnership, with its 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 its 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 its 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 its 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 its
principal executive offices at 80 Park Plaza, Newark, New Jersey 07102, owns
land in Largo, Maryland, containing two parcels, one of which is subject to
an agreement of sale.
1.3.C.9. EGDC - Largo Management Incorporated (Largo Management), a Maryland
corporation, with its principal executive offices at 80 Park Plaza, Newark, New
Jersey 07102, is presently inactive.
37
1.3.D. PSEG Energy Technologies Asset Management Company LLC (PETAMC), a New
Jersey limited liability company, has its 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 its principal,
executive office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.2. PSEG Energy Technologies Demand Management Assets Company LLC, with its
principal, executive office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.3. The Dowling Group, Inc., with its principal executive office at 80 Park
Plaza Newark, New Jersey 07102.
1.3.D.4. McBride Energy Service Company, LLC, with its principal executive
office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.5. PSEG ET 211 S. Broad Street Company, LLC, with its principal executive
office at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.6. PSEG ET One NFL Plaza Company LLC, with its principal executive office
at 80 Park Plaza Newark, New Jersey 07102.
1.3.D.7. KHS Holding Corp., with its principal executive office at 80 Park Plaza
Newark, New Jersey 07102.
1.3.E. PSEG Capital Corporation (Capital), a New Jersey corporation, with its
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 its 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 in the process of being dissolved.
1.4. PSEG Services Corporation (Services), a New Jersey corporation, with its
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.
38
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 inactive.
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.
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, 2004, PSE&G owned 41 switching and/or generating
stations in New Jersey with an aggregate installed capacity of 21,203
megavolt-ampers and 242 substations with an aggregate installed capacity of
7,652 megavolt-amperes. In addition, 4 substations in New Jersey having an
aggregate installed capacity of 109 megavolt-amperes were operated on leased
property.
39
Electric Transmission and Distribution Properties
As of December 31, 2004, PSE&G's transmission and distribution system
included approximately 21,735 circuit miles, of which approximately 7,754 miles
were underground, and approximately 757,646 poles, of which approximately
525,872 poles were jointly owned. Approximately 99% of this property is located
in New Jersey.
In addition, as of December 31, 2004, 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, 2004, 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:
Plant Location Daily Capacity
----- --------------- --------------
(Therms)
Burlington LNG... Burlington, NJ 773,000
Camden LPG....... Camden, NJ 280,000
Central LPG...... Edison Twp., NJ 960,000
Harrison LPG..... Harrison, NJ 960,000
---------
Total ........... 2,973,000
=========
As of December 31, 2004, PSE&G owned and operated approximately 17,064 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 suppliers 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 - 48,085,835 Mwh. (retail and wholesale) sold in the state of
New Jersey providing revenue of approximately $4,016 million
in 2004.
40
PSE&G - 252,454,907 Mcf. (2004 basis of 1,035 BTU/cubic foot) sold in
the state of New Jersey providing revenue of approximately
$2,304 million in 2004.
(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.
(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.
4. The following information for the reporting period with respect to claimant
and each interest it holds directly or indirectly in a EWG or a foreign utility
company, stating monetary amounts in United States dollars:
(a) Name, location, business address and description of the facilities
used by the EWG or foreign utility company for the generation,
transmission and distribution of electric energy for sale or the
distribution at retail of natural or manufactured gas.
(i) PSEG Fossil LLC (Fossil), a Delaware limited liability company,
with its principal executive offices at 80 Park Plaza, Newark,
New Jersey 07102, is a wholly owned subsidiary of Power, is a EWG
and was formed to own and operate the fossil-fueled,
electric-generation assets of PSE&G which were transferred to
Power during 2000.
(ii) PSEG Power New York Inc. (Power New York), a Delaware
corporation, with its principal executive offices at Route 144
Glenmont, 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 a EWG.
(iii) PSEG Lawrenceburg Energy Company LLC (PSEG Lawrenceburg), a
Delaware limited liability company and a EWG, with its registered
office at 1209 Orange Street, Wilmington,
41
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.
(iv) PSEG Waterford Energy LLC (PSEG Waterford), a Delaware limited
liability company and a EWG, with its 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.
(v) PSEG Power Midwest LLC (Power Midwest), a Delaware limited
liability company and a EWG, with its registered office at 1209
Orange Street, Wilmington, Delaware 19801, was formed for the
purpose of operating power facilities in the Midwestern United
States.
(vi) PSEG Power Connecticut LLC (Power Connecticut), a Connecticut
limited liability company, with its registered office at 1
Commercial Plaza, Hartford, Connecticut 06103 in care of CT
Systems, is a 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.
(vii) PSEG Nuclear LLC (Nuclear), a Delaware limited liability
company, with its principal executive offices at 80 Park Plaza,
Newark, New Jersey 07102, is a wholly owned subsidiary of Power
and is a EWG. Nuclear was formed to operate the nuclear-fueled,
electric-generation assets of PSE&G, which were transferred to
Power during 2000.
(viii) Danskammer OP LLC (Danskammer OP), a Delaware limited liability
company, with its principal executive offices at 1300 North
Market Street, Suite 400, Wilmington, Delaware 19801, is a
direct, 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 a EWG.
(ix) Danskammer OL LLC (Danskammer OL), a Delaware limited liability
company, with its principal executive offices at 1300 North
Market Street, Suite 400, 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 a EWG.
(x) Roseton OP LLC (Roseton OP), a Delaware limited liability
company, with its principal executive offices at 1300 North
Market Street, Suite 400, Wilmington, Delaware 19801, is a direct
wholly
42
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 a EWG.
(xi) 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, 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 a EWG.
(xii) Conemaugh Lessor Genco LLC (Conemaugh Lessor), a Delaware
limited liability company, with its 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 a EWG.
(xiii) Keystone Lessor Genco LLC (Keystone Lessor), a Delaware limited
liability company, with its 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 a EWG.
(xiv) Shawville Lessor Genco LLC (Shawville Lessor), a Delaware
limited liability company, with its 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 a EWG.
(xv) Kalaeloa Partners, L.P. (KPLP), a Delaware limited partnership,
with its 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 a EWG.
(xvi) Guadalupe Power Partners, LP (GPP), a Delaware limited
partnership, with its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, owns a natural gas-fired,
power-generating facility in Guadalupe County, Texas. TPS
Holdings, Inc., TPS GP, Texgen I and Texgen II together own 100%
of TIELP, which owns 100% of Guadalupe Power I, LLC and Guadalupe
Power II, LLC. GPP is a EWG.
(xvii) Odessa-Ector Power Partners, L.P. (OEPP), a Delaware limited
partnership, with its registered office at 1209 Orange Street,
Wilmington, Delaware 19801, owns a natural gas-fired,
power-generating facility in Ector County, Texas. TPS Holdings,
Inc., TPS GP, Texgen I and Texgen II together own 100% of TIELP,
43
which owns 100% of Odessa-Ector Power I, LLC and Odessa-Ector
Power II, LLC. OEPP is a EWG.
(xviii) Texas Independent Energy Operating Company, LLC (TIE), a
Delaware limited liability company, with its 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 a EWG.
(xix) PSEG Generacion y Energia Chile Limitada (Generacion Energia), a
Chilean limited liability company and a EWG, with its registered
office at Miraflores 222, Piso 24, Santiago, Chile, was a formed
for the purpose of making investments in Latin America.
Generacion Energia owns an electric-generating station in Chile.
Generacion Energia is 20% owned by PSEG Operaciones I Company and
80% owned by PSEG Operaciones II Company.
(xx) GWF Energy LLC, a Delaware limited liability company, with its
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. GWF Energy LLC is a
EWG.
(xxi) Empresa Electrica de la Frontera S.A. (Frontel), a Chilean
company, with its registered office at Isidora Goyenechea No.
3621, Piso 20, Las Condes, Santiago, Chile, owns
electric-distribution facilities in Chile. Frontel is 98.361%
owned by Inversiones Chile and 0.002% 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.
(xxii) Sociedad Austral de Electricidad S.A. (SAESA), a Chilean
sociedad anonima, with its 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 99.965% owned
by Inversiones Chile and 0.001% owned by Chilean Equity II. SAESA
is a FUCO.
(xxiii) Empresa de Energia Rio Negro S.A. (Edersa), an Argentine
sociedad anonima, with its 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.
(xxiv) Empresa Electrica de Aisen S.A. (Edelaysen), a Chilean sociedad
anonima, with its registered office at Bulnes 441, Osorno, Chile,
was formed for the purpose of investing in Latin America and
44
owns electric-distribution facilities in Chile. Edelaysen is
91.66% owned by SAESA. Edelaysen is a FUCO.
(xxv) Compania Electrica Osorno S.A. (Creo), a Chilean sociedad
anonima, with its 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.
(xxvi) Sistema de Transmision del Sur S.A. (STS), a Chilean sociedad
anonima, with its 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.
(xxvii) Rio Grande Energia, S.A. (RGE), a Brazilian company, with its
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 32.456% 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.
(xxviii) Electroandes S.A., a Peruvian sociedad anonima, with its
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. AenPII has a 99.992% beneficial
ownership interest in Electroandes S.A. Electroandes S.A. is a
FUCO.
(xxix) Turboven Cagua Company Inc. (CAGUA), a Cayman Islands company,
with its registered office at c/o Trident Trust Company (Cayman)
Limited, Fourth Floor, One Capital Place, P. O. Box 847, Grand
Cayman, Cayman Islands, British West Indies, was formed for the
purpose of making investments in Latin America and is 100% owned
by Turboven Company Inc. CAGUA is a FUCO.
(xxx) Turboven Maracay Company Inc. (MARACAY), a Cayman Islands
company, with its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P. O. Box 847,
Grand Cayman, Cayman Islands, British West Indies, is a FUCO.
MARACAY was formed for the purpose of making investments in Latin
America and is 100% owned by Turboven Company Inc.
(xxxi) Turboven Valencia Company Inc. (VALENCIA), a Cayman Islands
company, with its registered office at c/o Trident Trust Company
(Cayman) Limited, Fourth Floor, One Capital Place, P.
45
O. Box 847, Grand Cayman, Cayman Islands, British West Indies,
was formed for the purpose of making investments in Latin America
and is 100% owned by Turboven Company Inc. VALENCIA is a FUCO.
(xxxii) Chilquinta Energia S.A. (CHILQUINTA), a Chilean sociedad
anonima, with its principal executive offices at General Cruz No.
222, Valparaiso, Chile, owns electric-distribution facilities.
AenP has a 49.993% beneficial ownership interest in CHILQUINTA.
CHILQUINTA is a FUCO.
(xxxiii) Tecnored S.A. (Tecnored), a Chilean corporation and a FUCO,
with its principal executive offices at Av. Apoquindo 3721, Piso
13, Santiago, Chile, owns electric-generation facilities in Chile
and provides additional services to CHILQUINTA, and is 50% owned
by Inversiones PSEG Chile Holdco Limitada.
(xxxiv) Luz del Sur S.A. (LUZ), a Peruvian sociedad anonima, with its
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 61.16% of LUZ. POC
holds a direct interest of 12.79% in LUZ and EBI owns 1.927% of
LUZ. LUZ is a FUCO.
(xxxv) Turbogeneradores Maracay, C.A. (TGM), a Venezuelan company,
with its principal offices located at Avenida Francisco de
Miranda, Piso 12, Torre Country Club, Chacaito, 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.
(xxxvi) Dhofar Power Company S.A.O.C. (Dhofar Power), an Oman company,
with its 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 a FUCO.
(xxxvii) Dhofar Generating Company S.A.O.C. (Dhofar Generating), an
Oman company, with its 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 a EWG.
(xxxviii) PSEG PPN Operations Private Limited (PPN Operations), an
Indian company, with its 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
46
to power facilities in India. PPN Operations is 100% owned by
PSEG Operations Ltd. PPN Operations is a EWG.
(xxxix) PSEG PPN Energy Company Ltd. (PPN Energy), a Mauritius
company, with its registered office at 608 St. James Court, St.
Denis Street, Port Louis, Mauritius, was formed for the purpose
of investing in power facilities in Kerala, India. PPN Energy has
a 20% ownership interest in PPN PGC. PPN Energy is 100% owned by
PSEG EAMS Ltd. PPN Energy is a EWG.
(xl) PSEG Chorzow B.V., a Netherlands Company, with its 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. owns
and operates a coal-fired power station in Chorzow Poland. PSEG
Chorzow B.V. is 100% owned by PSEG Silesia B.V. PSEG Chorzow B.V.
is a EWG.
(xli) San Marco Bioenergie S.p.A. (San Marco), an Italian company,
with its 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 a EWG.
(xlii) Biomasse Italia S.p.A., an Italian company, with its 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 a EWG.
(xliii) PSEG Poland Distribution B.V. (PSEG Poland), with its
principal executive offices at Weena 340, 3012 NJ Rotterdam, The
Netherlands, owns 74.48% of Elektrownia Skawina S.A. (Skawina).
Skawina, a Polish company, with its registered offices at
Skawina, Poland, owns and operates a coal-fired power station at
Skawina, Poland. PSEG Poland is 100% owned by PSEG Europe B.V.
PSEG Poland is a EWG.
(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.
47
(i) Fossil
As of December 31, 2004, PSEG had an indirect capital investment
in Fossil of US$2,333,163,579, all of which was equity.
(ii) Power New York
As of December 31, 2004, PSEG had an indirect capital investment
in Power New York of US$158,711,285, all of which was equity.
(iii) PSEG Lawrenceburg
As of December 31, 2004, PSEG had an indirect capital investment
in PSEG Lawrenceburg of US$223,093,398, all of which was equity.
(iv) PSEG Waterford
As of December 31, 2004, PSEG had an indirect capital investment
in PSEG Waterford of US$169,933,607, all of which was equity.
(v) Power Midwest
As of December 31, 2004, PSEG had an indirect capital investment
in Power Midwest of US$(746,520), all of which was equity.
(vi) Power Connecticut
As of December 31, 2004, PSEG had an indirect capital investment
in Power Connecticut of US$98,831,481, all of which was equity.
(vii) Nuclear
As of December 31, 2004, PSEG had an indirect capital investment
in Nuclear of US$868,860,559, all of which was equity.
(viii) Danskammer OP
As of December 31, 2004, PSEG had an indirect capital investment
in Danskammer OP of US$62,528,177, all of which was equity.
(ix) Danskammer OL
As of December 31, 2004, PSEG had an indirect capital investment
in Danskammer OL of US$62,528,750, all of which was equity.
(x) Roseton OP
As of December 31, 2004, PSEG had an indirect capital investment
in Roseton OP of US$128,866,527, all of which was equity.
(xi) Roseton OL
As of December 31, 2004, PSEG had an indirect capital investment
in Roseton OL of US$128,867,100, all of which was equity.
48
(xii) Conemaugh Lessor
As of December 31, 2004, PSEG had an indirect capital investment
in Conemaugh Lessor of US$10,387,018, all of which was equity.
(xiii) Keystone Lessor
As of December 31, 2004, PSEG had an indirect capital investment
in Keystone Lessor of US$10,313,399, all of which was equity.
(xiv) Shawville Lessor
As of December 31, 2004, PSEG had an indirect capital investment
in Shawville Lessor of US$7,768,279, all of which was equity.
(xv) KPLP
As of December 31, 2004, PSEG had an indirect capital investment
in KPLP of US$36,934,433, all of which was equity.
(xvi) GPP
TIELP is the 100% indirect parent of GPP. PSEG has a 100%
indirect interest in TIELP. As of December 31, 2004, PSEG had an
indirect capital investment in TIELP of US$191,727,305 of which
US$123,861,997 was equity and US$67,865,308 was partnership
loans.
(xvii) OEPP
TIELP is the 100% indirect parent of OEPP. PSEG has a 100%
indirect interest in TIELP. As of December 31, 2004, PSEG had an
indirect capital investment in TIELP of US$191,727,305 of which
US$123,861,997 was equity and US$67,865,308 was partnership
loans.
(xviii) TIE
TIELP is the 100% indirect parent of TIE. PSEG had a 100%
indirect interest in TIELP. As of December 31, 2004, PSEG had an
indirect capital investment in TIELP of US$191,727,305 of which
US$123,861,997 was equity and US$67,865,308 was partnership
loans.
(xix) Generacion Energia
Generacion y Energia is 20% owned by PSEG Operaciones I Company
(Operaciones I) and 80% owned by PSEG Operaciones II Company
(Operaciones II). PSEG has a 100% indirect interest in both
Operaciones I and Operaciones II. As of December 31, 2004, PSEG
had an aggregate indirect capital investment in Operaciones I and
Operaciones II of $215,701,529, all of which was equity.
49
(xx) GWF Energy LLC
As of December 31, 2004, PSEG had an indirect capital investment
in GWF Energy LLC of US$71,072,019, all of which was equity.
(xxi) Frontel
Frontel is 98.361% owned by Inversiones Chile. PSEG has a 100%
indirect interest in Inversiones Chile. As of December 31, 2004,
PSEG had an indirect capital investment in Inversiones Chile of
US$622,909,174 of which $472,909,174 was equity and $150,000,000
was loans.
(xxii) SAESA
SAESA is 99.965% owned by Inversiones Chile. PSEG has a 100%
indirect interest in Inversiones Chile. As of December 31, 2004,
PSEG had an indirect capital investment in Inversiones Chile of
US$622,909,174 of which $472,909,174 was equity and $150,000,000
was loans.
(xxiii) Edersa
Inversiones Chile is the indirect parent of Edersa. Inversiones
Chile indirectly owns 50% of Edersa. PSEG has a 100% indirect
interest in Inversiones Chile. As of December 31, 2004, PSEG had
an indirect capital investment in Inversiones Chile of
US$622,909,174 of which $472,909,174 was equity and $150,000,000
was loans.
(xxiv) Edelaysen
Inversiones Chile is the indirect parent of Edelaysen. PSEG has a
100% indirect interest in Inversiones Chile. As of December 31,
2004, PSEG had an indirect capital investment in Inversiones
Chile of US$622,909,174 of which $472,909,174 was equity and
$150,000,000 was loans.
(xxv) Creo
Inversiones Chile is the indirect parent of Creo. PSEG has a 100%
indirect interest in Inversiones Chile. As of December 31, 2004,
PSEG had an indirect capital investment in Inversiones Chile of
US$622,909,174 of which $472,909,174 was equity and $150,000,000
was loans.
(xxvi) STS
Inversiones Chile is the indirect parent of STS. PSEG has a 100%
indirect interest in Inversiones Chile. As of December 31, 2004,
PSEG had an indirect capital investment in Inversiones Chile of
US$622,909,174 of which $472,909,174 was equity and $150,000,000
was loans.
50
(xxvii) RGE
As of December 31, 2004, PSEG had an indirect aggregate capital
investment in RGE of US$181,155,101, all of which was equity.
(xxviii) Electroandes S.A.
As of December 31, 2004, PSEG had an indirect capital investment
in Electroandes S.A. of US$155,282,150, all of which was equity.
(xxix) 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, 2004, PSEG had an indirect
capital investment in Turboven Company Inc. of US$43,861,321, all
of which was equity.
(xxx) 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, 2004, PSEG had an indirect
capital investment in Turboven Company Inc. of US$43,861,321, all
of which was equity.
(xxxi) 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, 2004, PSEG had an indirect
capital investment in Turboven Company Inc. of US$43,861,321, all
of which was equity.
(xxxii) CHILQUINTA
As of December 31, 2004, PSEG had an indirect capital investment
in CHILIQUINTA of US$390,802,000 of which US$230,802,000 was
equity and US$160,000,000 was debt (including interest).
(xxxiii) Tecnored
Tecnored is 50% owned by Inversiones PSEG Chile Holdco Limitada.
PSEG has a 100% indirect interest in Inversiones Chile Holdco
Limitada. As of December 31, 2004, PSEG had an indirect capital
investment in Inversiones Chile Holdco Limitada of $13,483,090,
all of which was equity.
(xxxiv) LUZ
As of December 31, 2004, PSEG had an indirect capital investment
in LUZ of US$159,039,608, all which was equity.
51
(xxxv) TGM
As of December 31, 2004, PSEG had an indirect capital investment
in TGM of US$1,452,575. PSEG and its subsidiaries (direct and
indirect) have no other security guarantees, debt or other
financial obligations relative to TGM.
(xxxvi) Dhofar Power
Salalah Power Holdings, Ltd. is the indirect parent of 81% of
Dhofar Power. As of December 31, 2004, PSEG had an indirect
capital investment in Salalah Power Holdings, Ltd. of
US$45,410,818, all of which was equity.
(xxxvii) Dhofar Generating
Salalah Power Holdings, Ltd. is the indirect parent of Dhofar
Generating. As of December 31, 2004, PSEG had an indirect capital
investment in Salalah Power Holdings, Ltd. of US$45,410,818, all
of which was equity.
(xxxviii) PPN Operations
As of December 31, 2004, PSEG had an indirect capital investment
in PPN Operations of US$1,606,504, all of which was equity.
(xxxix) PPN Energy
As of December 31, 2004, PSEG had an indirect capital investment
in PPN Energy of US$29,555,991, all of which was equity.
(xl) PSEG Chorzow B.V.
As of December 31, 2004, PSEG had an indirect capital investment
in PSEG Chorzow B.V. of US$6,567,918, all of which was equity.
(xli) San Marco
Prisma owns 99.8% of San Marco. PSEG has a 50% indirect interest
in Prisma. As of December 31, 2004, PSEG had an indirect capital
investment in Prisma of US$78,162,902, of which US$9,760,454 is
equity and US$68,402,448 is shareholder loans.
(xlii) Biomasse Italia S.p.A.
Prisma owns 50% of Biomasse Italia S.p.A. PSEG has a 50% indirect
interest in Prisma. As of December 31, 2004, PSEG had an indirect
capital investment in Prisma of US$78,162,902, of which
US$9,760,454 is equity and US$68,402,448 is shareholder loans.
(xliii) PSEG Poland
As of December 31, 2004, PSEG had an indirect capital investment
in PSEG Poland of US$31,270,252, all of which was equity.
52
(d) Capitalization and earnings of the EWG or foreign utility company
during the reporting period.
53
(i) Fossil
12/31/2004
US$
-------------
Assets
Current Assets ................................................ 306,780,432
Noncurrent Assets ............................................. 2,893,306,425
-------------
Total Assets .................................................. 3,200,086,857
=============
Liabilities
Current Liabilities ........................................... 801,419,918
Noncurrent Liabilities ........................................ 65,503,360
-------------
Total Liabilities ............................................. 866,923,278
-------------
Equity ........................................................ 2,333,163,579
-------------
Total Liabilities and Equity .................................. 3,200,086,857
=============
Net Loss for Year-Ended 12/31/04 .............................. (54,788,227)
(ii) Power New York
12/31/2004
US$
------------
Assets
Current Assets .................................................. 7,632,514
Noncurrent Assets ............................................... 541,598,287
-----------
Total Assets .................................................... 549,230,801
===========
Liabilities
Current Liabilities ............................................. 232,845,735
Noncurrent Liabilities .......................................... 157,673,781
-----------
Total Liabilities ............................................... 390,519,516
-----------
Equity .......................................................... 158,711,285
-----------
Total Liabilities and Equity .................................... 549,230,801
===========
Net Loss for Year-Ended 12/31/04 ................................ (9,346,435)
54
(iii) PSEG Lawrenceburg
12/31/2004
US$
------------
Assets
Current Assets .................................................. 16,624,539
Noncurrent Assets ............................................... 673,509,057
-----------
Total Assets .................................................... 690,133,596
===========
Liabilities
Current Liabilities ............................................. 21,570,430
Noncurrent Liabilities .......................................... 445,469,768
-----------
Total Liabilities ............................................... 467,040,198
-----------
Equity .......................................................... 223,093,398
-----------
Total Liabilities and Equity .................................... 690,133,596
===========
Net Loss for Year-Ended 12/31/04 ................................ (16,628,616)
(iv) PSEG Waterford
12/31/2004
US$
------------
Assets
Current Assets .................................................. 43,901,479
Noncurrent Assets ............................................... 486,873,406
-----------
Total Assets .................................................... 530,774,885
===========
Liabilities
Current Liabilities ............................................. 2,697,531
Noncurrent Liabilities .......................................... 358,143,747
-----------
Total Liabilities ............................................... 360,841,278
-----------
Equity .......................................................... 169,933,607
-----------
Total Liabilities and Equity .................................... 530,774,885
===========
Net Loss for Year-Ended 12/31/04 ................................ (22,162,191)
55
(v) Power Midwest
12/31/2004
US$
----------
Assets
Current Assets .................................................... 7,444,235
Noncurrent Assets ................................................. 19,399
---------
Total Assets ...................................................... 7,463,634
=========
Liabilities
Current Liabilities ............................................... 7,983,690
Noncurrent Liabilities ............................................ 226,464
---------
Total Liabilities ................................................. 8,210,154
---------
Equity ............................................................ (746,520)
---------
Total Liabilities and Equity ...................................... 7,463,634
=========
Net Income for Year-Ended 12/31/04 ................................ 177,552
(vi) Power Connecticut
12/31/2004
US$
------------
Assets
Current Assets .................................................. 60,283,767
Noncurrent Assets ............................................... 220,252,608
-----------
Total Assets .................................................... 280,536,375
===========
Liabilities
Current Liabilities ............................................. 7,103,446
Noncurrent Liabilities .......................................... 174,601,448
-----------
Total Liabilities ............................................... 181,704,894
-----------
Equity .......................................................... 98,831,481
-----------
Total Liabilities and Equity .................................... 280,536,375
===========
Net Loss for Year-Ended 12/31/04 ................................ (6,540,650)
56
(vii) Nuclear
12/31/2004
US$
-------------
Assets
Current Assets ................................................. 142,458,593
Noncurrent Assets .............................................. 1,672,745,930
-------------
Total Assets ................................................... 1,815,204,523
=============
Liabilities
Current Liabilities ............................................ 631,952,354
Noncurrent Liabilities ......................................... 314,391,610
-------------
Total Liabilities .............................................. 946,343,964
-------------
Equity ......................................................... 868,860,559
-------------
Total Liabilities and Equity ................................... 1,815,204,523
=============
Net Income for Year-Ended 12/31/04 ............................. 40,976,808
(viii) Danskammer OP
12/31/2004
US$
----------
Assets
Current Assets .................................................... --
Noncurrent Assets ................................................. 62,528,750
----------
Total Assets ...................................................... 62,528,750
==========
Liabilities
Current Liabilities ............................................... 573
Noncurrent Liabilities ............................................ --
----------
Total Liabilities ................................................. 573
----------
Equity ............................................................ 62,528,177
----------
Total Liabilities and Equity ...................................... 62,528,750
==========
Net Income for Year-Ended 12/31/04 ................................ 3,059,633
57
(ix) Danskammer OL
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 9,828,824
Noncurrent Assets ................................................ 67,830,782
-----------
Total Assets ..................................................... 77,659,606
===========
Liabilities
Current Liabilities .............................................. --
Noncurrent Liabilities ........................................... 15,130,856
-----------
Total Liabilities ................................................ 15,130,856
-----------
Equity ........................................................... 62,528,750
-----------
Total Liabilities and Equity ..................................... 77,659,606
===========
Net Income for Year-Ended 12/31/04 ............................... 3,060,106
(x) Roseton OP
12/31/2004
US$
-----------
Assets
Current Assets ................................................... --
Noncurrent Assets ................................................ 128,867,100
-----------
Total Assets ..................................................... 128,867,100
===========
Liabilities
Current Liabilities .............................................. 573
Noncurrent Liabilities ........................................... --
-----------
Total Liabilities ................................................ 573
-----------
Equity ........................................................... 128,866,527
-----------
Total Liabilities and Equity ..................................... 128,867,100
===========
Net Income for Year-Ended 12/31/04 ............................... 6,145,872
58
(xi) Roseton OL
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 22,108,836
Noncurrent Assets ................................................ 139,558,260
-----------
Total Assets ..................................................... 161,667,096
===========
Liabilities
Current Liabilities .............................................. --
Noncurrent Liabilities ........................................... 32,799,996
-----------
Total Liabilities ................................................ 32,799,996
-----------
Equity ........................................................... 128,867,100
-----------
Total Liabilities and Equity ..................................... 161,667,096
===========
Net Income for Year-Ended 12/31/04 ............................... 6,146,346
(xii) Conemaugh Lessor
12/31/2004
US$
-----------
Assets
Current Assets ................................................... --
Noncurrent Assets ................................................ 84,870,091
-----------
Total Assets ..................................................... 84,870,091
===========
Liabilities
Current Liabilities .............................................. 74,483,073
Noncurrent Liabilities ........................................... --
-----------
Total Liabilities ................................................ 74,483,073
-----------
Equity ........................................................... 10,387,018
-----------
Total Liabilities and Equity ..................................... 84,870,091
===========
Net Income for Year-Ended 12/31/04 ............................... 447,474
59
(xiii) Keystone Lessor
12/31/2004
US$
-----------
Assets
Current Assets ................................................... --
Noncurrent Assets ................................................ 84,556,274
----------
Total Assets ..................................................... 84,556,274
==========
Liabilities
Current Liabilities .............................................. 74,242,875
Noncurrent Liabilities ........................................... --
----------
Total Liabilities ................................................ 74,242,875
----------
Equity ........................................................... 10,313,399
----------
Total Liabilities and Equity ..................................... 84,556,274
==========
Net Income for Year-Ended 12/31/04 ............................... 428,100
(xiv) Shawville Lessor
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 2,003,129
Noncurrent Assets ................................................ 86,005,915
----------
Total Assets ..................................................... 88,009,044
==========
Liabilities
Current Liabilities .............................................. 80,240,765
Noncurrent Liabilities ........................................... --
----------
Total Liabilities ................................................ 80,240,765
----------
Equity ........................................................... 7,768,279
----------
Total Liabilities and Equity ..................................... 88,009,044
==========
Net Income for Year-Ended 12/31/04 ............................... (604,130)
60
(xv) KPLP
12/31/2004
US$
------------
Assets
Current Assets .................................................. 26,970,160
Noncurrent Assets ............................................... 199,669,896
-----------
Total Assets .................................................... 226,640,056
===========
Liabilities
Current Liabilities ............................................. 21,101,067
Noncurrent Liabilities .......................................... 138,599,407
-----------
Total Liabilities ............................................... 159,700,474
-----------
Equity .......................................................... 66,939,582
-----------
Total Liabilities and Equity .................................... 226,640,056
===========
Net Income for Year-Ended 12/31/04 .............................. 11,197,326
(xvi) GPP
12/31/2004
US$
------------
Assets
Current Assets .................................................. 21,017,720
Noncurrent Assets ............................................... 297,522,342
-----------
Total Assets .................................................... 318,540,062
===========
Liabilities
Current Liabilities ............................................. 9,836,305
Noncurrent Liabilities .......................................... 209,585,508
-----------
Total Liabilities ............................................... 219,421,813
-----------
Equity .......................................................... 99,118,249
-----------
Total Liabilities and Equity .................................... 318,540,062
===========
Net Income for Year-Ended 12/31/04 .............................. (15,597,756)
61
(xvii) OEPP
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 32,584,483
Noncurrent Assets ................................................ 322,515,573
-----------
Total Assets ..................................................... 355,100,056
===========
Liabilities
Current Liabilities .............................................. 6,591,234
Noncurrent Liabilities ........................................... 234,212,114
-----------
Total Liabilities ................................................ 240,803,348
-----------
Equity ........................................................... 114,296,708
-----------
Total Liabilities and Equity ..................................... 355,100,056
===========
Net Income for Year-Ended 12/31/04 ............................... 4,461,331
(xviii) TIE
12/31/2004
US$
---------
Assets
Current Assets ..................................................... 1,619,000
Noncurrent Assets .................................................. 0
---------
Total Assets ....................................................... 1,619,000
=========
Liabilities
Current Liabilities ................................................ 544,000
Noncurrent Liabilities..............................................
---------
Total Liabilities .................................................. 544,000
---------
Equity ............................................................. 1,075,000
---------
Total Liabilities and Equity ....................................... 1,619,000
=========
Net Income for Year-Ended 12/31/04 ................................. 6,000
62
(xix) GENERACION ENERGIA
12/31/2004
US$
----------
Assets
Current Assets .................................................... 1,215,000
Noncurrent Assets ................................................. 24,752,000
----------
Total Assets ...................................................... 25,967,000
==========
Liabilities
Current Liabilities ............................................... 15,188,000
Noncurrent Liabilities ............................................ 28,000
----------
Total Liabilities ................................................. 15,216,000
----------
Equity ............................................................ 10,751,000
----------
Total Liabilities and Equity ...................................... 25,967,000
==========
Net Income for Year-Ended 12/31/04 ................................ 2,215,000
(xx) GWF ENERGY LLC
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 31,470,489
Noncurrent Assets ................................................ 288,838,445
-----------
Total Assets ..................................................... 320,308,934
===========
Liabilities
Current Liabilities .............................................. 31,930,836
Noncurrent Liabilities ........................................... 183,447,535
-----------
Total Liabilities ................................................ 215,378,371
-----------
Equity ........................................................... 104,930,563
-----------
Total Liabilities and Equity ..................................... 320,308,934
===========
Net Income for Year-Ended 12/31/04 ............................... 26,002,625
63
(xxi) FRONTEL
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 25,166,000
Noncurrent Assets ................................................ 145,017,000
-----------
Total Assets ..................................................... 170,183,000
===========
Liabilities
Current Liabilities .............................................. 19,135,000
Noncurrent Liabilities ........................................... 56,741,000
-----------
Total Liabilities ................................................ 75,876,000
-----------
Equity ........................................................... 94,307,000
-----------
Total Liabilities and Equity ..................................... 170,183,000
===========
Net Income for Year-Ended 12/31/04 ............................... 7,387,000
(xxii) SAESA
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 60,680,000
Noncurrent Assets ................................................ 599,569,000
-----------
Total Assets ..................................................... 660,249,000
===========
Liabilities
Current Liabilities .............................................. 68,079,000
Noncurrent Liabilities ........................................... 135,733,000
-----------
Total Liabilities ................................................ 203,812,000
-----------
Equity ........................................................... 456,437,000
-----------
Total Liabilities and Equity ..................................... 660,249,000
===========
Net Income for Year-Ended 12/31/04 ............................... 16,208,000
64
(xxiii) EDERSA
12/31/2004
US$
-------
Assets
Current Assets ...................................................... 27,047
Noncurrent Assets ................................................... 445,655
-------
Total Assets ........................................................ 472,702
=======
Liabilities
Current Liabilities ................................................. 386,908
Noncurrent Liabilities .............................................. 1,469
-------
Total Liabilities ................................................... 388,377
-------
Equity .............................................................. 84,325
-------
Total Liabilities and Equity ........................................ 472,702
=======
Net Income for Year-Ended 12/31/04 .................................. (6,687)
(xxiv) EDELAYSEN
12/31/2004
US$
----------
Assets
Current Assets .................................................... 8,332,000
Noncurrent Assets ................................................. 55,457,000
----------
Total Assets ...................................................... 63,789,000
==========
Liabilities
Current Liabilities ............................................... 14,233,000
Noncurrent Liabilities ............................................ 796,000
----------
Total Liabilities ................................................. 15,029,000
----------
Equity ............................................................ 48,760,000
----------
Total Liabilities and Equity ...................................... 63,789,000
==========
Net Income for Year-Ended 12/31/04 ................................ 4,938,000
65
(xxv) CREO
12/31/2004
US$
----------
Assets
Current Assets .................................................... 3,653,000
Noncurrent Assets ................................................. 14,602,000
----------
Total Assets ...................................................... 18,255,000
==========
Liabilities
Current Liabilities ............................................... 1,210,000
Noncurrent Liabilities ............................................ 2,329,000
----------
Total Liabilities ................................................. 3,539,000
----------
Equity ............................................................ 14,716,000
----------
Total Liabilities and Equity ...................................... 18,255,000
==========
Net Income for Year-Ended 12/31/04 ................................ 1,503,000
(xxvi) STS
12/31/2004
US$
----------
Assets
Current Assets .................................................... 4,543,000
Noncurrent Assets ................................................. 42,576,000
----------
Total Assets ...................................................... 47,119,000
==========
Liabilities
Current Liabilities ............................................... 1,767,000
Noncurrent Liabilities ............................................ 1,944,000
----------
Total Liabilities ................................................. 3,711,000
----------
Equity ............................................................ 43,408,000
----------
Total Liabilities and Equity ...................................... 47,119,000
==========
Net Income for Year-Ended 12/31/04 ................................ 6,447,000
66
(xxvii) RGE
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 176,977,498
Noncurrent Assets ................................................ 816,561,321
-----------
Total Assets ..................................................... 993,538,819
===========
Liabilities
Current Liabilities .............................................. 309,929,739
Noncurrent Liabilities ........................................... 161,998,372
-----------
Total Liabilities ................................................ 471,928,111
-----------
Equity ........................................................... 521,610,708
-----------
Total Liabilities and Equity ..................................... 993,538,819
===========
Net Income for Year-Ended 12/31/04 ............................... 23,728,245
(xxviii) ELECTROANDES
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 17,921,679
Noncurrent Assets ................................................ 268,347,139
-----------
Total Assets ..................................................... 286,268,818
===========
Liabilities
Current Liabilities .............................................. 6,839,969
Noncurrent Liabilities ........................................... 122,878,535
-----------
Total Liabilities ................................................ 129,718,504
-----------
Equity ........................................................... 156,550,314
-----------
Total Liabilities and Equity ..................................... 286,268,818
===========
Net Income for Year-Ended 12/31/04 ............................... 7,893,874
67
(xxix) CAGUA
12/31/2004
US$
----------
Assets
Current Assets .................................................... 3,596,415
Noncurrent Assets ................................................. 35,108,838
----------
Total Assets ...................................................... 38,705,253
==========
Liabilities
Current Liabilities ............................................... 984,732
Noncurrent Liabilities ............................................ 7,183,183
----------
Total Liabilities ................................................. 8,167,915
----------
Equity ............................................................ 30,537,338
----------
Total Liabilities and Equity ...................................... 38,705,253
==========
Net Income for Year-Ended 12/31/04 ................................ 570,503
(xxx) MARACAY
12/31/2004
US$
----------
Assets
Current Assets .................................................... 3,044,500
Noncurrent Assets ................................................. 29,844,525
----------
Total Assets ...................................................... 32,889,025
==========
Liabilities
Current Liabilities ............................................... 378,334
Noncurrent Liabilities ............................................ 2,022,218
----------
Total Liabilities ................................................. 2,400,552
----------
Equity ............................................................ 30,488,473
----------
Total Liabilities and Equity ...................................... 32,889,025
==========
Net Income for Year-Ended 12/31/04 ................................ 420,075
68
(xxxi) VALENCIA
12/31/2004
US$
--------
Assets
Current Assets ..................................................... 21,483
Noncurrent Assets .................................................. 4
--------
Total Assets ....................................................... 21,487
========
Liabilities
Current Liabilities ................................................ 126
Noncurrent Liabilities ............................................. (150,998)
--------
Total Liabilities .................................................. (150,872)
--------
Equity ............................................................. 172,359
--------
Total Liabilities and Equity ....................................... 21,487
========
Net Income for Year-Ended 12/31/04 ................................. 3,979
(xxxii) CHILQUINTA
12/31/2004
US$
-----------
Assets
Current Assets .................................................. 58,538,243
Noncurrent Assets ............................................... 722,625,395
-----------
Total Assets .................................................... 781,163,638
===========
Liabilities
Current Liabilities ............................................. 51,745,843
Noncurrent Liabilities .......................................... 339,795,691
-----------
Total Liabilities ............................................... 391,541,534
-----------
Equity .......................................................... 389,622,104
-----------
Total Liabilities and Equity .................................... 781,163,638
===========
Net Income for Year-Ended 12/31/04 .............................. 28,302,010
69
(xxxiii) TECHNORED
12/31/2004
US$
----------
Assets
Current Assets .................................................... 17,113,210
Noncurrent Assets ................................................. 31,131,915
----------
Total Assets ...................................................... 48,245,125
==========
Liabilities
Current Liabilities ............................................... 7,278,445
Noncurrent Liabilities ............................................ 7,907,555
----------
Total Liabilities ................................................. 15,186,000
----------
Equity ............................................................ 33,059,125
----------
Total Liabilities and Equity ...................................... 48,245,125
==========
Net Income for Year-Ended 12/31/04 ................................ 3,804,111
(xxxiv) LUZ
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 77,516,482
Noncurrent Assets ................................................ 545,177,420
-----------
Total Assets ..................................................... 622,693,902
===========
Liabilities
Current Liabilities .............................................. 72,915,863
Noncurrent Liabilities ........................................... 285,059,131
-----------
Total Liabilities ................................................ 357,974,994
-----------
Equity ........................................................... 264,718,908
-----------
Total Liabilities and Equity ..................................... 622,693,902
===========
Net Income for Year-Ended 12/31/04 ............................... 52,473,234
70
(xxxv) TGM
12/31/2004
US$
----------
Assets
Current Assets .................................................... 4,269,484
Noncurrent Assets ................................................. 14,208,652
----------
Total Assets ...................................................... 18,478,136
==========
Liabilities
Current Liabilities ............................................... 4,640,775
Noncurrent Liabilities ............................................ 3,323,821
----------
Total Liabilities ................................................. 7,964,596
----------
Equity ............................................................ 10,513,540
----------
Total Liabilities and Equity ...................................... 18,478,136
==========
Net Income for Year-Ended 12/31/04 ................................ 1,705,551
(xxxvi) DHOFAR POWER
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 29,944,090
Noncurrent Assets ................................................ 236,057,242
-----------
Total Assets ..................................................... 266,001,332
===========
Liabilities
Current Liabilities .............................................. 25,829,370
Noncurrent Liabilities ........................................... 184,128,801
-----------
Total Liabilities ................................................ 209,958,171
-----------
Equity ........................................................... 56,043,161
-----------
Total Liabilities and Equity ..................................... 266,001,332
===========
Net Income for Year-Ended 12/31/04 ............................... 6,972,665
71
(xxxvii) DHOFAR GENERATING
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 0
Noncurrent Assets ................................................ 131,776,945
-----------
Total Assets ..................................................... 131,776,945
===========
Liabilities
Current Liabilities .............................................. 0
Noncurrent Liabilities ........................................... 119,707,316
-----------
Total Liabilities ................................................ 119,707,316
-----------
Equity ........................................................... 12,069,629
-----------
Total Liabilities and Equity ..................................... 131,776,945
===========
Net Income for Year-Ended 12/31/04 ............................... 6,930,078
(xxxviii) PPN OPERATIONS
12/31/2004
US$
----------
Assets
Current Assets ................................................... 2,555,000
Noncurrent Assets ................................................ (611,000)
----------
Total Assets ..................................................... 1,944,000
==========
Liabilities
Current Liabilities .............................................. 328,000
Noncurrent Liabilities ........................................... 0
----------
Total Liabilities ................................................ 328,000
----------
Equity ........................................................... 1,616,000
----------
Total Liabilities and Equity ..................................... 1,944,000
==========
Net Income for Year-Ended 12/31/04 ............................... (274,000)
72
(xxxix) PPN ENERGY
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 233,000
Noncurrent Assets ................................................ 35,390,000
----------
Total Assets ..................................................... 35,623,000
==========
Liabilities
Current Liabilities .............................................. 6,067,000
Noncurrent Liabilities............................................ 0
----------
Total Liabilities ................................................ 6,067,000
----------
Equity ........................................................... 29,556,000
----------
Total Liabilities and Equity ..................................... 35,623,000
==========
Net Income for Year-Ended 12/31/04 ............................... (261,000)
(xl) PSEG CHORZOW B.V.
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 8,643,676
Noncurrent Assets ................................................ 52,689,188
----------
Total Assets ..................................................... 61,332,864
==========
Liabilities
Current Liabilities .............................................. 54,829,113
Noncurrent Liabilities ........................................... (64,167)
----------
Total Liabilities ................................................ 54,764,946
----------
Equity ........................................................... 6,567,918
----------
Total Liabilities and Equity ..................................... 61,332,864
==========
Net Income for Year-Ended 12/31/04 ............................... (1,520,182)
73
(xli) SAN MARCO
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 13,063,400
Noncurrent Assets ................................................ 43,886,090
----------
Total Assets ..................................................... 56,949,490
==========
Liabilities
Current Liabilities .............................................. 15,781,690
Noncurrent Liabilities ........................................... 41,758,170
----------
Total Liabilities ................................................ 57,539,860
----------
Equity ........................................................... (590,370)
----------
Total Liabilities and Equity ..................................... 56,949,490
==========
Net Income for Year-Ended 12/31/04 ............................... (3,814,410)
(xlii) BIOMASSE ITALIA S.p.A
12/31/2004
US$
-----------
Assets
Current Assets ................................................... 57,506,730
Noncurrent Assets ................................................ 196,020,620
-----------
Total Assets ..................................................... 253,527,350
===========
Liabilities
Current Liabilities .............................................. 36,943,860
Noncurrent Liabilities ........................................... 199,767,260
-----------
Total Liabilities ................................................ 236,711,120
-----------
Equity ........................................................... 16,816,230
-----------
Total Liabilities and Equity ..................................... 253,527,350
===========
Net Income for Year-Ended 12/31/04 ............................... 5,242,020
74
(xliii) PSEG POLAND
12/31/2004
US$
----------
Assets
Current Assets .................................................... 29,275
Noncurrent Assets ................................................. 74,958,030
----------
Total Assets ...................................................... 74,987,305
==========
Liabilities
Current Liabilities ............................................... 43,679,502
Noncurrent Liabilities ............................................ 37,551
----------
Total Liabilities ................................................. 43,717,053
----------
Equity ............................................................ 31,270,252
----------
Total Liabilities and Equity ...................................... 74,987,305
==========
Net Income for Year-Ended 12/31/04 ................................ 5,762,726
75
(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) Fossil
Fossil has a Power Sale Agreement with ER&T to provide all
energy, capacity, and ancillary services to ER&T.
(ii) Power New York
Power New York has a Power Purchase Agreement with ER&T to
provide all energy, capacity, and ancillary services to ER&T.
(iii) PSEG Lawrenceburg
ER&T has entered into a Power Purchase Agreement with PSEG
Lawrenceburg dated April 1, 2004.
(iv) PSEG Waterford
ER&T has entered into a Power Purchase Agreement with PSEG
Waterford dated April 1, 2004.
(v) Power Midwest
None.
(vi) Power Connecticut
Power Connecticut has entered into a Power Purchase Agreement
with ER&T dated February 2, 2004.
(vii) Nuclear
ER&T has a Power Purchase Agreement with Nuclear to provide all
energy, capacity, and ancillary services to ER&T.
(viii) Danskammer OP
None.
(ix) Danskammer OL
None.
(x) Roseton OP
None.
(xi) Roseton OL
None.
(xii) Conemaugh Lessor
None.
(xiii) Keystone Lessor
None.
76
(xiv) Shawville Lessor
None.
(xv) KPLP
None.
(xvi) 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.
(xvii) 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) an
Assignment and Assumption Agreement pursuant to which OEPP
assigned certain right-of-way easements for pipeline and
equipment to OEPPS in return for OEPPS agreeing to transport
natural gas in such pipeline on behalf of OEPP at no cost to
OEPP.
(xviii) 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.
(xix) Generacion Energia
None.
77
(xx) 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.
(xxi) Frontel
None.
(xxii) SAESA
None.
(xxiii) Edersa
None.
(xxiv) Edelaysen
None.
(xxv) Creo
None.
(xxvi) STS
None.
(xxvii) RGE
RGE has an Operators Agreement with IPE under which IPE provides
certain support services to RGE in connection with electricity
distribution.
(xxviii) Electroandes S.A.
None.
(xxix) CAGUA
None.
(xxx) MARACAY
None.
78
(xxxi) VALENCIA
None.
(xxxii) CHILQUINTA
None.
(xxxiii) Tecnored
None.
(xxxiv) LUZ
None.
(xxxv) TGM
None.
(xxxvi) Dhofar Power
None.
(xxxvii) Dhofar Generating
None.
(xxxviii) PPN Operations
None.
(xxxix) PPN Energy
None.
(xl) PSEG Chorzow B.V.
None.
(xli) San Marco
None.
(xlii) Biomasse Italia S.p.A.
None.
(xliii) PSEG Poland
None.
79
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, Global, Global USA, PGIHLLC, PEDLLC, PSEG Europe
B.V., PSEG International LLC, PSEG Americas L.L.C., TPS Holdings II, Inc., PSEG
Americas Ltd., Inversiones Chile, Chilean Equity II, Chilean Equity, PSEG
Resources, PSRC and RCMC 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.
80
The above-named Claimant (PSEG) has caused this statement to be duly
executed on its behalf by its authorized officer on this 28th day of February
2005.
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)
81
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2004
(Millions, except for Per Share Data)
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & POWER & HOLDINGS &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A) SERVICES SUBS. (A) PSEG
-------- ------------ --------- --------- -------- ---------- -----
OPERATING REVENUES $ 10,996 $(2,176) $6,972 $5,173 $ -- $1,027 $ --
OPERATING EXPENSES
Energy Costs 6,057 (2,173) 4,284 3,558 -- 388 --
Operation and Maintenance 2,260 (5) 1,083 967 (34) 239 10
Depreciation and Amortization 719 -- 523 121 18 57 --
Taxes Other Than Income Taxes 139 -- 139 -- -- -- --
-------- ------- ------ ------ ---- ------ -----
Total Operating Expenses 9,175 (2,178) 6,029 4,646 (16) 684 10
-------- ------- ------ ------ ---- ------ -----
Income from Equity Method Investments 126 -- -- -- -- 126 --
-------- ------- ------ ------ ---- ------ -----
OPERATING INCOME 1,947 2 943 527 16 469 (10)
Other Income 176 (35) 12 166 6 4 23
Other Deductions (93) -- (1) (57) (1) (34) --
Equity in Earnings of Subsidiaries -- (797) -- -- -- -- 797
Interest Expense (859) 33 (362) (142) (17) (255) (116)
Preferred Stock Dividends (4) 20 (4) -- -- (16) (4)
-------- ------- ------ ------ ---- ------ -----
INCOME FROM CONTINUING OPERATIONS 1,167 (777) 588 494 4 168 690
BEFORE INCOME TAX EXPENSE
Income Tax Expense (446) -- (246) (186) (2) (48) 36
-------- ------- ------ ------ ---- ------ -----
INCOME FROM CONTINUING OPERATIONS 721 (777) 342 308 2 120 726
Income from Discontinued Operations,
net of tax (including Gain on
Disposal, net of tax) 5 -- -- -- -- 5 --
-------- ------- ------ ------ ---- ------ -----
NET INCOME $ 726 $ (777) $ 342 $ 308 $ 2 $ 125 $ 726
======== ======= ====== ====== ==== ====== =====
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING (000)
BASIC 236,984
========
DILUTED 238,286
========
EARNINGS PER SHARE:
BASIC
Income from Continuing Operations $ 3.04
========
Net Income $ 3.06
========
DILUTED
Income from Continuing Operations $ 3.03
========
Net Income $ 3.05
========
DIVIDENDS PAID PER SHARE OF COMMON STOCK $ 2.20
========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & POWER & HOLDINGS &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A) SERVICES SUBS. (A) PSEG
------- ------------ --------- --------- -------- ---------- ------
BALANCE JANUARY 1, 2004 $2,221 $(2,400) $ 414 $1,810 $(2) $178 $2,221
Net Income 726 (797) 346 308 2 141 726
------ ------- ----- ------ --- ---- ------
Subtotal 2,947 (3,197) 760 2,118 -- 319 2,947
------ ------- ----- ------ --- ---- ------
Cash Dividends:
Preferred Stock, at required rates -- 20 (4) -- -- (16) --
Common Stock (522) 175 (100) -- -- (75) (522)
------ ------- ----- ------ --- ---- ------
Total Cash Dividends (522) 195 (104) -- -- (91) (522)
------ ------- ----- ------ --- ---- ------
BALANCE DECEMBER 31, 2004 $2,425 $(3,002) $ 656 $2,118 $-- $228 $2,425
====== ======= ===== ====== === ==== ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & POWER & HOLDINGS &
CONSOL. & RECLASS. UBS. (A) SUBS. (A) SERVICES SUBS. (A) PSEG
------- ------------ -------- --------- -------- ---------- ------
CURRENT ASSETS
Cash and Cash Equivalents $ 279 $ -- $ 6 $ 10 $ -- $ 199 $ 64
Accounts Receivable - net 1,621 (7) 745 747 2 134 --
Accounts Receivable - Affiliated
Companies, net -- (449) -- 343 87 19 --
Short-Term Loan to Affiliate -- (178) -- -- -- 115 63
Unbilled Revenues 340 -- 340 -- -- -- --
Fuel 633 -- -- 621 -- 12 --
Materials and Supplies 258 -- 45 178 -- 35 --
Energy Trading Contracts 135 -- -- 135 -- -- --
Prepayments 123 -- 61 18 3 7 34
Restricted Cash 50 -- 5 -- -- 45 --
Other 204 -- 19 45 -- 138 2
------- ------- ------- ------- ----- ------ ------
Total Current Assets 3,643 (634) 1,221 2,097 92 704 163
------- ------- ------- ------- ----- ------ ------
PROPERTY, PLANT AND EQUIPMENT 19,121 -- 10,156 6,577 304 2,084 --
Less: Accumulated Depreciation and
Amortization (5,371) (1) (3,469) (1,499) (175) (227) --
------- ------- ------- ------- ----- ------ ------
Net Property, Plant and Equipment 13,750 (1) 6,687 5,078 129 1,857 --
------- ------- ------- ------- ----- ------ ------
NONCURRENT ASSETS
Regulatory Assets 5,128 -- 5,128 -- -- -- --
Long-Term Investments 4,181 -- 138 11 2 3,982 48
Investment in Subsidiaries -- (7,791) -- -- -- -- 7,791
Nuclear Decommissioning Trust Funds 1,086 -- -- 1,086 -- -- --
Other Special Funds 488 -- 278 121 71 18 --
Goodwill 530 -- -- 16 -- 514 --
Other Intangibles 113 -- 2 104 4 3 --
Other 288 (53) 132 84 -- 117 8
------- ------- ------- ------- ----- ------ ------
Total Noncurrent Assets 11,814 (7,844) 5,678 1,422 77 4,634 7,847
------- ------- ------- ------- ----- ------ ------
TOTAL ASSETS $29,207 $(8,479) $13,586 $ 8,597 $ 298 $7,195 $8,010
======= ======= ======= ======= ===== ====== ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY ENERGY
PSEG ELIMINATIONS PSE&G & POWER & HOLDINGS &
CONSOL. & RECLASS. SUBS. (A) SUBS. (A) SERVICES SUBS. (A) PSEG
------- ------------ --------- --------- -------- ---------- ------
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 386 $ -- $ 271 $ -- $ -- $ 66 $ 49
Commercial Paper and Loans 638 -- 105 -- -- -- 533
Accounts Payable 1,362 -- 250 992 50 59 11
Derivative Contracts 207 (1) 16 151 -- 37 4
Accounts Payable - Affiliated Companies,
net -- (452) 422 -- -- 2 28
Short-Term Loan from Affiliate -- (178) -- 98 80 -- --
Energy Trading Contracts 121 -- -- 121 -- -- --
Accrued Interest 154 (1) 59 42 -- 51 3
Accrued Taxes 54 -- 28 5 -- 5 16
Clean Energy Program 82 -- 82 -- -- -- --
Other 484 (5) 274 109 16 66 24
------- ------- ------- ------ ----- ------ ------
Total Current Liabilities 3,488 (637) 1,507 1,518 146 286 668
------- ------- ------- ------ ----- ------ ------
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment Tax
Credits (ITC) 4,347 -- 2,653 94 27 1,587 (14)
Regulatory Liabilities 517 -- 517 -- -- -- --
Nuclear Decommissioning Liabilities 310 -- -- 310 -- -- --
Other Postemployment Benefit (OPEB) Costs 563 -- 534 20 6 3 --
Clean Energy Program 324 -- 324 -- -- -- --
Environmental 366 -- 309 57 -- -- --
Other 548 (50) 85 204 121 176 12
------- ------- ------- ------ ----- ------ ------
Total Noncurrent Liabilities 6,975 (50) 4,422 685 154 1,766 (2)
------- ------- ------- ------ ----- ------ ------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- -- --
------- ------- ------- ------ ----- ------ ------
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 8,414 -- 2,938 3,316 -- 1,756 404
Securitization Debt 1,939 -- 1,939 -- -- -- --
Project Level, Non-Recourse Debt 1,371 -- -- -- -- 1,371 --
Debt Supporting Trust Preferred
Securities 1,201 -- -- -- -- -- 1,201
------- ------- ------- ------ ----- ------ ------
Total Long-Term Debt 12,925 -- 4,877 3,316 -- 3,127 1,605
------- ------- ------- ------ ----- ------ ------
SUBSIDIARIES' PREFERRED SECURITIES
Preferred Stock Without Mandatory
Redemption 80 (184) 80 -- -- 184 --
------- ------- ------- ------ ----- ------ ------
COMMON STOCKHOLDERS' EQUITY
Common Stock, issued; 2004 - 264,128,807
shares 2003 - 262,252,032 shares 4,569 (2,705) 892 -- -- 1,813 4,569
Contributed Capital -- (2,172) 170 2,000 2 -- --
Basis Adjustment -- -- 986 (986) -- -- --
Treasury Stock, at cost; 2004 -
26,029,740 shares 2003- 26,118,590
shares (978) -- -- -- -- -- (978)
Retained Earnings 2,425 (3,002) 656 2,118 -- 228 2,425
Accumulated Other Comprehensive Loss (277) 271 (4) (54) (4) (209) (277)
------- ------- ------- ------ ----- ------ ------
Total Common Stockholders' Equity 5,739 (7,608) 2,700 3,078 (2) 1,832 5,739
------- ------- ------- ------ ----- ------ ------
Total Capitalization 18,744 (7,792) 7,657 6,394 (2) 5,143 7,344
------- ------- ------- ------ ----- ------ ------
TOTAL LIABILITIES AND CAPITALIZATION $29,207 $(8,479) $13,586 $8,597 $ 298 $7,195 $8,010
======= ======= ======= ====== ===== ====== ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. (A) & RECLASS. PSE&G FUNDING (B) MILLENNIUM NJP
----------- ------------ ------ ----------- ---------- ---
OPERATING REVENUES $6,972 $(147) $6,826 $ 293 $-- $--
OPERATING EXPENSES
Energy Costs 4,284 (147) 4,431 -- -- --
Operation and Maintenance 1,083 -- 1,080 3 -- --
Depreciation and Amortization 523 -- 389 134 -- --
Taxes Other Than Income Taxes 139 -- 139 -- -- --
------ ----- ------ ----- --- ---
Total Operating Expenses 6,029 (147) 6,039 137 -- --
------ ----- ------ ----- --- ---
OPERATING INCOME 943 -- 787 156 -- --
Other Income 12 (6) 17 1 -- --
Other Deductions (1) -- (1) -- -- --
Interest Expense (362) 6 (211) (157) -- --
------ ----- ------ ----- --- ---
INCOME BEFORE INCOME TAXES 592 -- 592 -- -- --
Income Tax Expense (246) -- (246) -- -- --
------ ----- ------ ----- --- ---
NET INCOME 346 -- 346 -- -- --
Preferred Stock Dividends (4) -- (4) -- -- --
------ ----- ------ ----- --- ---
EARNINGS AVAILABLE TO PSEG $ 342 $ -- $ 342 $ -- $-- $--
====== ===== ====== ===== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. (A) & RECLASS. PSE&G FUNDING (B) MILLENNIUM NJP
----------- ------------ ----- ----------- ---------- ---
BALANCE JANUARY 1, 2004 $ 414 $-- $ 414 $-- $-- $--
Net Income 346 -- 346 -- -- --
----- --- ----- --- --- ---
Subtotal 760 -- 760 -- -- --
----- --- ----- --- --- ---
Cash Dividends:
Preferred Stock (4) -- (4) -- -- --
Common Stock (100) -- (100) -- -- --
----- --- ----- --- --- ---
Total Cash Dividends (104) -- (104) -- -- --
----- --- ----- --- --- ---
BALANCE DECEMBER 31, 2004 $ 656 $-- $ 656 $-- $-- $--
===== === ===== === === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. (A) & RECLASS. PSE&G FUNDING (B) MILLENNIUM NJP
----------- ------------- -------- ----------- ---------- ---
CURRENT ASSETS
Cash and Cash Equivalents $ 6 $ -- $ 5 $ 1 $-- $--
Accounts Receivable - net 745 -- 745 -- -- --
Unbilled Revenues 340 -- 340 -- -- --
Materials and Supplies 45 -- 45 -- -- --
Prepayments 61 -- 61 -- -- --
Restricted Cash 5 -- -- 5 -- --
Other 19 -- 19 -- -- --
------- ---- ------- ------ --- ---
Total Current Assets 1,221 -- 1,215 6 -- --
------- ---- ------- ------ --- ---
PROPERTY, PLANT AND EQUIPMENT 10,156 -- 10,156 -- -- --
Less: Accumulated Depreciation and Amortization (3,469) -- (3,469) -- -- --
------- ---- ------- ------ --- ---
Net Property, Plant and Equipment 6,687 -- 6,687 -- -- --
------- ---- ------- ------ --- ---
NONCURRENT ASSETS
Regulatory Assets 5,128 (1) 2,974 2,155 -- --
Long-Term Investments 138 -- 130 -- 8 --
Investment in Subsidiaries -- (22) 22 -- -- --
Other Special Funds 278 -- 278 -- -- --
Intangibles 2 -- 2 -- -- --
Other 132 -- 101 17 1 13
------- ---- ------- ------ --- ---
Total Noncurrent Assets 5,678 (23) 3,507 2,172 9 13
------- ---- ------- ------ --- ---
TOTAL ASSETS $13,586 $(23) $11,409 $2,178 $ 9 $13
======= ==== ======= ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
PSE&G ELIMINATIONS TRANSITION NEW
CONSOL. (A) & RECLASS. PSE&G FUNDING (B) MILLENNIUM NJP
----------- ------------- ------- ----------- ---------- ---
CURRENT LIABILITIES
Long-Term Debt Due Within One Year $ 271 $ -- $ 125 $ 146 $-- $--
Commercial Paper and Loans 105 -- 105 -- -- --
Accounts Payable 250 -- 250 -- -- --
Other 881 -- 811 57 -- 13
------- ---- ------- ------ --- ---
Total Current Liabilities 1,507 -- 1,291 203 -- 13
------- ---- ------- ------ --- ---
NONCURRENT LIABILITIES
Deferred Income Taxes and Investment
Tax Credits (ITC) 2,653 -- 2,653 -- -- --
Regulatory Liabilities 517 -- 514 3 -- --
Other Postemployment Benefits (OPEB) Costs 534 -- 534 -- -- --
Clean Energy Program 324 -- 324 -- -- --
Environmental 309 -- 309 -- -- --
Other 85 -- 66 19 -- --
------- ---- ------- ------ --- ---
Total Noncurrent Liabilities 4,422 -- 4,400 22 -- --
------- ---- ------- ------ --- ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- -- -- --
------- ---- ------- ------ --- ---
CAPITALIZATION
LONG-TERM DEBT
Long-Term Debt 2,938 -- 2,938 -- -- --
Securitization Debt 1,939 -- -- 1,939 -- --
------- ---- ------- ------ --- ---
Total Long-Term Debt 4,877 -- 2,938 1,939 -- --
------- ---- ------- ------ --- ---
PREFERRED SECURITIES 80 -- 80 -- -- --
------- ---- ------- ------ --- ---
COMMON STOCKHOLDER'S EQUITY
Common Stock 892 -- 892 -- -- --
Contributed Capital 170 (23) 170 14 9 --
Basis Adjustment 986 -- 986 -- -- --
Retained Earnings 656 -- 656 -- -- --
Accumulated Other Comprehensive Loss (4) -- (4) -- -- --
------- ---- ------- ------ --- ---
Total Common Stockholder's Equity 2,700 (23) 2,700 14 9 --
------- ---- ------- ------ --- ---
Total Capitalization 7,657 (23) 5,718 1,953 9 --
------- ---- ------- ------ --- ---
TOTAL LIABILITIES AND CAPITALIZATION $13,586 $(23) $11,409 $2,178 $ 9 $13
======= ==== ======= ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG POWER LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
POWER & ELIMINATIONS FOSSIL
SUBS. (A) & RECLASS. POWER & SUBS. (A)
--------- ------------ ----- -----------
OPERATING REVENUES $5,173 $(1,093) $ -- $463
OPERATING EXPENSES
Energy Costs 3,558 (1,093) -- --
Operation and Maintenance 967 1 (2) 369
Depreciation and Amortization 121 -- 2 101
------ ------- ----- ----
Total Operating Expenses 4,646 (1,092) -- 470
------ ------- ----- ----
OPERATING INCOME 527 (1) -- (7)
Other Income 166 (95) 101 1
Other Deductions (57) -- (1) (7)
Equity in Earnings (Losses) of Subsidiaries -- (295) 295 --
Interest Expense (142) 96 (118) (63)
------ ------- ----- ----
INCOME BEFORE INCOME TAXES 494 (295) 277 (76)
Income Tax Expense (186) -- 31 21
------ ------- ----- ----
NET INCOME $ 308 $ (295) $ 308 $(55)
====== ======= ===== ====
PSEG
PSEG POWER
NUCLEAR POWER DEVELOPMENT
& SUBS. (A) ER&T (A) INVEST CO. CORP.
----------- -------- ---------- -----------
OPERATING REVENUES $641 $5,162 $-- $--
OPERATING EXPENSES
Energy Costs 124 4,527 -- --
Operation and Maintenance 528 71 -- --
Depreciation and Amortization 17 1 -- --
---- ------ --- ---
Total Operating Expenses 669 4,599 -- --
---- ------ --- ---
OPERATING INCOME (28) 563 -- --
Other Income 155 4 -- --
Other Deductions (49) -- -- --
Equity in Earnings (Losses) of Subsidiaries -- -- -- --
Interest Expense -- (57) -- --
---- ------ --- ---
INCOME BEFORE INCOME TAXES 78 510 -- --
Income Tax Expense (37) (201) -- --
---- ------ --- ---
NET INCOME $ 41 $ 309 $-- $--
==== ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG POWER LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
POWER & ELIMINATIONS FOSSIL
SUBS. (A) & RECLASS. POWER & SUBS. (A)
--------- ------------ ------ -----------
BALANCE JANUARY 1, 2004 $1,810 $ (765) $1,810 $(19)
Net Income 308 (295) 308 (55)
------ ------- ------ ----
Subtotal 2,118 (1,060) 2,118 (74)
------ ------- ------ ----
Cash Dividends:
Common Stock -- 1,148 -- --
------ ------- ------ ----
Total Cash Dividends -- 1,148 -- --
------ ------- ------ ----
BALANCE DECEMBER 31, 2004 $2,118 $ 88 $2,118 $(74)
====== ======= ====== ====
PSEG
PSEG POWER
NUCLEAR POWER DEVELOPMENT
& SUBS. (A) ER&T (A) INVEST CO. CORP.
----------- -------- ---------- -----------
BALANCE JANUARY 1, 2004 $(424) $ 1,170 $38 $--
Net Income 41 309 -- --
----- ------- --- ---
Subtotal (383) 1,479 38 --
----- ------- --- ---
Cash Dividends:
Common Stock -- (1,148) -- --
----- ------- --- ---
Total Cash Dividends -- (1,148) -- --
----- ------- --- ---
BALANCE DECEMBER 31, 2004 $(383) $ 331 $38 $--
===== ======= === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG POWER LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
POWER & ELIMINATIONS FOSSIL
SUBS. (A) & RECLASS. POWER & SUBS. (A)
--------- ------------ ------ -----------
CURRENT ASSETS
Cash and Cash Equivalents $ 10 $ -- $ -- $ 1
Accounts Receivable - net 747 (48) -- 8
Accounts Receivable - Affiliated Companies, net 343 43 77 176
Short-Term Loan to Affiliate -- (1,363) 1,363 --
Fuel 621 -- -- --
Materials and Supplies 178 -- -- 80
Energy Trading Contracts 135 -- -- --
Other 63 -- 6 7
------- ------- ------ -------
Total Current Assets 2,097 (1,368) 1,446 272
------- ------- ------ -------
PROPERTY, PLANT AND EQUIPMENT 6,577 -- 122 5,230
Less: Accumulated Depreciation and Amortization (1,499) -- (15) (1,029)
------- ------- ------ -------
Net Property, Plant and Equipment 5,078 -- 107 4,201
------- ------- ------ -------
NONCURRENT ASSETS
Notes Receivable - Affiliated Companies -- (1,100) 1,100 --
Deferred Income Taxes and Inv. Tax Credits -- (117) 19 --
Investment in Subsidiaries -- (3,720) 3,720 --
Nuclear Decommissioning Trust Funds 1,086 -- -- --
Intangibles 120 1 2 56
Other 216 -- 167 --
------- ------- ------ -------
Total Noncurrent Assets 1,422 (4,936) 5,008 56
------- ------- ------ -------
TOTAL ASSETS $ 8,597 $(6,304) $6,561 $ 4,529
======= ======= ====== =======
PSEG
PSEG POWER
NUCLEAR POWER DEVELOPMENT
& SUBS. (A) ER&T (A) INVEST CO. CORP.
----------- -------- ---------- -----------
CURRENT ASSETS
Cash and Cash Equivalents $ 9 $ -- $-- $--
Accounts Receivable - net 31 708 48 --
Accounts Receivable - Affiliated Companies, net 69 (22) -- --
Short-Term Loan to Affiliate -- -- -- --
Fuel 1 620 -- --
Materials and Supplies 98 -- -- --
Energy Trading Contracts -- 135 -- --
Other 4 46 -- --
------ ------ --- ---
Total Current Assets 212 1,487 48 --
------ ------ --- ---
PROPERTY, PLANT AND EQUIPMENT 1,215 10 -- --
Less: Accumulated Depreciation and Amortization (452) (3) -- --
------ ------ --- ---
Net Property, Plant and Equipment 763 7 -- --
------ ------ --- ---
NONCURRENT ASSETS
Notes Receivable - Affiliated Companies -- -- -- --
Deferred Income Taxes and Inv. Tax Credits -- 98 -- --
Investment in Subsidiaries -- -- -- --
Nuclear Decommissioning Trust Funds 1,086 -- -- --
Intangibles -- 61 -- --
Other 3 46 -- --
------ ------ --- ---
Total Noncurrent Assets 1,089 205 -- --
------ ------ --- ---
TOTAL ASSETS $2,064 $1,699 $48 $--
====== ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG POWER LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
POWER & ELIMINATIONS FOSSIL
SUBS. (A) & RECLASS. POWER & SUBS. (A)
--------- ------------ ------ -----------
CURRENT LIABILITIES
Accounts Payable $ 992 $ -- $ 50 $ 78
Accounts Payable - Affiliated Companies, net -- (53) -- --
Short-Term Loan from Affiliate 98 (1,363) -- 858
Energy Trading Contracts 121 -- -- --
Other 307 (48) 68 62
------ ------- ------ ------
Total Current Liabilities 1,518 (1,464) 118 998
------ ------- ------ ------
NONCURRENT LIABILITIES
Nuclear Decommissioning 310 -- -- --
Deferred Income Taxes and Inv. Tax Credits 94 (117) -- 33
Accrued Pension Costs 17 -- 17 --
Other 264 1 32 65
------ ------- ------ ------
Total Noncurrent Liabilities 685 (116) 49 98
------ ------- ------ ------
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- --
------ ------- ------ ------
LONG TERM DEBT
Notes Payable - Affiliated Company -- (1,100) -- 1,100
Long-Term Debt 3,316 -- 3,316 --
------ ------- ------ ------
Total Long-Term Debt 3,316 (1,100) 3,316 1,100
------ ------- ------ ------
MEMBER'S EQUITY
Contributed Capital 2,000 (3,763) 2,000 2,434
Basis Adjustment (986) -- (986) (23)
Retained Earnings 2,118 88 2,118 (74)
Accumulated Other Comprehensive Income (Loss) (54) 51 (54) (4)
------ ------- ------ ------
Total Member's Equity 3,078 (3,624) 3,078 2,333
------ ------- ------ ------
Total Capitalization 6,394 (4,724) 6,394 3,433
------ ------- ------ ------
TOTAL LIABILITIES AND MEMBER'S EQUITY $8,597 $(6,304) $6,561 $4,529
====== ======= ====== ======
PSEG
PSEG POWER
NUCLEAR POWER DEVELOPMENT
& SUBS. (A) ER&T (A) INVEST CO. CORP.
----------- -------- ---------- -----------
CURRENT LIABILITIES
Accounts Payable $ 85 $ 779 $-- $--
Accounts Payable - Affiliated Companies, net -- 43 10 --
Short-Term Loan from Affiliate 586 17 -- --
Energy Trading Contracts -- 121 -- --
Other 31 194 -- --
------ ------ --- ---
Total Current Liabilities 702 1,154 10 --
------ ------ --- ---
NONCURRENT LIABILITIES
Nuclear Decommissioning 310 -- -- --
Deferred Income Taxes and Inv. Tax Credits 178 -- -- --
Accrued Pension Costs -- -- -- --
Other 5 161 -- --
------ ------ --- ---
Total Noncurrent Liabilities 493 161 -- --
------ ------ --- ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- --
------ ------ --- ---
LONG TERM DEBT
Notes Payable - Affiliated Company -- -- -- --
Long-Term Debt -- -- -- --
------ ------ --- ---
Total Long-Term Debt -- -- -- --
------ ------ --- ---
MEMBER'S EQUITY
Contributed Capital 1,151 178 -- --
Basis Adjustment -- 23 -- --
Retained Earnings (383) 331 38 --
Accumulated Other Comprehensive Income (Loss) 101 (148) -- --
------ ------ --- ---
Total Member's Equity 869 384 38 --
------ ------ --- ---
Total Capitalization 869 384 38 --
------ ------ --- ---
TOTAL LIABILITIES AND MEMBER'S EQUITY $2,064 $1,699 $48 $--
====== ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG FOSSIL LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
FOSSIL ELIMINATIONS POWER PSEG
& SUBS. (A) & RECLASS. FOSSIL NEW YORK LAWRENCEBURG(B)
----------- ------------ ------ -------- ---------------
OPERATING REVENUES $463 $-- $342 $18 $ 17
OPERATING EXPENSES
Operation and Maintenance 369 -- 273 18 7
Depreciation and Amortization 101 -- 69 -- 10
---- --- ---- --- ----
Total Operating Expenses 470 -- 342 18 17
---- --- ---- --- ----
OPERATING LOSS (7) -- -- -- --
Other Income 1 -- -- -- --
Other Deductions (7) -- -- -- (5)
Equity Loss in Subs -- 55 (55) -- --
Interest Expense (63) 1 -- -- (24)
---- --- ---- --- ----
LOSS BEFORE INCOME TAXES (76) 56 (55) -- (29)
Income Taxes 21 (1) -- (9) 12
---- --- ---- --- ----
NET LOSS $(55) $55 $(55) $(9) $(17)
==== === ==== === ====
PSEG POWER
BELLPORT PSEG POWER POWER
LLC WATERFORD MIDWEST CONNECTICUT
----------- --------- ------- -----------
OPERATING REVENUES $-- $ 20 $-- $ 66
OPERATING EXPENSES
Operation and Maintenance -- 14 -- 57
Depreciation and Amortization -- 13 -- 9
--- ---- --- ----
Total Operating Expenses -- 27 -- 66
--- ---- --- ----
OPERATING LOSS -- (7) -- --
Other Income -- -- -- 1
Other Deductions -- (2) -- --
Equity Loss in Subs -- -- -- --
Interest Expense -- (28) -- (12)
--- ---- --- ----
LOSS BEFORE INCOME TAXES -- (37) -- (11)
Income Taxes -- 15 -- 4
--- ---- --- ----
NET LOSS $-- $(22) $-- $ (7)
=== ==== === ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG FOSSIL LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
FOSSIL ELIMINATIONS POWER PSEG
& SUBS. (A) & RECLASS. FOSSIL NEW YORK LAWRENCEBURG(B)
----------- ------------ ------ -------- ---------------
BALANCE JANUARY 1, 2004 $(19) $(28) $(19) $ 8 $ --
Net Loss (55) 55 (55) (9) (17)
---- ---- ---- --- ----
BALANCE DECEMBER 31, 2004 $(74) $ 27 $(74) $(1) $(17)
==== ==== ==== === ====
PSEG POWER
BELLPORT PSEG POWER POWER
LLC WATERFORD MIDWEST CONNECTICUT
----------- --------- ------- -----------
BALANCE JANUARY 1, 2004 $-- $ (8) $(1) $ 29
Net Loss -- (22) -- (7)
--- ---- --- ----
BALANCE DECEMBER 31, 2004 $-- $(30) $(1) $ 22
=== ==== === ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY PSEG PSEG POWER
FOSSIL ELIMINATIONS POWER LAWRENCEBURG BELLPORT PSEG POWER POWER
& SUBS. (A) & RECLASS. FOSSIL NEW YORK (B) LLC WATERFORD MIDWEST CONNECTICUT
----------- ------------ ------ -------- ------------ ---------- --------- ------- -----------
CURRENT ASSETS
Cash and Cash Equivalents $ 1 $ -- $ 1 $ -- $ -- $-- $ -- $-- $ --
Accounts Receivable - net 8 1 -- -- -- -- -- -- 7
Accounts Receivable -
Affiliated Companies 176 (113) 247 -- 8 -- 20 7 7
Short-Term Loan to Affiliate -- (59) -- -- -- -- 21 -- 38
Materials and Supplies 80 -- 55 6 8 -- 3 -- 8
Other 7 1 3 1 1 -- 1 -- --
------- ----- ------ ---- ---- --- ---- --- ----
Total Current Assets 272 (170) 306 7 17 -- 45 7 60
------- ----- ------ ---- ---- --- ---- --- ----
PROPERTY, PLANT AND EQUIPMENT 5,230 -- 3,231 488 683 84 504 -- 240
Less: Accumulated
Depreciation and
Amortization (1,029) -- (980) (2) (10) -- (18) -- (19)
------- ----- ------ ---- ---- --- ---- --- ----
Net Property, Plant
and Equipment 4,201 -- 2,251 486 673 84 486 -- 221
------- ----- ------ ---- ---- --- ---- --- ----
NONCURRENT ASSETS
Investment in Subs -- (643) 643 -- -- -- -- -- --
Intangibles 56 -- -- 56 -- -- -- -- --
------- ----- ------ ---- ---- --- ---- --- ----
Total Noncurrent Assets 56 (643) 643 56 -- -- -- -- --
------- ----- ------ ---- ---- --- ---- --- ----
TOTAL ASSETS $ 4,529 $(813) $3,200 $549 $690 $84 $531 $ 7 $281
======= ===== ====== ==== ==== === ==== === ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG FOSSIL LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY PSEG PSEG POWER
FOSSIL ELIMINATIONS POWER LAWRENCEBURG BELLPORT PSEG POWER POWER
& SUBS. (A) & RECLASS. FOSSIL NEW YORK (B) LLC WATERFORD MIDWEST CONNECTICUT
----------- ------------ ------ -------- ------------ ---------- --------- ------- -----------
CURRENT LIABILITIES
Accounts Payable $ 78 $ -- $ 44 $ 27 $ 1 $-- $ -- $-- $ 6
Accounts Payable -
Affiliated Companies -- (104) -- 17 -- $87 -- -- --
Short-Term Loan from
Affiliate 858 (59) 708 183 18 -- -- 8 --
Other 62 -- 50 5 2 -- 3 -- 2
------ ----- ------ ---- ---- --- ---- --- ----
Total Current Liabilities 998 (163) 802 232 21 87 3 8 8
------ ----- ------ ---- ---- --- ---- --- ----
NONCURRENT LIABILITIES
Deferred Income Taxes 33 -- 10 5 -- (3) 3 -- 18
Environmental 57 -- 51 -- -- -- -- -- 6
Other 8 -- 4 3 -- -- -- -- 1
------ ----- ------ ---- ---- --- ---- --- ----
Total Noncurrent
Liabilities 98 -- 65 8 -- (3) 3 -- 25
------ ----- ------ ---- ---- --- ---- --- ----
COMMITMENTS AND CONTINGENT
LIABILITIES -- -- -- -- -- -- -- -- --
------ ----- ------ ---- ---- --- ---- --- ----
LONG TERM DEBT
Notes Payable - Affiliated
Company 1,100 -- -- 150 445 -- 355 -- 150
------ ----- ------ ---- ---- --- ---- --- ----
Total Long-Term Debt 1,100 -- -- 150 445 -- 355 -- 150
------ ----- ------ ---- ---- --- ---- --- ----
MEMBER'S EQUITY
Contributed Capital 2,434 (704) 2,434 160 249 -- 219 -- 76
Basis Adjustment (23) 23 (23) -- (8) -- (15) -- --
Retained Earnings (74) 27 (74) (1) (17) -- (30) (1) 22
Accumulated Other
Comprehensive Income (4) 4 (4) -- -- -- (4) -- --
------ ----- ------ ---- ---- --- ---- --- ----
Total Member's Equity 2,333 (650) 2,333 159 224 -- 170 (1) 98
------ ----- ------ ---- ---- --- ---- --- ----
Total Capitalization 3,433 (650) 2,333 309 669 -- 525 (1) 248
------ ----- ------ ---- ---- --- ---- --- ----
TOTAL LIABILITIES AND MEMBER'S
EQUITY $4,529 $(813) $3,200 $549 $690 $84 $531 $ 7 $281
====== ===== ====== ==== ==== === ==== === ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF OPERATIONS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
NUCLEAR ELIMINATIONS
& SUBS. (A) & RECLASS. NUCLEAR TFC
----------- ------------ ------- ---
OPERATING REVENUES $641 $-- $641 $--
OPERATING EXPENSES
Energy Costs 124 -- 124 --
Operation and Maintenance 528 -- 528 --
Depreciation and Amortization 17 -- 17 --
---- --- ---- ---
Total Operating Expenses 669 -- 669 --
---- --- ---- ---
OPERATING INCOME (28) -- (28) --
Other Income 155 -- 155 --
Other Deductions (49) -- (49) --
---- --- ---- ---
INCOME BEFORE INCOME TAXES 78 -- 78 --
Income Taxes (37) -- (37) --
---- --- ---- ---
NET INCOME $ 41 $-- $ 41 $--
==== === ==== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG NUCLEAR LLC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
For The Year Ended December 31, 2004
(Millions)
INTERCOMPANY
NUCLEAR ELIMINATIONS
& SUBS. (A) & RECLASS. NUCLEAR TFC
----------- ------------ ------- ---
BALANCE JANUARY 1, 2004 $(424) $-- $(424) $--
Net Income 41 -- 41 --
----- --- ----- ---
Subtotal (383) -- (383) --
----- --- ----- ---
Cash Dividends:
Common Stock -- -- -- --
----- --- ----- ---
Total Cash Dividends -- -- -- --
----- --- ----- ---
BALANCE DECEMBER 31, 2004 $(383) $-- $(383) $--
===== === ===== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
NUCLEAR ELIMINATIONS
& SUBS. (A) & RECLASS. NUCLEAR TFC
----------- ------------ ------- ---
CURRENT ASSETS
Cash and Cash Equivalents $ 9 $-- $ 9 $--
Accounts Receivable 31 -- 31 --
Accounts Receivable - Affiliated Companies 69 5 64 --
Fuel 1 -- 1 --
Materials and Supplies 98 -- 98 --
Other 4 -- 4 --
------ --- ------ ---
Total Current Assets 212 5 207 --
------ --- ------ ---
PROPERTY, PLANT AND EQUIPMENT 1,215 (5) 1,215 5
Less: Accumulated depreciation and amortization (452) -- (452) --
------ --- ------ ---
Net Property, Plant and Equipment 763 (5) 763 5
------ --- ------ ---
NONCURRENT ASSETS
Investment in Subs -- (5) 5 --
Nuclear Decommissioning Trust Funds 1,086 -- 1,086 --
Other 3 -- 3 --
------ --- ------ ---
Total Noncurrent Assets 1,089 (5) 1,094 --
------ --- ------ ---
TOTAL ASSETS $2,064 $(5) $2,064 $ 5
====== === ====== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG NUCLEAR LLC
CONSOLIDATING BALANCE SHEET
As of December 31, 2004
(Millions)
INTERCOMPANY
NUCLEAR ELIMINATIONS
& SUBS. (A) & RECLASS. NUCLEAR TFC
----------- ------------ ------- ---
CURRENT LIABILITIES
Accounts Payable $ 85 $-- $ 85 $--
Short-Term Loan from Affiliate 586 -- 586 --
Other 31 -- 31 --
------ --- ------ ---
Total Current Liabilities 702 -- 702 --
------ --- ------ ---
NONCURRENT LIABILITIES
Nuclear Decommissioning 310 -- 310 --
Deferred Income Taxes and Inv. Tax Credits 178 -- 178 --
Other 5 -- 5 --
------ --- ------ ---
Total Noncurrent Liabilities 493 -- 493 --
------ --- ------ ---
COMMITMENTS AND CONTINGENT LIABILITIES -- -- -- --
------ --- ------ ---
LONG TERM DEBT
Notes Payable - Affiliated Company -- -- -- --
------ --- ------ ---
Total Long-Term Debt -- -- -- --
------ --- ------ ---
MEMBER'S EQUITY
Contributed Capital 1,151 (5) 1,151 5
Retained Earnings (383) -- (383) --
Accumulated Other Comprehensive Income 101 -- 101 --
------ --- ------ ---
Total Member's Equity 869 (5) 869 5
------ --- ------ ---
Total Capitalization 869 (5) 869 5
------ --- ------ ---
TOTAL LIABILITIES AND MEMBER'S EQUITY $2,064 $(5) $2,064 $ 5
====== === ====== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING INCOME STATEMENT
YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
PSEG
CONSOLIDATED INTERCOMPANY ENERGY GLOBAL RESOURCES PETAMC EGDC
TOTAL (A) ELIMINATIONS HOLDINGS CONSOL. (A) CONSOL. (B) CONSOL. CONSOL. (A)
------------ ------------ -------- ----------- ----------- ------- -----------
REVENUES:
Income from capital lease agreements $ 152,500 $ -- $ -- $ -- $152,500 $ -- $ --
Income from operating leases 12,322 -- -- -- 12,322 -- --
Income from withdrawal of partnership
interests 81,538 -- -- 81,538 -- -- --
Rental income 10,019 -- -- -- -- -- 10,019
Investment losses (2,143) -- -- -- (2,143) -- --
Realized loss (710) -- -- -- -- -- (710)
Interest and dividend income 418 -- -- -- 318 100 --
Electric revenues:
Generation 529,697 -- -- 529,697 -- -- --
Distribution 196,533 -- -- 196,533 -- -- --
Other 22,968 -- -- 22,968 -- -- --
DSM revenues 23,740 -- -- -- 23,740 -- --
Other revenues 474 -- -- -- 474 -- --
Interest and other - associated cos -- (174,139) 174,006 -- -- 94 39
Equity in subsidiary earnings -- (144,555) 144,555 -- -- -- --
---------- --------- -------- -------- -------- ------- -------
Total revenues 1,027,356 (318,694) 318,561 830,736 187,211 194 9,348
---------- --------- -------- -------- -------- ------- -------
OPERATING EXPENSES:
Electric energy costs 388,388 -- -- 388,388 -- -- --
Operation and maintenance 93,422 -- -- 70,272 16,089 -- 7,061
Depreciation and amortization 57,501 -- 122 52,033 5,346 -- --
Restructuring charges 972 -- -- 972 -- -- --
Administrative and general 144,287 (11,527) 18,284 116,316 12,827 7,997 390
---------- --------- -------- -------- -------- ------- -------
Total operating expenses 684,570 (11,527) 18,406 627,981 34,262 7,997 7,451
---------- --------- -------- -------- -------- ------- -------
INCOME (LOSS) FROM EQUITY METHOD
INVESTMENTS:
Income (loss) from joint ventures and
partnerships 101,762 -- -- 100,974 828 -- (40)
Interest income 17,337 -- -- 17,337 -- -- --
Consulting and O&M fees 6,618 -- -- 6,618 -- -- --
---------- --------- -------- -------- -------- ------- -------
Total income (loss) from equity method
investments 125,717 -- -- 124,929 828 -- (40)
---------- --------- -------- -------- -------- ------- -------
OPERATING INCOME (LOSS) 468,503 (307,167) 300,155 327,684 153,777 (7,803) 1,857
---------- --------- -------- -------- -------- ------- -------
OTHER (LOSS) INCOME:
Foreign currency transaction loss (26,350) -- -- (26,350) -- -- --
Change in derivative fair value (3,079) -- -- (3,079) -- -- --
Loss on early extinguishment of debt (3,130) 3,130 (3,130) (1,514) (1,591) (25) --
Gain on sale-other 121 -- -- 121 -- -- --
Other 3,516 -- 1,844 1,634 32 6 --
---------- --------- -------- -------- -------- ------- -------
Total other (loss) income (28,922) 3,130 (1,286) (29,188) (1,559) (19) --
---------- --------- -------- -------- -------- ------- -------
INTEREST EXPENSE:
PSEG Energy Holdings L.L.C -- (159,349) -- 80,605 78,045 666 33
PETAMC -- (94) 94 -- -- -- --
Enterprise Group Development Corp. -- (39) 39 -- -- -- --
Other 258,986 -- 160,050 93,982 2,942 17 1,995
Capitalized interest (4,119) -- -- (4,119) -- -- --
---------- --------- -------- -------- -------- ------- -------
Net interest expense 254,867 (159,482) 160,183 170,468 80,987 683 2,028
---------- --------- -------- -------- -------- ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE INCOME TAXES, MINORITY INTERESTS
AND DISCONTINUED OPERATIONS 184,714 (144,555) 138,686 128,028 71,231 (8,505) (171)
---------- --------- -------- -------- -------- ------- -------
INCOME TAXES:
Current (87,767) -- (2,593) (36,749) (41,538) (3,118) (3,769)
Deferred 123,879 -- 447 73,691 45,938 140 3,663
Investment and energy tax credits - net (1,234) -- -- (434) (800) -- --
Foreign 13,021 -- -- 13,021 -- -- --
---------- --------- -------- -------- -------- ------- -------
Total income taxes 47,899 -- (2,146) 49,529 3,600 (2,978) (106)
---------- --------- -------- -------- -------- ------- -------
MINORITY INTERESTS 535 -- -- 357 -- -- 178
---------- --------- -------- -------- -------- ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS
BEFORE DISCONTINUED OPERATIONS 136,280 (144,555) 140,832 78,142 67,631 (5,527) (243)
---------- --------- -------- -------- -------- ------- -------
DISCONTINUED OPERATIONS:
Gain from discontinued operations 2,013 -- -- 2,013 -- -- --
Gain on disposal of discontinued
operations 2,539 -- -- 2,539 -- -- --
---------- --------- -------- -------- -------- ------- -------
NET INCOME (LOSS) 140,832 (144,555) 140,832 82,694 67,631 (5,527) (243)
Preference units distributions 16,438 (16,438) 16,438 13,530 2,908 -- --
---------- --------- -------- -------- -------- ------- -------
EARNINGS (LOSS) AVAILABLE TO ORDINARY
MEMBER $ 124,394 $(128,117) $124,394 $ 69,164 $ 64,723 $(5,527) $ (243)
========== ========= ======== ======== ======== ======= =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2004
(Thousands)
INTERCOMPANY PSEG
CONSOLIDATED ELIMINATIONS ENERGY GLOBAL RESOURCES PETAMC EGDC
TOTAL (A) & RECLASS. HOLDINGS CONSOL. (A) CONSOL. (B) CONSOL. CONSOL. (A)
------------ ------------ -------- ----------- ----------- ------- -----------
BALANCE JANUARY 1, 2004 $178,518 $(199,215) $178,518 $(133,964) $435,427 $ (276) $(101,972)
NET INCOME (LOSS) 140,832 (144,555) 140,832 82,694 67,631 (5,527) (243)
-------- --------- -------- --------- -------- ------- ---------
TOTAL 319,350 (343,770) 319,350 (51,270) 503,058 (5,803) (102,215)
-------- --------- -------- --------- -------- ------- ---------
DIVIDENDS DECLARED 16,438 (16,438) 16,438 13,530 2,908 -- --
ORDINARY DISTRIBUTION 75,000 (75,000) 75,000 25,000 50,000 -- --
-------- --------- -------- --------- -------- ------- ---------
BALANCE DECEMBER 31, 2004 $227,912 $(252,332) $227,912 $ (89,800) $450,150 $(5,803) $(102,215)
======== ========= ======== ========= ======== ======= =========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY PSEG
CONSOLIDATED ELIMINATIONS ENERGY GLOBAL RESOURCES
TOTAL (A) & RECLASS. HOLDINGS CONSOL. (A) CONSOL. (B)
------------ ------------ ---------- ----------- -----------
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 199,488 $ -- $ 57 $ 190,062 $ 6,653
Restricted funds-current 44,926 -- -- 44,926 --
Accounts receivable:
Trade 114,506 -- -- 109,633 3,400
Allowance for doubtful accounts (334) -- -- -- (133)
Other 19,260 -- -- 18,121 560
PSE&G 428 428 -- -- --
PSEG 18,484 (579) 5,499 11,530 2,034
Other associated companies -- (67,099) 66,370 -- 6
Notes receivable:
Associated companies 114,994 (1,645,995) 1,754,161 -- --
Other 138,287 -- -- 132,113 --
Valuation allowance - Other notes (979) -- -- -- --
Interest and dividends receivable 67 -- -- -- 67
Accrued interest receivable-FAS133 303 -- 303 -- --
Fuel 11,630 -- -- 11,630 --
Materials and supplies 35,264 -- -- 35,264 --
Prepayments 6,894 -- 355 4,836 826
Current portion of derivative asset 304 -- -- 304 --
---------- ----------- ---------- ---------- ----------
Total current assets 703,522 (1,713,245) 1,826,745 558,419 13,413
---------- ----------- ---------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT:
Real estate 193,685 -- -- 19,863 88,788
Generation and distribution assets 1,739,678 -- -- 1,739,678 --
Furniture and equipment 65,705 -- 1,757 61,732 2,179
Construction work in progress 90,698 -- -- 90,339 --
Other 2,718 -- 931 1,733 54
Accum. depr. and amortization (227,395) -- (2,106) (187,126) (18,923)
Valuation allowances (8,067) -- -- -- --
---------- ----------- ---------- ---------- ----------
Property, plant and equipment-net 1,857,022 -- 582 1,726,219 72,098
---------- ----------- ---------- ---------- ----------
INVESTMENTS:
Subsidiaries -- (2,183,916) 2,183,916 -- --
Capital lease agreements 2,856,431 -- -- -- 2,856,431
Limited partnership interests 205,758 -- -- 164,733 41,025
General partnership interests 13,442 -- -- 13,442 --
Corporate joint ventures 893,931 -- -- 893,931 --
Securities 3,400 -- -- -- 3,400
DSM investment 15,219 -- -- -- 15,219
Other investments -- -- -- -- --
Valuation allowances (5,678) -- -- -- (5,678)
---------- ----------- ---------- ---------- ----------
Total investments 3,982,503 (2,183,916) 2,183,916 1,072,106 2,910,397
---------- ----------- ---------- ---------- ----------
OTHER ASSETS:
Long-term notes receivable 8,098 -- 1,962 5,694 --
Valuation allowances-long-term notes (442) -- -- -- --
Deferred project costs 47,282 -- -- 47,282 --
Deferred finance costs 41,402 -- 10,688 30,714 --
Prepaid pension costs 17,775 -- 6,847 8,625 2,303
Goodwill 513,651 -- -- 513,651 --
Deferred tax asset -- (177,549) 14,906 160,617 112
Derivative asset 31 -- -- 31 --
Tenant improvements 545 -- -- -- --
Intangibles 3,103 -- 774 1,729 600
Other 6,875 -- -- 5,787 --
Restricted funds-long-term 13,328 -- -- 13,328 --
---------- ----------- ---------- ---------- ----------
Total other assets 651,648 (177,549) 35,177 787,458 3,015
---------- ----------- ---------- ---------- ----------
TOTAL ASSETS $7,194,695 $(4,074,710) $4,046,420 $4,144,202 $2,998,923
========== =========== ========== ========== ==========
PETAMC EGDC
CONSOL. CONSOL. (A) CAPITAL FUNDING
------- ----------- ------- -------
ASSETS
CURRENT ASSETS:
Cash and temporary cash investments $ 301 $ 2,415 $ -- $ --
Restricted funds-current -- -- -- --
Accounts receivable:
Trade 1,473 -- -- --
Allowance for doubtful accounts (201) -- -- --
Other -- 579 -- --
PSE&G -- -- -- --
PSEG -- -- -- --
Other associated companies 717 6 -- --
Notes receivable:
Associated companies 3,454 3,174 100 100
Other 1,174 5,000 -- --
Valuation allowance - Other notes (979) -- -- --
Interest and dividends receivable -- -- -- --
Accrued interest receivable-FAS133 -- -- -- --
Fuel -- -- -- --
Materials and supplies -- -- -- --
Prepayments 8 869 -- --
Current portion of derivative asset -- -- -- --
------ -------- ---- ----
Total current assets 5,947 12,043 100 100
------ -------- ---- ----
PROPERTY, PLANT AND EQUIPMENT:
Real estate -- 85,034 -- --
Generation and distribution assets -- -- -- --
Furniture and equipment -- 37 -- --
Construction work in progress -- 359 -- --
Other -- -- -- --
Accum. depr. and amortization -- (19,240) -- --
Valuation allowances -- (8,067) -- --
------ -------- ---- ----
Property, plant and equipment-net -- 58,123 -- --
------ -------- ---- ----
INVESTMENTS:
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
Limited partnership interests -- -- -- --
General partnership interests -- -- -- --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
DSM investment -- -- -- --
Other investments -- -- -- --
Valuation allowances -- -- -- --
------ -------- ---- ----
Total investments -- -- -- --
------ -------- ---- ----
OTHER ASSETS:
Long-term notes receivable 442 -- -- --
Valuation allowances-long-term notes (442) -- -- --
Deferred project costs -- -- -- --
Deferred finance costs -- -- -- --
Prepaid pension costs -- -- -- --
Goodwill -- -- -- --
Deferred tax asset 1,914 -- -- --
Derivative asset -- -- -- --
Tenant improvements -- 545 -- --
Intangibles -- -- -- --
Other -- 1,088 -- --
Restricted funds-long-term -- -- -- --
------ -------- ---- ----
Total other assets 1,914 1,633 -- --
------ -------- ---- ----
TOTAL ASSETS $7,861 $ 71,799 $100 $100
====== ======== ==== ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG ENERGY HOLDINGS L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY PSEG
CONSOLIDATED ELIMINATIONS ENERGY GLOBAL RESOURCES
TOTAL (A) & RECLASS. HOLDINGS CONSOL. (A) CONSOL. (B)
------------ ------------ ----------- ----------- -----------
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ 59,001 $ -- $ -- $ 58,696 $ 305
Taxes 5,207 -- 19 4,229 908
Other 66,235 -- 1,873 53,472 8,627
Interest 50,696 -- 34,838 14,935 923
Associated companies 1,606 (67,250) 1,518 35,799 30,948
Notes payable:
PSEG Capital Corporation -- (100) 100 -- --
PSEG Energy Holdings L.L.C -- (1,639,167) -- 852,567 786,600
Enterprise Group Development Corp. -- (3,174) 3,174 -- --
PETAMC -- (3,454) 3,454 -- --
Enterprise Capital Funding Corp. -- (100) 100 -- --
Current portion of derivative liabilities 36,831 -- 6,190 30,641 --
Long-term debt due within one year 66,174 -- -- 62,757 1,546
---------- ----------- ---------- ---------- ----------
Total current liabilities 285,750 (1,713,245) 51,266 1,113,096 829,857
---------- ----------- ---------- ---------- ----------
TOTAL LONG-TERM DEBT 3,126,462 -- 1,756,035 1,319,669 29,300
---------- ----------- ---------- ---------- ----------
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes 1,580,927 (177,549) 527 121,173 1,636,261
Deferred investment and energy tax credits 6,079 -- -- 6,079 --
Deferred revenues 17,118 -- -- 17,107 11
Derivative liability 87,885 -- 18,003 69,882 --
Other long-term payables 39,652 -- 8,996 27,628 3,028
---------- ----------- ---------- ---------- ----------
Total deferred taxes and other liabilities 1,731,661 (177,549) 27,526 241,869 1,639,300
---------- ----------- ---------- ---------- ----------
MINORITY INTERESTS 34,952 -- -- 28,963 --
---------- ----------- ---------- ---------- ----------
MEMBER'S /STOCKHOLDER'S EQUITY:
Common stock -- (701) -- -- --
Preference units 184,200 (184,200) 184,200 184,200 --
Ordinary unit/common stock and capital 1,812,739 (1,746,683) 1,812,739 1,541,818 50,426
Undistributed retained earnings/deficit 227,912 (252,332) 227,912 (89,800) 450,150
Cumulative translation adjustment (129,039) -- (12,623) (116,416) --
Accumulated other comprehensive loss (79,942) -- (635) (79,197) (110)
---------- ----------- ---------- ---------- ----------
Total member's/stockholder's equity 2,015,870 (2,183,916) 2,211,593 1,440,605 500,466
---------- ----------- ---------- ---------- ----------
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $7,194,695 $(4,074,710) $4,046,420 $4,144,202 $2,998,923
========== =========== ========== ========== ==========
PETAMC EGDC
CONSOL. CONSOL. (A) CAPITAL FUNDING
------- ----------- ------- -------
LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES:
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- 51 -- --
Other 1,955 308 -- --
Interest -- -- -- --
Associated companies 444 147 -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings L.L.C -- -- -- --
Enterprise Group Development Corp. -- -- -- --
PETAMC -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Current portion of derivative liabilities -- -- -- --
Long-term debt due within one year -- 1,871 -- --
------- --------- ---- ----
Total current liabilities 2,399 2,377 -- --
------- --------- ---- ----
TOTAL LONG-TERM DEBT -- 21,458 -- --
------- --------- ---- ----
DEFERRED TAXES AND OTHER LIABILITIES:
Deferred income taxes -- 515 -- --
Deferred investment and energy tax credits -- -- -- --
Deferred revenues -- -- -- --
Derivative liability -- -- -- --
Other long-term payables -- -- -- --
------- --------- ---- ----
Total deferred taxes and other liabilities -- 515 -- --
------- --------- ---- ----
MINORITY INTERESTS -- 5,989 -- --
------- --------- ---- ----
MEMBER'S /STOCKHOLDER'S EQUITY:
Common stock -- 501 100 100
Preference units -- -- -- --
Ordinary unit/common stock and capital 11,265 143,174 -- --
Undistributed retained earnings/deficit (5,803) (102,215) -- --
Cumulative translation adjustment -- -- -- --
Accumulated other comprehensive loss -- -- -- --
------- --------- ---- ----
Total member's/stockholder's equity 5,462 41,460 100 100
------- --------- ---- ----
TOTAL LIABILITIES AND MEMBER'S/
STOCKHOLDER'S EQUITY $ 7,861 $ 71,799 $100 $100
======= ========= ==== ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL L.L.C. (GLOBAL)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY GLOBAL
GLOBAL ELIMINATIONS USA
CONSOL. (A) & RECLASS. GLOBAL CONSOL. (A)
----------- ------------ -------- -----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects 81,538 -- 44,500 2,004
Other -- -- -- --
Electric Revenues
Generation 529,697 2 -- 246,493
Distribution 196,533 -- -- --
Other 22,968 -- -- 333
Equity in subsidiary earnings -- (139,613) 139,613 --
-------- --------- -------- --------
Total revenues 830,736 (139,611) 184,113 248,830
-------- --------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 70,272 (1) -- 15,974
Write-off of Investments -- -- -- --
Depreciation and amortization 52,033 2 874 8,850
Electric and Energy Costs 388,388 -- -- 192,138
Administrative and general 117,288 535 35,642 16,909
-------- --------- -------- --------
Total operating expenses 627,981 536 36,516 233,871
-------- --------- -------- --------
Income from partnerships 100,974 -- (303) 54,240
Interest and dividend income 17,337 1 6,893 6,257
Consulting and O&M fees 6,618 1 505 1,340
-- -- -- --
-------- --------- -------- --------
OPERATING INCOME 327,684 (140,145) 154,692 76,796
-------- --------- -------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss (26,350) -- (36) 11
Change in Derivative Fair Value-FAS 133 (3,079) -- -- --
Loss on Early Extinguishment of Debt (1,514) -- -- --
Gain on Sale Other 121 -- -- --
Other 1,634 2 (1,429) 6
-------- --------- -------- --------
Total Other Income (29,188) 2 (1,465) 17
-------- --------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 80,605 -- 79,129 702
Other 93,982 (1) 2,859 25,805
Capitalized interest (4,119) -- (2,852) --
-------- --------- -------- --------
INTEREST EXPENSE - NET 170,468 (1) 79,136 26,507
-------- --------- -------- --------
INCOME (LOSS) BEFORE INCOME TAXES 128,028 (140,142) 74,091 50,306
-------- --------- -------- --------
INCOME TAXES:
Current (36,749) (4) (11,949) 10,570
Deferred 73,691 2 3,346 (2,592)
Foreign Taxes 13,021 1 -- --
Investment and energy tax credits - net (434) -- -- (434)
-------- --------- -------- --------
Total income taxes 49,529 (1) (8,603) 7,544
-------- --------- -------- --------
MINORITY INTERESTS 357 1 -- --
-------- --------- -------- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 78,142 (140,142) 82,694 42,762
-------- --------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes 2,013 -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes 2,539 -- -- --
-------- --------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS 4,552 -- -- --
-------- --------- -------- --------
NET INCOME (LOSS) 82,694 (140,142) 82,694 42,762
-------- --------- -------- --------
Preferred Dividend Requirement 13,530 -- 13,530 --
-------- --------- -------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 69,164 $(140,142) $ 69,164 $ 42,762
======== ========= ======== ========
PSEG
INDIA
PGIHLLC PEDLLC COMPANY
CONSOL. (A) BAJA CONSOL. (B) CONSOL.
----------- ----- ----------- -------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects 35,034 -- -- --
Other -- -- -- --
Electric Revenues
Generation 91,983 -- 191,219 --
Distribution 196,533 -- -- --
Other 22,263 -- 372 --
Equity in subsidiary earnings -- -- -- --
-------- ----- -------- -----
Total revenues 345,813 -- 191,591 --
-------- ----- -------- -----
OPERATING EXPENSES:
Operation and maintenance 20,421 2 33,876 --
Write-off of Investments -- -- -- --
Depreciation and amortization 28,915 -- 13,392 --
Electric and Energy Costs 130,165 -- 66,085 --
Administrative and general 30,114 6 33,688 394
-------- ----- -------- -----
Total operating expenses 209,615 8 147,041 394
-------- ----- -------- -----
Income from partnerships 46,843 -- 367 (173)
Interest and dividend income -- 228 3,958 --
Consulting and O&M fees 4,717 -- 55 --
-- -- -- --
-------- ----- -------- -----
OPERATING INCOME 187,758 220 48,930 (567)
-------- ----- -------- -----
OTHER INCOME
Foreign currency Translation Gain/Loss (1,318) -- (25,033) 26
Change in Derivative Fair Value-FAS 133 (2,437) -- (642) --
Loss on Early Extinguishment of Debt (1,514) -- -- --
Gain on Sale Other 121 -- -- --
Other 781 -- 2,274 --
-------- ----- -------- -----
Total Other Income (4,367) -- (23,401) 26
-------- ----- -------- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies 774 -- -- --
Other 33,240 -- 32,085 (6)
Capitalized interest (1,267) -- -- --
-------- ----- -------- -----
INTEREST EXPENSE - NET 32,747 -- 32,085 (6)
-------- ----- -------- -----
INCOME (LOSS) BEFORE INCOME TAXES 150,644 220 (6,556) (535)
-------- ----- -------- -----
INCOME TAXES:
Current (36,499) (243) 1,376 --
Deferred 69,304 332 3,299 --
Foreign Taxes 10,170 -- 2,850 --
Investment and energy tax credits - net -- -- -- --
-------- ----- -------- -----
Total income taxes 42,975 89 7,525 --
-------- ----- -------- -----
MINORITY INTERESTS 2,815 -- (2,459) --
-------- ----- -------- -----
INCOME (LOSS) FROM CONTINUING OPERATIONS 104,854 131 (11,622) (535)
-------- ----- -------- -----
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes 2,013 -- -- --
Gain on Sale of Discontinued Operations - Net of Taxes 2,539 -- -- --
-------- ----- -------- -----
INCOME FROM DISCONTINUED OPERATIONS 4,552 -- -- --
-------- ----- -------- -----
NET INCOME (LOSS) 109,406 131 (11,622) (535)
-------- ----- -------- -----
Preferred Dividend Requirement -- -- -- --
-------- ----- -------- -----
EARNINGS AVAILABLE TO COMMON STOCK $109,406 $ 131 $(11,622) $(535)
======== ===== ======== =====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
Exhibit A
PSEG GLOBAL L.L.C. (GLOBAL)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY GLOBAL
GLOBAL ELIMINATIONS USA
CONSOL. (A) & RECLASS. GLOBAL CONSOL. (A)
----------- ------------ --------- -----------
BALANCE JANUARY 1, 2004 $(133,964) $ (5,281) $(133,964) $ 83,982
NET INCOME (LOSS) 82,694 (140,142) 82,694 42,762
--------- --------- --------- --------
TOTAL (51,270) (145,423) (51,270) 126,744
--------- --------- --------- --------
DIVIDENDS DECLARED 13,530 -- 13,530 --
ORDINARY UNIT DISTRIBUTIONS 25,000 -- 25,000 --
--------- --------- --------- --------
BALANCE DECEMBER 31, 2004 $ (89,800) $(145,423) $ (89,800) $126,744
========= ========= ========= ========
PSEG
INDIA
PGIHLLC PEDLLC COMPANY
CONSOL. (A) BAJA CONSOL. (B) CONSOL.
----------- ------- ----------- -------
BALANCE JANUARY 1, 2004 $(149,695) $68,600 $ (1,253) $3,647
NET INCOME (LOSS) 109,406 131 (11,622) (535)
--------- ------- -------- ------
TOTAL (40,289) 68,731 (12,875) 3,112
--------- ------- -------- ------
DIVIDENDS DECLARED -- -- -- --
ORDINARY UNIT DISTRIBUTIONS -- -- -- --
--------- ------- -------- ------
BALANCE DECEMBER 31, 2004 $ (40,289) $68,731 $(12,875) $3,112
========= ======= ======== ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL L.L.C. (GLOBAL)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY GLOBAL
GLOBAL ELIMINATIONS USA
CONSOL. (A) & RECLASS. GLOBAL CONSOL. (A)
----------- ------------ ---------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 190,062 $ 2 $ (27) $ 43,303
Restricted funds-current 44,926 -- -- 18,853
Accounts and Notes receivable:
Trade 109,633 (1) 240 12,640
Other 18,121 (1) 26 (16)
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies -- (4,417,382) 2,346,493 1,144,898
Notes receivable:
Associated companies 11,530 10,027 -- --
Other 132,113 -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Derivative assets 304 -- -- --
Prepayments 4,836 1 39 2,072
Fuel 11,630 -- -- 384
Materials and supplies 35,264 -- -- 17,496
---------- ----------- ---------- ----------
Total Current Assets 558,419 (4,407,354) 2,346,771 1,239,630
---------- ----------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 19,863 7,495 -- 437
Generation and distribution assets 1,739,678 (18,762) 1,628 602,216
Furniture and equipment 61,732 9,538 1,311 496
Construction work in progress 90,339 -- -- --
Other 1,733 1,728 -- 5
Accumulated depreciation and amortization (187,126) 1 (1,020) (8,606)
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Property, Plant and Equipment-net 1,726,219 -- 1,919 594,548
---------- ----------- ---------- ----------
INVESTMENTS
Subsidiaries -- (2,372,029) 2,362,267 9,762
Capital lease agreements -- -- -- --
General partnership interests 13,442 1 -- 13,441
Limited partnership interests 164,733 (2) 5,603 159,132
Corporate joint ventures 893,931 (1) 13,401 231,499
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Total Investments 1,072,106 (2,372,031) 2,381,271 413,834
---------- ----------- ---------- ----------
OTHER ASSETS
Long-term receivable 5,694 -- -- --
Goodwill 513,651 -- -- --
Deferred tax asset 160,617 (225,361) 233,683 60,355
Derivative Asset 31 -- -- 192
Restricted Cash 13,328 -- -- --
Project Start Up Costs 47,282 1 23,406 15,610
Deferred finance costs 30,714 -- (378) 13,501
Prepaid Pension Costs 8,625 -- 7,400 1,180
Intangibles 1,729 (1) 656 533
Other 5,787 (1) (2) 14
---------- ----------- ---------- ----------
Total Other Assets 787,458 (225,362) 264,765 91,385
---------- ----------- ---------- ----------
TOTAL ASSETS $4,144,202 $(7,004,747) $4,994,726 $2,339,397
========== =========== ========== ==========
PSEG
INDIA
PGIHLLC PEDLLC COMPANY
CONSOL. (A) BAJA CONSOL. (B) CONSOL
----------- ------- ----------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 128,865 $ 18 $ 17,427 $ 474
Restricted funds-current 16,523 -- 9,550 --
Accounts and Notes receivable:
Trade 69,243 -- 27,511 --
Other 15,241 1 2,870 --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 631,834 79,946 211,552 2,659
Notes receivable:
Associated companies -- -- 1,503 --
Other 132,113 -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Derivative assets 304 -- -- --
Prepayments 1,749 -- 975 --
Fuel 1,763 -- 9,483 --
Materials and supplies 11,566 -- 6,202 --
---------- ------- -------- -------
Total Current Assets 1,009,201 79,965 287,073 3,133
---------- ------- -------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate 16,876 -- (4,945) --
Generation and distribution assets 738,752 -- 415,844 --
Furniture and equipment 61,659 -- (11,272) --
Construction work in progress 63,521 -- 26,818 --
Other -- -- -- --
Accumulated depreciation and amortization (157,338) -- (20,163) --
Valuation allowances -- -- -- --
---------- ------- -------- -------
Property, Plant and Equipment-net 723,470 - 406,282 -
---------- ------- -------- -------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General partnership interests -- -- -- --
Limited partnership interests -- -- -- --
Corporate joint ventures 536,220 -- 78,033 34,779
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- ------- -------- -------
Total Investments 536,220 -- 78,033 34,779
---------- ------- -------- -------
OTHER ASSETS
Long-term receivable 5,694 -- -- --
Goodwill 505,499 -- 8,152 --
Deferred tax asset 73,962 -- 17,978 --
Derivative Asset (161) -- -- --
Restricted Cash 13,328 -- -- --
Project Start Up Costs 4,153 -- 4,112 --
Deferred finance costs 11,104 -- 6,487 --
Prepaid Pension Costs 45 -- -- --
Intangibles 358 -- 183 --
Other 5,776 -- -- --
---------- ------- -------- -------
Total Other Assets 619,758 -- 36,912 --
---------- ------- -------- -------
TOTAL ASSETS $2,888,649 $79,965 $808,300 $37,912
========== ======= ======== =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
Exhibit A
PSEG GLOBAL L.L.C. (GLOBAL)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY GLOBAL
GLOBAL ELIMINATIONS USA
CONSOL. (A) & RECLASS. GLOBAL CONSOL. (A)
----------- ------------ ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 58,696 $ 1 $ 293 $ 4,437
Taxes 4,229 (239) (2,482) 1,384
Other 53,472 242 3,033 11,724
Interest 14,935 (1) -- 2,847
Associated companies 35,799 (4,427,835) 2,477,707 515,824
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies 852,567 -- 835,616 7,342
Current portion of long-term debt 62,757 -- -- 16,200
Derivative liability 30,641 -- -- --
---------- ----------- ---------- ----------
Total Current Liabilities 1,113,096 (4,427,832) 3,314,167 559,758
---------- ----------- ---------- ----------
TOTAL LONG-TERM DEBT 1,319,669 1 -- 579,284
---------- ----------- ---------- ----------
DEFERRED CREDITS
Deferred income taxes 121,173 (225,786) 223,097 61,543
Deferred investment -- -- -- --
and energy tax credits 6,079 (1) 394 5,686
Deferred revenues 17,107 1 10,597 1,008
Derivative Liability 69,882 (1) -- --
Other 27,628 -- 5,866 7,011
---------- ----------- ---------- ----------
Total Deferred Credits 241,869 (225,787) 239,954 75,248
---------- ----------- ---------- ----------
MINORITY INTEREST 28,963 (1) -- --
---------- ----------- ---------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- (11) -- 10
Preferred stock -- -- -- --
Preference Units 184,200 -- 184,200 --
Stock Subs Payable -- -- -- --
Members Capital 1,541,818 -- 1,541,818 --
Contributed capital -- (2,424,823) -- 1,016,060
Retained earnings (89,800) (145,423) (89,800) 126,744
Other Comprehensive Income (79,197) 78,856 (79,197) (1,300)
Cumulative Translation Adjustment (116,416) 140,273 (116,416) (16,407)
---------- ----------- ---------- ----------
Total Stockholder's Equity 1,440,605 (2,351,128) 1,440,605 1,125,107
---------- ----------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $4,144,202 $(7,004,747) $4,994,726 $2,339,397
========== =========== ========== ==========
PSEG
INDIA
PGIHLLC PEDLLC COMPANY
CONSOL. (A) BAJA CONSOL. (B) CONSOL
----------- ------- ----------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 41,342 $ -- $ 12,623 $ --
Taxes 2,408 3,158 -- --
Other 22,902 -- 15,571 --
Interest 5,840 -- 6,249 --
Associated companies 1,167,723 813 295,024 6,543
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other (8,300) -- 8,300 --
Other associated companies 9,609 -- -- --
Current portion of long-term debt 36,069 -- 10,488 --
Derivative liability 9,657 -- 20,984 --
---------- ------- -------- -------
Total Current Liabilities 1,287,250 3,971 369,239 6,543
---------- ------- -------- -------
TOTAL LONG-TERM DEBT 429,163 -- 311,221 --
---------- ------- -------- -------
DEFERRED CREDITS
Deferred income taxes 49,565 (168) 12,922 --
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred revenues 1,882 3,683 (64) --
Derivative Liability 12,572 -- 57,311 --
Other 9,106 -- 5,645 --
---------- ------- -------- -------
Total Deferred Credits 73,125 3,515 75,814 --
---------- ------- -------- -------
MINORITY INTEREST 15,282 -- 13,682 --
---------- ------- -------- -------
STOCKHOLDER'S EQUITY
Capital stock -- 1 -- --
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 1,278,343 3,747 98,416 28,257
Retained earnings (40,289) 68,731 (12,875) 3,112
Other Comprehensive Income (13,733) -- (63,823) --
Cumulative Translation Adjustment (140,492) -- 16,626 --
---------- ------- -------- -------
Total Stockholder's Equity 1,083,829 72,479 38,344 31,369
---------- ------- -------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,888,649 $79,965 $808,300 $37,912
========== ======= ======== =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
GLOBAL INTERCOMPANY CONEMAUGH PSEG PROJECT
USA ELIMINATIONS GLOBAL MANAGEMENT, TRACY SERVICES
CONSOL. (A) & RECLASS. USA INC. L.L.C. INC.
----------- ------------ ------- ----------- ------ --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $-- $ -- $ --
Gain on Sale of Operating Projects 2,004 -- -- -- -- --
Other -- -- -- -- -- --
Electric Revenues
Generation 246,493 -- -- -- -- --
Distribution -- -- -- -- -- --
Other 333 -- -- -- -- --
Equity in subsidiary earnings -- (40,036) 40,036 -- -- --
-------- -------- ------- --- ----- ----
Total revenues 248,830 (40,036) 40,036 -- -- --
-------- -------- ------- --- ----- ----
OPERATING EXPENSES:
Operation and maintenance 15,974 -- -- -- -- --
Write off of investments -- -- -- -- -- --
Depreciation and amortization 8,850 -- 39 -- -- --
Electric and Energy Costs 192,138 -- -- -- -- --
Administrative and general 16,909 -- 7 -- 277 9
-------- -------- ------- --- ----- ----
Total operating expenses 233,871 -- 46 -- 277 9
-------- -------- ------- --- ----- ----
Income from partnerships 54,240 -- 5,018 -- 183 --
Interest and dividend income 6,257 -- -- -- -- --
Consulting and O&M fees 1,340 -- -- -- 277 --
OPERATING INCOME 76,796 (40,036) 45,008 -- 183 (9)
-------- -------- ------- --- ----- ----
OTHER INCOME
Foreign currency Translation Gain/Loss 11 -- -- -- -- --
Change in derivative fair value - FAS 133 -- -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- --
Other 6 -- (10) -- -- --
-------- -------- ------- --- ----- ----
Total Other Income 17 -- (10) -- -- --
-------- -------- ------- --- ----- ----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies 702 -- 702 -- -- --
Other 25,805 -- 123 -- -- --
Capitalized interest -- -- -- -- -- --
-------- -------- ------- --- ----- ----
INTEREST EXPENSE - NET 26,507 -- 825 -- -- --
-------- -------- ------- --- ----- ----
INCOME (LOSS) BEFORE INCOME TAXES 50,306 (40,036) 44,173 -- 183 (9)
-------- -------- ------- --- ----- ----
INCOME TAXES:
Current 10,570 -- 4,785 -- (367) 35
Deferred (2,592) -- (3,015) -- 439 (36)
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net (434) -- (359) -- -- --
-------- -------- ------- --- ----- ----
Total income taxes 7,544 -- 1,411 -- 72 (1)
-------- -------- ------- --- ----- ----
MINORITY INTERESTS -- -- -- -- -- --
-------- -------- ------- --- ----- ----
INCOME (LOSS) FROM CONTINUING OPERATIONS 42,762 (40,036) 42,762 -- 111 (8)
-------- -------- ------- --- ----- ----
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 (LOSS) 42,762 (40,036) 42,762 -- 111 (8)
-------- -------- ------- --- ----- ----
Preferred Dividend Requirement -- -- -- -- -- --
-------- -------- ------- --- ----- ----
EARNINGS AVAILABLE TO COMMON STOCK $ 42,762 $(40,036) $42,762 $-- $ 111 $ (8)
======== ======== ======= === ===== ====
PSEG PSEG
GWF PSEG MOUNT
INC. LEASING CARMEL CEMAS
CONSOL. INC. INC. PIPL CORPORATION
------- ------- ------ ----- -----------
REVENUES:
Income from capital lease agreements $ -- $-- $-- $ -- $ --
Gain on Sale of Operating Projects -- -- -- -- --
Other -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
---- --- --- ----- -------
Total revenues -- -- -- -- --
---- --- --- ----- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write off of investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Electric and Energy Costs -- -- -- -- --
Administrative and general 5 -- -- 420 --
---- --- --- ----- -------
Total operating expenses 5 -- -- 420 --
---- --- --- ----- -------
Income from partnerships 55 -- -- -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- --
OPERATING INCOME 50 -- -- (420) --
---- --- --- ----- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- (5) --
Change in derivative fair value - FAS 133 -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- --
Gain on Sale Other -- -- -- -- --
Other -- -- -- 16 --
---- --- --- ----- -------
Total Other Income -- -- -- 11 --
---- --- --- ----- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- -- -- (119) --
Capitalized interest -- -- -- -- --
---- --- --- ----- -------
INTEREST EXPENSE - NET -- -- -- (119) --
---- --- --- ----- -------
INCOME (LOSS) BEFORE INCOME TAXES 50 -- -- (290) --
---- --- --- ----- -------
INCOME TAXES:
Current 52 2 -- -- --
Deferred (30) -- -- -- (2,151)
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
---- --- --- ----- -------
Total income taxes 22 2 -- -- (2,151)
---- --- --- ----- -------
MINORITY INTERESTS -- -- -- -- --
---- --- --- ----- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS 28 (2) -- (290) 2,151
---- --- --- ----- -------
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 (LOSS) 28 (2) -- (290) 2,151
---- --- --- ----- -------
Preferred Dividend Requirement -- -- -- -- --
---- --- --- ----- -------
EARNINGS AVAILABLE TO COMMON STOCK $ 28 $(2) $-- $(290) $ 2,151
==== === === ===== =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG PSEG
INTERNATIONAL ASIA PSEG PSEG INTERNATIONAL NEW
SERVICES INC. INDIA U.S. SERVICES LLC HAMPSHIRE
INC (A) CONSOL. INC. INC CONSOL. (A) INC
------------- ------- ----- ------------- ------------- ---------
REVENUES:
Income from capital lease agreements $ -- $ -- $-- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- -- 2,004 --
Other -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- 246,493 --
Distribution -- -- -- -- -- --
Other -- -- -- -- 333 --
Equity in subsidiary earnings -- -- -- -- -- --
----- ------- --- ----- -------- ------
Total revenues -- -- -- -- 248,830 --
----- ------- --- ----- -------- ------
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- 15,974 --
Write off of investments -- -- -- -- -- --
Depreciation and amortization -- -- -- -- 8,811 --
Electric and Energy Costs -- -- -- -- 192,138 --
Administrative and general 664 -- -- 390 15,326 165
----- ------- --- ----- -------- ------
Total operating expenses 664 -- -- 390 232,249 165
----- ------- --- ----- -------- ------
Income from partnerships -- -- -- -- 36,931 6,384
Interest and dividend income -- -- -- -- 6,257 --
Consulting and O&M fees -- -- -- -- 210 157
OPERATING INCOME (664) -- -- (390) 59,979 6,376
----- ------- --- ----- -------- ------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- (8) --
Change in derivative fair value - FAS 133 -- -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- --
Other -- -- -- -- -- --
----- ------- --- ----- -------- ------
Total Other Income -- -- -- -- (8) --
----- ------- --- ----- -------- ------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- 25,712 --
Capitalized interest -- -- -- -- -- --
----- ------- --- ----- -------- ------
INTEREST EXPENSE - NET -- -- -- -- 25,712 --
----- ------- --- ----- -------- ------
INCOME (LOSS) BEFORE INCOME TAXES (664) -- -- (390) 34,259 6,376
----- ------- --- ----- -------- ------
INCOME TAXES:
Current (266) -- 4 (135) 2,332 2,397
Deferred 34 1,481 (4) (1) (130) (147)
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- (75)
----- ------- --- ----- -------- ------
Total income taxes (232) 1,481 -- (136) 2,202 2,175
----- ------- --- ----- -------- ------
MINORITY INTERESTS -- -- -- -- -- --
----- ------- --- ----- -------- ------
INCOME (LOSS) FROM CONTINUING OPERATIONS (432) (1,481) -- (254) 32,057 4,201
----- ------- --- ----- -------- ------
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 (LOSS) (432) (1,481) -- (254) 32,057 4,201
----- ------- --- ----- -------- ------
Preferred Dividend Requirement -- -- -- -- -- --
----- ------- --- ----- -------- ------
EARNINGS AVAILABLE TO COMMON STOCK $(432) $(1,481) $-- $(254) $ 32,057 $4,201
===== ======= === ===== ======== ======
PSEG PSEG PSEG PSEG
HAWAIIAN HAWAIIAN PSEG CHILQUINTA PSEG POLSKA
MANAGEMENT INVESTMENT KALAELOA FINANCE SVILUPPO Sp. z o.o.
INC INC. INC. LLC S.r.L. w likwidacji
---------- ---------- -------- ---------- -------- ------------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ -- $--
Gain on Sale of Operating Projects -- -- -- -- -- --
Other -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- --
Distribution -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
---- ------ ------ ---- ---- ---
Total revenues -- -- -- -- -- --
---- ------ ------ ---- ---- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Write off of investments -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Electric and Energy Costs -- -- -- -- -- --
Administrative and general -- -- (376) -- 22 --
---- ------ ------ ---- ---- ---
Total operating expenses -- -- (376) -- 22 --
---- ------ ------ ---- ---- ---
Income from partnerships 109 5,239 102 219 -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees -- -- 696 -- -- --
OPERATING INCOME 109 5,239 1,174 219 (22) --
---- ------ ------ ---- ---- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- 8 16
Change in derivative fair value - FAS 133 -- -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- --
Other -- -- -- -- -- --
---- ------ ------ ---- ---- ---
Total Other Income -- -- -- -- 8 16
---- ------ ------ ---- ---- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- 89 -- --
Capitalized interest -- -- -- -- -- --
---- ------ ------ ---- ---- ---
INTEREST EXPENSE - NET -- -- -- 89 -- --
---- ------ ------ ---- ---- ---
INCOME (LOSS) BEFORE INCOME TAXES 109 5,239 1,174 130 (14) 16
---- ------ ------ ---- ---- ---
INCOME TAXES:
Current (2) 1,146 452 135 -- --
Deferred 44 911 8 (1) -- 6
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
---- ------ ------ ---- ---- ---
Total income taxes 42 2,057 460 134 -- 6
---- ------ ------ ---- ---- ---
MINORITY INTERESTS -- -- -- -- -- --
---- ------ ------ ---- ---- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS 67 3,182 714 (4) (14) 10
---- ------ ------ ---- ---- ---
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 (LOSS) 67 3,182 714 (4) (14) 10
---- ------ ------ ---- ---- ---
Preferred Dividend Requirement -- -- -- -- -- --
---- ------ ------ ---- ---- ---
EARNINGS AVAILABLE TO COMMON STOCK $ 67 $3,182 $ 714 $ (4) $(14) $10
==== ====== ====== ==== ==== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
GLOBAL INTERCOMPANY CONEMAUGH PSEG
USA ELIMINATIONS GLOBAL MANAGEMENT, TRACY
CONSOL. (A) & RECLASS. USA INC. L.L.C.
----------- ------------ -------- ----------- --------
BALANCE JANUARY 1, 2004 $ 83,982 $(118,459) $ 83,982 $(809) $(1,406)
PRIOR PERIOD ADJUSTMENT -- --
NET INCOME (LOSS) 42,762 (40,036) 42,762 -- 111
-------- --------- -------- ----- -------
TOTAL 126,744 (158,495) 126,744 (809) (1,295)
-------- --------- -------- ----- -------
DIVIDENDS DECLARED -- -- -- -- --
-------- --------- -------- ----- -------
-------- --------- -------- ----- -------
BALANCE DECEMBER 31, 2004 $126,744 $(158,495) $126,744 $(809) $(1,295)
======== ========= ======== ===== =======
PSEG PSEG PSEG
PROJECT GWF PSEG MOUNT
SERVICES INC. LEASING CARMEL CEMAS
INC. CONSOL. INC. INC. PIPL CORPORATION
-------- ------- ------- -------- ------- -----------
BALANCE JANUARY 1, 2004 $(1,228) $14,793 $(1,691) $(2,612) $(9,594) $(6,000)
PRIOR PERIOD ADJUSTMENT -- -- -- -- --
NET INCOME (LOSS) (8) 28 (2) -- (290) 2,151
------- ------- ------- ------- ------- -------
TOTAL (1,236) 14,821 (1,693) (2,612) (9,884) (3,849)
------- ------- ------- ------- ------- -------
DIVIDENDS DECLARED -- -- -- -- -- --
------- ------- ------- ------- ------- -------
------- ------- ------- ------- ------- -------
BALANCE DECEMBER 31, 2004 $(1,236) $14,821 $(1,693) $(2,612) $(9,884) $(3,849)
======= ======= ======= ======= ======= =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG PSEG
INTERNATIONAL ASIA PSEG PSEG INTERNATIONAL NEW
SERVICES INC. INDIA U.S. SERVICES LLC HAMPSHIRE
INC CONSOL. INC. INC CONSOL. (A) INC
------------- ------- ------- ------------- ------------- ---------
BALANCE JANUARY 1, 2004 $(10,424) $(1,954) $(1,880) $(329) 97,003 $29,136
NET INCOME (LOSS) (432) (1,481) -- (254) 32,057 4,201
-------- ------- ------- ----- -------- -------
TOTAL (10,856) (3,435) (1,880) (583) 129,060 33,337
-------- ------- ------- ----- -------- -------
DIVIDENDS DECLARED -- -- -- -- -- --
-------- ------- ------- ----- -------- -------
-------- ------- ------- ----- -------- -------
BALANCE DECEMBER 31, 2004 $(10,856) $(3,435) $(1,880) $(583) $129,060 $33,337
======== ======= ======= ===== ======== =======
PSEG PSEG PSEG PSEG
HAWAIIAN HAWAIIAN PSEG CHILQUINTA PSEG POLSKA
MANAGEMENT INVESTMENT KALAELOA FINANCE SVILUPPO Sp. z o.o.
INC INC. INC. LLC S.r.L. w likwidacji
---------- ---------- -------- ---------- -------- ------------
BALANCE JANUARY 1, 2004 $245 $13,000 $1,873 $472 $(4) $(132)
NET INCOME (LOSS) 67 3,182 714 (4) (14) 10
---- ------- ------ ---- ---- -----
TOTAL 312 16,182 2,587 468 (18) (122)
---- ------- ------ ---- ---- -----
DIVIDENDS DECLARED -- -- -- -- -- --
---- ------- ------ ---- ---- -----
---- ------- ------ ---- ---- -----
BALANCE DECEMBER 31, 2004 $312 $16,182 $2,587 $468 $(18) $(122)
==== ======= ====== ==== ==== =====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
GLOBAL INTERCOMPANY CONEMAUGH PSEG PROJECT
USA ELIMINATIONS GLOBAL MANAGEMENT, TRACY SERVICES
CONSOL. (A) & RECLASS. USA INC. L.L.C. INC.
----------- ------------ ---------- ----------- ------ --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 43,303 $ -- $ -- $ -- $ -- $ --
Restricted funds-currrent 18,853 -- -- -- -- --
Accounts and Notes receivable:
Trade 12,640 -- (44) -- 264 --
Other (16) -- (108) -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 1,144,898 -- 460,784 132 4,184 1
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments 2,072 -- -- -- -- --
Fuel 384 -- -- -- -- --
Materials and supplies 17,496 -- -- -- -- --
---------- --------- ---------- ---- ------ ------
Total Current Assets 1,239,630 -- 460,632 132 4,448 1
---------- --------- ---------- ---- ------ ------
PROPERTY, PLANT AND EQUIPMENT
Real estate 437 -- -- -- -- --
Generation and distribution assets 602,216 -- -- -- -- --
Furniture and Equipment 496 -- 40 -- -- --
Construction work in progress -- -- -- -- -- --
Other 5 -- -- -- -- --
Accumulated depreciation and amortization (8,606) -- (37) -- -- --
Valuation allowances -- -- -- -- -- --
---------- --------- ---------- ---- ------ ------
Property, Plant and Equipment-net 594,548 -- 3 -- -- --
---------- --------- ---------- ---- ------ ------
INVESTMENTS
Subsidiaries 9,762 (800,180) 800,180 -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests 13,441 -- 2,605 2 -- 7,580
Limited Partnership interests 159,132 -- 57,928 -- -- --
Corporate joint ventures 231,499 -- 1 -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---------- --------- ---------- ---- ------ ------
Total Investments 413,834 (800,180) 860,714 2 -- 7,580
---------- --------- ---------- ---- ------ ------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset 60,355 -- 6,565 28 58
Derivative Asset 192 -- -- -- --
Restricted Cash -- -- -- -- --
Project Start Up Costs 15,610 -- 9,384 -- --
Deferred Finance Costs 13,501 -- 614 -- --
Prepaid Pension Costs 1,180 -- 418 -- --
Intangibles 533 -- 13 -- --
Other 14 -- -- -- -- --
---------- ---------- ---- ------ ------
Total Other Assets 91,385 -- 16,994 28 58 --
---------- --------- ---------- ---- ------ ------
TOTAL ASSETS $2,339,397 $(800,180) $1,338,343 $162 $4,506 $7,581
========== ========= ========== ==== ====== ======
PSEG PSEG
GWF PSEG MOUNT
INC. LEASING CARMEL CEMAS
CONSOL. INC. INC. PIPL CORPORATION
------- ------- ------ ------ -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $1,772 $ --
Restricted funds-currrent -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- (180) --
Other -- -- -- 100 --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 45,777 41,601 -- 2,045 26,372
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Assets held for sale -- -- -- -- --
Derivative assets -- -- -- -- --
Prepayments -- -- -- -- --
Fuel -- -- -- -- --
Materials and supplies -- -- -- -- --
------- ------- ---- ------ -------
Total Current Assets 45,777 41,601 -- 3,737 26,372
------- ------- ---- ------ -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
Generation and distribution assets -- -- -- -- --
Furniture and Equipment -- -- -- -- --
Construction work in progress -- -- -- -- --
Other -- -- -- -- --
Accumulated depreciation and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
------- ------- ---- ------ -------
Property, Plant and Equipment-net -- -- -- -- --
------- ------- ---- ------ -------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests 673 (2,671) -- -- --
Limited Partnership interests -- -- 198 -- --
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------- ------- ---- ------ -------
Total Investments 673 (2,671) 198 -- --
------- ------- ---- ------ -------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Goodwill -- -- -- -- --
Deferred Tax Asset 37 -- -- -- 42
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Project Start Up Costs -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
------- ------- ---- ------ -------
Total Other Assets 37 -- -- -- 42
------- ------- ---- ------ -------
TOTAL ASSETS $46,487 $38,930 $198 $3,737 $26,414
======= ======= ==== ====== =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG PSEG
INTERNATIONAL ASIA PSEG PSEG INTERNATIONAL NEW
SERVICES INC. INDIA U.S. SERVICES LLC HAMPSHIRE
INC CONSOL. INC. INC CONSOL. (A) INC
------------- ------- ------ ------------- ------------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ -- $ 41,399 $ --
Restricted funds-currrent -- -- -- -- 18,853 --
Accounts and Notes receivable:
Trade 75 -- -- -- 12,267 --
Other -- -- 1 1 (12) --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 7,262 7 3,207 409 520,202 30,333
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments 9 -- -- -- 2,063 --
Fuel -- -- -- -- 384 --
Materials and supplies -- -- -- 17,496 --
------ ------ ------ ---- ---------- -------
Total Current Assets 7,346 7 3,208 410 612,652 30,333
------ ------ ------ ---- ---------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- 437 --
Generation and distribution assets -- -- -- -- 602,216 --
Furniture and Equipment -- -- -- -- 456 --
Construction work in progress -- -- -- -- -- --
Other -- -- -- -- 5 --
Accumulated depreciation and
amortization -- -- -- -- (8,569) --
Valuation allowances -- -- -- -- -- --
------ ------ ------ ---- ---------- -------
Property, Plant and Equipment-net -- -- -- -- 594,545 --
------ ------ ------ ---- ---------- -------
INVESTMENTS
Subsidiaries -- -- -- -- 9,762 --
Capital lease agreements -- -- -- -- -- --
General Partnership interests -- -- -- -- (291) 3,978
Limited Partnership interests -- -- -- -- 65,636 --
Corporate joint ventures -- -- -- -- 228,968 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
------ ------ ------ ---- ---------- -------
Total Investments -- -- -- -- 304,075 3,978
------ ------ ------ ---- ---------- -------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset 900 4,191 42 1 48,605 68
Derivative Asset -- -- -- -- 31 --
Restricted Cash -- -- -- -- -- --
Project Start Up Costs -- -- -- -- 6,226 --
Deferred Finance Costs -- -- -- -- 12,887 --
Prepaid Pension Costs 762 -- -- -- -- --
Intangibles 520 -- -- -- -- --
Other -- -- -- -- 14 --
------ ------ ------ ---- ---------- -------
Total Other Assets 2,182 4,191 42 1 67,763 68
------ ------ ------ ---- ---------- -------
TOTAL ASSETS $9,528 $4,198 $3,250 $411 $1,579,035 $34,379
====== ====== ====== ==== ========== =======
PSEG PSEG PSEG PSEG
HAWAIIAN HAWAIIAN PSEG CHILQUINTA PSEG POLSKA
MANAGEMENT INVESTMENT KALAELOA FINANCE SVILUPPO Sp. z o.o.
INC INC. INC. LLC S.r.L. w likwidacji
---------- ---------- -------- ---------- -------- ------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $ -- $ -- $ -- $54 $78
Restricted funds-currrent -- -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- 264 (6) -- --
Other 1 -- 1 -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 43 -- 2,450 89 -- --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments -- -- -- -- -- --
Fuel -- -- -- -- -- 0
Materials and supplies -- -- -- -- -- --
---- ------- ------ ------ --- ---
Total Current Assets 44 -- 2,715 83 54 78
---- ------- ------ ------ --- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Generation and distribution assets -- -- -- -- -- --
Furniture and Equipment -- -- -- -- -- --
Construction work in progress -- -- -- -- -- --
Other -- -- -- -- -- --
Accumulated depreciation and
amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---- ------- ------ ------ --- ---
Property, Plant and Equipment-net -- -- -- -- -- --
---- ------- ------ ------ --- ---
INVESTMENTS
Subsidiaries -- -- -- -- -- --
Capital lease agreements -- -- -- -- -- --
General Partnership interests 656 -- 909 -- -- --
Limited Partnership interests 12 35,359 (1) -- -- --
Corporate joint ventures -- -- -- 2,530 -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---- ------- ------ ------ --- ---
Total Investments 668 35,359 908 2,530 -- --
---- ------- ------ ------ --- ---
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset 87 (121) (92) (56) -- --
Derivative Asset -- -- -- 161 -- --
Restricted Cash -- -- -- -- -- --
Project Start Up Costs -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other -- -- -- -- -- --
---- ------- ------ ------ --- ---
Total Other Assets 87 (121) (92) 105 -- --
---- ------- ------ ------ --- ---
TOTAL ASSETS $799 $35,238 $3,531 $2,718 $54 $78
==== ======= ====== ====== === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
GLOBAL INTERCOMPANY CONEMAUGH PSEG PROJECT
USA ELIMINATIONS GLOBAL MANAGEMENT, TRACY SERVICES
CONSOL. (A) & RECLASS. USA INC. L.L.C. INC.
----------- ------------ ---------- ----------- ------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,437 $ -- $ 123 $ -- $ -- $ --
Taxes 1,384 -- 566 218 73 --
Other 11,724 -- 1,485 -- -- --
Interest 2,847 -- -- -- -- --
Associated companies 515,824 -- 182,645 911 5,538 8,050
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other Associated companies 7,342 -- 7,342 -- -- --
Current portion of long-term Debt 16,200 -- -- -- -- --
Derivative liability -- -- -- -- -- --
---------- --------- ---------- ------ ------- -------
Total Current Liabilities 559,758 -- 192,161 1,129 5,611 8,050
---------- --------- ---------- ------ ------- -------
TOTAL LONG-TERM DEBT 579,284 -- 1,600 -- -- --
---------- --------- ---------- ------ ------- -------
DEFERRED CREDITS
Deferred income taxes 61,543 -- 13,923 (163) 185 762
Deferred investment -- -- -- -- -- --
and energy tax credits 5,686 -- 5,481 -- -- --
Deferred Revenue 1,008 -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other 7,011 -- 71 -- -- --
---------- --------- ---------- ------ ------- -------
Total Deferred Credits 75,248 -- 19,475 (163) 185 762
---------- --------- ---------- ------ ------- -------
MINORITY INTEREST -- -- -- -- -- --
---------- --------- ---------- ------ ------- -------
STOCKHOLDER'S EQUITY
Capital stock 10 (147) 10 5 5 5
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital 1,016,060 (659,340) 1,016,060 -- -- --
Retained earnings 126,744 (158,495) 126,744 (809) (1,295) (1,236)
Other Comprehensive Income (1,300) 1,395 (1,300) -- -- --
Cumulative Translation Adjustment (16,407) 16,407 (16,407) -- -- --
---------- --------- ---------- ------ ------- -------
Total Stockholder's Equity 1,125,107 (800,180) 1,125,107 (804) (1,290) (1,231)
---------- --------- ---------- ------ ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,339,397 $(800,180) $1,338,343 $ 162 $ 4,506 $ 7,581
========== ========= ========== ====== ======= =======
PSEG PSEG
GWF PSEG MOUNT
INC. LEASING CARMEL CEMAS
CONSOL. INC. INC. PIPL CORPORATION
-------- ------- ------- ------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes 27 (1) 30 -- --
Other -- -- -- -- --
Interest -- -- -- -- --
Associated companies 30,071 9,220 1,578 3,728 23
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other -- -- -- -- --
Other Associated companies -- -- -- -- --
Current portion of long-term Debt -- -- -- -- --
Derivative liability -- -- -- -- --
------- ------- ------- ------- -------
Total Current Liabilities 30,098 9,219 1,608 3,728 23
------- ------- ------- ------- -------
TOTAL LONG-TERM DEBT -- -- -- -- --
------- ------- ------- ------- -------
DEFERRED CREDITS
Deferred income taxes (381) (540) 1,202 -- 91
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred Revenue -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
------- ------- ------- ------- -------
Total Deferred Credits (381) (540) 1,202 -- 91
------- ------- ------- ------- -------
MINORITY INTEREST -- -- -- -- --
------- ------- ------- ------- -------
STOCKHOLDER'S EQUITY
Capital stock 5 5 -- 100 --
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital -- -- -- -- --
Contributed capital 1,944 31,939 -- 9,793 30,149
Retained earnings 14,821 (1,693) (2,612) (9,884) (3,849)
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
------- ------- ------- ------- -------
Total Stockholder's Equity 16,770 30,251 (2,612) 9 26,300
------- ------- ------- ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $46,487 $38,930 $ 198 $ 3,737 $26,414
======= ======= ======= ======= =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL USA LLC (GLOBAL USA)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG PSEG
INTERNATIONAL ASIA PSEG PSEG INTERNATIONAL NEW
SERVICES INC. INDIA U.S. SERVICES LLC HAMPSHIRE
INC (A) CONSOL. INC. INC CONSOL. (A) INC
------------- ------- ------- ------------- ------------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ (2) $ -- $ -- $ -- $ 4,316 $ --
Taxes (4) -- -- -- 224 --
Other 675 -- -- -- 9,564 --
Interest -- -- -- -- 2,668 --
Associated companies 16,144 3,876 5,564 986 241,369 5
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- 16,200 --
Derivative liability -- -- -- -- -- --
-------- ------- ------- ----- ---------- -------
Total Current Liabilities 16,813 3,876 5,564 986 274,341 5
-------- ------- ------- ----- ---------- -------
TOTAL LONG-TERM DEBT -- -- -- -- 577,684 --
-------- ------- ------- ----- ---------- -------
DEFERRED CREDITS
Deferred income taxes 177 (43) (435) 7 36,812 392
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- 205
Deferred Revenue -- -- -- -- 1,008 --
Derivative Liability -- -- -- -- -- --
Other 2,201 -- -- -- 4,739 --
-------- ------- ------- ----- ---------- -------
Total Deferred Credits 2,378 (43) (435) 7 42,559 597
-------- ------- ------- ----- ---------- -------
MINORITY INTEREST -- -- -- -- -- --
-------- ------- ------- ----- ---------- -------
STOCKHOLDER'S EQUITY
Capital stock -- -- 1 1 1 5
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital 1,200 3,800 -- -- 572,388 435
Retained earnings (10,856) (3,435) (1,880) (583) 129,060 33,337
Other Comprehensive Income (20) -- -- -- (578) --
Cumulative Translation Adjustment 13 -- -- -- (16,420) --
-------- ------- ------- ----- ---------- -------
Total Stockholder's Equity (9,663) 365 (1,879) (582) 684,451 33,777
-------- ------- ------- ----- ---------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 9,528 $ 4,198 $ 3,250 $ 411 $1,579,035 $34,379
======== ======= ======= ===== ========== =======
PSEG PSEG PSEG PSEG
HAWAIIAN HAWAIIAN PSEG CHILQUINTA PSEG POLSKA
MANAGEMENT INVESTMENT KALAELOA FINANCE SVILUPPO Sp. z o.o.
INC INC. INC. LLC S.r.L. w likwidacji
---------- ---------- --------- ---------- -------- ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $ --
Taxes 7 122 122 -- -- --
Other -- -- -- -- -- --
Interest -- -- -- 179 -- --
Associated companies 64 4,903 659 294 -- 196
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other Associated companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Derivative liability -- -- -- -- -- --
---- ------- ------ ------ ---- -----
Total Current Liabilities 71 5,025 781 473 -- 196
---- ------- ------ ------ ---- -----
TOTAL LONG-TERM DEBT -- -- -- -- -- --
---- ------- ------ ------ ---- -----
DEFERRED CREDITS
Deferred income taxes 200 9,344 (11) 17 -- 4
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred Revenue -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
---- ------- ------ ------ ---- -----
Total Deferred Credits 200 9,344 (11) 17 -- 4
---- ------- ------ ------ ---- -----
MINORITY INTEREST -- -- -- -- -- --
---- ------- ------ ------ ---- -----
STOCKHOLDER'S EQUITY
Capital stock 1 -- 1 -- 12 --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital 160 5,517 195 1,760 60 --
Retained earnings 312 16,182 2,587 468 (18) (122)
Other Comprehensive Income 55 (830) (22) -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
---- ------- ------ ------ ---- -----
Total Stockholder's Equity 528 20,869 2,761 2,228 54 (122)
---- ------- ------ ------ ---- -----
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $799 $35,238 $3,531 $2,718 $ 54 $ 78
==== ======= ====== ====== ==== =====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG GLOBAL INT'L HOLDINGS LLC. (PGIHLLC)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY PSEG
PGIHLLC ELIMINATIONS AMERICAS
CONSOL (A) & RECLASS. PGIHLLC LTD. (B)
---------- ------------ -------- --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects 35,034 -- -- 35,034
Other -- -- -- --
Electric Revenues
Generation 91,983 -- -- 91,983
Distribution 196,533 -- -- 196,533
Other 22,263 -- -- 22,263
Equity in subsidiary earnings -- (109,406) 109,406 --
-------- --------- -------- --------
Total revenues 345,813 (109,406) 109,406 345,813
-------- --------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 20,421 -- -- 20,421
Write off of investments -- -- -- --
Depreciation and amortization 28,915 -- -- 28,915
Electric and Energy Costs 130,165 -- -- 130,165
Administrative and general 30,114 -- -- 30,114
-------- --------- -------- --------
Total operating expenses 209,615 -- -- 209,615
-------- --------- -------- --------
Income from partnerships 46,843 -- -- 46,843
Interest and dividend income -- -- -- --
Consulting and O&M fees 4,717 -- -- 4,717
OPERATING INCOME 187,758 (109,406) 109,406 187,758
-------- --------- -------- --------
OTHER INCOME:
Foreign currency translation Gain/Loss (1,318) -- -- (1,318)
Change in Derivative Fair Value - FAS 133 (2,437) -- -- (2,437)
Loss on Early Extinguishment of Debt (1,514) -- -- (1,514)
Gain on Sale Other 121 -- -- 121
Other 781 -- -- 781
-------- --------- -------- --------
Total Other Income (4,367) -- -- (4,367)
-------- --------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
PSEG Capital Funding Corp. -- -- -- --
Other Associated Companies 774 -- -- 774
Other 33,240 -- -- 33,240
Capitalized interest (1,267) -- -- (1,267)
-------- --------- -------- --------
INTEREST EXPENSE - NET 32,747 -- -- 32,747
-------- --------- -------- --------
INCOME BEFORE INCOME TAXES 150,644 (109,406) 109,406 150,644
-------- --------- -------- --------
INCOME TAXES:
Current (36,499) -- -- (36,499)
Deferred 69,304 -- -- 69,304
Foreign Taxes 10,170 -- -- 10,170
Investment and energy tax credits - net -- -- -- --
-------- --------- -------- --------
Total income taxes 42,975 -- -- 42,975
-------- --------- -------- --------
MINORITY INTERESTS 2,815 -- -- 2,815
-------- --------- -------- --------
INCOME FROM CONTINUING OPERATIONS 104,854 (109,406) 109,406 104,854
-------- --------- -------- --------
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- --
Income from Discontinued Operations - Net of Taxes 2,013 -- -- 2,013
Gain on Sale of Discontinued Operations - Net of Taxes 2,539 -- -- 2,539
-------- --------- -------- --------
INCOME FROM DISCONTINUED OPERATIONS 4,552 -- -- 4,552
-------- --------- -------- --------
NET INCOME 109,406 (109,406) 109,406 109,406
-------- --------- -------- --------
Preferred Dividend Requirement -- -- -- --
-------- --------- -------- --------
EARNINGS AVAILABLE TO COMMON STOCK $109,406 $(109,406) $109,406 $109,406
======== ========= ======== ========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL INT'L HOLDINGS LLC. (PGIHLLC)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY PSEG
PGIHLLC ELIMINATIONS AMERICAS
CONSOL (A) & RECLASS. PGIHLLC LTD. (B)
---------- ------------ --------- ---------
BALANCE JANUARY 1, 2004 $(149,695) $ 149,688 $(149,695) $(149,688)
NET INCOME 109,406 (109,406) 109,406 109,406
--------- --------- --------- ---------
TOTAL $ (40,289) 40,282 (40,289) (40,282)
--------- --------- --------- ---------
DIVIDENDS DECLARED -- -- -- --
--------- --------- --------- ---------
--------- --------- --------- ---------
BALANCE DECEMBER 31, 2004 $ (40,289) $ 40,282 $ (40,289) $ (40,282)
========= ========= ========= =========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL INT'L HOLDINGS LLC. (PGIHLLC)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY PSEG
PGIHLLC ELIMINATIONS AMERICAS
CONSOL (A) & RECLASS. PGIHLLC LTD. (B)
---------- ------------ ----------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 128,865 $ -- $ -- $ 128,865
Restricted Funds - currrent 16,523 -- -- 16,523
Accounts and Notes receivable:
Trade 69,243 -- -- 69,243
Other 15,241 -- (12) 15,253
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 631,834 -- -- 631,834
Notes receivable:
Associated companies -- -- -- --
Other 132,113 -- -- 132,113
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Derivative assets 304 -- -- 304
Prepayments 1,749 -- -- 1,749
Fuel 1,763 -- -- 1,763
Materials and Supplies 11,566 -- -- 11,566
---------- ----------- ---------- ----------
Total Current Assets 1,009,201 -- (12) 1,009,213
---------- ----------- ---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Real estate 16,876 -- -- 16,876
Generation & distribution Assets 738,752 -- -- 738,752
Furniture & Equipment 61,659 -- -- 61,659
Construction Work in Process 63,521 -- -- 63,521
Other -- -- -- --
Accumulated depreciation and amortization (157,338) -- -- (157,338)
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Property, Plant and Equipment-net 723,470 -- -- 723,470
---------- ----------- ---------- ----------
INVESTMENTS
Subsidiaries -- (1,083,838) 1,083,838 --
Capital lease agreements -- -- -- --
General Partnership Interests -- -- -- --
Limited Partnership Interests -- -- -- --
Corporate joint ventures 536,220 -- -- 536,220
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- ----------- ---------- ----------
Total Investments 536,220 (1,083,838) 1,083,838 536,220
---------- ----------- ---------- ----------
OTHER ASSETS
Long Term Other Receivable 5,694 -- -- 5,694
Goodwill 505,499 -- -- 505,499
Deferred Tax Asset 73,962 -- -- 73,962
Derivative Asset (161) -- -- (161)
Restricted Cash 13,328 -- -- 13,328
Project Start up Costs 4,153 -- -- 4,153
Deferred Finance Costs 11,104 -- -- 11,104
Prepaid Pension 45 -- -- 45
Intangibles 358 -- -- 358
Other 5,776 -- -- 5,776
---------- ----------- ---------- ----------
Total Other Assets 619,758 -- -- 619,758
---------- ----------- ---------- ----------
TOTAL ASSETS $2,888,649 $(1,083,838) $1,083,826 $2,888,661
========== =========== ========== ==========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG GLOBAL INT'L HOLDINGS LLC. (PGIHLLC)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INTERCOMPANY PSEG
PGIHLLC ELIMINATIONS AMERICAS
CONSOL (A) & RECLASS. PGIHLLC LTD. (B)
---------- ------------ ----------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 41,342 $ -- $ -- $ 41,342
Taxes 2,408 -- -- 2,408
Other 22,902 -- -- 22,902
Interest 5,840 -- -- 5,840
Associated companies 1,167,723 -- (3) 1,167,726
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings Inc. -- -- -- --
Other (8,300) -- -- (8,300)
Other associated companies 9,609 -- -- 9,609
Current portion of long-term debt 36,069 -- -- 36,069
Derivative liability 9,657 -- -- 9,657
---------- ----------- ---------- ----------
Total Current Liabilities 1,287,250 -- (3) 1,287,253
---------- ----------- ---------- ----------
TOTAL LONG-TERM DEBT 429,163 -- -- 429,163
---------- ----------- ---------- ----------
DEFERRED CREDITS
Deferred income taxes 49,565 -- -- 49,565
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred revenues 1,882 -- -- 1,882
Derivative Liability 12,572 -- -- 12,572
Other 9,106 -- -- 9,106
---------- ----------- ---------- ----------
Total Deferred Credits 73,125 -- -- 73,125
---------- ----------- ---------- ----------
MINORITY INTEREST 15,282 -- -- 15,282
---------- ----------- ---------- ----------
STOCKHOLDER'S EQUITY
Capital stock -- (12) -- 12
Preferred stock -- -- -- --
Preferred units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 1,278,343 (1,278,343) 1,278,343 1,278,343
Retained earnings (40,289) 40,282 (40,289) (40,282)
Other Comprehensive Income (13,733) 13,743 (13,733) (13,743)
Cumulative Translation Adjustment (140,492) 140,492 (140,492) (140,492)
---------- ----------- ---------- ----------
Total Stockholder's Equity 1,083,829 (1,083,838) 1,083,829 1,083,838
---------- ----------- ---------- ----------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,888,649 $(1,083,838) $1,083,826 $2,888,661
========== =========== ========== ==========
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE (Delaware) LLC (PEDLLC)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
INTERCOMPANY EUROPE
PEDLLC ELIMINATIONS B.V.
CONSOL. (B) & RECLASS. PEDLLC CONSOL. (B)
----------- ------------ -------- -----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation 191,219 -- -- 191,219
Distribution -- -- -- --
Other 372 -- -- 372
Equity in subsidiary earnings -- 11,709 (11,709) --
-------- ------- -------- --------
Total revenues 191,591 11,709 (11,709) 191,591
-------- ------- -------- --------
OPERATING EXPENSES:
Operation and maintenance 33,876 -- -- 33,876
Write-off of Investments -- -- -- --
Depreciation and amortization 13,392 -- -- 13,392
Electric and Energy Costs 66,085 -- -- 66,085
Administrative and general 33,688 -- (134) 33,822
-------- ------- -------- --------
Total operating expenses 147,041 -- (134) 147,175
-------- ------- -------- --------
Income from partnerships 367 -- -- 367
Interest and dividend income 3,958 -- -- 3,958
Consulting and O&M fees 55 -- -- 55
OPERATING INCOME 48,930 11,709 (11,575) 48,796
-------- ------- -------- --------
OTHER INCOME:
Foreign currency translation Gain/Loss (25,033) -- -- (25,033)
Change in Derivative Fair Value - FAS 133 (642) -- -- (642)
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other 2,274 -- -- 2,274
-------- ------- -------- --------
Total Other Income (23,401) -- -- (23,401)
-------- ------- -------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 32,085 -- -- 32,085
Capitalized interest -- -- -- --
-------- ------- -------- --------
INTEREST EXPENSE - NET 32,085 -- -- 32,085
-------- ------- -------- --------
LOSS BEFORE INCOME TAXES (6,556) 11,709 (11,575) (6,690)
-------- ------- -------- --------
INCOME TAXES:
Current 1,376 -- 47 1,329
Deferred 3,299 -- -- 3,299
Foreign taxes 2,850 -- -- 2,850
Investment and energy tax credits - net -- -- -- --
-------- ------- -------- --------
Total income taxes 7,525 -- 47 7,478
-------- ------- -------- --------
MINORITY INTERESTS (2,459) -- -- (2,459)
-------- ------- -------- --------
LOSS FROM CONTINUING OPERATIONS (11,622) 11,709 (11,622) (11,709)
-------- ------- -------- --------
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 LOSS (11,622) 11,709 (11,622) (11,709)
-------- ------- -------- --------
Preferred Dividend Requirement -- -- -- --
-------- ------- -------- --------
EARNINGS AVAILABLE TO COMMON STOCK $(11,622) $11,709 $(11,622) $(11,709)
======== ======= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE (Delaware) LLC (PEDLLC)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
INTERCOMPANY EUROPE
PEDLLC ELIMINATIONS B.V.
CONSOL. (B) & RECLASS. PEDLLC CONSOL. (B)
----------- ------------ -------- -----------
BALANCE JANUARY 1, 2004 $ (1,253) $ 664 $ (1,253) $ (664)
NET LOSS (11,622) 11,709 (11,622) (11,709)
-------- ------- -------- --------
TOTAL (12,875) 12,373 (12,875) (12,373)
-------- ------- -------- --------
DIVIDENDS DECLARED -- -- -- --
-------- ------- -------- --------
BALANCE DECEMBER 31, 2004 $(12,875) $12,373 $(12,875) $(12,373)
======== ======= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE (Delaware) LLC (PEDLLC)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
INTERCOMPANY EUROPE
PEDLLC ELIMINATIONS B.V.
CONSOL. (B) & RECLASS. PEDLLC CONSOL. (B)
----------- ------------ -------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 17,427 $ -- $ -- $ 17,427
Restricted Funds - currrent 9,550 -- -- 9,550
Accounts and Notes receivable:
Trade 27,511 -- -- 27,511
Other 2,870 -- -- 2,870
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- --
Other associated companies 211,552 -- 74,758 136,794
Notes receivable:
Associated companies 1,503 -- -- 1,503
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets Held for Sale -- -- -- --
Derivative assets -- -- -- --
Prepayments 975 -- -- 975
Fuel 9,483 -- -- 9,483
Materials and supplies 6,202 -- -- 6,202
-------- ------- -------- --------
Total Current Assets 287,073 -- 74,758 212,315
-------- ------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate (4,945) -- -- (4,945)
Generation & Distribution Assets 415,844 -- -- 415,844
Furniture and equipment (11,272) -- -- (11,272)
Construction Work in process 26,818 -- -- 26,818
Other -- -- -- --
Accumulated depreciation and amortization (20,163) -- -- (20,163)
Valuation allowances -- -- -- --
-------- ------- -------- --------
Property, Plant and Equipment-net 406,282 -- -- 406,282
-------- ------- -------- --------
INVESTMENTS
Subsidiaries -- 15,884 (15,884) --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures 78,033 -- -- 78,033
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- ------- -------- --------
Total Investments 78,033 15,884 (15,884) 78,033
-------- ------- -------- --------
OTHER ASSETS
Long-term receivables --
Goodwill 8,152 -- -- 8,152
Deferred Tax Asset 17,978 -- 212 17,766
Derivative Asset -- -- -- --
Restricted Cash -- -- -- --
Project Start up Costs 4,112 -- -- 4,112
Deferred Finance Costs 6,487 -- -- 6,487
Prepaid Pension Costs -- -- -- --
Intangibles 183 -- -- 183
Other -- -- -- --
-------- ------- -------- --------
Total Other Assets 36,912 -- 212 36,700
-------- ------- -------- --------
TOTAL ASSETS $808,300 $15,884 $ 59,086 $733,330
======== ======= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE (Delaware) LLC (PEDLLC)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
INTERCOMPANY EUROPE
PEDLLC ELIMINATIONS B.V.
CONSOL. (B) & RECLASS. PEDLLC CONSOL. (B)
----------- ------------ --------- -----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 12,623 $ -- $ 4 12,619
Taxes -- -- -- --
Other 15,571 -- -- 15,571
Interest 6,249 -- -- 6,249
Associated companies 295,024 -- 20,738 274,286
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other 8,300 -- -- 8,300
Other associated companies -- -- -- --
Current portion of long-term debt 10,488 -- -- 10,488
Derivative liability 20,984 -- -- 20,984
-------- -------- -------- --------
Total Current Liabilities 369,239 -- 20,742 348,497
-------- -------- -------- --------
TOTAL LONG-TERM DEBT 311,221 -- -- 311,221
-------- -------- -------- --------
DEFERRED CREDITS
Deferred income taxes 12,922 -- -- 12,922
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred Revenues (64) -- -- (64)
Derivative Liability 57,311 -- -- 57,311
Other 5,645 -- -- 5,645
-------- -------- -------- --------
Total Deferred Credits 75,814 -- -- 75,814
-------- -------- -------- --------
MINORITY INTEREST 13,682 -- -- 13,682
-------- -------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 98,416 (43,686) 98,416 43,686
Retained earnings (12,875) 12,373 (12,875) (12,373)
Other Comprehensive Income (63,823) 63,823 (63,823) (63,823)
Cumulative Translation Adjustment 16,626 (16,626) 16,626 16,626
-------- -------- -------- --------
Total Stockholder's Equity 38,344 15,884 38,344 (15,884)
-------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $808,300 $ 15,884 $ 59,086 $733,330
======== ======== ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE B. V.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
EUROPE INTERCOMPANY PSEG PSEG EUROPE PSEG
B.V. ELIMINATIONS EUROPE V.B.V ITALIA
CONSOL. (B) & RECLASS. B.V. (Netherlands) B.V.
----------- ------------ -------- ------------- ------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $-- $ --
Gain on Sale of Operating Projects -- -- -- -- --
Other -- -- -- -- --
Electric Revenues
Generation 191,219 -- -- -- --
Distribution -- -- -- -- --
Other 372 -- -- -- --
Equity in subsidiary earnings -- 11,764 (11,764) -- --
-------- ------- -------- --- ------
Total revenues 191,591 11,764 (11,764) -- --
-------- ------- -------- --- ------
OPERATING EXPENSES:
Operation and maintenance 33,876 -- -- -- --
Write-off of Investments -- -- -- -- --
Depreciation and amortization 13,392 -- -- -- --
Electric and Energy Costs 66,085 -- -- -- --
Administrative and general 33,822 -- 329 6 89
-------- ------- -------- --- ------
Total operating expenses 147,175 -- 329 6 89
-------- ------- -------- --- ------
Income from partnerships 367 -- -- -- (255)
Interest and dividend income 3,958 -- -- -- 3,958
Consulting and O&M fees 55 -- -- -- --
OPERATING INCOME 48,796 11,764 (12,093) (6) 3,614
-------- ------- -------- --- ------
OTHER INCOME:
Foreign currency translation Gain/Loss (25,033) -- 126 -- 2,438
Change in Derivative Fair Value - FAS 133 (642) -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- --
Gain on Sale Other -- -- -- -- --
Other 2,274 -- -- -- --
-------- ------- -------- --- ------
Total Other Income (23,401) -- 126 -- 2,438
-------- ------- -------- --- ------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other 32,085 -- (28) -- --
Capitalized interest -- -- -- -- --
-------- ------- -------- --- ------
INTEREST EXPENSE - NET 32,085 -- (28) -- --
-------- ------- -------- --- ------
INCOME (LOSS) BEFORE INCOME TAXES (6,690) 11,764 (11,939) (6) 6,052
-------- ------- -------- --- ------
INCOME TAXES:
Current 1,329 -- (108) -- 1,468
Deferred 3,299 -- (122) -- 3,078
Foreign taxes 2,850 -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
-------- ------- -------- --- ------
Total income taxes 7,478 -- (230) -- 4,546
-------- ------- -------- --- ------
MINORITY INTERESTS (2,459) -- -- -- --
-------- ------- -------- --- ------
INCOME (LOSS) FROM CONTINUING OPERATIONS (11,709) 11,764 (11,709) (6) 1,506
-------- ------- -------- --- ------
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 (LOSS) FROM DISCONTINUED OPERATIONS -- -- -- -- --
-------- ------- -------- --- ------
NET INCOME (LOSS) (11,709) 11,764 (11,709) (6) 1,506
-------- ------- -------- --- ------
Preferred Dividend Requirement -- -- -- -- --
-------- ------- -------- --- ------
EARNINGS AVAILABLE TO COMMON STOCK $(11,709) $11,764 $(11,709) $(6) $1,506
======== ======= ======== === ======
PSEG PSEG
PSEG PSEG INVESTMENTS SILESIA
POLAND TURKEY B.V. B.V.
CONSOL. B.V. CONSOL CONSOL.
------- ------ ----------- --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation 97,196 -- -- 94,023
Distribution -- -- -- --
Other 372 -- -- --
Equity in subsidiary earnings -- -- -- --
------- ---- ----- --------
Total revenues 97,568 -- -- 94,023
------- ---- ----- --------
OPERATING EXPENSES:
Operation and maintenance 23,265 -- -- 10,611
Write-off of Investments -- -- -- --
Depreciation and amortization 3,438 -- -- 9,954
Electric and Energy Costs 44,670 -- -- 21,415
Administrative and general 19,223 6 27 14,142
------- ---- ----- --------
Total operating expenses 90,596 6 27 56,122
------- ---- ----- --------
Income from partnerships 18 -- -- 604
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- 55
OPERATING INCOME 6,990 (6) (27) 38,560
------- ---- ----- --------
OTHER INCOME:
Foreign currency translation Gain/Loss 440 -- -- (28,037)
Change in Derivative Fair Value - FAS 133 -- -- -- (642)
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other 2,453 -- -- (179)
------- ---- ----- --------
Total Other Income 2,893 -- -- (28,858)
------- ---- ----- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other (94) -- -- 32,207
Capitalized interest -- -- -- --
------- ---- ----- --------
INTEREST EXPENSE - NET (94) -- -- 32,207
------- ---- ----- --------
INCOME (LOSS) BEFORE INCOME TAXES 9,977 (6) (27) (22,505)
------- ---- ----- --------
INCOME TAXES:
Current (13) (2) (16) --
Deferred 37 (61) 551 (184)
Foreign taxes 2,008 -- -- 842
Investment and energy tax credits - net -- -- -- --
------- ---- ----- --------
Total income taxes 2,032 (63) 535 658
------- ---- ----- --------
MINORITY INTERESTS (2,183) -- -- (276)
------- ---- ----- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 10,128 57 (562) (22,887)
------- ---- ----- --------
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 (LOSS) 10,128 57 (562) (22,887)
------- ---- ----- --------
Preferred Dividend Requirement -- -- -- --
------- ---- ----- --------
EARNINGS AVAILABLE TO COMMON STOCK $10,128 $ 57 $(562) $(22,887)
======= ==== ===== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE B. V.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
EUROPE INTERCOMPANY PSEG PSEG EUROPE PSEG
B.V. ELIMINATIONS EUROPE V.B.V ITALIA
CONSOL. (B) & RECLASS. B.V. (Netherlands) B.V.
----------- ------------ -------- ------------- -------
BALANCE JANUARY 1, 2004 $ (664) $ 496 $ (664) $(10) $(1,746)
NET INCOME (LOSS) (11,709) 11,764 (11,709) (6) 1,506
-------- ------- -------- ---- -------
TOTAL (12,373) 12,260 (12,373) (16) (240)
-------- ------- -------- ---- -------
DIVIDENDS DECLARED -- -- -- -- --
-------- ------- -------- ---- -------
-------- ------- -------- ---- -------
BALANCE DECEMBER 31, 2004 $(12,373) $12,260 $(12,373) $(16) $ (240)
======== ======= ======== ==== =======
PSEG PSEG
PSEG PSEG INVESTMENTS SILESIA
POLAND TURKEY B.V. B.V.
CONSOL. B.V. CONSOL CONSOL.
------- ------ ----------- --------
BALANCE JANUARY 1, 2004 4,490 $539 (4,652) 883
NET INCOME (LOSS) 10,128 57 (562) (22,887)
------- ---- ------- --------
TOTAL 14,618 596 (5,214) (22,004)
------- ---- ------- --------
DIVIDENDS DECLARED -- -- -- --
------- ---- ------- --------
------- ---- ------- --------
BALANCE DECEMBER 31, 2004 $14,618 $596 $(5,214) $(22,004)
======= ==== ======= ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE B. V.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
EUROPE INTERCOMPANY PSEG PSEG EUROPE PSEG
B.V. ELIMINATIONS EUROPE V.B.V ITALIA
CONSOL. (B) & RECLASS. B.V. (Netherlands) B.V.
----------- ------------ --------- ------------- -------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 17,427 $ -- $ 836 $-- $ --
Restricted Funds - currrent 9,550 -- -- -- --
Accounts and Notes receivable:
Trade 27,511 -- 67 2 4
Other 2,870 -- (20) -- 20
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 136,794 -- 113,879 5 8,007
Notes receivable:
Associated companies 1,503 -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Assets Held for Sale -- -- -- -- --
Derivative assets -- -- -- -- --
Prepayments 975 -- -- -- --
Fuel 9,483 -- -- -- --
Materials and supplies 6,202 -- -- -- --
-------- ------- -------- --- -------
Total Current Assets 212,315 -- 114,762 7 8,031
-------- ------- -------- --- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate (4,945) -- -- -- --
Generation & Distribution Assets 415,844 -- -- -- --
Furniture and equipment (11,272) -- -- -- --
Construction Work in process 26,818 -- -- -- --
Other -- -- -- -- --
Accumulated depreciation and amortization (20,163) -- -- -- --
Valuation allowances -- -- -- -- --
-------- ------- -------- --- -------
Property, Plant and Equipment-net 406,282 -- -- -- --
-------- ------- -------- --- -------
INVESTMENTS
Subsidiaries -- 32,296 (32,296) -- --
Capital lease agreements -- -- -- -- --
General Partnership interests -- -- -- -- --
Limited Partnership interests -- -- -- -- --
Corporate joint ventures 78,033 -- (475) -- 77,623
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
-------- ------- -------- --- -------
Total Investments 78,033 32,296 (32,771) -- 77,623
-------- ------- -------- --- -------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Goodwill 8,152 -- -- -- --
Deferred Tax Asset 17,766 -- 3 -- --
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Project Start up Costs 4,112 -- 384 -- --
Deferred Finance Costs 6,487 -- -- -- --
Prepaid Pension Costs -- -- -- -- --
Intangibles 183 -- -- -- --
Other -- -- -- -- --
-------- ------- -------- --- -------
Total Other Assets 36,700 -- 387 -- --
-------- ------- -------- --- -------
TOTAL ASSETS $733,330 $32,296 $ 82,378 $ 7 $85,654
======== ======= ======== === =======
PSEG PSEG
PSEG PSEG INVESTMENTS SILESIA
POLAND TURKEY B.V. B.V.
CONSOL. B.V. CONSOL CONSOL.
--------- ------ ----------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 5,220 $ -- $ 6 $ 11,365
Restricted Funds - currrent 19 -- -- 9,531
Accounts and Notes receivable:
Trade 11,525 2 (13) 15,924
Other 700 -- -- 2,170
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 4 3,204 2,581 9,114
Notes receivable:
Associated companies -- -- -- 1,503
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets Held for Sale -- -- -- --
Derivative assets -- -- -- --
Prepayments 244 -- -- 731
Fuel 5,257 -- -- 4,226
Materials and supplies 3,167 -- -- 3,035
-------- ------ ------ --------
Total Current Assets 26,136 3,206 2,574 57,599
-------- ------ ------ --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 160 -- -- (5,105)
Generation & Distribution Assets 93,295 -- -- 322,549
Furniture and equipment -- -- -- (11,272)
Construction Work in process 26,812 -- -- 6
Other -- -- -- --
Accumulated depreciation and amortization (7,593) -- -- (12,570)
Valuation allowances -- -- -- --
-------- ------ ------ --------
Property, Plant and Equipment-net 112,674 -- -- 293,608
-------- ------ ------ --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures 410 -- -- 475
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- ------ ------ --------
Total Investments 410 -- -- 475
-------- ------ ------ --------
OTHER ASSETS
Long-term receivables -- -- --
Goodwill -- -- -- 8,152
Deferred Tax Asset 831 -- -- 16,932
Derivative Asset -- -- -- --
Restricted Cash -- -- -- --
Project Start up Costs 1,396 -- -- 2,332
Deferred Finance Costs -- -- -- 6,487
Prepaid Pension Costs -- -- -- --
Intangibles 59 -- -- 124
Other -- -- -- --
-------- ------ ------ --------
Total Other Assets 2,286 -- -- 34,027
-------- ------ ------ --------
TOTAL ASSETS $141,506 $3,206 $2,574 $385,709
======== ====== ======= ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG EUROPE B. V.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
EUROPE INTERCOMPANY PSEG PSEG EUROPE PSEG
B.V. ELIMINATIONS EUROPE V.B.V ITALIA
CONSOL. (B) & RECLASS. B.V. (Netherlands) B.V.
----------- ------------ -------- ------------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 12,619 $ -- $ -- $ -- $ 7
Taxes -- -- -- -- --
Other 15,571 -- 95 2 7
Interest 6,249 -- -- -- --
Associated companies 274,286 -- 98,120 -- 75,063
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other 8,300 -- -- -- --
Other associated companies -- -- -- -- --
Current portion of long-term debt 10,488 -- -- -- --
Derivative liability 20,984 -- -- -- --
-------- -------- -------- ---- -------
Total Current Liabilities 348,497 -- 98,215 2 75,077
-------- -------- -------- ---- -------
TOTAL LONG-TERM DEBT 311,221 -- -- -- --
-------- -------- -------- ---- -------
DEFERRED CREDITS
Deferred income taxes 12,922 -- 47 -- 3,042
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred Revenues (64) -- -- -- --
Derivative Liability 57,311 -- -- -- --
Other 5,645 -- -- -- --
-------- -------- -------- ---- -------
Total Deferred Credits 75,814 -- 47 -- 3,042
-------- -------- -------- ---- -------
MINORITY INTEREST 13,682 -- -- -- --
-------- -------- -------- ---- -------
STOCKHOLDER'S EQUITY
Capital stock -- (60) -- 21 20
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital -- -- -- -- --
Contributed capital 43,686 (27,101) 43,686 -- 7,755
Retained earnings (12,373) 12,260 (12,373) (16) (240)
Other Comprehensive Income (63,823) 63,823 (63,823) -- --
Cumulative Translation
Adjustment 16,626 (16,626) 16,626 -- --
-------- -------- -------- ---- -------
Total Stockholder's Equity (15,884) 32,296 (15,884) 5 7,535
-------- -------- -------- ---- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $733,330 $ 32,296 $ 82,378 $ 7 $85,654
======== ======== ======== ==== =======
PSEG PSEG
PSEG PSEG INVESTMENTS SILESIA
POLAND TURKEY B.V. B.V.
CONSOL. B.V. CONSOL CONSOL.
-------- ------ ----------- ---------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade 9,262 $ -- $ -- $ 3,350
Taxes -- -- -- --
Other 10,057 1 3 5,406
Interest -- -- -- 6,249
Associated companies 35,379 2,609 7,785 55,330
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other 8,300 -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt 2,249 -- -- 8,239
Derivative liability -- -- -- 20,984
-------- ------ ------- --------
Total Current Liabilities 65,247 2,610 7,788 99,558
-------- ------ ------- --------
TOTAL LONG-TERM DEBT 14,957 -- -- 296,264
-------- ------ ------- --------
DEFERRED CREDITS
Deferred income taxes 6,878 -- -- 2,955
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred Revenues -- -- -- (64)
Derivative Liability -- -- -- 57,311
Other 5,645 -- -- --
-------- ------ ------- --------
Total Deferred Credits 12,523 -- -- 60,202
-------- ------ ------- --------
MINORITY INTEREST 17,509 -- -- (3,827)
-------- ------ ------- --------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- 19
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 26 -- -- 19,320
Retained earnings 14,618 596 (5,214) (22,004)
Other Comprehensive Income -- -- -- (63,823)
Cumulative Translation
Adjustment 16,626 -- -- --
-------- ------ ------- --------
Total Stockholder's Equity 31,270 596 (5,214) (66,488)
-------- ------ ------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $141,506 $3,206 $ 2,574 $385,709
======== ====== ======= ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS
LLC ELIMINATIONS INTERNATIONAL INC. L.L.C.
CONSOL. (A) & RECLASS. LLC CONSOL. CONSOL.(A)
------------- ------------ ------------- ------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects 2,004 -- -- -- --
Other -- -- -- -- --
Electric Revenues
Generation 246,493 -- -- -- 246,493
Distribution -- -- -- -- --
Other 333 -- -- -- 333
Equity in subsidiary earnings -- (31,566) 31,566 -- --
-------- -------- ------- ----- --------
Total revenues 248,830 (31,566) 31,566 -- 246,826
-------- -------- ------- ----- --------
OPERATING EXPENSES:
Operation and maintenance 15,974 -- -- -- 15,974
Write off of investments -- -- -- -- --
Depreciation and amortization 8,811 -- -- -- 8,811
Electric and Energy Costs 192,138 -- -- -- 192,138
Administrative and general 15,326 -- 13 906 14,512
-------- -------- ------- ----- --------
Total operating expenses 232,249 -- 13 906 231,435
-------- -------- ------- ----- --------
Income from partnerships 36,931 -- -- -- 3,297
Interest and dividend income 6,257 -- 768 -- 5,432
Consulting and O&M fees 210 -- -- -- 96
OPERATING INCOME 59,979 (31,566) 32,321 (906) 24,216
-------- -------- ------- ----- --------
OTHER INCOME
Foreign currency Translation Gain/Loss (8) -- -- 36 --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- --
Gain on Sale Other -- -- -- -- --
Other -- -- -- -- --
-------- -------- ------- ----- --------
Total Other Income (8) -- -- 36 --
-------- -------- ------- ----- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other 25,712 -- -- 9 25,789
Capitalized interest -- -- -- -- --
-------- -------- ------- ----- --------
INTEREST EXPENSE - NET 25,712 -- -- 9 25,789
-------- -------- ------- ----- --------
INCOME (LOSS) BEFORE INCOME TAXES 34,259 (31,566) 32,321 (879) (1,573)
-------- -------- ------- ----- --------
INCOME TAXES:
Current 2,332 -- 264 (117) (9,680)
Deferred (130) -- -- 9 4,017
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
-------- -------- ------- ----- --------
Total income taxes 2,202 -- 264 (108) (5,663)
-------- -------- ------- ----- --------
MINORITY INTERESTS -- -- -- -- --
-------- -------- ------- ----- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 32,057 (31,566) 32,057 (771) 4,090
-------- -------- ------- ----- --------
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 32,057 (31,566) 32,057 (771) 4,090
-------- -------- ------- ----- --------
Preferred Dividend Requirement -- -- -- -- --
-------- -------- ------- ----- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 32,057 $(31,566) $32,057 $(771) $ 4,090
======== ======== ======= ===== ========
PSEG PSEG NORTH
CALIFORNIA PSEG RADES ELCHO SERVICES BAY POWER
CORP. SERVICES INC. INC. LLC
---------- ------------- -------------- ---------
REVENUES:
Income from capital lease agreements $ -- $-- $ -- $--
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
------- --- ---- ---
Total revenues -- -- -- --
------- --- ---- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write off of investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general 2 -- (22) --
------- --- ---- ---
Total operating expenses 2 -- (22) --
------- --- ---- ---
Income from partnerships 12,804 -- -- --
Interest and dividend income 57 -- -- --
Consulting and O&M fees -- -- 114 --
OPERATING INCOME 12,859 -- 136 --
------- --- ---- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- -- -- --
------- --- ---- ---
Total Other Income -- -- -- --
------- --- ---- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
------- --- ---- ---
INTEREST EXPENSE - NET -- -- -- --
------- --- ---- ---
INCOME (LOSS) BEFORE INCOME TAXES 12,859 -- 136 --
------- --- ---- ---
INCOME TAXES:
Current 8,597 -- 41 --
Deferred (3,164) -- -- --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------- --- ---- ---
Total income taxes 5,433 -- 41 --
------- --- ---- ---
MINORITY INTERESTS -- -- -- --
------- --- ---- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS 7,426 -- 95 --
------- --- ---- ---
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 (LOSS) 7,426 -- 95 --
------- --- ---- ---
Preferred Dividend Requirement -- -- -- --
------- --- ---- ---
EARNINGS AVAILABLE TO COMMON STOCK $ 7,426 $-- $ 95 $--
======= === ==== ===
PSEG
PSEG BERMUDA
PSEG AMERICAS HOLDINGS
TRACY TURBINE SERVICES II LTD.
INC. INC. CONSOL.
------------- -------- --------
REVENUES:
Income from capital lease agreements $-- $ -- $ --
Gain on Sale of Operating Projects -- -- --
Other -- -- --
Electric Revenues
Generation -- -- --
Distribution -- -- --
Other -- -- --
Equity in subsidiary earnings -- -- --
--- ---- -----
Total revenues -- -- --
--- ---- -----
OPERATING EXPENSES:
Operation and maintenance -- -- --
Write off of investments -- -- --
Depreciation and amortization -- -- --
Electric and Energy Costs -- -- --
Administrative and general -- 56 --
--- ---- -----
Total operating expenses -- 56 --
--- ---- -----
Income from partnerships -- -- --
Interest and dividend income -- -- --
Consulting and O&M fees -- -- --
OPERATING INCOME -- (56) --
--- ---- -----
OTHER INCOME
Foreign currency Translation Gain/Loss -- (3) --
Change in Derivative Fair Value - FAS 133 -- -- --
Loss on Early Extinguishment of Debt -- -- --
Gain on Sale Other -- -- --
Other -- -- --
--- ---- -----
Total Other Income -- (3) --
--- ---- -----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- --
PSEG Energy Holdings -- -- --
Enterprise Capital Funding Corp. -- -- --
Other Associated Companies -- -- --
Other -- -- --
Capitalized interest -- -- --
--- ---- -----
INTEREST EXPENSE - NET -- -- --
--- ---- -----
INCOME (LOSS) BEFORE INCOME TAXES -- (59) --
--- ---- -----
INCOME TAXES:
Current -- 4 1
Deferred -- 36 177
Foreign Taxes -- -- --
Investment and energy tax credits - net -- -- --
--- ---- -----
Total income taxes -- 40 178
--- ---- -----
MINORITY INTERESTS -- -- --
--- ---- -----
INCOME (LOSS) FROM CONTINUING OPERATIONS -- (99) (178)
--- ---- -----
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 (LOSS) -- (99) (178)
--- ---- -----
Preferred Dividend Requirement -- -- --
--- ---- -----
EARNINGS AVAILABLE TO COMMON STOCK $-- $(99) $(178)
=== ==== =====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG OPERACIONES OPERACIONES
CALIFORNIA III HENRIETTA I II
CORP. TURBINE INC. CONSOL. CONSOL.
-------------- ------------ ----------- -----------
REVENUES:
Income from capital lease agreements $ -- $-- $-- $ --
Gain on Sale of Operating Projects 1,002 -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
------ --- --- -------
Total revenues 1,002 -- -- --
------ --- --- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write off of investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general -- 1 -- --
------ --- --- -------
Total operating expenses -- 1 -- --
------ --- --- -------
Income from partnerships (536) -- -- 19,365
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
OPERATING INCOME 466 (1) -- 19,365
------ --- --- -------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- (39)
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- -- -- --
------ --- --- -------
Total Other Income -- -- -- (39)
------ --- --- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- (86)
Capitalized interest -- -- -- --
------ --- --- -------
INTEREST EXPENSE - NET -- -- -- (86)
------ --- --- -------
INCOME (LOSS) BEFORE INCOME TAXES 466 (1) -- 19,412
------ --- --- -------
INCOME TAXES:
Current 839 -- -- --
Deferred (611) -- -- --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------ --- --- -------
Total income taxes 228 -- -- --
------ --- --- -------
MINORITY INTERESTS -- -- -- --
------ --- --- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS 238 (1) -- 19,412
------ --- --- -------
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 (LOSS) 238 (1) -- 19,412
------ --- --- -------
Preferred Dividend Requirement -- -- -- --
------ --- --- -------
EARNINGS AVAILABLE TO COMMON STOCK $ 238 $(1) $-- $19,412
====== === === =======
PSEG
PSEG PSEG CHINA
EUROPE LTD CALIFORNIA II HOLDINGS
CONSOL. CORP. LTD. PPHLLC
---------- ------------- -------- ------
REVENUES:
Income from capital lease agreements $ -- $ -- $-- $ --
Gain on Sale of Operating Projects -- 1,002 -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
----- ------ --- ----
Total revenues -- 1,002 -- --
----- ------ --- ----
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write off of investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general (156) 9 -- --
----- ------ --- ----
Total operating expenses (156) 9 -- --
----- ------ --- ----
Income from partnerships -- 2,001 -- --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
OPERATING INCOME 156 2,994 -- --
----- ------ --- ----
OTHER INCOME
Foreign currency Translation Gain/Loss (2) -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- -- -- --
----- ------ --- ----
Total Other Income (2) -- -- --
----- ------ --- ----
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other -- -- -- --
Capitalized interest -- -- -- --
----- ------ --- ----
INTEREST EXPENSE - NET -- -- -- --
----- ------ --- ----
INCOME BEFORE INCOME TAXES 154 2,994 -- --
----- ------ --- ----
INCOME TAXES:
Current 556 1,829 -- --
Deferred (49) (596) -- 51
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
----- ------ --- ----
Total income taxes 507 1,233 -- 51
----- ------ --- ----
MINORITY INTERESTS -- -- -- --
----- ------ --- ----
INCOME (LOSS) FROM CONTINUING OPERATIONS (353) 1,761 -- (51)
----- ------ --- ----
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 (LOSS) (353) 1,761 -- (51)
----- ------ --- ----
Preferred Dividend Requirement -- -- -- --
----- ------ --- ----
EARNINGS AVAILABLE TO COMMON STOCK $(353) $1,761 $-- $(51)
===== ====== === ====
PSEG PSEG
ZHOU PONTIANAK(L)
KOU POWER LTD.
LTD. CONSOL.
--------- ------------
REVENUES:
Income from capital lease agreements $-- $--
Gain on Sale of Operating Projects -- --
Other -- --
Electric Revenues
Generation -- --
Distribution -- --
Other -- --
Equity in subsidiary earnings -- --
--- ---
Total revenues -- --
--- ---
OPERATING EXPENSES:
Operation and maintenance -- --
Write off of investments -- --
Depreciation and amortization -- --
Electric and Energy Costs -- --
Administrative and general -- 5
--- ---
Total operating expenses -- 5
--- ---
Income from partnerships -- --
Interest and dividend income -- --
Consulting and O&M fees -- --
OPERATING INCOME -- (5)
--- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- --
Change in Derivative Fair Value - FAS 133 -- --
Loss on Early Extinguishment of Debt -- --
Gain on Sale Other -- --
Other -- --
--- ---
Total Other Income -- --
--- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- --
PSEG Energy Holdings -- --
Enterprise Capital Funding Corp. -- --
Other Associated Companies -- --
Other -- --
Capitalized interest -- --
--- ---
INTEREST EXPENSE - NET -- --
--- ---
INCOME (LOSS) BEFORE INCOME TAXES -- (5)
--- ---
INCOME TAXES:
Current -- (2)
Deferred -- --
Foreign Taxes -- --
Investment and energy tax credits - net -- --
--- ---
Total income taxes -- (2)
--- ---
MINORITY INTERESTS -- --
--- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS -- (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 (LOSS) -- (3)
--- ---
Preferred Dividend Requirement -- --
--- ---
EARNINGS AVAILABLE TO COMMON STOCK $-- $(3)
=== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
LLC ELIMINATIONS INTERNATIONAL INC. L.L.C. CALIFORNIA PSEG RADES
CONSOL. (A) & RECLASS. LLC CONSOL. CONSOL. (A) CORP. SERVICES INC.
------------- ------------ ------------- -------- ----------- ---------- -------------
BALANCE JANUARY 1, 2004 $ 97,003 $ (89,320) $ 97,003 $(189) $17,351 $55,339 $--
NET INCOME (LOSS) 32,057 (31,566) 32,057 (771) 4,090 7,426 --
-------- --------- -------- ----- ------- ------- ---
TOTAL 129,060 (120,886) 129,060 (960) 21,441 62,765 --
-------- --------- -------- ----- ------- ------- ---
DIVIDENDS DECLARED -- -- -- -- -- -- --
-------- --------- -------- ----- ------- ------- ---
-------- --------- -------- ----- ------- ------- ---
BALANCE DECEMBER 31, 2004 $129,060 $(120,886) $129,060 $(960) $21,441 $62,765 $--
======== ========= ======== ===== ======= ======= ===
$ -- $ -- $ -- $ -- $ -- $--
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, 2004 $(19) $-- $-- $(3,599) (9,170)
NET INCOME (LOSS) 95 -- -- (99) (178)
---- --- --- ------- -------
TOTAL 76 -- -- (3,698) (9,348)
---- --- --- ------- -------
DIVIDENDS DECLARED -- -- -- -- --
---- --- --- ------- -------
---- --- --- ------- -------
BALANCE DECEMBER 31, 2004 $ 76 $-- $-- $(3,698) $(9,348)
==== === === ======= =======
$ -- $-- $-- $ -- $ --
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG OPERACIONES OPERACIONES PSEG
CALIFORNIA III HENRIETTA I II EUROPE LTD
CORP. TURBINE INC. CONSOL. CONSOL. CONSOL.
-------------- ------------ ----------- ----------- ----------
BALANCE JANUARY 1, 2004 $2,822 $(7) 12,213 $29,439 $(11,079)
NET INCOME (LOSS) 238 (1) -- 19,412 (353)
------ --- ------- ------- --------
TOTAL 3,060 (8) 12,213 48,851 (11,432)
------ --- ------- ------- --------
DIVIDENDS DECLARED -- -- -- -- --
------ --- ------- ------- --------
------ --- ------- ------- --------
BALANCE DECEMBER 31, 2004 $3,060 $(8) $12,213 $48,851 $(11,432)
====== === ======= ======= ========
$ -- $-- $ -- $ -- $ --
PSEG PSEG PSEG
PSEG CHINA ZHOU PONTIANAK(L)
CALIFORNIA II HOLDINGS KOU POWER LTD.
CORP. LTD. PPHLLC LTD. CONSOL.
------------- -------- ------- --------- ------------
BALANCE JANUARY 1, 2004 $2,822 $(15) $(4,126) $(224) $(2,238)
NET INCOME (LOSS) 1,761 -- (51) -- (3)
------ ---- ------- ----- -------
TOTAL 4,583 (15) (4,177) (224) (2,241)
------ ---- ------- ----- -------
DIVIDENDS DECLARED -- -- -- -- --
------ ---- ------- ----- -------
------ ---- ------- ----- -------
BALANCE DECEMBER 31, 2004 $4,583 $(15) $(4,177) $(224) $(2,241)
====== ==== ======= ===== =======
$ -- $ -- $ -- $ -- $ --
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
LLC ELIMINATIONS INTERNATIONAL INC. L.L.C. CALIFORNIA
CONSOL. (A) & RECLASS. LLC CONSOL. CONSOL. (A) CORP.
------------- ------------ ------------- ------- ----------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 41,399 $ -- $ -- $ 126 $ 19,408 $ --
Restricted Funds - currrent 18,853 -- -- -- $ 18,853 --
Accounts and Notes receivable:
Trade 12,267 -- -- 1,169 10,820 142
Other (12) -- (40) -- (1) --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 520,202 -- 161,932 3,491 174,816 14,187
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Asset held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments 2,063 -- -- 29 2,034 --
Fuel 384 -- -- -- 384 --
Materials and supplies 17,496 -- -- -- 17,496 --
---------- --------- -------- ------ ---------- -------
Total Current Assets 612,652 -- 161,892 4,815 243,810 14,329
---------- --------- -------- ------ ---------- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate 437 -- -- -- 437 --
General and distribution assets 602,216 -- -- -- 602,216 --
Furniture and equipment 456 -- -- -- 456 --
Construction work in progress -- -- -- -- -- --
Other 5 -- -- -- 5 --
Accumulated depreciation and amortization (8,569) -- -- -- (8,569) --
Valuation allowances -- -- -- -- -- --
---------- --------- -------- ------ ---------- -------
Property, Plant and Equipment-net 594,545 -- -- -- 594,545 --
---------- --------- -------- ------ ---------- -------
INVESTMENTS
Subsidiaries 9,762 (590,411) 590,411 -- 9,762 --
Capital lease agreements -- -- -- -- -- --
General Partnership interests (291) -- -- -- (291) --
Limited Partnership interests 65,636 -- -- -- 557 58,721
Corporate joint ventures 228,968 -- -- -- 185,156 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
---------- --------- -------- ------ ---------- -------
Total Investments 304,075 (590,411) 590,411 -- 195,184 58,721
---------- --------- -------- ------ ---------- -------
OTHER ASSETS
Long-term receivables -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset 48,605 -- (828) -- 47,887 --
Derivative Asset 31 -- -- -- 31 --
Restricted Cash -- -- -- -- -- --
Project Start Up Costs 6,226 -- -- -- 6,226 --
Deferred Finance Costs 12,887 -- -- -- 12,887 --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other 14 -- -- 10 -- --
---------- --------- -------- ------ ---------- -------
Total Other Assets 67,763 -- (828) 10 67,031 --
---------- --------- -------- ------ ---------- -------
TOTAL ASSETS $1,579,035 $(590,411) $751,475 $4,825 $1,100,570 $73,050
========== ========= ======== ====== ========== =======
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
PSEG RADES ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD.
SERVICES INC. INC. LLC INC. INC. CONSOL.
------------- -------------- --------- ------------- -------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $100 $580 $-- $-- $ 33 $ 2
Restricted Funds - currrent -- -- -- -- -- --
Accounts and Notes receivable:
Trade -- 60 -- -- 28 --
Other -- -- -- 4 -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies -- -- -- -- 558 66
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Asset held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments -- -- -- -- -- --
Fuel -- -- -- -- -- --
Materials and supplies -- -- -- -- -- --
---- ---- --- --- ------ ---
Total Current Assets 100 640 -- 4 619 68
---- ---- --- --- ------ ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
General and distribution assets -- -- -- -- -- --
Furniture and equipment -- -- -- -- -- --
Construction work in progress -- -- -- -- -- --
Other -- -- -- -- -- --
Accumulated depreciation 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 -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset -- -- -- -- 1,253 (6)
Derivative Asset -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Project Start Up Costs -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other -- -- -- -- -- --
---- ---- --- --- ------ ---
Total Other Assets -- -- -- -- 1,253 (6)
---- ---- --- --- ------ ---
TOTAL ASSETS $100 $640 $-- $ 4 $1,872 $62
==== ==== === === ====== ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG OPERACIONES OPERACIONES PSEG
CALIFORNIA III HENRIETTA I II EUROPE LTD
CORP. TURBINE INC. CONSOL. CONSOL. CONSOL.
-------------- ------------ ----------- ----------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $-- -- $ 21,053 $ 97
Restricted Funds - currrent -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- -- 48
Other -- 1 -- -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies -- 7 43,140 112,189 6,677
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Asset held for sale -- -- -- -- --
Derivative assets -- -- -- -- --
Prepayments -- -- -- -- --
Fuel -- -- -- -- --
Materials and supplies -- -- -- -- --
------ --- ------- -------- ------
Total Current Assets -- 8 43,140 133,242 6,822
------ --- ------- -------- ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
General and distribution assets -- -- -- -- --
Furniture and equipment -- -- -- -- --
Construction work in progress -- -- -- -- --
Other -- -- -- -- --
Accumulated depreciation and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
------ --- ------- -------- ------
Property, Plant and Equipment-net -- -- -- -- --
------ --- ------- -------- ------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests -- -- -- -- --
Limited Partnership interests 3,304 -- -- -- --
Corporate joint ventures -- -- -- 40,712 --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------ --- ------- -------- ------
Total Investments 3,304 -- -- 40,712 --
------ --- ------- -------- ------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Goodwill -- -- -- -- --
Deferred Tax Asset -- -- -- -- --
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Project Start Up Costs -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- 4
------ --- ------- -------- ------
Total Other Assets -- -- -- -- 4
------ --- ------- -------- ------
TOTAL ASSETS $3,304 $ 8 $43,140 $173,954 $6,826
====== === ======= ======== ======
PSEG PSEG PSEG
PSEG CHINA ZHOU PONTIANAK(L)
CALIFORNIA II HOLDINGS KOU POWER LTD.
CORP. LTD. PPHLLC LTD. CONSOL.
------------- -------- ------ --------- ------------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ -- $-- $ -- $-- --
Restricted Funds - currrent -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- -- --
Other -- 12 -- 12 --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 2,081 -- -- -- 1,058
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Asset held for sale -- -- -- -- --
Derivative assets -- -- -- -- --
Prepayments -- -- -- -- --
Fuel -- -- -- -- --
Materials and supplies -- -- -- -- --
------ --- ------ --- ------
Total Current Assets 2,081 12 -- 12 1,058
------ --- ------ --- ------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- --
General and distribution assets -- -- -- -- --
Furniture and equipment -- -- -- -- --
Construction work in progress -- -- -- -- --
Other -- -- -- -- --
Accumulated depreciation and amortization -- -- -- -- --
Valuation allowances -- -- -- -- --
------ --- ------ --- ------
Property, Plant and Equipment-net -- -- -- -- --
------ --- ------ --- ------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests -- -- -- -- --
Limited Partnership interests 3,054 -- -- -- --
Corporate joint ventures -- -- 3,100 -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------ --- ------ --- ------
Total Investments 3,054 -- 3,100 -- --
------ --- ------ --- ------
OTHER ASSETS
Long-term receivables -- -- -- -- --
Goodwill -- -- -- -- --
Deferred Tax Asset -- -- 299 -- --
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Project Start Up Costs -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
------ --- ------ --- ------
Total Other Assets -- -- 299 -- --
------ --- ------ --- ------
TOTAL ASSETS $5,135 $12 $3,399 $12 $1,058
====== === ====== === ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
INTERNATIONAL INTERCOMPANY PSEG MILBANK AMERICAS PSEG
LLC ELIMINATIONS INTERNATIONAL INC. L.L.C. CALIFORNIA
CONSOL. (A) & RECLASS. LLC CONSOL. CONSOL. (A) CORP.
------------- ------------ ------------- ------- ----------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,316 $ -- $ -- $ 243 $ 4,437 $ --
Taxes 224 -- (1) -- 29 428
Other 9,564 -- -- 339 9,252 --
Interest 2,668 -- -- -- 2,668 --
Associated companies 241,369 -- 67,025 1,179 116,369 (8,291)
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other associated companies -- -- -- -- -- --
Current portion of long-term debt 16,200 -- -- -- 16,200 --
Derivative liability -- -- -- -- -- --
---------- --------- -------- ------ ---------- -------
Total Current Liabilities 274,341 -- 67,024 1,761 148,955 (7,863)
---------- --------- -------- ------ ---------- -------
TOTAL LONG-TERM DEBT 577,684 -- -- -- 577,684 --
---------- --------- -------- ------ ---------- -------
DEFERRED CREDITS --
Deferred income taxes 36,812 -- -- 9 24,385 12,341
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred Revenue 1,008 -- -- -- -- 644
Derivative Liability -- -- -- -- -- --
Other 4,739 -- -- 277 4,462 --
---------- --------- -------- ------ ---------- -------
Total Deferred Credits 42,559 -- -- 286 28,847 12,985
---------- --------- -------- ------ ---------- -------
MINORITY INTEREST -- -- -- -- -- --
---------- --------- -------- ------ ---------- -------
STOCKHOLDER'S EQUITY
Capital stock 1 (29) 1 -- -- --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital 572,388 (486,494) 572,388 3,738 323,870 5,514
Retained earnings 129,060 (120,886) 129,060 (960) 21,441 62,765
Other Comprehensive Income (578) 578 (578) -- (227) (351)
Cumulative Translation Adjustment (16,420) 16,420 (16,420) -- -- --
---------- --------- -------- ------ ---------- -------
Total Stockholder's Equity 684,451 (590,411) 684,451 2,778 345,084 67,928
---------- --------- -------- ------ ---------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $1,579,035 $(590,411) $751,475 $4,825 $1,100,570 $73,050
========== ========= ======== ====== ========== =======
PSEG
PSEG BERMUDA
PSEG NORTH PSEG AMERICAS HOLDINGS
PSEG RADES ELCHO SERVICES BAY POWER TRACY TURBINE SERVICES II LTD.
SERVICES INC. INC. LLC INC. INC. CONSOL.
------------- -------------- --------- ------------- -------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $-- $-- $ -- $ --
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies 100 564 -- -- 5,519 9,425
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other associated companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Derivative liability -- -- -- -- -- --
---- ---- --- --- ------- -------
Total Current Liabilities 100 564 -- -- 5,519 9,425
---- ---- --- --- ------- -------
TOTAL LONG-TERM DEBT -- -- -- -- -- --
---- ---- --- --- ------- -------
DEFERRED CREDITS
Deferred income taxes -- -- -- -- 51 (15)
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred Revenue -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
---- ---- --- --- ------- -------
Total Deferred Credits -- -- -- -- 51 (15)
---- ---- --- --- ------- -------
MINORITY INTEREST -- -- -- -- -- --
---- ---- --- --- ------- -------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- 4 -- --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital -- -- -- -- -- --
Retained earnings -- 76 -- -- (3,698) (9,348)
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
---- ---- --- --- ------- -------
Total Stockholder's Equity -- 76 -- 4 (3,698) (9,348)
---- ---- --- --- ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $100 $640 $-- $ 4 $ 1,872 $ 62
==== ==== === === ======= =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG INTERNATIONAL LLC.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG
PSEG PSEG OPERACIONES OPERACIONES PSEG
CALIFORNIA III HENRIETTA I II EUROPE LTD
CORP. TURBINE INC. CONSOL. CONSOL. CONSOL.
-------------- ------------ ----------- ----------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $-- $ -- $ -- $ (364)
Taxes (91) -- -- -- (130)
Other -- -- -- (36) 9
Interest -- -- -- -- --
Associated companies 4,757 15 -- 1,429 32,955
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other -- -- -- -- --
Other associated companies -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
Derivative liability -- -- -- -- --
------- --- ------- -------- --------
Total Current Liabilities 4,666 15 -- 1,393 32,470
------- --- ------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- -- --
------- --- ------- -------- --------
DEFERRED CREDITS
Deferred income taxes 1,066 -- -- -- (341)
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred Revenue 182 -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
------- --- ------- -------- --------
Total Deferred Credits 1,248 -- -- -- (341)
------- --- ------- -------- --------
MINORITY INTEREST -- -- -- -- --
------- --- ------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock -- 1 -- -- --
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital ------- --- ------- -------- --------
Contributed capital (5,670) -- 30,927 123,710 --
Retained earnings 3,060 (8) 12,213 48,851 (11,432)
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- (13,871)
------- --- ------- -------- --------
Total Stockholder's Equity (2,610) (7) 43,140 172,561 (25,303)
------- --- ------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 3,304 $ 8 $43,140 $173,954 $ 6,826
======= === ======= ======== ========
PSEG PSEG PSEG
PSEG CHINA ZHOU PONTIANAK(L)
CALIFORNIA II HOLDINGS KOU POWER LTD.
CORP. LTD. PPHLLC LTD. CONSOL.
------------- -------- ------- --------- ------------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes (11) -- -- -- --
Other -- -- -- -- --
Interest -- -- -- -- --
Associated companies 5,650 15 1,135 224 3,299
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other -- -- -- -- --
Other associated companies -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
Derivative liability -- -- -- -- --
------- ---- ------- ----- -------
Total Current Liabilities 5,639 15 1,135 224 3,299
------- ---- ------- ----- -------
TOTAL LONG-TERM DEBT -- -- -- -- --
------- ---- ------- ----- -------
DEFERRED CREDITS
Deferred income taxes 1,081 -- (1,765) -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred Revenue 182 -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
------- ---- ------- ----- -------
Total Deferred Credits 1,263 -- (1,765) -- --
------- ---- ------- ----- -------
MINORITY INTEREST -- -- -- -- --
------- ---- ------- ----- -------
STOCKHOLDER'S EQUITY
Capital stock -- 12 -- 12 --
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital -- -- -- -- --
Contributed capital (6,350) -- 10,755 -- --
Retained earnings 4,583 (15) (4,177) (224) (2,241)
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- (2,549) -- --
------- ---- ------- ----- -------
Total Stockholder's Equity (1,767) (3) 4,029 (212) (2,241)
------- ---- ------- ----- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 5,135 $ 12 $ 3,399 $ 12 $ 1,058
======= ==== ======= ===== =======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
EXHIBIT A
PSEG AMERICAS L.L.C.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG TPS
AMERICAS INTERCOMPANY PSEG HOLDINGS II
L.L.C. ELIMINATIONS AMERICAS INC.
CONSOL. (A) & RECLASS. L.L.C. CONSOL (C)
----------- ------------ -------- -----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation 246,493 -- -- 246,493
Distribution -- -- -- --
Other 333 -- -- 333
Equity in subsidiary earnings -- 155 (155) --
-------- ---- ------- --------
Total revenues 246,826 155 (155) 246,826
-------- ---- ------- --------
OPERATING EXPENSES:
Operation and maintenance 15,974 -- -- 15,974
Write off investments -- -- -- --
Depreciation and amortization 8,811 -- -- 8,811
Electric and Energy Costs 192,138 -- -- 192,138
Administrative and general 14,512 -- 10 14,386
-------- ---- ------- --------
Total operating expenses 231,435 -- 10 231,309
-------- ---- ------- --------
Income from partnerships 3,297 82 (392) --
Interest and dividend income 5,432 (1,304) 4,230 --
Consulting and O&M fees 96 -- -- --
OPERATING INCOME 24,216 (1,067) 3,673 15,517
-------- ---- ------- --------
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- 1,304 -- (1,304)
-------- ---- ------- --------
Total Other Income -- 1,304 -- (1,304)
-------- ---- ------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 25,789 -- -- 12,932
Capitalized interest -- -- -- --
-------- ---- ------- --------
INTEREST EXPENSE - NET 25,789 -- -- 12,932
-------- ---- ------- --------
INCOME (LOSS) BEFORE INCOME TAXES (1,573) 237 3,673 1,281
-------- ---- ------- --------
INCOME TAXES:
Current (9,680) -- 1,162 (1,483)
Deferred 4,017 -- (1,579) 1,960
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
-------- ---- ------- --------
Total income taxes (5,663) -- (417) 477
-------- ---- ------- --------
MINORITY INTERESTS -- 82 -- (82)
-------- ---- ------- --------
INCOME (LOSS) FROM CONTINUING OPERATIONS 4,090 155 4,090 886
-------- ---- ------- --------
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 (LOSS) 4,090 155 4,090 886
-------- ---- ------- --------
Preferred Dividend Requirement -- -- -- --
-------- ---- ------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 4,090 $155 $ 4,090 $ 886
======== ==== ======= ========
PSEG PSEG PSEG
TEXGEN HOLDINGS GLOBAL GLOBAL
INC FUNDING II LLC LAPLATA I, MANAGEMENT
CONSOL. CONSOL INC INC.
--------------- -------------- ---------- -------
REVENUES:
Income from capital lease agreements $ -- $ -- $-- $--
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- -- -- --
------- ------- --- ---
Total revenues -- -- -- --
------- ------- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write off investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general 50 65 -- 1
------- ------- --- ---
Total operating expenses 50 65 -- 1
------- ------- --- ---
Income from partnerships (7,865) 11,472 -- --
Interest and dividend income 2,506 -- -- --
Consulting and O&M fees 96 -- -- --
OPERATING INCOME (5,313) 11,407 -- (1)
------- ------- --- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- -- -- --
------- ------- --- ---
Total Other Income -- -- -- --
------- ------- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other -- 12,857 -- --
Capitalized interest -- -- -- --
------- ------- --- ---
INTEREST EXPENSE - NET -- 12,857 -- --
------- ------- --- ---
INCOME (LOSS) BEFORE INCOME TAXES (5,313) (1,450) -- (1)
------- ------- --- ---
INCOME TAXES:
Current (6,616) (2,741) -- (2)
Deferred 4,753 (1,118) -- 1
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------- ------- --- ---
Total income taxes (1,863) (3,859) -- (1)
------- ------- --- ---
MINORITY INTERESTS -- -- -- --
------- ------- --- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS (3,450) 2,409 -- --
------- ------- --- ---
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 (LOSS) (3,450) 2,409 -- --
------- ------- --- ---
Preferred Dividend Requirement -- -- -- --
------- ------- --- ---
EARNINGS AVAILABLE TO COMMON STOCK $(3,450) $ 2,409 $-- $--
======= ======= === ===
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG TPS
AMERICAS INTERCOMPANY PSEG HOLDINGS II
L.L.C. ELIMINATIONS AMERICAS INC.
CONSOL. (A) & RECLASS. L.L.C CONSOL (C)
----------- ------------ -------- -----------
BALANCE JANUARY 1, 2004 $17,351 $6,695 $17,351 $ --
NET INCOME (LOSS) 4,090 155 4,090 886
------- ------ ------- ----
TOTAL 21,441 6,850 21,441 886
------- ------ ------- ----
DIVIDENDS DECLARED -- -- -- --
------- ------ ------- ----
------- ------ ------- ----
BALANCE DECEMBER 31, 2004 $21,441 $6,850 $21,441 $886
======= ====== ======= ====
PSEG PSEG PSEG
TEXGEN HOLDINGS GLOBAL GLOBAL
INC FUNDING II LLC LAPLATA I, MANAGEMENT
CONSOL. CONSOL INC INC.
--------------- -------------- ---------- ----------
BALANCE JANUARY 1, 2004 $(4,990) $27,817 $(28,775) $(747)
NET INCOME (LOSS) (3,450) 2,409 -- --
------- ------- -------- -----
TOTAL (8,440) 30,226 (28,775) (747)
------- ------- -------- -----
DIVIDENDS DECLARED -- -- -- --
------- ------- -------- -----
------- ------- -------- -----
BALANCE DECEMBER 31, 2004 $(8,440) $30,226 $(28,775) $(747)
======= ======= ======== =====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS L.L.C.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG TPS
AMERICAS INTERCOMPANY PSEG HOLDINGS II
L.L.C. ELIMINATIONS AMERICAS INC.
CONSOL. (A) & RECLASS. L.L.C. CONSOL (C)
----------- ------------ -------- -----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 19,408 $ -- $ -- $ 2,065
Restricted Funds - currrent 18,853 -- -- $ 18,853
Accounts and Notes receivable:
Trade 10,820 -- -- 10,820
Other (1) -- (1) --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 174,816 -- 67,014 1,486
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Asset held for sale -- -- -- --
Derivative assets -- -- -- --
Prepayments 2,034 -- -- 2,034
Fuel 384 -- -- 384
Materials and supplies 17,496 -- -- 17,496
---------- --------- -------- ---------
Total Current Assets 243,810 -- 67,013 53,138
---------- --------- -------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate 437 -- -- 437
General and distribution assets 602,216 -- -- 602,216
Furniture and equipment 456 -- -- 456
Construction work in progress -- -- -- --
Other 5 -- -- --
Accumulated depreciation and amortization (8,569) -- -- (8,569)
Valuation allowances -- -- -- --
---------- --------- -------- ---------
Property, Plant and Equipment-net 594,545 -- -- 594,540
---------- --------- -------- ---------
INVESTMENTS
Subsidiaries 9,762 (310,505) 310,505 --
Capital lease agreements -- -- -- --
General Partnership interests (291) -- -- (372)
Limited Partnership interests 557 (226,976) 67,865 372
Corporate joint ventures 185,156 -- 1,452 --
Securities -- -- -- --
Valuation allowances -- -- -- --
---------- --------- -------- ---------
Total Investments 195,184 (537,481) 379,822 --
---------- --------- -------- ---------
OTHER ASSETS
Long-term receivables -- -- -- --
Goodwill -- -- -- --
Deferred Tax Asset 47,887 -- 96 47,554
Derivative Asset 31 -- -- 31
Restricted Cash -- -- -- --
Project Start Up Costs 6,226 (2,661) (6,318) 500
Deferred Finance Costs 12,887 -- -- --
Prepaid Pension Costs -- -- -- --
Intangibles -- -- -- --
Other -- -- -- --
---------- --------- -------- --------
Total Other Assets 67,031 (2,661) (6,222) 48,085
---------- --------- -------- ---------
TOTAL ASSETS $1,100,570 $(540,142) $440,613 $ 695,763
========== ========= ======== =========
PSEG PSEG PSEG
TEXGEN HOLDINGS GLOBAL GLOBAL
INC FUNDING II LLC LA PLATA I, MANAGEMENT
CONSOL. CONSOL INC. INC.
--------------- -------------- ----------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 45 $ 17,298 $ -- $ --
Restricted Funds - currrent -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- --
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 40,001 51,275 14,590 450
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Asset held for sale -- -- -- --
Derivative assets -- -- -- --
Prepayments -- -- -- --
Fuel -- -- -- --
Materials and supplies -- -- -- --
-------- -------- ------- ----
Total Current Assets 40,046 68,573 14,590 450
-------- -------- ------- ----
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
General and distribution assets -- -- -- --
Furniture and equipment -- -- -- --
Construction work in progress -- -- -- --
Other 5 -- -- --
Accumulated depreciation and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- -------- ------- ----
Property, Plant and Equipment-net 5 -- -- --
-------- -------- ------- ----
INVESTMENTS
Subsidiaries -- 9,762 -- --
Capital lease agreements -- -- -- --
General Partnership interests 81 -- -- --
Limited Partnership interests 159,296 -- -- --
Corporate joint ventures -- 183,704 -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- -------- ------- ----
Total Investments 159,377 193,466 -- --
-------- -------- ------- ----
OTHER ASSETS
Long-term receivables -- -- -- --
Goodwill -- -- -- --
Deferred Tax Asset (520) 526 -- 231
Derivative Asset -- -- -- --
Restricted Cash -- -- -- --
Project Start Up Costs 14,705 -- -- --
Deferred Finance Costs -- 12,887 -- --
Prepaid Pension Costs -- -- -- --
Intangibles -- -- -- --
Other -- -- -- --
-------- -------- ------- ----
Total Other Assets 14,185 13,413 -- 231
-------- -------- ------- ----
TOTAL ASSETS $213,613 $275,452 $14,590 $681
======== ======== ======= ====
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS L.L.C.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG TPS
AMERICAS INTERCOMPANY PSEG HOLDINGS II
L.L.C. ELIMINATIONS AMERICAS INC.
CONSOL. (A) & RECLASS. L.L.C. CONSOL (C)
----------- ------------ -------- -----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,437 $ -- $ -- 4,437
Taxes 29 -- 29 --
Other 9,252 -- -- 9,282
Interest 2,668 (457) -- 457
Associated companies 116,369 -- 93,478 --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt 16,200 -- -- 16,200
Derivative liability -- -- -- --
---------- --------- -------- ---------
Total Current Liabilities 148,955 (457) 93,507 30,376
---------- --------- -------- ---------
TOTAL LONG-TERM DEBT 577,684 -- -- 417,684
---------- --------- -------- ---------
DEFERRED CREDITS
Deferred income taxes 24,385 -- 2,022 1,960
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred Revenue -- -- -- --
Derivative Liability -- -- -- 2,240
Other 4,462 (67,865) -- 72,327
---------- --------- -------- ---------
Total Deferred Credits 28,847 (67,865) 2,022 76,527
---------- --------- -------- ---------
MINORITY INTEREST -- (161,315) -- 161,315
---------- --------- -------- ---------
STOCKHOLDER'S EQUITY
Capital stock -- (10,638) -- 10,638
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 323,870 (306,944) 323,870 --
Retained earnings 21,441 6,850 21,441 886
Other Comprehensive Income (227) 227 (227) (1,663)
Cumulative Translation Adjustment -- -- -- --
---------- --------- -------- ---------
Total Stockholder's Equity 345,084 (310,505) 345,084 9,861
---------- --------- -------- ---------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $1,100,570 $(540,142) $440,613 $ 695,763
========== ========= ======== =========
PSEG PSEG PSEG
TEXGEN HOLDINGS GLOBAL GLOBAL
INC FUNDING II LLC LA PLATA I, MANAGEMENT
CONSOL. CONSOL INC. INC.
--------------- -------------- ----------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- (30) -- --
Interest -- 2,668 -- --
Associated companies 8,504 12,960 -- 1,427
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt -- -- -- --
Derivative liability -- -- -- --
-------- -------- -------- ------
Total Current Liabilities 8,504 15,598 -- 1,427
-------- -------- -------- ------
TOTAL LONG-TERM DEBT -- 160,000 -- --
-------- -------- -------- ------
DEFERRED CREDITS
Deferred income taxes 20,843 (441) -- 1
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred Revenue -- -- -- --
Derivative Liability (2,240) -- -- --
Other -- -- -- --
-------- -------- -------- ------
Total Deferred Credits 18,603 (441) -- 1
-------- -------- -------- ------
MINORITY INTEREST -- -- -- --
-------- -------- -------- ------
STOCKHOLDER'S EQUITY
Capital stock -- -- -- --
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 192,703 70,876 43,365 --
Retained earnings (8,440) 30,226 (28,775) (747)
Other Comprehensive Income 2,243 (807) -- --
Cumulative Translation Adjustment -- -- -- --
-------- -------- -------- ------
Total Stockholder's Equity 186,506 100,295 14,590 (747)
-------- -------- -------- ------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $213,613 $275,452 $ 14,590 $ 681
======== ======== ======== ======
(A) Exceeds 2% of PSEG's consolidated operating revenues and consolidated
assets. For additional information, see Item 1.
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
TPS HOLDINGS II, INC
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
TPS
HOLDINGS II INTERCOMPANY TPS
INC. ELIMINATIONS HOLDINGS II
CONSOL (C) & RECLASS. INC. TIELP
----------- ------------ ----------- --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation 246,493 -- -- 246,493
Distribution -- -- -- --
Other 333 -- -- 333
Equity in subsidiary earnings -- -- -- --
-------- ------- ------- --------
Total revenues 246,826 -- -- 246,826
-------- ------- ------- --------
OPERATING EXPENSES:
Operation and maintenance 15,974 -- -- 15,974
Write off of investments -- -- -- --
Depreciation and amortization 8,811 (381) -- 9,192
Electric and Energy Costs 192,138 -- -- 192,138
Administrative and general 14,386 -- -- 14,386
-------- ------- ------- --------
Total operating expenses 231,309 (381) -- 231,690
-------- ------- ------- --------
Income from partnerships -- (1,363) 1,363 --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
OPERATING INCOME 15,517 (982) 1,363 15,136
-------- ------- ------- --------
OTHER INCOME:
Foreign currency translation Gain/Loss -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other (1,304) -- -- (1,304)
-------- ------- ------- --------
Total Other Income (1,304) -- -- (1,304)
-------- ------- ------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 12,932 -- -- 12,932
Capitalized interest -- -- -- --
-------- ------- ------- --------
INTEREST EXPENSE - NET 12,932 -- -- 12,932
-------- ------- ------- --------
INCOME BEFORE INCOME TAXES 1,281 (982) 1,363 900
-------- ------- ------- --------
INCOME TAXES:
Current (1,483) -- (1,483) --
Deferred 1,960 -- 1,960 --
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
-------- ------- ------- --------
Total income taxes 477 -- 477 --
-------- ------- ------- --------
MINORITY INTERESTS (82) (82) -- --
-------- ------- ------- --------
INCOME FROM CONTINUING OPERATIONS 886 (900) 886 900
-------- ------- ------- --------
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 886 (900) 886 900
-------- ------- ------- --------
Preferred Dividend Requirement -- -- -- --
-------- ------- ------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 886 $ (900) $ 886 $ 900
======== ======= ======= ========
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
TPS HOLDINGS II, INC
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
TPS
HOLDINGS II INTERCOMPANY TPS
INC. ELIMINATIONS HOLDINGS II
CONSOL (C) & RECLASS. INC. TIELP
----------- ------------ ----------- -----
BALANCE JANUARY 1, 2004 $ -- $ -- $ -- $ --
NET INCOME 886 (900) 886 900
---- ----- ---- ----
TOTAL 886 (900) 886 900
---- ----- ---- ----
DIVIDENDS DECLARED -- -- -- --
---- ----- ---- ----
---- ----- ---- ----
BALANCE DECEMBER 31, 2004 $886 $(900) $886 $900
==== ===== ==== ====
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
TPS HOLDINGS II, INC
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
TPS
HOLDINGS II INTERCOMPANY TPS
INC. ELIMINATIONS HOLDINGS II
CONSOL (C) & RECLASS. INC. TIELP
----------- ------------ ----------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 2,065 $ -- $ -- $ 2,065
Restricted Funds - currrent 18,853 -- -- 18,853
Accounts and Notes receivable:
Trade 10,820 -- -- 10,820
Other -- -- -- --
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 1,486 -- 1,486 --
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Asset held for sale -- -- -- --
Derivative assets -- -- -- --
Prepayments 2,034 -- -- 2,034
Fuel 384 -- -- 384
Materials and supplies 17,496 -- -- 17,496
--------- --------- -------- --------
Total Current Assets 53,138 -- 1,486 51,652
--------- --------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate 437 -- 5 432
General and distribution assets 602,216 (47,016) -- 649,232
Furniture & Equipment 456 -- -- 456
Construction Work In process -- -- -- --
Other -- -- -- --
Accum. depr. and amortization (8,569) 635 -- (9,204)
Valuation allowances -- -- -- --
--------- --------- -------- --------
Property, Plant and Equipment-net 594,540 (46,381) 5 640,916
--------- --------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests (372) -- (372) --
Limited Partnership interests 372 35,515 (35,143) --
Corporate joint ventures -- -- -- --
Securities -- -- -- --
Valuation allowances -- -- -- --
--------- --------- -------- --------
Total Investments -- 35,515 (35,515) --
--------- --------- -------- --------
OTHER ASSETS
Long Term Receivable -- -- -- --
Goodwill -- -- -- --
Deferred tax asset 47,554 -- 47,554 --
Derivative Asset 31 (280) 31 280
Restricted Cash -- -- -- --
Project Start up Costs 500 -- 500 --
Deferred Finance Costs -- -- -- --
Prepaid Pension Costs -- -- -- --
Intangibles -- -- -- --
Other -- -- -- --
--------- --------- -------- --------
Total Other Assets 48,085 (280) 48,085 280
--------- --------- -------- --------
TOTAL ASSETS $ 695,763 $ (11,146) $ 14,061 $692,848
========= ========= ======== ========
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
TPS HOLDINGS II, INC
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
TPS
HOLDINGS II INTERCOMPANY TPS
INC. ELIMINATIONS HOLDINGS II
CONSOL (C) & RECLASS. INC. TIELP
----------- ------------ ----------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 4,437 $ -- $ -- $ 4,437
Taxes -- -- -- --
Other 9,282 -- -- 9,282
Interest 457 -- -- 457
Associated companies -- -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt 16,200 -- -- 16,200
Derivative liability -- -- -- --
-------- --------- ------- --------
Total Current Liabilities 30,376 -- -- 30,376
-------- --------- ------- --------
TOTAL LONG-TERM DEBT 417,684 -- -- 417,684
-------- --------- ------- --------
DEFERRED CREDITS
Deferred income taxes 1,960 -- 1,960 --
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred revenues -- -- -- --
Derivative Liability 2,240 -- 2,240 --
Other 72,327 -- -- 72,327
-------- --------- ------- --------
Total Deferred Credits 76,527 -- 4,200 72,327
-------- --------- ------- --------
MINORITY INTEREST 161,315 161,315 -- --
-------- --------- ------- --------
STOCKHOLDER'S EQUITY
Capital stock 10,638 -- 10,638 --
Preferred stock -- (18,288) -- 18,288
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital -- (153,632) -- 153,632
Retained earnings 886 (900) 886 900
Other Comprehensive income (1,663) 359 (1,663) (359)
Cumulative Translation Adjustment -- -- -- --
-------- --------- ------- --------
Total Stockholder's Equity 9,861 (172,461) 9,861 172,461
-------- --------- ------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $695,763 $ (11,146) $14,061 $692,848
======== ========= ======= ========
(C) Exceeds 2% of PSEG's operating revenues. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
AMERICAS INTERCOMPANY PSEG CUENTA BRAZIL
LTD. ELIMINATIONS AMERICAS FINANCE OPERATING
CONSOL.(B) & RECLASS. LTD. AenPII COMPANY COMPANY
---------- ------------ --------- ------ ------- ---------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $-- $-- $--
Gain on Sale of Operating Projects 35,034 -- -- -- -- --
Other -- -- -- -- -- --
Electric Revenues
Generation 91,983 -- -- -- -- --
Distribution 196,533 -- -- -- -- --
Other 22,263 -- -- -- -- --
Equity in subsidiary earnings -- (83,951) 83,951 -- -- --
-------- -------- -------- --- --- ---
Total revenues 345,813 (83,951) 83,951 -- -- --
-------- -------- -------- --- --- ---
OPERATING EXPENSES:
Operation and maintenance 20,421 -- -- -- -- --
Write off of investments -- -- -- -- -- --
Depreciation and amortization 28,915 -- -- -- -- --
Electric and Energy Costs 130,165 -- -- -- -- --
Administrative and general 30,114 -- (522) -- -- --
-------- -------- -------- --- --- ---
Total operating expenses 209,615 -- (522) -- -- --
-------- -------- -------- --- --- ---
Income from partnerships 46,843 -- 27,823 -- -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees 4,717 -- 773 -- -- --
OPERATING INCOME 187,758 (83,951) 113,069 -- -- --
-------- -------- -------- --- --- ---
OTHER INCOME
Foreign currency Translation Gain/Loss (1,318) -- 6 -- -- --
Change in Derivative Fair Value - FAS 133 (2,437) -- (287) -- -- --
Loss on Early Extinguishment of Debt (1,514) -- (1,612) -- -- --
Gain on Sale Other 121 -- 121 -- -- --
Other 781 -- 1,491 -- -- --
-------- -------- -------- --- --- ---
Total Other Income (4,367) -- (281) -- -- --
-------- -------- -------- --- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp -- -- -- -- -- --
Other Associated Companies 774 -- -- -- -- --
Other 33,240 -- -- -- -- --
Capitalized interest (1,267) -- -- -- -- --
-------- -------- -------- --- --- ---
INTEREST EXPENSE - NET 32,747 -- -- -- -- --
-------- -------- -------- --- --- ---
INCOME (LOSS) BEFORE INCOME TAXES 150,644 (83,951) 112,788 -- -- --
-------- -------- -------- --- --- ---
INCOME TAXES:
Current (36,499) 3 (77,924) -- -- --
Deferred 69,304 -- 80,115 -- -- --
Foreign Taxes 10,170 -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
-------- -------- -------- --- --- ---
Total income taxes 42,975 3 2,191 -- -- --
-------- -------- -------- --- --- ---
MINORITY INTERESTS 2,815 -- 1,191 -- -- --
-------- -------- -------- --- --- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS 104,854 (83,954) 109,406 -- -- --
-------- -------- -------- --- --- ---
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the Acct. Principle -- -- -- -- -- --
Income from Discontinued Operations - Net of Taxes 2,013 -- -- -- -- --
Gain on Sale of Discontinued Operations - Net
of Taxes 2,539 -- -- -- -- --
-------- -------- -------- --- --- ---
INCOME FROM DISCONTINUED OPERATIONS 4,552 -- -- -- -- --
-------- -------- -------- --- --- ---
NET INCOME (LOSS) 109,406 (83,954) 109,406 -- -- --
-------- -------- -------- --- --- ---
Preferred Dividend Requirement -- -- -- -- -- --
-------- -------- -------- --- --- ---
EARNINGS AVAILABLE TO COMMON STOCK $109,406 $(83,954) $109,406 $-- $-- $--
======== ======== ======== === === ===
PSEG PSEG
VENERGY RAYO-ANDINO PSEG ARGENTINA PSEG CAYMAN
HOLDINGS GESTORA BRASIL HOLDING EDEERSA AMERICAS I
COMPANY COMPANY LTDA. LLC COMPANY PSEGAOC COMPANY
-------- ----------- ------ --------- ------- ------- ----------
REVENUES:
Income from capital lease agreements $ -- $-- $ -- $-- $-- $ -- $--
Gain on Sale of Operating Projects -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- -- --
Distribution -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
Total revenues -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- -- --
Write off of investments -- -- -- -- -- -- --
Depreciation and amortization -- -- 5 -- -- -- --
Electric and Energy Costs -- -- -- -- -- -- --
Administrative and general 145 -- 363 -- -- (16) --
----- --- ----- --- --- ----- ---
Total operating expenses 145 -- 368 -- -- (16) --
----- --- ----- --- --- ----- ---
Income from partnerships 178 -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- -- --
Consulting and O&M fees -- -- -- -- -- -- --
OPERATING INCOME 33 -- (368) -- -- 16 --
----- --- ----- --- --- ----- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- (10) -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
Total Other Income -- -- (10) -- -- -- --
----- --- ----- --- --- ----- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Enterprise Capital Funding Corp -- -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- -- --
Other -- -- -- -- -- -- --
Capitalized interest -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
INTEREST EXPENSE - NET -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
INCOME (LOSS) BEFORE INCOME TAXES 33 -- (378) -- -- 16 --
----- --- ----- --- --- ----- ---
INCOME TAXES:
Current 85 -- -- -- -- (609) --
Deferred 202 -- 496 -- -- -- --
Foreign Taxes -- -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
Total income taxes 287 -- 496 -- -- (609) --
----- --- ----- --- --- ----- ---
MINORITY INTERESTS -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS (254) -- (874) -- -- 625 --
----- --- ----- --- --- ----- ---
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 (LOSS) (254) -- (874) -- -- 625 --
----- --- ----- --- --- ----- ---
Preferred Dividend Requirement -- -- -- -- -- -- --
----- --- ----- --- --- ----- ---
EARNINGS AVAILABLE TO COMMON STOCK $(254) $-- $(874) $-- $-- $ 625 $--
===== === ===== === === ===== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
PSEG CAYMAN PSEG
CAYMAN AMERICAS PSEG PSEG GLOBAL
AMERICAS II COMPANY BRAZIL II BRAZIL III FUNDING II
COMPANY CONSOL. COMPANY COMPANY CORP. INFRAMAX
----------- -------- --------- ---------- ---------- --------
REVENUES:
Income from capital lease agreements $-- $ -- $-- $-- $-- $--
Gain on Sale of Operating Projects -- -- -- -- -- --
Other -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- --
Distribution -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- -- --
--- ----- --- --- --- ---
Total revenues -- -- -- -- -- --
--- ----- --- --- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Write off of investments -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Electric and Energy Costs -- -- -- -- -- --
Administrative and general -- -- -- -- -- --
--- ----- --- --- --- ---
Total operating expenses -- -- -- -- -- --
--- ----- --- --- --- ---
Income from partnerships -- -- -- -- -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees -- -- -- -- -- --
OPERATING INCOME -- -- -- -- -- --
--- ----- --- --- --- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- --
Other -- -- -- -- -- --
--- ----- --- --- --- ---
Total Other Income -- -- -- -- -- --
--- ----- --- --- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other -- -- -- -- -- --
Capitalized interest -- -- -- -- -- --
--- ----- --- --- --- ---
INTEREST EXPENSE - NET -- -- -- -- -- --
--- ----- --- --- --- ---
INCOME (LOSS) BEFORE INCOME TAXES -- -- -- -- -- --
--- ----- --- --- --- ---
INCOME TAXES:
Current -- -- -- -- -- --
Deferred -- (611) -- -- -- --
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
--- ----- --- --- --- ---
Total income taxes -- (611) -- -- -- --
--- ----- --- --- --- ---
MINORITY INTERESTS -- -- -- -- -- --
--- ----- --- --- --- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS -- 611 -- -- -- --
--- ----- --- --- --- ---
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 (LOSS) -- 611 -- -- -- --
--- ----- --- --- --- ---
Preferred Dividend Requirement -- -- -- -- -- --
--- ----- --- --- --- ---
EARNINGS AVAILABLE TO COMMON STOCK $-- $ 611 $-- $-- $-- $--
=== ===== === === === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF INCOME
0-Jan-00
($ IN THOUSANDS)
PSEG
TRANSAMERICA BRAZIL PSEG
CHILEAN INVERSIONES ENERGY INVESTMENT SALALAH
EQUITY II CHILE COMPANY COMPANY L.L.C.
CONSOL.(B) CONSOL.(B) CONSOL CONSOL. CONSOL.
---------- ----------- ------------ ---------- --------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- -- --
Other -- -- -- -- --
Electric Revenues
Generation -- -- 47,062 -- 44,921
Distribution -- 178,782 -- -- 17,751
Other -- 21,882 -- -- 381
Equity in subsidiary earnings -- -- -- -- --
------- -------- ------- ------- -------
Total revenues -- 200,664 47,062 -- 63,053
------- -------- ------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- 5,441 9,824 -- 5,156
Write off of investments -- -- -- -- --
Depreciation and amortization -- 10,943 3,894 -- 14,073
Electric and Energy Costs -- 108,117 4,273 -- 17,775
Administrative and general 367 20,043 5,632 76 4,640
------- -------- ------- ------- -------
Total operating expenses 367 144,544 23,623 76 41,644
------- -------- ------- ------- -------
Income from partnerships 16,125 (19,363) 65 6,346 265
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- -- -- 233
OPERATING INCOME 15,758 36,757 23,504 6,270 21,907
------- -------- ------- ------- -------
OTHER INCOME
Foreign currency Translation Gain/Loss 2 1,083 (3,114) 716 (1)
Change in Derivative Fair Value - FAS 133 (15) (1,489) -- (646) --
Loss on Early Extinguishment of Debt -- 130 -- -- --
Gain on Sale Other -- -- -- -- --
Other -- (295) 574 -- (995)
------- -------- ------- ------- -------
Total Other Income (13) (571) (2,540) 70 (996)
------- -------- ------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Capital Funding Corp -- -- -- -- --
Other Associated Companies -- -- -- 774 --
Other (359) 11,036 7,461 -- 15,217
Capitalized interest -- (1,267) -- -- --
------- -------- ------- ------- -------
INTEREST EXPENSE - NET (359) 9,769 7,461 774 15,217
------- -------- ------- ------- -------
INCOME (LOSS) BEFORE INCOME TAXES 16,104 26,417 13,503 5,566 5,694
------- -------- ------- ------- -------
INCOME TAXES:
Current -- -- -- 12 8
Deferred (1,824) (160) -- (3,242) (105)
Foreign Taxes -- 3,385 6,785 -- --
Investment and energy tax credits - net -- -- -- -- --
------- -------- ------- ------- -------
Total income taxes (1,824) 3,225 6,785 (3,230) (97)
------- -------- ------- ------- -------
MINORITY INTERESTS -- 549 -- -- 1,075
------- -------- ------- ------- -------
INCOME (LOSS) FROM CONTINUING OPERATIONS 17,928 22,643 6,718 8,796 4,716
------- -------- ------- ------- -------
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 (LOSS) 17,928 22,643 6,718 8,796 4,716
------- -------- ------- ------- -------
Preferred Dividend Requirement -- -- -- -- --
------- -------- ------- ------- -------
EARNINGS AVAILABLE TO COMMON STOCK $17,928 $ 22,643 $ 6,718 $ 8,796 $ 4,716
======= ======== ======= ======= =======
PSEG
(BERMUDA) RAYO-ANDINO PSEG
HOLDINGS III INVERSORA PSEG AMERICAS PSEG
LTD COMPANY CHINA II LUXEMBOURG
CONSOL. CONSOL. L.L.C. LTD. S.a.r.L.
------------ ----------- ------- -------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $-- $--
Gain on Sale of Operating Projects -- -- 35,034 -- --
Other -- -- -- -- --
Electric Revenues
Generation -- -- -- -- --
Distribution -- -- -- -- --
Other -- -- -- -- --
Equity in subsidiary earnings -- -- -- -- --
---- ------- ------- --- ---
Total revenues -- -- 35,034 -- --
---- ------- ------- --- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- --
Write off of investments -- -- -- -- --
Depreciation and amortization -- -- -- -- --
Electric and Energy Costs -- -- -- -- --
Administrative and general 2 -- (616) -- --
---- ------- ------- --- ---
Total operating expenses 2 -- (616) -- --
---- ------- ------- --- ---
Income from partnerships -- -- 15,404 -- --
Interest and dividend income -- -- -- -- --
Consulting and O&M fees -- -- 3,711 -- --
OPERATING INCOME (2) -- 54,765 -- --
---- ------- ------- --- ---
OTHER INCOME
Foreign currency Translation Gain/Loss -- -- -- -- --
Change in Derivative Fair Value - FAS 133 -- -- -- -- --
Loss on Early Extinguishment of Debt -- -- (32) -- --
Gain on Sale Other -- -- -- -- --
Other -- -- 6 -- --
---- ------- ------- --- ---
Total Other Income -- -- (26) -- --
---- ------- ------- --- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Enterprise Capital Funding Corp -- -- -- -- --
Other Associated Companies -- -- -- -- --
Other -- (115) -- -- --
Capitalized interest -- -- -- -- --
---- ------- ------- --- ---
INTEREST EXPENSE - NET -- (115) -- -- --
---- ------- ------- --- ---
INCOME (LOSS) BEFORE INCOME TAXES (2) 115 54,739 -- --
---- ------- ------- --- ---
INCOME TAXES:
Current (1) -- 41,927 -- --
Deferred (10) (1,460) (4,097) -- --
Foreign Taxes -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- --
---- ------- ------- --- ---
Total income taxes (11) (1,460) 37,830 -- --
---- ------- ------- --- ---
MINORITY INTERESTS -- -- -- -- --
---- ------- ------- --- ---
INCOME (LOSS) FROM CONTINUING OPERATIONS 9 1,575 16,909 -- --
---- ------- ------- --- ---
DISCONTINUED OPERATIONS
Cumulative Effect of a change in the
Acct. Principle -- -- -- -- --
Income from Discontinued Operations - Net
of Taxes -- 2,013 -- -- --
Gain on Sale of Discontinued Operations -
Net of Taxes -- 2,539 -- -- --
---- ------- ------- --- ---
INCOME FROM DISCONTINUED OPERATIONS -- 4,552 -- -- --
---- ------- ------- --- ---
NET INCOME (LOSS) 9 6,127 16,909 -- --
---- ------- ------- --- ---
Preferred Dividend Requirement -- -- -- -- --
---- ------- ------- --- ---
EARNINGS AVAILABLE TO COMMON STOCK $ 9 $ 6,127 $16,909 $-- $--
==== ======= ======= === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
AMERICAS INTERCOMPANY PSEG CUENTA BRAZIL VENERGY
LTD. ELIMINATIONS AMERICAS FINANCE OPERATING HOLDINGS
CONSOL. (B) & RECLASS. LTD. AenPII COMPANY COMPANY COMPANY
----------- ------------ --------- ------ ------- --------- --------
BALANCE JANUARY 1, 2004 $(149,688) $205,100 $(149,688) $-- $-- $-- $3,100
NET INCOME (LOSS) 109,406 (83,954) 109,406 -- -- -- (254)
--------- -------- --------- --- --- --- ------
TOTAL (40,282) 121,146 (40,282) -- -- -- 2,846
--------- -------- --------- --- --- --- ------
DIVIDENDS DECLARED -- -- -- -- -- -- --
--------- -------- --------- --- --- --- ------
--------- -------- --------- --- --- --- ------
BALANCE DECEMBER 31, 2004 $ (40,282) $121,146 $ (40,282) $-- $-- $-- $2,846
========= ======== ========= === === === ======
PSEG PSEG
RAYO-ANDINO PSEG ARGENTINA PSEG CAYMAN
GESTORA BRASIL HOLDING EDEERSA AMERICAS I
COMPANY LTDA. LLC COMPANY PSEGAOC COMPANY
----------- ------- --------- ------- ---------- ----------
BALANCE JANUARY 1, 2004 $-- $(7,180) $-- $-- $(221,416) $--
NET INCOME (LOSS) -- (874) -- -- 625 --
--- ------- --- --- --------- ---
TOTAL -- (8,054) -- -- (220,791) --
--- ------- --- --- --------- ---
DIVIDENDS DECLARED -- -- -- -- -- --
--- ------- --- --- --------- ---
--- ------- --- --- --------- ---
BALANCE DECEMBER 31, 2004 $-- $(8,054) $-- $-- $(220,791) $--
=== ======= === === ========= ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
PSEG CAYMAN PSEG
CAYMAN AMERICAS PSEG PSEG GLOBAL
AMERICAS II COMPANY BRAZIL II BRAZIL III FUNDING II
COMPANY CONSOL. COMPANY COMPANY CORP. INFRAMAX
----------- -------- --------- ---------- ---------- --------
BALANCE JANUARY 1, 2004 $-- $(72,553) $-- $-- $-- $--
NET INCOME (LOSS) -- 611 -- -- -- --
--- -------- --- --- --- ---
TOTAL -- (71,942) -- -- -- --
--- -------- --- --- --- ---
DIVIDENDS DECLARED -- -- -- -- -- --
--- -------- --- --- --- ---
--- -------- --- --- --- ---
BALANCE DECEMBER 31, 2004 $-- $(71,942) $-- $-- $-- $--
=== ======== === === === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
TRANSAMERICA BRAZIL PSEG
CHILEAN INVERSIONES ENERGY INVESTMENT SALALAH
EQUITY II CHILE COMPANY COMPANY L.L.C.
CONSOL. (B) CONSOL. (B) CONSOL CONSOL. CONSOL.
----------- ----------- ------------ ---------- -------
BALANCE JANUARY 1, 2004 $73,617 $30,813 $31,286 $(23,196) $ (823)
NET INCOME (LOSS) 17,928 22,643 6,718 8,796 4,716
------- ------- ------- -------- ------
TOTAL 91,545 53,456 38,004 (14,400) 3,893
------- ------- ------- -------- ------
DIVIDENDS DECLARED -- -- -- -- --
------- ------- ------- -------- ------
------- ------- ------- -------- ------
BALANCE DECEMBER 31, 2004 $91,545 $53,456 $38,004 $(14,400) $3,893
======= ======= ======= ======== ======
PSEG
(BERMUDA) RAYO-ANDINO PSEG
HOLDINGS III INVERSORA PSEG AMERICAS PSEG
LTD COMPANY CHINA II LUXEMBOURG
CONSOL. CONSOL. L.L.C. LTD. S.a.r.L.
------------ ----------- ------- -------- ----------
BALANCE JANUARY 1, 2004 $(26,869) $(16,951) $25,072 $-- $--
NET INCOME (LOSS) 9 6,127 16,909 -- --
-------- -------- ------- --- ---
TOTAL (26,860) (10,824) 41,981 -- --
-------- -------- ------- --- ---
DIVIDENDS DECLARED -- -- -- -- --
-------- -------- ------- --- ---
-------- -------- ------- --- ---
BALANCE DECEMBER 31, 2004 $(26,860) $(10,824) $41,981 $-- $--
======== ======== ======= === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
AMERICAS INTERCOMPANY PSEG CUENTA BRAZIL VENERGY
LTD. ELIMINATIONS AMERICAS FINANCE OPERATING HOLDINGS
CONSOL.(B) & RECLASS. LTD. AenPII COMPANY COMPANY COMPANY
---------- ------------ ---------- ------ ------- --------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 128,865 $ -- $ 22 $-- $-- $-- $ 1
Restricted cash-current 16,523 -- -- -- -- -- --
Accounts and Notes receivable:
Trade 69,243 -- (11) -- -- -- --
Other 15,253 -- 11 -- -- -- --
PSE&G -- -- -- -- -- -- --
PSEG -- -- -- -- -- -- --
PSEG Power -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Other associated companies 631,834 -- 234,258 -- -- -- 4,808
Notes receivable:
Associated companies -- -- -- -- -- -- --
Other 132,113 -- -- -- -- -- --
Interest receivable -- -- -- -- -- -- --
Restricted Cash -- -- -- -- -- -- --
Assets held for sale -- -- -- -- -- -- --
Derivative assets 304 -- 13 -- -- -- --
Prepayments 1,749 -- -- -- -- -- 109
Fuel 1,763 -- -- -- -- -- --
Materials and supplies 11,566 -- -- -- -- -- --
---------- --------- ---------- --- --- --- -------
Total Current Assets 1,009,213 -- 234,293 -- -- -- 4,918
---------- --------- ---------- --- --- --- -------
PROPERTY, PLANT AND EQUIPMENT
Real estate 16,876 -- -- -- -- -- --
Generation & Distribution Assets 738,752 -- -- -- -- -- --
Furniture & Equipment 61,659 -- -- -- -- -- --
Construction Work In process 63,521 -- -- -- -- -- --
Other -- -- -- -- -- -- --
Accum. depr. and amortization (157,338) -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
---------- --------- ---------- --- --- --- -------
Property, Plant and Equipment-net 723,470 -- -- -- -- -- --
---------- --------- ---------- --- --- --- -------
INVESTMENTS
Subsidiaries -- (818,523) 818,523 -- -- -- --
Capital lease agreements -- -- -- -- -- -- --
General Partnership interests -- -- -- -- -- -- --
Limited Partnership interests -- -- -- -- -- -- --
Corporate joint ventures 536,220 -- 184,414 -- -- -- 35,694
Securities -- -- -- -- -- -- --
Valuation allowances -- -- -- -- -- -- --
---------- --------- ---------- --- --- --- -------
Total Investments 536,220 (818,523) 1,002,937 -- -- -- 35,694
---------- --------- ---------- --- --- --- -------
OTHER ASSETS
Long Term Other Receivable 5,694 -- -- -- -- -- --
Goodwill 505,499 -- -- -- -- -- --
Deferred Tax Asset 73,962 -- 355 -- -- -- --
Derivative Asset (161) -- (440) -- -- -- --
Restricted Cash 13,328 -- -- -- -- -- --
Project Start up Costs 4,153 -- -- -- -- -- --
Deferred Finance Costs 11,104 -- -- -- -- -- --
Prepaid Pension Costs 45 -- 32 -- -- -- --
Intangibles 358 -- -- -- -- -- --
Other 5,776 -- -- -- -- -- --
---------- --------- ---------- --- --- --- -------
Total Other Assets 619,758 -- (53) -- -- -- --
---------- --------- ---------- --- --- --- -------
TOTAL ASSETS $2,888,661 $(818,523) $1,237,177 $-- $-- $-- $40,612
========== ========= ========== === === === =======
PSEG PSEG
RAYO-ANDINO PSEG ARGENTINA PSEG CAYMAN
GESTORA BRASIL HOLDING EDEERSA AMERICAS I
COMPANY LTDA. LLC COMPANY PSEGAOC COMPANY
----------- ------- --------- ------- ------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ -- $-- $-- $ -- $--
Restricted cash-current -- -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other -- -- -- -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies -- 1,621 -- -- 8,008 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments -- -- -- -- -- --
Fuel -- -- -- -- -- --
Materials and supplies -- -- -- -- -- --
--- ------ --- --- ------ ---
Total Current Assets -- 1,621 -- -- 8,008 --
--- ------ --- --- ------ ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
Generation & Distribution Assets -- -- -- -- -- --
Furniture & Equipment -- 3 -- -- -- --
Construction Work In process -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- (3) -- -- -- --
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 Other Receivable -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset -- (20) -- -- -- --
Derivative Asset -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Project Start up Costs -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other -- -- -- -- -- --
--- ------ --- --- ------ ---
Total Other Assets -- (20) -- -- -- --
--- ------ --- --- ------ ---
TOTAL ASSETS $-- $1,601 $-- $-- $8,008 $--
=== ====== === === ====== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
PSEG CAYMAN PSEG
CAYMAN AMERICAS PSEG PSEG GLOBAL
AMERICAS II COMPANY BRAZIL II BRAZIL III FUNDING II
COMPANY CONSOL. COMPANY COMPANY CORP. INFRAMAX
----------- -------- --------- ---------- ---------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $-- $ -- $-- $-- $ -- $--
Restricted cash-current -- -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- -- -- -- --
Other -- -- -- -- 1 --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies -- 3,705 -- -- 2,405 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Assets held for sale -- -- -- -- -- --
Derivative assets -- -- -- -- -- --
Prepayments -- -- -- -- -- --
Fuel -- -- -- -- -- --
Materials and supplies -- -- -- -- -- --
--- ------ --- --- ------ ---
Total Current Assets -- 3,705 -- -- 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 -- -- -- -- -- --
General Partnership interests -- -- -- -- -- --
Limited Partnership interests -- -- -- -- -- --
Corporate joint ventures -- -- -- -- -- --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
--- ------ --- --- --- ---
Total Investments -- -- -- -- -- --
--- ------ --- --- --- ---
OTHER ASSETS
Long Term Other Receivable -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred Tax Asset -- -- -- -- -- --
Derivative Asset -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Project Start up Costs -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other -- -- -- -- -- --
--- ------ --- --- --- ---
Total Other Assets -- -- -- -- -- --
--- ------ --- --- ------ ---
TOTAL ASSETS $-- $3,705 $-- $-- $2,406 $--
=== ====== === === ====== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
TRANSAMERICA BRAZIL PSEG
CHILEAN INVERSIONES ENERGY INVESTMENT SALALAH
EQUITY II CHILE COMPANY COMPANY L.L.C.
CONSOL. (B) CONSOL. (B) CONSOL CONSOL. CONSOL.
----------- ----------- ------------ ---------- --------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 84,061 $ 9,735 $ 23,607 $ 6,162 $ 5,238
Restricted cash-current -- 2,474 -- -- 14,049
Accounts and Notes receivable:
Trade 9 49,287 7,862 -- 9,871
Other 1 14,522 674 1 30
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 310,771 663 18,384 216 74
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- -- -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Assets held for sale -- -- -- -- --
Derivative assets 46 165 -- 80 --
Prepayments -- 810 159 -- 669
Fuel -- -- -- -- 1,763
Materials and supplies -- 9,001 1,432 -- 1,133
-------- --------- -------- -------- --------
Total Current Assets 394,888 86,657 52,118 6,459 32,827
-------- --------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- 11,449 3,303 -- 2,124
Generation & Distribution Assets -- 452,919 79,625 -- 206,208
Furniture & Equipment -- -- 60,693 -- 963
Construction Work In process -- 38,712 1,820 -- 22,989
Other -- -- -- -- --
Accum. depr. and amortization -- (124,915) (11,065) -- (21,355)
Valuation allowances -- -- -- -- --
-------- --------- -------- -------- --------
Property, Plant and Equipment-net -- 378,165 134,376 -- 210,929
-------- --------- -------- -------- --------
INVESTMENTS
Subsidiaries -- -- -- -- --
Capital lease agreements -- -- -- -- --
General Partnership interests -- -- -- -- --
Limited Partnership interests -- -- -- -- --
Corporate joint ventures 199,662 (61,535) 397 177,572 16
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
-------- --------- -------- -------- --------
Total Investments 199,662 (61,535) 397 177,572 16
-------- --------- -------- -------- --------
OTHER ASSETS
Long Term Other Receivable -- 5,694 -- -- --
Goodwill -- 372,132 133,367 -- --
Deferred Tax Asset 7,223 33,131 -- 25,339 8,523
Derivative Asset 295 (16) -- -- --
Restricted Cash -- -- -- -- 13,328
Project Start up Costs -- (470) -- -- 4,623
Deferred Finance Costs -- 4,794 237 -- 6,073
Prepaid Pension Costs -- -- -- 13 --
Intangibles -- -- 358 -- --
Other -- 5,776 -- -- --
-------- --------- -------- -------- --------
Total Other Assets 7,518 421,041 133,962 25,352 32,547
-------- --------- -------- -------- --------
TOTAL ASSETS $602,068 $ 824,328 $320,853 $209,383 $276,319
======== ========= ======== ======== ========
PSEG
(BERMUDA) RAYO-ANDINO PSEG
HOLDINGS III INVERSORA PSEG AMERICAS PSEG
LTD COMPANY CHINA II LUXEMBOURG
CONSOL. CONSOL. L.L.C. LTD. S.a.r.L.
------------ ----------- -------- -------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 14 $ -- $ -- $-- $25
Restricted cash-current -- -- -- -- --
Accounts and Notes receivable:
Trade -- -- 2,225 -- --
Other -- 12 1 -- --
PSE&G -- -- -- -- --
PSEG -- -- -- -- --
PSEG Power -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other associated companies 12,674 38,882 (4,646) 11 --
Notes receivable:
Associated companies -- -- -- -- --
Other -- -- 132,113 -- --
Interest receivable -- -- -- -- --
Restricted Cash -- -- -- -- --
Assets held for sale -- -- -- -- --
Derivative assets -- -- -- -- --
Prepayments 2 -- -- -- --
Fuel -- -- -- -- --
Materials and supplies -- -- -- -- --
------- ------- -------- --- ---
Total Current Assets 12,690 38,894 129,693 11 25
------- ------- -------- --- ---
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 -- -- -- -- --
General Partnership interests -- -- -- -- --
Limited Partnership interests -- -- -- -- -
Corporate joint ventures -- -- -- -- --
Securities -- -- -- -- --
Valuation allowances -- -- -- -- --
------- ------- -------- --- ---
Total Investments -- -- -- -- --
------- ------- -------- --- ---
OTHER ASSET
Long Term Other Receivable -- -- -- -- --
Goodwill -- -- -- -- --
Deferred Tax Asset -- -- (589) -- --
Derivative Asset -- -- -- -- --
Restricted Cash -- -- -- -- --
Project Start up Costs -- -- -- -- --
Deferred Finance Costs -- -- -- -- --
Prepaid Pension Costs -- -- -- -- --
Intangibles -- -- -- -- --
Other -- -- -- -- --
------- ------- -------- --- ---
Total Other Assets -- -- (589) -- --
------- ------- -------- --- ---
TOTAL ASSETS $12,690 $38,894 $129,104 $11 $25
======= ======= ======== === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG PSEG PSEG
AMERICAS INTERCOMPANY PSEG CUENTA BRAZIL VENERGY
LTD. ELIMINATIONS AMERICAS FINANCE OPERATING HOLDINGS
CONSOL. (B) & RECLASS. LTD. AenPII COMPANY COMPANY COMPANY
----------- ------------ ---------- ------ ------- --------- --------
ASSETS
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 41,342 $ -- $ -- $-- $-- $-- $ --
Taxes 2,408 -- -- -- -- -- --
Other 22,902 -- -- -- -- -- --
Interest 5,840 -- (4,901) -- -- -- --
Associated companies 1,167,726 -- 157,898 -- -- -- 2,713
Notes payable:
PSEG Capital Corporation -- -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- -- --
Other (8,300) -- -- -- -- -- --
Other associated Companies 9,609 -- -- -- -- -- --
Current portion of long-term debt 36,069 -- -- -- -- -- --
Derivative liability 9,657 -- -- -- -- -- --
---------- ----------- ---------- --- --- --- -------
Total Current Liabilities 1,287,253 -- 152,997 -- -- -- 2,713
---------- ----------- ---------- --- --- --- -------
TOTAL LONG-TERM DEBT 429,163 -- -- -- -- -- --
---------- ----------- ---------- --- --- --- -------
DEFERRED CREDITS
Deferred income taxes 49,565 -- 216 -- -- -- 174
Deferred investment -- -- -- -- -- -- --
and energy tax credits -- -- -- -- -- -- --
Deferred revenues 1,882 -- -- -- -- -- --
Derivative Liability 12,572 -- -- -- -- -- --
Other 9,106 -- 126 -- -- -- --
---------- ----------- ---------- --- --- --- -------
Total Deferred Credits 73,125 -- 342 -- -- -- 174
---------- ----------- ---------- --- --- --- -------
MINORITY INTEREST 15,282 -- -- -- -- -- --
---------- ----------- ---------- --- --- --- -------
STOCKHOLDER'S EQUITY
Capital stock 12 (18) 12 -- -- -- --
Preferred stock -- -- -- -- -- -- --
Preference Units -- -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- -- --
Members Capital -- -- -- -- -- -- --
Contributed capital 1,278,343 (1,093,886) 1,278,343 -- -- -- 34,879
Retained earnings (40,282) 121,146 (40,282) -- -- -- 2,846
Other Comprehensive Income (13,743) 13,743 (13,743) -- -- -- --
Cumulative Translation Adjustment (140,492) 140,492 (140,492) -- -- -- --
---------- ----------- ---------- --- --- --- -------
Total Stockholder's Equity 1,083,838 (818,523) 1,083,838 -- -- -- 37,725
---------- ----------- ---------- --- --- --- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,888,661 $ (818,523) $1,237,177 $-- $-- $-- 40,612
========== =========== ========== === === === =======
PSEG PSEG
RAYO-ANDINO PSEG ARGENTINA PSEG CAYMAN
GESTORA BRASIL HOLDING EDEERSA AMERICAS I
COMPANY LTDA. LLC COMPANY PSEGAOC COMPANY
----------- ------- --------- ------- --------- ----------
ASSETS
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $ -- $-- $-- $ -- $--
Taxes -- -- -- -- -- --
Other -- 31 -- -- -- --
Interest -- -- -- -- 4,901 --
Associated companies -- 9,309 -- -- 153,327 --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other associated Companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Derivative liability -- -- -- -- -- --
--- ------- --- --- --------- ---
Total Current Liabilities -- 9,340 -- -- 158,228 --
--- ------- --- --- --------- ---
TOTAL LONG-TERM DEBT -- -- -- -- -- --
--- ------- --- --- --------- ---
DEFERRED CREDITS
Deferred income taxes -- -- -- -- (364) --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred revenues -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
--- ------- --- --- --------- ---
Total Deferred Credits -- -- -- -- (364) --
--- ------- --- --- --------- ---
MINORITY INTEREST -- -- -- -- -- --
--- ------- --- --- --------- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- -- --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital -- 315 -- -- 70,935 --
Retained earnings -- (8,054) -- -- (220,791) --
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
--- ------- --- --- --------- ---
Total Stockholder's Equity -- (7,739) -- -- (149,856) --
--- ------- --- --- --------- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $ 1,601 $-- $-- $ 8,008 $--
=== ======= === === ========= ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
PSEG CAYMAN PSEG
CAYMAN AMERICAS PSEG PSEG GLOBAL
AMERICAS II COMPANY BRAZIL II BRAZIL III FUNDING II
COMPANY CONSOL. COMPANY COMPANY CORP. INFRAMAX
----------- -------- --------- ---------- ---------- --------
ASSETS
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $-- $ -- $-- $-- $ -- $--
Taxes -- -- -- -- -- --
Other -- -- -- -- -- --
Interest -- -- -- -- -- --
Associated companies -- 37,699 -- -- -- --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other associated Companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Derivative liability -- -- -- -- -- --
--- -------- --- --- ------ ---
Total Current Liabilities -- 37,699 -- -- -- --
--- -------- --- --- ------ ---
TOTAL LONG-TERM DEBT -- -- -- -- -- --
--- -------- --- --- ------ ---
DEFERRED CREDITS
Deferred income taxes -- -- -- -- -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred revenues -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
--- -------- --- --- ------ ---
Total Deferred Credits -- -- -- -- -- --
--- -------- --- --- ------ ---
MINORITY INTEREST -- -- -- -- -- --
--- -------- --- --- ------ ---
STOCKHOLDER'S EQUITY
Capital stock -- -- -- -- 1 --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital -- 37,948 -- -- 2,405 --
Retained earnings -- (71,942) -- -- -- --
Other Comprehensive Income -- -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- -- --
--- -------- --- --- ------ ---
Total Stockholder's Equity -- (33,994) -- -- 2,406 --
--- -------- --- --- ------ ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $-- $ 3,705 $-- $-- $2,406 $--
=== ======== === === ====== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG AMERICAS LTD.
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
PSEG
TRANSAMERICA BRAZIL PSEG
CHILEAN INVERSIONES ENERGY INVESTMENT SALALAH
EQUITY II CHILE COMPANY COMPANY L.L.C.
CONSOL. (B) CONSOL. (B) CONSOL CONSOL. CONSOL.
----------- ----------- ------------ ---------- --------
ASSETS
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 29,483 $ 2,367 $ -- $ 9,488
Taxes -- -- 1,998 410 --
Other (137) 13,201 2,112 -- 2,319
Interest -- 1,436 761 -- 3,643
Associated companies 443,853 159,553 13,247 52,057 14,064
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other -- -- (8,300) -- --
Other associated Companies -- -- -- 9,609 --
Current portion of long-term debt -- 25,810 -- -- 10,259
Derivative liability -- 1,576 -- -- 8,081
-------- -------- -------- --------- --------
Total Current Liabilities 443,716 231,059 12,185 62,076 47,854
-------- -------- -------- --------- --------
TOTAL LONG-TERM DEBT -- 141,663 103,371 -- 184,129
-------- -------- -------- --------- --------
DEFERRED CREDITS
Deferred income taxes -- 32,523 16,676 -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred revenues -- 1,882 -- -- --
Derivative Liability -- 90 -- -- 12,482
Other -- 4,678 4,050 252 --
-------- -------- -------- --------- --------
Total Deferred Credits -- 39,173 20,726 252 12,482
-------- -------- -------- --------- --------
MINORITY INTEREST -- 8,186 -- -- 7,096
-------- -------- -------- --------- --------
STOCKHOLDER'S EQUITY
Capital stock 1 -- -- -- --
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital -- -- -- -- --
Contributed capital 84,343 259,515 146,567 376,199 34,095
Retained earnings 91,545 53,456 38,004 (14,400) 3,893
Other Comprehensive Income (513) -- -- -- (13,230)
Cumulative Translation Adjustment (17,024) 91,276 -- (214,744) --
-------- -------- -------- --------- --------
Total Stockholder's Equity 158,352 404,247 184,571 147,055 24,758
-------- -------- -------- --------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $602,068 $824,328 $320,853 $ 209,383 $276,319
======== ======== ======== ========= ========
PSEG
(BERMUDA) RAYO-ANDINO PSEG
HOLDINGS III INVERSORA PSEG AMERICAS PSEG
LTD COMPANY CHINA II LUXEMBOURG
CONSOL. CONSOL. L.L.C. LTD. S.a.r.L.
------------ ----------- -------- -------- ----------
ASSETS
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ 4 $ -- $-- $--
Taxes -- -- -- -- --
Other -- 442 4,934 -- --
Interest -- -- -- -- --
Associated companies 3,761 56,987 63,247 11 --
Notes payable:
PSEG Capital Corporation -- -- -- -- --
PSEG Energy Holdings -- -- -- -- --
Other -- -- -- -- --
Other associated Companies -- -- -- -- --
Current portion of long-term debt -- -- -- -- --
Derivative liability -- -- -- -- --
-------- -------- -------- --- ---
Total Current Liabilities 3,761 57,433 68,181 11 --
-------- -------- -------- --- ---
TOTAL LONG-TERM DEBT -- -- -- -- --
-------- -------- -------- --- ---
DEFERRED CREDITS
Deferred income taxes (100) -- 440 -- --
Deferred investment -- -- -- -- --
and energy tax credits -- -- -- -- --
Deferred revenues -- -- -- -- --
Derivative Liability -- -- -- -- --
Other -- -- -- -- --
-------- -------- -------- --- ---
Total Deferred Credits (100) -- 440 -- --
-------- -------- -------- --- ---
MINORITY INTEREST -- -- -- -- --
-------- -------- -------- --- ---
STOCKHOLDER'S EQUITY
Capital stock -- -- 1 -- 15
Preferred stock -- -- -- -- --
Preference Units -- -- -- -- --
Stock Subs Payable -- -- -- -- --
Members Capital -- -- -- -- --
Contributed capital 35,889 (7,715) 18,501 -- 10
Retained earnings (26,860) (10,824) 41,981 -- --
Other Comprehensive Income -- -- -- -- --
Cumulative Translation Adjustment -- -- -- -- --
-------- -------- -------- --- ---
Total Stockholder's Equity 9,029 (18,539) 60,483 -- 25
-------- -------- -------- --- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $ 12,690 $ 38,894 $129,104 $11 $25
======== ======== ======== === ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA (INVERSIONES CHILE)
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INVERSIONES INTERCOMPANY
CHILE ELIMINATIONS INVERSIONES
CONSOL. (B) & RECLASS. CHILE SAESA
----------- ------------ ----------- ---------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution 178,782 -- -- 178,782
Other 21,882 -- -- 21,882
Equity in subsidiary earnings -- -- -- --
-------- -------- ------- --------
Total revenues 200,664 -- -- 200,664
-------- -------- ------- --------
OPERATING EXPENSES:
Operation and maintenance 5,441 -- -- 5,441
Write-off of investments -- -- -- --
Depreciation and amortization 10,943 140 -- 10,803
Electric and Energy Costs 108,117 -- -- 108,117
Administrative and general 20,043 -- 102 19,941
-------- -------- ------- --------
Total operating expenses 144,544 140 102 144,302
-------- -------- ------- --------
Income from partnerships (19,363) (42,297) 22,934 --
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
OPERATING INCOME 36,757 (42,437) 22,832 56,362
-------- -------- ------- --------
OTHER INCOME:
Foreign currency translation Gain/Loss 1,083 -- -- 1,083
Change in Derivative Fair Value - FAS 133 (1,489) -- (349) (1,140)
Loss on Early Extinguishment of Debt 130 -- -- 130
Gain on Sale Other -- -- -- --
Other (295) -- -- (295)
-------- -------- ------- --------
Total Other Income (571) -- (349) (222)
-------- -------- ------- --------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other 11,036 (17,125) -- 28,161
Capitalized interest (1,267) -- -- (1,267)
-------- -------- ------- --------
INTEREST EXPENSE - NET 9,769 (17,125) -- 26,894
-------- -------- ------- --------
INCOME BEFORE INCOME TAXES 26,417 (25,312) 22,483 29,246
-------- -------- ------- --------
INCOME TAXES:
Current -- -- -- --
Deferred (160) -- (160) --
Foreign Taxes 3,385 -- -- 3,385
Investment and energy tax credits - net -- -- -- --
-------- -------- ------- --------
Total income taxes 3,225 -- (160) 3,385
-------- -------- ------- --------
MINORITY INTERESTS 549 -- -- 549
-------- -------- ------- --------
INCOME FROM CONTINUING OPERATIONS 22,643 (25,312) 22,643 25,312
-------- -------- ------- --------
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 22,643 (25,312) 22,643 25,312
-------- -------- ------- --------
Preferred Dividend Requirement -- -- -- --
-------- -------- ------- --------
EARNINGS AVAILABLE TO COMMON STOCK $ 22,643 $(25,312) $22,643 $ 25,312
======== ======== ======= ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA (INVERSIONES CHILE)
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
INVERSIONES INTERCOMPANY
CHILE ELIMINATIONS INVERSIONES
CONSOL. (B) & RECLASS. CHILE SAESA
----------- ------------ ----------- ---------
BALANCE JANUARY 1, 2004 $30,813 $(41,256) $30,813 $41,256
NET INCOME 22,643 (25,312) 22,643 25,312
------- -------- ------- -------
TOTAL 53,456 (66,568) 53,456 66,568
------- -------- ------- -------
DIVIDENDS DECLARED -- -- -- --
------- -------- ------- -------
------- -------- ------- -------
BALANCE DECEMBER 31, 2004 $53,456 $(66,568) $53,456 $66,568
======= ======== ======= =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA (INVERSIONES CHILE)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INVERSIONES INTERCOMPANY
CHILE ELIMINATIONS INVERSIONES
CONSOL. (B) & RECLASS. CHILE SAESA
----------- ------------ ----------- ---------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 9,735 $ -- $ -- $ 9,735
Restricted Cash-current 2,474 -- -- 2,474
Accounts and Notes receivable:
Trade 49,287 (1) 1 49,287
Other 14,522 -- -- 14,522
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 663 -- 663 --
Notes receivable: -- --
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Assets held for sale -- -- -- --
Derivative assets 165 -- 165 --
Prepayments 810 -- -- 810
Fuel -- -- -- --
Materials and supplies 9,001 -- -- 9,001
--------- --------- -------- ---------
Total Current Assets 86,657 (1) 829 85,829
--------- --------- -------- ---------
PROPERTY, PLANT AND EQUIPMENT
Real estate 11,449 -- -- 11,449
Generation & Distribution Assets 452,919 -- -- 452,919
Furniture & Equipment -- -- -- --
Construction Work In process 38,712 -- -- 38,712
Other -- -- -- --
Accum. depr. and amortization (124,915) -- -- (124,915)
Valuation allowances -- -- -- --
--------- --------- -------- ---------
Property, Plant and Equipment-net 378,165 -- -- 378,165
--------- --------- -------- ---------
INVESTMENTS
Subsidiaries -- -- -- --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures (61,535) (622,896) 561,361 --
Securities -- -- -- --
Valuation allowances -- -- -- --
--------- --------- -------- ---------
Total Investments (61,535) (622,896) 561,361 --
--------- --------- -------- ---------
OTHER ASSETS
Long Term Receivable 5,694 -- -- 5,694
Goodwill 372,132 -- (757) 372,889
Deferred tax asset 33,131 -- 2,356 30,775
Derivative Asset (16) -- (16) --
Restricted Cash -- -- -- --
Project Start up Costs (470) -- (470) --
Deferred Finance Costs 4,794 -- 497 4,297
Prepaid Pension Costs -- -- -- --
Intangibles -- -- -- --
Other 5,776 -- -- 5,776
--------- --------- -------- ---------
Total Other Assets 421,041 -- 1,610 419,431
--------- --------- -------- ---------
TOTAL ASSETS $ 824,328 $(622,897) $563,800 $ 883,425
========= ========= ======== =========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
INVERSIONES PSEG AMERICAS CHILE HOLDING LIMITADA (INVERSIONES CHILE)
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
INVERSIONES INTERCOMPANY
CHILE ELIMINATIONS INVERSIONES
CONSOL. (B) & RECLASS. CHILE SAESA
----------- ------------ ----------- --------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ 29,483 $ (1) $ -- $ 29,484
Taxes -- -- -- --
Other 13,201 -- -- 13,201
Interest 1,436 (31,874) -- 33,310
Associated companies 159,553 -- 159,553 --
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt 25,810 -- -- 25,810
Derivative liability 1,576 -- 1,576 --
-------- --------- --------- --------
Total Current Liabilities 231,059 (31,875) 161,129 101,805
-------- --------- --------- --------
TOTAL LONG-TERM DEBT 141,663 (150,000) -- 291,663
-------- --------- --------- --------
DEFERRED CREDITS
Deferred income taxes 32,523 -- -- 32,523
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred revenues 1,882 -- -- 1,882
Derivative Liability 90 -- (1,576) 1,666
Other 4,678 -- -- 4,678
-------- --------- --------- --------
Total Deferred Credits 39,173 -- (1,576) 40,749
-------- --------- --------- --------
MINORITY INTEREST 8,186 -- -- 8,186
-------- --------- --------- --------
STOCKHOLDER'S EQUITY
Capital stock -- (285,019) -- 285,019
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 259,515 -- 259,515 --
Retained earnings 53,456 (66,568) 53,456 66,568
Other Comprehensive income -- -- -- --
Cumulative Translation Adjustment 91,276 (89,435) 91,276 89,435
-------- --------- --------- --------
Total Stockholder's Equity 404,247 (441,022) 404,247 441,022
-------- --------- --------- --------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $824,328 $(622,897) $ 563,800 $883,425
======== ========= ========= ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY II LTD
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
Chilean INTERCOMPANY Chilean
Equity II ELIMINATIONS Chilean Equity
CONSOL. (B) & RECLASS. Equity II CONSOL (B)
----------- ------------ --------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ --
Gain on Sale of Operating Projects -- -- -- --
Other -- -- -- --
Electric Revenues
Generation -- -- -- --
Distribution -- -- -- --
Other -- -- -- --
Equity in subsidiary earnings -- (17,928) 17,928 --
------- -------- ------- -------
Total revenues -- (17,928) 17,928 --
------- -------- ------- -------
OPERATING EXPENSES:
Operation and maintenance -- -- -- --
Write-off of investments -- -- -- --
Depreciation and amortization -- -- -- --
Electric and Energy Costs -- -- -- --
Administrative and general 367 -- -- 367
------- -------- ------- -------
Total operating expenses 367 -- -- 367
------- -------- ------- -------
Income from partnerships 16,125 -- -- 16,125
Interest and dividend income -- -- -- --
Consulting and O&M fees -- -- -- --
OPERATING INCOME 15,758 (17,928) 17,928 15,758
------- -------- ------- -------
OTHER INCOME:
Foreign currency translation Gain/Loss 2 -- -- 2
Change in Derivative Fair Value - FAS 133 (15) -- -- (15)
Loss on Early Extinguishment of Debt -- -- -- --
Gain on Sale Other -- -- -- --
Other -- -- -- --
------- -------- ------- -------
Total Other Income (13) -- -- (13)
------- -------- ------- -------
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Enterprise Capital Funding Corp. -- -- -- --
Other Associated Companies -- -- -- --
Other (359) -- -- (359)
Capitalized interest -- -- -- --
------- -------- ------- -------
INTEREST EXPENSE - NET (359) -- -- (359)
------- -------- ------- -------
INCOME BEFORE INCOME TAXES 16,104 (17,928) 17,928 16,104
------- -------- ------- -------
INCOME TAXES:
Current -- -- -- --
Deferred (1,824) -- -- (1,824)
Foreign Taxes -- -- -- --
Investment and energy tax credits - net -- -- -- --
------- -------- ------- -------
Total income taxes (1,824) -- -- (1,824)
------- -------- ------- -------
MINORITY INTERESTS -- -- -- --
------- -------- ------- -------
INCOME FROM CONTINUING OPERATIONS 17,928 (17,928) 17,928 17,928
------- -------- ------- -------
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 17,928 (17,928) 17,928 17,928
------- -------- ------- -------
Preferred Dividend Requirement -- -- -- --
------- -------- ------- -------
EARNINGS AVAILABLE TO COMMON STOCK $17,928 $(17,928) $17,928 $17,928
======= ======== ======= =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY II LTD
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
Chilean INTERCOMPANY Chilean
Equity II ELIMINATIONS Chilean Equity
CONSOL. (B) & RECLASS. Equity II CONSOL (B)
----------- ------------ --------- ----------
BALANCE JANUARY 1, 2004 $73,617 $(72,953) $73,617 $72,953
NET INCOME 17,928 (17,928) 17,928 17,928
------- -------- ------- -------
TOTAL 91,545 (90,881) 91,545 90,881
------- -------- ------- -------
DIVIDENDS DECLARED -- -- -- --
------- -------- ------- -------
------- -------- ------- -------
BALANCE DECEMBER 31, 2004 $91,545 $(90,881) $91,545 $90,881
======= ======== ======= =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY II LTD
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
Chilean INTERCOMPANY Chilean
Equity II ELIMINATIONS Chilean Equity
CONSOL. (B) & RECLASS. Equity II CONSOL (B)
----------- ------------ --------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 84,061 $ -- $ -- $ 84,061
Restricted cash-current -- -- -- --
Accounts and Notes receivable:
Trade 9 -- (31) 40
Other 1 -- -- 1
PSE&G -- -- -- --
PSEG -- -- -- --
PSEG Power -- -- -- --
PSEG Energy Holdings -- -- -- --
Other associated companies 310,771 (211) 211 310,771
Notes receivable:
Associated companies -- -- -- --
Other -- -- -- --
Interest receivable -- -- -- --
Restricted Cash -- -- -- --
Asset held for sale -- -- -- --
Derivative assets 46 -- -- 46
Prepayments -- -- -- --
Fuel -- -- -- --
Materials and supplies -- -- -- --
-------- --------- -------- --------
Total Current Assets 394,888 (211) 180 394,919
-------- --------- -------- --------
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- --
General and distribution assets -- -- -- --
Furniture & Equipment -- -- -- --
Construction Work In process -- -- -- --
Other -- -- -- --
Accum. depr. and amortization -- -- -- --
Valuation allowances -- -- -- --
-------- --------- -------- --------
Property, Plant and Equipment-net -- -- -- --
-------- --------- -------- --------
INVESTMENTS
Subsidiaries -- (157,670) 157,670 --
Capital lease agreements -- -- -- --
General Partnership interests -- -- -- --
Limited Partnership interests -- -- -- --
Corporate joint ventures 199,662 -- -- 199,662
Securities -- -- -- --
Valuation allowances -- -- -- --
-------- --------- -------- --------
Total Investments 199,662 (157,670) 157,670 199,662
-------- --------- -------- --------
OTHER ASSETS
Long Term Receivable -- -- -- --
Goodwill -- -- -- --
Deferred tax asset 7,223 -- -- 7,223
Derivative Asset 295 -- -- 295
Restricted Cash -- -- -- --
Project Start up Costs -- -- -- --
Deferred Finance Costs -- -- -- --
Prepaid Pension Costs -- -- -- --
Intangibles -- -- -- --
Other -- -- -- --
-------- --------- -------- --------
Total Other Assets 7,518 -- -- 7,518
-------- --------- -------- --------
TOTAL ASSETS $602,068 $(157,881) $157,850 $602,099
======== ========= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY II LTD
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
Chilean INTERCOMPANY Chilean
Equity II ELIMINATIONS Chilean Equity
CONSOL.(B) & RECLASS. Equity II CONSOL (B)
---------- ------------ --------- ----------
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other (137) -- -- (137)
Interest -- -- -- --
Associated companies 443,853 (211) (502) 444,566
Notes payable:
PSEG Capital Corporation -- -- -- --
PSEG Energy Holdings -- -- -- --
Other -- -- -- --
Other associated companies -- -- -- --
Current portion of long-term debt -- -- -- --
Derivative liability -- -- -- --
-------- --------- -------- --------
Total Current Liabilities 443,716 (211) (502) 444,429
-------- --------- -------- --------
TOTAL LONG-TERM DEBT -- -- -- --
-------- --------- -------- --------
DEFERRED CREDITS
Deferred income taxes -- -- -- --
Deferred investment -- -- -- --
and energy tax credits -- -- -- --
Deferred revenues -- -- -- --
Derivative Liability -- -- -- --
Other -- -- -- --
-------- --------- -------- --------
Total Deferred Credits -- -- -- --
-------- --------- -------- --------
MINORITY INTEREST -- -- -- --
-------- --------- -------- --------
STOCKHOLDER'S EQUITY
Capital stock 1 (1) 1 1
Preferred stock -- -- -- --
Preference Units -- -- -- --
Stock Subs Payable -- -- -- --
Members Capital -- -- -- --
Contributed capital 84,343 (84,325) 84,343 84,325
Retained earnings 91,545 (90,881) 91,545 90,881
Other Comprehensive income (513) 513 (513) (513)
Cumulative Translation Adjustment (17,024) 17,024 (17,024) (17,024)
-------- --------- -------- --------
Total Stockholder's Equity 158,352 (157,670) 158,352 157,670
-------- --------- -------- --------
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY $602,068 $(157,881) $157,850 $602,099
======== ========= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY LTD
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
("AenP") PSEG
Chilean INTERCOMPANY PSEG Asociacion en Chilean
Equity ELIMINATIONS Chilean Venezuela Participacion Equity III
CONSOL (B) & RECLASS. Equity S.R.L. CONSOL Ltd.
---------- ------------ ------- --------- ------------- ----------
REVENUES:
Income from capital lease agreements $ -- $ -- $ -- $ -- $ -- $--
Gain on Sale of Operating Projects -- -- -- -- -- --
Other -- -- -- -- -- --
Electric Revenues
Generation -- -- -- -- -- --
Distribution -- -- -- -- -- --
Other -- -- -- -- -- --
Equity in subsidiary earnings -- (161) 162 -- -- (1)
------- ----- ------- ----- ----- ---
Total revenues -- (161) 162 -- -- (1)
------- ----- ------- ----- ----- ---
OPERATING EXPENSES:
Operation and maintenance -- -- -- -- -- --
Write-off of investments -- -- -- -- -- --
Depreciation and amortization -- -- -- -- -- --
Electric and Energy Costs -- -- -- -- -- --
Administrative and general 367 -- 104 263 -- --
------- ----- ------- ----- ----- ---
Total operating expenses 367 -- 104 263 -- --
------- ----- ------- ----- ----- ---
Income from partnerships 16,125 -- 16,125 -- -- --
Interest and dividend income -- -- -- -- -- --
Consulting and O&M fees -- -- -- -- -- --
OPERATING INCOME 15,758 (161) 16,183 (263) -- (1)
------- ----- ------- ----- ----- ---
OTHER INCOME:
Foreign currency translation Gain/Loss 2 -- -- (4) 6 --
Change in Derivative Fair Value - FAS 133 (15) -- (15) -- -- --
Loss on Early Extinguishment of Debt -- -- -- -- -- --
Gain on Sale Other -- -- -- -- -- --
Other -- -- -- -- -- --
------- ----- ------- ----- ----- ---
Total Other Income (13) -- (15) (4) 6 --
------- ----- ------- ----- ----- ---
INTEREST EXPENSE:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Enterprise Capital Funding Corp. -- -- -- -- -- --
Other Associated Companies -- -- -- -- -- --
Other (359) 1 39 -- (399) --
Capitalized interest -- -- -- -- -- --
------- ----- ------- ----- ----- ---
INTEREST EXPENSE - NET (359) 1 39 -- (399) --
------- ----- ------- ----- ----- ---
INCOME BEFORE INCOME TAXES 16,104 (162) 16,129 (267) 405 (1)
------- ----- ------- ----- ----- ---
INCOME TAXES:
Current -- -- -- -- -- --
Deferred (1,824) -- (1,799) -- (25) --
Foreign Taxes -- -- -- -- -- --
Investment and energy tax credits - net -- -- -- -- -- --
------- ----- ------- ----- ----- ---
Total income taxes (1,824) -- (1,799) -- (25) --
------- ----- ------- ----- ----- ---
MINORITY INTERESTS -- -- -- -- -- --
------- ----- ------- ----- ----- ---
INCOME FROM CONTINUING OPERATIONS 17,928 (162) 17,928 (267) 430 (1)
------- ----- ------- ----- ----- ---
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 17,928 (162) 17,928 (267) 430 (1)
------- ----- ------- ----- ----- ---
Preferred Dividend Requirement -- -- -- -- -- --
------- ----- ------- ----- ----- ---
EARNINGS AVAILABLE TO COMMON STOCK $17,928 $(162) $17,928 $(267) $ 430 $(1)
======= ===== ======= ===== ===== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY LTD
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDING DECEMBER 31, 2004
($ IN THOUSANDS)
("AenP") PSEG
Chilean INTERCOMPANY PSEG Asociacion en Chilean
Equity ELIMINATIONS Chilean Venezuela Participacion Equity III
CONSOL (B) & RECLASS. Equity S.R.L. CONSOL Ltd.
---------- ------------ ------- --------- ------------- ----------
BALANCE JANUARY 1, 2004 $72,953 $ 663 $72,953 $(557) $(103) $(3)
NET INCOME 17,928 (162) 17,928 (267) 430 (1)
------- ----- ------- ----- ----- ---
TOTAL 90,881 501 90,881 (824) 327 (4)
------- ----- ------- ----- ----- ---
DIVIDENDS DECLARED -- -- -- -- -- --
------- ----- ------- ----- ----- ---
------- ----- ------- ----- ----- ---
BALANCE DECEMBER 31, 2004 $90,881 $ 501 $90,881 $(824) $ 327 $(4)
======= ===== ======= ===== ===== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY LTD
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
("AenP") PSEG
Chilean INTERCOMPANY PSEG Asociacion en Chilean
Equity ELIMINATIONS Chilean Venezuela Participacion Equity III
CONSOL (B) & RECLASS. Equity S.R.L. CONSOL Ltd.
---------- ------------ -------- --------- ------------- ----------
ASSETS
CURRENT ASSETS
Cash and temporary cash investments $ 84,061 $ -- $ -- $ 25 $ 84,036 $--
Accounts and Notes receivable:
Trade 40 -- (6) -- 46 --
Other 1 -- 1 -- -- --
PSE&G -- -- -- -- -- --
PSEG -- -- -- -- -- --
PSEG Power -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other associated companies 310,771 -- 109,345 209 201,217 --
Notes receivable:
Associated companies -- -- -- -- -- --
Other -- -- -- -- -- --
Interest receivable -- -- -- -- -- --
Restricted Cash -- -- -- -- -- --
Asset held for sale -- -- -- -- -- --
Derivative assets 46 -- 46 -- -- --
Prepayments -- -- -- -- -- --
Fuel -- -- -- -- -- --
Materials and supplies -- -- -- -- -- --
-------- --------- -------- ---- -------- ---
Total Current Assets 394,919 -- 109,386 234 285,299 --
-------- --------- -------- ---- -------- ---
PROPERTY, PLANT AND EQUIPMENT
Real estate -- -- -- -- -- --
General and distribution assets -- -- -- -- -- --
Furniture & Equipment -- -- -- -- -- --
Construction Work In process -- -- -- -- -- --
Other -- -- -- -- -- --
Accum. depr. and amortization -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- --------- -------- ---- -------- ---
Property, Plant and Equipment-net -- -- -- -- -- --
-------- --------- -------- ---- -------- ---
INVESTMENTS
Subsidiaries -- (372,250) 372,254 -- -- (4)
Capital lease agreements -- -- -- -- -- --
General Partnership interests -- -- -- -- -- --
Limited Partnership interests -- -- -- -- -- --
Corporate joint ventures 199,662 -- (19,606) -- 219,268 --
Securities -- -- -- -- -- --
Valuation allowances -- -- -- -- -- --
-------- --------- -------- ---- -------- ---
Total Investments 199,662 (372,250) 352,648 -- 219,268 (4)
-------- --------- -------- ---- -------- ---
OTHER ASSETS
Long Term Receivable -- -- -- -- -- --
Goodwill -- -- -- -- -- --
Deferred tax asset 7,223 -- 7,223 -- -- --
Derivative Asset 295 -- 611 -- (316) --
Restricted Cash -- -- -- -- -- --
Project Start up Costs -- -- -- -- -- --
Deferred Finance Costs -- -- -- -- -- --
Prepaid Pension Costs -- -- -- -- -- --
Intangibles -- -- -- -- -- --
Other -- -- -- -- -- --
-------- --------- -------- ---- -------- ---
Total Other Assets 7,518 -- 7,834 -- (316) --
-------- --------- -------- ---- -------- ---
TOTAL ASSETS $602,099 $(372,250) $469,868 $234 $504,251 $(4)
======== ========= ======== ==== ======== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG CHILEAN EQUITY LTD
CONSOLIDATING BALANCE SHEET
DECEMBER 31, 2004
($ IN THOUSANDS)
("AenP") PSEG
Chilean INTERCOMPANY PSEG Asociacion en Chilean
Equity ELIMINATIONS Chilean Venezuela Participacion Equity III
CONSOL (B) & RECLASS. Equity S.R.L. CONSOL Ltd.
---------- ------------ -------- --------- ------------- ----------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable:
Trade $ -- $ -- $ -- $ -- $ -- $--
Taxes -- -- -- -- -- --
Other (137) -- -- -- (137) --
Interest -- -- -- -- -- --
Associated companies 444,566 4 312,198 1,054 131,310 --
Notes payable:
PSEG Capital Corporation -- -- -- -- -- --
PSEG Energy Holdings -- -- -- -- -- --
Other -- -- -- -- -- --
Other associated companies -- -- -- -- -- --
Current portion of long-term debt -- -- -- -- -- --
Derivative liability -- -- -- -- -- --
-------- --------- -------- ------ -------- ---
Total Current Liabilities 444,429 4 312,198 1,054 131,173 --
-------- --------- -------- ------ -------- ---
TOTAL LONG-TERM DEBT -- -- -- -- -- --
-------- --------- -------- ------ -------- ---
DEFERRED CREDITS
Deferred income taxes -- -- -- -- -- --
Deferred investment -- -- -- -- -- --
and energy tax credits -- -- -- -- -- --
Deferred revenues -- -- -- -- -- --
Derivative Liability -- -- -- -- -- --
Other -- -- -- -- -- --
-------- --------- -------- ------ -------- ---
Total Deferred Credits -- -- -- -- -- --
-------- --------- -------- ------ -------- ---
MINORITY INTEREST -- -- -- -- -- --
-------- --------- -------- ------ -------- ---
STOCKHOLDER'S EQUITY
Capital stock 1 -- 1 -- -- --
Preferred stock -- -- -- -- -- --
Preference Units -- -- -- -- -- --
Stock Subs Payable -- -- -- -- -- --
Members Capital -- -- -- -- -- --
Contributed capital 84,325 (372,755) 84,325 4 372,751 --
Retained earnings 90,881 501 90,881 (824) 327 (4)
Other Comprehensive income (513) -- (513) -- -- --
Cumulative Translation Adjustment (17,024) -- (17,024) -- -- --
-------- --------- -------- ------ -------- ---
Total Stockholder's Equity 157,670 (372,254) 157,670 (820) 373,078 (4)
-------- --------- -------- ------ -------- ---
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $602,099 $(372,250) $469,868 $ 234 $504,251 $(4)
======== ========= ======== ====== ======== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG RESOURCES L.L.C.
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC NESBITT
CONSOL. (B) & RECLASS. LLC CONSOL. (B) CONSOL.
----------- ------------ ---------- ----------- --------
REVENUES:
Income from Leveraged Lease Agreements $152,500 $ -- $ 32,074 $109,169 $ 11,257
Investment (Losses) Gains (2,143) -- -- 15,259 (17,402)
Interest and Dividend Income 318 -- 73 232 13
DSM Revenues 23,740 -- -- 23,740 --
Operating Lease Income 12,322 -- -- 12,322 --
Other 474 -- -- 474 --
Equity in Subsidiary Earnings -- 3,622 (3,622) -- --
-------- ------ --------- -------- --------
Total Revenues 187,211 3,622 28,525 161,196 (6,132)
-------- ------ --------- -------- --------
OPERATING EXPENSES:
Operation and Maintenance 16,089 -- -- 16,089 --
Depreciation and Amortization 5,346 -- 8 5,338 --
Administrative and General 12,827 -- 6,995 5,645 187
-------- ------ --------- -------- --------
Total Operating Expenses 34,262 -- 7,003 27,072 187
-------- ------ --------- -------- --------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from Partnerships 828 -- -- 828 --
-------- ------ --------- -------- --------
Total Income from Equity Method Investments 828 -- -- 828 --
OPERATING INCOME (LOSS) 153,777 3,622 21,522 134,952 (6,319)
-------- ------ --------- -------- --------
OTHER INCOME
Loss on Extinguishment of Debt (1,559) -- (1,559) -- --
-------- ------ --------- -------- --------
Total Other Income (1,559) -- (1,559) -- --
INTEREST EXPENSE:
Energy Holdings L.L.C 78,045 -- 78,045 -- --
Other 2,942 -- -- 2,942 --
-------- ------ --------- -------- --------
Net Interest Expense 80,987 -- 78,045 2,942 --
-------- ------ --------- -------- --------
INCOME (LOSS) BEFORE INCOME TAXES 71,231 3,622 (58,082) 132,010 (6,319)
-------- ------ --------- -------- --------
INCOME TAXES:
Current (41,538) -- (85,823) (25,634) 69,919
Deferred 45,938 -- (39,890) 63,316 22,512
Investment and Energy Tax Credits - Net (800) -- (800) --
-------- ------ --------- -------- --------
Total Income Taxes 3,600 -- (125,713) 36,882 92,431
-------- ------ --------- -------- --------
NET INCOME (LOSS) 67,631 3,622 67,631 95,128 (98,750)
-------- ------ --------- -------- --------
PREFERENCE UNITS DISTRIBUTIONS 2,908 -- 2,908 -- --
-------- ------ --------- -------- --------
EARNINGS AVAILABLE TO ORDINARY MEMBER $ 64,723 $3,622 $ 64,723 $ 95,128 $(98,750)
======== ====== ========= ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG RESOURCES L.L.C.
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC NESBITT
CONSOL. (B) & RECLASS. LLC CONSOL. (B) CONSOL.
----------- ------------ ---------- ----------- --------
BALANCE JANUARY 1, 2004 $435,427 $(519,222) $435,427 $405,964 $113,258
NET INCOME (LOSS) 67,631 3,622 67,631 95,128 (98,750)
PRIOR PERIOD ADJUSTMENTS
-------- --------- -------- -------- --------
TOTAL 503,058 (515,600) 503,058 501,092 14,508
-------- --------- -------- -------- --------
ORDINARY UNIT DISTRIBUTIONS 50,000 (48,000) 50,000 -- 48,000
PREFERENCE UNITS DISTRIBUTIONS 2,908 -- 2,908 -- --
-------- --------- -------- -------- --------
BALANCE DECEMBER 31, 2004 $450,150 $(467,600) $450,150 $501,092 $(33,492)
======== ========= ======== ======== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC NESBITT
CONSOL. (B) & RECLASS. LLC CONSOL. (B) CONSOL.
----------- ------------ ---------- ---------- --------
ASSETS
CURRENT ASSETS
Cash and Temporary Cash Investments $ 6,653 $ -- $ 22,383 $ (18,203) $ 2,473
Accounts Receivable:
Trade 3,400 -- -- 3,400 --
Allowance for Doubtful Accounts (133) -- -- (133) --
Other 560 -- -- 560 --
PSEG 2,034 -- 2,034 -- --
Other Associated Companies 6 (204,789) 72,188 109,185 23,422
Interest and Dividend Receivable 67 -- -- 67 --
Prepayments 826 -- -- 826 --
---------- ----------- ---------- ---------- --------
Total Current Assets 13,413 (204,789) 96,605 95,702 25,895
---------- ----------- ---------- ---------- --------
PROPERTY AND EQUIPMENT
Real Estate 88,788 -- -- 88,788 --
Other 2,233 -- 128 2,105 --
Accumulated Depreciation and Amortization (18,923) -- (96) (18,827) --
---------- ----------- ---------- ---------- --------
Property and Equipment - Net 72,098 -- 32 72,066 --
---------- ----------- ---------- ---------- --------
INVESTMENTS
Subsidiaries -- (988,127) 988,127 -- --
Leveraged Lease Agreements 2,856,431 -- 820,890 1,844,182 191,359
Partnership Interests / Other 41,025 -- -- 41,025 --
Securities 3,400 -- -- 3,400 --
Other Investments 15,219 -- -- 15,219 --
Valuation Allowances (5,678) -- -- (5,678) --
---------- ----------- ---------- ---------- --------
Total Investments 2,910,397 (988,127) 1,809,017 1,898,148 191,359
---------- ----------- ---------- ---------- --------
OTHER ASSETS
Special Funds - Pension 2,303 -- 2,303 -- --
Deferred Intangible Assets 600 -- 600 -- --
Deferred Tax Assets 112 -- 73 39 --
---------- ----------- ---------- ---------- --------
Total Other Assets 3,015 -- 2,976 39 --
---------- ----------- ---------- ---------- --------
TOTAL ASSETS $2,998,923 $(1,192,916) $1,908,630 $2,065,955 $217,254
========== =========== ========== ========== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PSEG RESOURCES L.L.C.
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
PSEG INTERCOMPANY PSEG
RESOURCES ELIMINATIONS RESOURCES PSRC NESBITT
CONSOL. (B) & RECLASS. LLC CONSOL. (B) CONSOL.
----------- ------------ ---------- ----------- --------
LIABILITIES AND
MEMBER'S EQUITY
CURRENT LIABILITIES
Accounts Payable:
Trade $ 305 $ -- $ -- $ 305 $ --
Taxes 908 -- 139 769 --
Other 8,627 -- 824 5,803 2,000
Interest 923 -- 835 88 --
Associated Companies 30,948 (204,790) 163,192 333 72,213
Notes Payable:
Energy Holdings L.L.C. 786,600 -- 786,600 -- --
Current Portion of Long-term Debt 1,546 -- -- 1,546 --
---------- ----------- ---------- ---------- --------
Total Current Liabilities 829,857 (204,790) 951,590 8,844 74,213
---------- ----------- ---------- ---------- --------
TOTAL LONG-TERM DEBT 29,300 -- -- 29,300 --
---------- ----------- ---------- ---------- --------
DEFERRED CREDITS
Deferred Income Taxes 1,636,261 2 453,546 1,156,089 26,624
Other 3,039 -- 3,028 11 --
---------- ----------- ---------- ---------- --------
Total Deferred Credits 1,639,300 2 456,574 1,156,100 26,624
---------- ----------- ---------- ---------- --------
MEMBER'S EQUITY
Capital Stock -- (107,001) -- 107,001 --
Members' Capital 50,426 (149,909) 50,426 -- 149,909
Contributed Capital -- (263,618) -- 263,618 --
Retained Earnings 450,150 (467,600) 450,150 501,092 (33,492)
Accumulated Other Comprehensive Income (110) -- (110) -- --
---------- ----------- ---------- ---------- --------
Total Member's Equity 500,466 (988,128) 500,466 871,711 116,417
---------- ----------- ---------- ---------- --------
TOTAL LIABILITIES AND MEMBER'S EQUITY $2,998,923 $(1,192,916) $1,908,630 $2,065,955 $217,254
========== =========== ========== ========== ========
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. (B) & RECLASS. PSRC CONSOL. (B) CONSOL RCSC RCFC
----------- ------------ -------- ----------- ------- ---- ----
REVENUES:
Income from Leveraged Lease Agreements $109,169 $ -- $ 41,651 $ 44,617 $ 5,083 $ -- $--
Investment Gains 15,259 -- -- 2,659 -- -- --
Interest and Dividend Income 232 (5,219) 5,219 7 -- -- --
DSM Revenues 23,740 -- -- -- -- -- --
Operating Lease Income 12,322 -- 8,467 3,855 -- -- --
Other 474 -- 29 299 -- 8 --
Equity in Subsidiary Earnings -- (58,686) 58,686 -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Total Revenues 161,196 (63,905) 114,052 51,437 5,083 8 --
-------- -------- -------- -------- ------- ---- ---
OPERATING EXPENSES:
Operation and Maintenance 16,089 -- 4,558 2,047 -- -- --
Depreciation and Amortization 5,338 -- 3,251 1,963 -- -- --
Administrative and General 5,645 -- 805 1,668 14 8 --
-------- -------- -------- -------- ------- ---- ---
Total Operating Expenses 27,072 -- 8,614 5,678 14 8 --
-------- -------- -------- -------- ------- ---- ---
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from Partnerships 828 -- (97) 154 -- -- --
-------- -------- -------- -------- ------- ---- ---
Total Income from Equity Method Investments 828 -- (97) 154 -- -- --
OPERATING INCOME (LOSS) 134,952 (63,905) 105,341 45,913 5,069 -- --
-------- -------- -------- -------- ------- ---- ---
OTHER INCOME
Gain on Extinguishment of Debt -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Total Other Income -- -- -- -- -- -- --
INTEREST EXPENSE:
Other 2,942 (5,219) 1,718 6,443 -- -- --
Capitalized Interest -- -- -- -- -- -- --
-------- -------- -------- -------- ------- ---- ---
Net Interest Expense 2,942 (5,219) 1,718 6,443 -- -- --
-------- -------- -------- -------- ------- ---- ---
INCOME (LOSS) BEFORE INCOME TAXES 132,010 (58,686) 103,623 39,470 5,069 -- --
-------- -------- -------- -------- ------- ---- ---
INCOME TAXES:
Current (25,634) -- 6,661 (16,849) (6,574) 28 3
Deferred 63,316 -- 2,152 33,107 8,350 -- --
Investment and Energy Tax Credits - Net (800) -- (318) (482) -- -- --
-------- -------- -------- -------- ------- ---- ---
Total Income Taxes 36,882 -- 8,495 15,776 1,776 28 3
-------- -------- -------- -------- ------- ---- ---
NET INCOME (LOSS) $ 95,128 $(58,686) $ 95,128 $ 23,694 $ 3,293 $(28) $(3)
======== ======== ======== ======== ======= ==== ===
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
PSRC PSRC PSRC PSRC PSRCI PSEGR PJM
ONE TWO THREE FOUR CONSOL ENERTECH PSRC II CONSOL DMC
---- ---- ----- ----- ------- -------- ------- --------- -------
REVENUES:
Income from Leveraged Lease Agreements $ -- $-- $-- $ -- $ 1,175 $-- $ 15 $16,628 $ --
Investment Gains -- -- -- -- -- -- 12,600 -- --
Interest and Dividend Income -- -- -- -- 14 -- 211 -- --
DSM Revenues -- -- -- -- -- -- -- -- 23,740
Operating Lease Income -- -- -- -- -- -- -- -- --
Other 14 14 12 8 90 -- -- -- --
Equity in Subsidiary Earnings -- -- -- -- -- -- -- -- --
---- --- --- ----- ------- --- ------- ------- -------
Total Revenues 14 14 12 8 1,279 -- 12,826 16,628 23,740
---- --- --- ----- ------- --- ------- ------- -------
OPERATING EXPENSES:
Operation and Maintenance -- -- -- -- -- -- -- -- 9,484
Depreciation and Amortization -- -- -- -- -- -- 8 -- 116
Administrative and General 14 14 12 8 160 -- 630 567 1,745
---- --- --- ----- ------- --- ------- ------- -------
Total Operating Expenses 14 14 12 8 160 -- 638 567 11,345
---- --- --- ----- ------- --- ------- ------- -------
INCOME FROM EQUITY METHOD INVESTMENTS:
Income from Partnerships -- -- -- -- -- -- 771 -- --
---- --- --- ----- ------- --- ------- ------- -------
Total Income from Equity Method Investments -- -- -- -- -- -- 771 -- --
OPERATING INCOME -- -- -- -- 1,119 -- 12,959 16,061 12,395
---- --- --- ----- ------- --- ------- ------- -------
OTHER INCOME
Gain on Extinguishment of Debt -- -- -- -- -- -- -- -- --
---- --- --- ----- ------- --- ------- ------- -------
Total Other Income -- -- -- -- -- -- -- -- --
INTEREST EXPENSE:
Other -- -- -- -- -- -- -- -- --
Capitalized Interest -- -- -- -- -- -- -- -- --
---- --- --- ----- ------- --- ------- ------- -------
Net Interest Expense -- -- -- -- -- -- -- -- --
---- --- --- ----- ------- --- ------- ------- -------
INCOME (LOSS) BEFORE INCOME TAXES -- -- -- -- 1,119 -- 12,959 16,061 12,395
---- --- --- ----- ------- --- ------- ------- -------
INCOME TAXES:
Current 99 -- -- 365 (4,908) 3 (8,054) -- 3,592
Deferred -- -- -- -- 5,286 -- 12,843 -- 1,578
Investment and Energy Tax Credits - Net -- -- -- -- -- -- -- -- --
---- --- --- ----- ------- --- ------- ------- -------
Total Income Taxes 99 -- -- 365 378 3 4,789 -- 5,170
---- --- --- ----- ------- --- ------- ------- -------
NET INCOME $(99) $-- $-- $(365) $ 741 $(3) $ 8,170 $16,061 $ 7,225
==== === === ===== ======= === ======= ======= =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. (B) & RECLASS. PSRC CONSOL. (B) CONSOL RCSC RCFC
----------- ------------ -------- ----------- -------- ------- ------
BALANCE JANUARY 1, 2004 $405,964 $(323,476) $405,964 $205,507 $55,345 $(6,259) $5,669
NET INCOME 95,128 (58,686) 95,128 23,694 3,293 (28) (3)
-------- --------- -------- -------- ------- ------- ------
BALANCE DECEMBER 31, 2004 $501,092 $(382,162) $501,092 $229,201 $58,638 $(6,287) $5,666
======== ========= ======== ======== ======= ======= ======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2003
(THOUSANDS)
PSRC PSRC PSRC PSRC PSRCI PSEGR PJM
ONE TWO THREE FOUR CONSOL ENERTECH PSRC II CONSOL DMC
----- ---- ----- ----- ------ -------- -------- --------- -------
BALANCE JANUARY 1, 2004 $ (3) $(3) $-- $(535) $1,333 $(978) $(39,751) $68,355 $34,796
NET INCOME (99) -- -- (365) 741 (3) 8,170 16,061 7,225
----- --- --- ----- ------ ----- -------- ------- -------
BALANCE DECEMBER 31, 2004 $(102) $(3) $-- $(900) $2,074 $(981) $(31,581) $84,416 $42,021
===== === === ===== ====== ===== ======== ======= =======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. (B) & RECLASS. PSRC CONSOL. (B) CONSOL RCSC RCFC
----------- ------------ ---------- ----------- -------- ---- -------
ASSETS
CURRENT ASSETS
Cash and Temporary Cash Investments $ (18,203) $ -- $ (19,671) $ 1,163 $ 1 $ 1 $ --
Accounts Receivable:
Trade 3,400 -- -- -- -- -- --
Allowance for Doubtful Accounts (133) -- -- -- -- -- --
Other 560 -- 128 432 -- -- --
Other Associated Companies 109,185 (436,135) 180,177 58,925 46,167 -- 12,490
Interest and Dividend Receivable 67 -- -- -- -- -- --
Prepayments 826 -- 39 787 -- -- --
---------- ----------- ---------- -------- -------- --- -------
Total Current Assets 95,702 (436,135) 160,673 61,307 46,168 1 12,490
---------- ----------- ---------- -------- -------- --- -------
PROPERTY AND EQUIPMENT
Real Estate 88,788 -- 59,478 29,310 -- -- --
Other 2,105 -- 904 -- -- -- --
Accumulated Depreciation and
Amortization (18,827) -- (15,646) (2,297) -- -- --
---------- ----------- ---------- -------- -------- --- -------
Property and Equipment - Net 72,066 -- 44,736 27,013 -- -- --
---------- ----------- ---------- -------- -------- --- -------
INVESTMENTS
Subsidiaries -- (946,321) 946,321 -- -- -- --
Leveraged Lease Agreements 1,844,182 -- 620,377 831,333 94,251 -- --
Partnership Interests / Other 41,025 -- 1,339 726 -- -- --
Securities 3,400 -- 400 -- -- -- --
Other Investments 15,219 -- -- -- -- -- --
Valuation Allowances (5,678) -- (5,678) -- -- -- --
---------- ----------- ---------- -------- -------- --- -------
Total Investments 1,898,148 (946,321) 1,562,759 832,059 94,251 -- --
---------- ----------- ---------- -------- -------- --- -------
OTHER ASSETS
Deferred Tax Assets 39 -- -- -- -- -- --
---------- ----------- ---------- -------- -------- --- -------
Total Other Assets 39 -- -- -- -- -- --
---------- ----------- ---------- -------- -------- --- -------
TOTAL ASSETS $2,065,955 $(1,382,456) $1,768,168 $920,379 $140,419 $ 1 $12,490
========== =========== ========== ======== ======== === =======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSRC PSRC PSRC PSRC PSRCI PSEGR PJM
ONE TWO THREE FOUR CONSOL ENERTECH PSRC II CONSOL DMC
----- ---- ----- ----- ------ -------- -------- --------- -------
ASSETS
CURRENT ASSETS
Cash and Temporary Cash Investments $ 1 $ 1 $ 1 $ 1 $ 62 $-- $ 211 $ 29 $ (3)
Accounts Receivable:
Trade -- -- -- -- -- -- -- -- 3,400
Allowance for Doubtful Accounts -- -- -- -- -- -- -- -- (133)
Other -- -- -- -- -- -- -- -- --
Other Associated Companies -- 6 9 -- 11,243 39 191,581 2,003 42,680
Interest and Dividend Receivable -- -- -- -- -- -- 67 -- --
Prepayments -- -- -- -- -- -- -- -- --
--- --- --- --- ------- --- -------- -------- -------
Total Current Assets 1 7 10 1 11,305 39 191,859 2,032 45,944
--- --- --- --- ------- --- -------- -------- -------
PROPERTY AND EQUIPMENT
Real Estate -- -- -- -- -- -- -- -- --
Other -- -- -- -- -- -- 41 -- 1,160
Accumulated Depreciation and
Amortization -- -- -- -- -- -- (17) -- (867)
--- --- --- --- ------- --- -------- -------- -------
Property and Equipment - Net -- -- -- -- -- -- 24 -- 293
--- --- --- --- ------- --- -------- -------- -------
INVESTMENTS
Subsidiaries -- -- -- -- -- -- -- -- --
Leveraged Lease Agreements -- -- -- -- 42,662 -- 127 255,432 --
Partnership Interests / Other -- -- -- -- -- -- 38,960 -- --
Securities -- -- -- -- -- -- 3,000 -- --
Other Investments -- -- -- -- -- -- -- -- 15,219
Valuation Allowances -- -- -- -- -- -- -- -- --
--- --- --- --- ------- --- -------- -------- -------
Total Investments -- -- -- -- 42,662 -- 42,087 255,432 15,219
--- --- --- --- ------- --- -------- -------- -------
OTHER ASSETS
Deferred Tax Assets -- -- -- -- -- -- -- -- 39
--- --- --- --- ------- --- -------- -------- -------
Total Other Asset -- -- -- -- -- -- -- -- 39
--- --- --- --- ------- --- -------- -------- -------
TOTAL ASSETS $ 1 $ 7 $10 $ 1 $53,967 $39 $233,970 $257,464 $61,495
=== === === === ======= === ======== ======== =======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
PSRC ELIMINATIONS RCMC RCIC
CONSOL. (B) & RECLASS. PSRC CONSOL. (B) CONSOL RCSC RCFC
----------- ------------ ---------- ----------- -------- ------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts Payable:
Trade $ 305 $ -- $ -- $ -- $ -- $ -- $ --
Taxes 769 -- -- 29 -- -- --
Other 5,803 -- 2,986 1,413 -- -- --
Interest 88 -- -- 88 -- -- --
Associated Companies 333 (436,135) 364,854 62,975 -- 6,278 --
Current Portion of Long-term Debt 1,546 -- 1,180 366 -- -- --
---------- ----------- ---------- -------- -------- ------- -------
Total Current Liabilities 8,844 (436,135) 369,020 64,871 -- 6,278 --
---------- ----------- ---------- -------- -------- ------- -------
TOTAL LONG-TERM DEBT 29,300 -- 18,390 10,910 -- -- --
---------- ----------- ---------- -------- -------- ------- -------
DEFERRED CREDITS
Deferred Income Taxes 1,156,089 -- 509,047 557,961 70,617 -- (48)
Other 11 -- -- 11 -- -- --
---------- ----------- ---------- -------- -------- ------- -------
Total Deferred Credits 1,156,100 -- 509,047 557,972 70,617 -- (48)
---------- ----------- ---------- -------- -------- ------- -------
STOCKHOLDER'S EQUITY
Capital Stock 107,001 (57) 107,001 2 1 10 1
Contributed Capital 263,618 (564,102) 263,618 57,423 11,163 -- 6,871
Retained Earnings 501,092 (382,162) 501,092 229,201 58,638 (6,287) 5,666
---------- ----------- ---------- -------- -------- ------- -------
Total Stockholder's Equity 871,711 (946,321) 871,711 286,626 69,802 (6,277) 12,538
---------- ----------- ---------- -------- -------- ------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $2,065,955 $(1,382,456) $1,768,168 $920,379 $140,419 $ 1 $12,490
========== =========== ========== ======== ======== ======= =======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
EXHIBIT A
PUBLIC SERVICE RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2003
(THOUSANDS)
PSRC PSRC PSRC PSRC PSRCI PSEGR PJM
ONE TWO THREE FOUR CONSOL ENERTECH PSRC II CONSOL DMC
----- ---- ----- ----- ------- -------- -------- --------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts Payable:
Trade $ -- $-- $-- $ -- $ -- $ -- $ -- $ -- $ 305
Taxes -- -- -- -- -- -- -- 230 510
Other -- -- -- -- -- -- -- -- 1,404
Interest -- -- -- -- -- -- -- -- --
Associated Companies 93 -- -- 891 36 -- -- 1,318 23
Current Portion of Long-term Debt -- -- -- -- -- -- -- -- --
----- --- --- ----- ------- ------ -------- -------- -------
Total Current Liabilities 93 -- -- 891 36 -- -- 1,548 2,242
----- --- --- ----- ------- ------ -------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- -- -- -- -- -- --
----- --- --- ----- ------- ------ -------- -------- -------
DEFERRED CREDITS
Deferred Income Taxes -- -- -- -- 36,822 1 (20,410) -- 2,099
Other -- -- -- -- -- -- -- -- --
----- --- --- ----- ------- ------ -------- -------- -------
Total Deferred Credits -- -- -- -- 36,822 1 (20,410) -- 2,099
----- --- --- ----- ------- ------ -------- -------- -------
STOCKHOLDER'S EQUITY
Capital Stock 10 10 10 10 1 1 1 -- --
Contributed Capital -- -- -- -- 15,034 1,018 285,960 171,500 15,133
Retained Earnings (102) (3) -- (900) 2,074 (981) (31,581) 84,416 42,021
----- --- --- ----- ------- ------ -------- -------- -------
Total Stockholder's Equity (92) 7 10 (890) 17,109 38 254,380 255,916 57,154
----- --- --- ----- ------- ------ -------- -------- -------
TOTAL LIABILITIES AND STOCKHOLDER'S
EQUITY $ 1 $ 7 $10 $ 1 $53,967 $ 39 $233,970 $257,464 $61,495
===== === === ===== ======= ====== ======== ======== =======
(B) Exceeds 2% of PSEG's consolidated assets.
For additional information, see Item 1.
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF OPERATIONS EXHIBIT A
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. (B) & RECLASS. RCMC RCMC SC RCMCI
----------- ------------ ------- ------- -------
REVENUES:
Income from Leveraged Lease
Agreements $ 44,617 $ -- $21,007 $-- $ --
Investment Gains (Losses) 2,659 -- -- -- --
Interest and Dividend Income 7 -- -- -- 4
Operating Lease Income 3,855 -- 3,855 -- --
Other 299 -- 92 7 --
Equity in Subsidiary Earnings -- (14,924) 14,924 -- --
-------- -------- ------- --- -------
Total Revenues 51,437 (14,924) 39,878 7 4
-------- -------- ------- --- -------
OPERATING EXPENSES:
Operation and Maintenance 2,047 -- 2,047 -- --
Depreciation and Amortization 1,963 -- 1,963 -- --
Administrative and General 1,668 -- 410 7 115
-------- -------- ------- --- -------
Total Operating Expenses 5,678 -- 4,420 7 115
-------- -------- ------- --- -------
INCOME FROM EQUITY METHOD
INVESTMENTS:
Income (Loss) from
Partnerships 154 -- -- -- 154
-------- -------- ------- --- -------
Total Income from Equity Method
Investments 154 -- -- -- 154
OPERATING INCOME 45,913 (14,924) 35,458 -- 43
-------- -------- ------- --- -------
OTHER INCOME
Loss on Extinguishment of Debt -- -- -- -- --
-------- -------- ------- --- -------
Total Other Income -- -- -- -- --
INTEREST EXPENSE:
Other 6,443 -- 6,443 -- --
-------- -------- ------- --- -------
Net Interest Expense 6,443 -- 6,443 -- --
-------- -------- ------- --- -------
INCOME BEFORE INCOME TAXES 39,470 (14,924) 29,015 -- 43
-------- -------- ------- --- -------
INCOME TAXES:
Current (16,849) -- (9,741) -- 1,032
Deferred 33,107 (1) 15,544 -- (1,017)
Investment and Energy Tax
Credits - Net (482) -- (482) -- --
-------- -------- ------- --- -------
Total Income Taxes 15,776 (1) 5,321 -- 15
-------- -------- ------- --- -------
NET INCOME $ 23,694 $(14,923) $23,694 $-- $ 28
======== ======== ======= === =======
RCMC ONE,
INC. DANSKAMMER OP ROSETON OP
CONSOL. CONSOL. CONSOL. UZAL
--------- ------------- ---------- ------
REVENUES:
Income from Leveraged Lease
Agreements $ 5,447 $ 5,652 $ 11,336 $1,175
Investment Gains (Losses) -- -- -- 2,659
Interest and Dividend Income 3 -- -- --
Operating Lease Income -- -- -- --
Other 200 -- -- --
Equity in Subsidiary Earnings -- -- -- --
------- ------- -------- ------
Total Revenues 5,650 5,652 11,336 3,834
------- ------- -------- ------
OPERATING EXPENSES:
Operation and Maintenance -- -- -- --
Depreciation and Amortization -- -- -- --
Administrative and General 66 1 1 1,068
------- ------- -------- ------
Total Operating Expenses 66 1 1 1,068
------- ------- -------- ------
INCOME FROM EQUITY METHOD
INVESTMENTS:
Income (Loss) from
Partnerships -- -- -- --
------- ------- -------- ------
Total Income from Equity Method
Investments -- -- -- --
OPERATING INCOME 5,584 5,651 11,335 2,766
------- ------- -------- ------
OTHER INCOME
Loss on Extinguishment of Debt -- -- -- --
------- ------- -------- ------
Total Other Income -- -- -- --
INTEREST EXPENSE:
Other -- -- -- --
------- ------- -------- ------
Net Interest Expense -- -- -- --
------- ------- -------- ------
INCOME BEFORE INCOME TAXES 5,584 5,651 11,335 2,766
------- ------- -------- ------
INCOME TAXES:
Current 6,833 (4,588) (10,420) 35
Deferred (4,865) 7,179 15,610 657
Investment and Energy Tax
Credits - Net -- -- -- --
------- ------- -------- ------
Total Income Taxes 1,968 2,591 5,190 692
------- ------- -------- ------
NET INCOME $ 3,616 $ 3,060 $ 6,145 $2,074
======= ======= ======== ======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information,
see Item 1.
EXHIBIT A
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING STATEMENT OF RETAINED EARNINGS
FOR THE YEAR ENDED DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. (B) & RECLASS. RCMC RCMC SC RCMCI
----------- ------------ -------- ------- ------
BALANCE JANUARY 1, 2004 $205,507 $(57,031) $205,507 $(16) $4,238
NET INCOME 23,694 (14,923) 23,694 -- 28
PRIOR PERIOD ADJUSTMENTS -- -- -- -- --
-------- -------- -------- ---- ------
TOTAL 229,201 (71,954) 229,201 (16) 4,266
-------- -------- -------- ---- ------
DIVIDENDS DECLARED -- (4,178) -- -- 1,146
-------- -------- -------- ---- ------
BALANCE DECEMBER 31, 2004 $229,201 $(67,776) $229,201 $(16) $3,120
======== ======== ======== ==== ======
RCMC ONE, INC. DANSKAMMER OP ROSETON OP
CONSOL. CONSOL. CONSOL. UZAL
-------------- ------------- ----------- ------
BALANCE JANUARY 1, 2004 $10,920 $13,718 $28,171 $ --
NET INCOME 3,616 3,060 6,145 2,074
PRIOR PERIOD ADJUSTMENTS -- -- -- --
------- ------- ------- ------
TOTAL 14,536 16,778 34,316 2,074
------- ------- ------- ------
DIVIDENDS DECLARED 3,032 -- -- --
------- ------- ------- ------
BALANCE DECEMBER 31, 2004 $11,504 $16,778 $34,316 $2,074
======= ======= ======= ======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. (B) & RECLASS. RCMC RCMC SC RCMCI
----------- ------------ -------- ------- ------
ASSETS
CURRENT ASSETS
Cash and Temporary Cash Investments $ 1,163 $ -- $ 591 $1 $ 513
Accounts Receivable:
Trade -- -- -- -- --
Other 432 -- 107 -- --
Other Associated Companies 58,925 -- -- -- 4,603
Prepayments 787 -- 787 -- --
-------- --------- -------- --- ------
Total Current Assets 61,307 -- 1,485 1 5,116
-------- --------- -------- --- ------
PROPERTY AND EQUIPMENT
Real Estate 29,310 -- 29,310 -- --
Other -- -- -- -- --
Accumulated Depreciation and Amortization (2,297) -- (2,297) -- --
-------- --------- -------- --- ------
Property and Equipment - Net 27,013 -- 27,013 -- --
-------- --------- -------- --- ------
INVESTMENTS
Subsidiaries -- (246,839) 246,839 -- --
Leveraged Lease Agreements 831,333 -- 431,304 -- --
Partnership Interests 726 -- -- -- 726
-------- --------- -------- --- ------
Total Investments 832,059 (246,839) 678,143 -- 726
-------- --------- -------- --- ------
TOTAL ASSETS $920,379 $(246,839) $706,641 $1 $5,842
======== ========= ======== === ======
RCMC ONE, INC. DANSKAMMER OP ROSETON OP
CONSOL. CONSOL. CONSOL. UZAL
-------------- ------------- ---------- -------
ASSETS
CURRENT ASSETS
Cash and Temporary Cash Investments $ 58 $ -- $ -- $ --
Accounts Receivable:
Trade -- -- -- --
Other 325 -- -- --
Other Associated Companies 1,765 9,829 22,109 20,619
Prepayments -- -- -- --
-------- ------- -------- -------
Total Current Assets 2,148 9,829 22,109 20,619
-------- ------- -------- -------
PROPERTY AND EQUIPMENT
Real Estate -- -- -- --
Other -- -- -- --
Accumulated Depreciation and Amortization -- -- -- --
-------- ------- -------- -------
Property and Equipment - Net -- -- -- --
-------- ------- -------- -------
INVESTMENTS
Subsidiaries -- -- -- --
Leveraged Lease Agreements 192,640 67,831 139,558 --
Partnership Interests -- -- -- --
-------- ------- -------- -------
Total Investments 192,640 67,831 139,558 --
-------- ------- -------- -------
TOTAL ASSETS $194,788 $77,660 $161,667 $20,619
======== ======= ======== =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
EXHIBIT A
RESOURCES CAPITAL MANAGEMENT CORPORATION
CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2004
(THOUSANDS)
INTERCOMPANY
RCMC ELIMINATIONS
CONSOL. (B) & RECLASS. RCMC RCMC SC RCMCI
----------- ------------ -------- ------- ------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts Payable:
Trade $ -- $ -- $ -- $ -- $ --
Taxes 29 -- 29 -- --
Other 1,413 -- 125 -- --
Interest 88 -- 88 -- --
Associated Companies 62,975 -- 55,544 6 27
Current Portion of Long-term Debt 366 -- 366 -- --
-------- --------- -------- ---- ------
Total Current Liabilities 64,871 -- 56,152 6 27
-------- --------- -------- ---- ------
TOTAL LONG-TERM DEBT 10,910 -- 10,910 -- --
-------- --------- -------- ---- ------
DEFERRED CREDITS
Deferred Income Taxes 557,961 (2) 352,942 -- 1,499
Other 11 -- 11 -- --
-------- --------- -------- ---- ------
Total Deferred Credits 557,972 (2) 352,953 -- 1,499
-------- --------- -------- ---- ------
STOCKHOLDER'S EQUITY
Capital Stock 2 (3) 2 1 1
Contributed Capital 57,423 (179,058) 57,423 10 1,195
Retained Earnings 229,201 (67,776) 229,201 (16) 3,120
-------- --------- -------- ---- ------
Total Stockholder's Equity 286,626 (246,837) 286,626 (5) 4,316
-------- --------- -------- ---- ------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $920,379 $(246,839) $706,641 $ 1 $5,842
======== ========= ======== ==== ======
RCMC ONE, INC. DANSKAMMER OP ROSETON OP
CONSOL. CONSOL. CONSOL. UZAL
-------------- ------------- ---------- -------
LIABILITIES AND
STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts Payable:
Trade $ -- $ -- $ -- $ --
Taxes -- -- -- --
Other -- -- -- 1,288
Interest -- -- -- --
Associated Companies 7,397 -- 1 --
Current Portion of Long-term Debt -- -- -- --
-------- ------- -------- -------
Total Current Liabilities 7,397 -- 1 1,288
-------- ------- -------- -------
TOTAL LONG-TERM DEBT -- -- -- --
-------- ------- -------- -------
DEFERRED CREDITS
Deferred Income Taxes 155,588 15,132 32,800 2
Other -- -- -- --
-------- ------- -------- -------
Total Deferred Credits 155,588 15,132 32,800 2
-------- ------- -------- -------
STOCKHOLDER'S EQUITY
Capital Stock 1 -- -- --
Contributed Capital 20,298 45,750 94,550 17,255
Retained Earnings 11,504 16,778 34,316 2,074
-------- ------- -------- -------
Total Stockholder's Equity 31,803 62,528 128,866 19,329
-------- ------- -------- -------
TOTAL LIABILITIES AND
STOCKHOLDER'S EQUITY $194,788 $77,660 $161,667 $20,619
======== ======= ======== =======
(B) Exceeds 2% of PSEG's consolidated assets. For additional information, see
Item 1.
Exhibit B
Organizational Chart-Response 4(b)(i), (ii), (iii), (iv), (v), (vi), (vii)
Fossil, Power New York, PSEG Lawrenceburg, PSEG Waterford,
Power Midwest, Power Connecticut, Nuclear
-------------------------
Public Service Enterprise
Group Incorporated
-------------------------
|
100%
|
--------------
PSEG Power LLC
-------------- ----------------
| PSEG Nuclear LLC
100%-------------------------- (Nuclear)
| EWG
-------------- ---------------
PSEG LLC
(Fossil)
EWG
--------------
|
-----------------------------------------------
| | | | |
100% | 100% | 100%
| | | | |
| | | | |
------------------- | -------------- | ------------------
Power New York Inc. | PSEG Waterford | PSEG Lawrenceburg
EWG | Energy LLC | Energy Company LLC
| EWG | EWG
------------------- | -------------- | ------------------
| |
| |
| |
100% 100%
| |
----------------- -----------------
PSEG Power PSEG Power
Midwest LLC Connecticut LLC
EWG EWG
----------------- -----------------
Exhibit B
Organizational Chart-Response 4(b)(viii), (ix), (x), (xi), (xii), (xiii), (xiv)
Danskammer OP, Danskammer OL, Roseton OP, Roseton OL, Conemaugh Lessor,
Keystone Lessor, Shawville Lessor
------------------
Public Service
Enterprise Group
Incorporated
(New Jersey)
------------------
|
PSEG Energy
Holdings L.L.C.
(New Jersey)
|
------------------
PSEG Resources LLC
------------------
|
|
--------------------------------------------
| |
| |
------------- ---------------------
PSEGR PJM LLC Public Service
Resources Corporation
------------- ---------------------
| |
| |
-------------------------------------- |
| | | |
| | | |
---------------- --------------- ---------------- ----------------------
PSEGR PSEG Keystone, PSEGR Shawville, Resources Capital
Conemaugh, LLC LLC LLC Management Corporation
---------------- --------------- ---------------- ----------------------
| | | |
| | | |
| | | -----------------
| | | | |
---------------- --------------- ---------------- ------------- --------------
PSEGR PSEGR Keystone PSEGR Shawville Danskammer OP Roseton OP LLC
Conemaugh Generation, LLC Generation, LLC LLC EWG
Generation, LLC EWG
---------------- --------------- ---------------- ------------- --------------
| | |
| | |
---------------- --------------- ---------------- ------------- --------------
Conemaugh Keystone Lessor Shawville Lessor Danskammer OL Roseton OL LLC
Lessor Genco LLC Genco LLC Genco LLC LLC EWG
EWG EWG EWG EWG
---------------- --------------- ---------------- ------------- --------------
Exhibit B
Organizational Chart-Response 4(b)(xv), (xvi), (xvii), (xviii), (xx)
KPLP, GPP, OEPP, TIE, GWF Energy LLC
----------------
Public Service
Enterprise Group
Incorporated
(New Jersey)
----------------
|
----------------
PSEG Energy
Holdings L.L.C.
(New Jersey)
----------------
|
----------------
PSEG Global
L.L.C.
(New Jersey)
----------------
|
----------------
PSEG Global USA
|---------------------------------------------- L.L.C.
| (New Jersey)
| ----------------
| |
| ----------------
| PSEG
| International
| L.L.C.
| (Delaware)
| ----------------
| |
------------------------------------- ----------------------------------------------
| | | | | |
---------------- ---------------- --------------- ---------------- ---------------- ----------------
PSEG Kalaeloa PSEG Hawaiian PSEG Hawaiian PSEG PSEG PSEG Americas
Inc. Management Investment Inc. California Corp. California II L.L.C.
(Delaware) Inc. (Delaware) (Delaware) Corp. (Delaware)
(Delaware) (Delaware)
---------------- ---------------- --------------- ---------------- ---------------- ----------------
| | | | | |
| |-1%-GP----48.49%--| | 10% |
| | LP | | |
| | | | |
| ---------------- | ---------------- |
| Kalaeloa | GWF Energy |
| Investment | LLC |
| Partners, LP |----50%---- (Delaware) |
| (Delaware) EWG |
| ---------------- ---------------- |
| | |
| 99% LP |
|---------1% GP------------------- |
("KPLP") |
Kalaeloa |
Partners, LP |
(Delaware) |
EWG |
---------------- |
|
|
-------------------------------
|
|
|
|
|
------------------------------------
| |
| |
------------- --------------
TPS PSEG Texgen
---- Holdings Inc. Holdings Inc.
| (Delaware) (Delaware)
| ------------- --------------
| | |
| | ----------------------------------
| | | |
49.5% LP------------- ------------ ------------ ------------
TPS General PSEG Texgen Inc. PSEG Texgen PSEG
| Partner LLC I Inc. II Inc. Preferred Partner
| (Delaware) (Delaware) (Delaware) L.L.C.
| -------------- ------------ ------------ (Delaware)
| | | | ------------
| | | | |
| |-0.5% GP--0.5% GP--| | |
|--------------------|-----------------49.5%LP| |
| |
------------ |
("TIELP") |
Texas |
Independent |
Energy, L.P. <----------0% Pref. LP(A)------------
(Delaware) |
-------------------------------------------------------------------------------- |
| | | | | |
| | | | | |
| | | | | |
------------ ------------ ------------ ------------ ---------------- |
Guadalupe Guadalupe Odessa-Ector Odessa-Ector ("TIE") |
Power I, LLC Power II, LLC Power I, LLC Power II, LLC ---- Texas |
(Delaware) (Delaware) (Delaware) (Delaware) | Independent |
------------ ------------ ------------ ------------ | Energy Operating |
| | | | | | Company, LLC |
1% GP----99% LP-- 1% GP 99% LP | (Delaware) |
| | | | | EWG |
------------ | |--1%GP--| | ---------------- |
("GPP") ------------ -------------- | |
Guadelupe ("OEPP") | |
Power Odessa-Ector Odessa-Ector | |
Partners, Power Power Partners | |
(Delaware) LP Partners, LP Services, LP | |
EWG (Delaware) (Delaware) | |
------------ EWG -------------- | |
^ ------------ | |
| ^ ^ | |
| | |---------------99%LP---- |
| | |
-100% Pref. LP |-------100% Pref. LP--------------------------------------------------------------------|
(A) Although PSEG Preferred Partner L.L.C. (PPPLLC) has no controlling
interest in Texas Independent Energy, LP (TIE), it is considered a partner
for legal purposes. PPPLLC has a right to convert any and all of Guadalupe
Power Partners, LP's and Odessa-Ector Power Partners, LP's outstanding
preferred LP interest into an actual LP interest in TIE, thereby diluting
all LP's proportional to their interests in TIE.
Exhibit B
Organizational Chart - Response 4(b) (xix), (xxxiii), (xxxiv)
Generacion Energia, Tecnored, 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 PSEG Global
USA L.L.C. International
(New Jersey) Holdings LLC
------------- (Delaware)
| --------------
| |
| |
------------- --------------
PSEG PSEG
International -- Americas Ltd.
L.L.C. | (Bermuda)
(New Jersey) | --------------
------------- | |
| | |
| | --------------
| | PSEG Chilean
|-----------------| | Equity II Ltd.
| | | (Cayman)
| | | --------------
------------------ ------------------- | |
PSEG Operaciones I PSEG Operaciones II | 99.9%
Company Company 24% |
(Cayman) (Cayman) | --------------
------------------ ------------------- | PSEG Chilean
| | | Equity Ltd.
|------20%-------80% | (Cayman)
| | --------------
------------------- | |
("CEPII") | 76%
Asociacion o | |
Cuentas en | --------------- -------------
Participacion | ("AenP") Peruvian
(Chile) |-- Asociacion en -----------50%----------- Opportunity
------------------- Participacion Company SAC
(Peru) (Peru)
------------------- --------------- -------------
("Generacion | |
Energia") | |
PSEG Generacion y _______________ ---------------------
Energia Chile Inversiones | |
Limitada PSEG -----------99.966% 99.995%
(Chile) Chile Holdco | | |
FUCO Limitada | --------------- ---------------
------------------- (Chile) | Energy Business Ontario Quinta
--------------- | International S.R.L.
| | S.R.L. (Peru)
50% | (Peru)
| | --------------- ---------------
--------------- | | |
Tecnored |--- 12.79%--1.927%--------61.16%---
S.A. |
(Chile) --------------
FUCO "LUZ"
--------------- Luz del Sur
S.A.
(Peru)
FUCO
--------------
Exhibit B
Organizational Chart - Response 4(b) (xxi), (xxii), (xxiii), (xxiv), (xxv),
(xxvi)
Frontel, SAESA, Edersa, Edelaysen, Creo, STS
---------------
Public Service
Enterprise
Group
Incorporated
(New Jersey)
---------------
|
|
---------------
PSEG Energy
Holdings LLC
(New Jersey)
---------------
|
|
------------
PSEG Global
L.L.C.
(New Jersey)
------------
|
|
-------------------------------------------------
| |
| |
------------ ---------------
PSEG Global PSEG Global
USA L.L.C. International
(New Jersey) Holdings LLC
(Delaware)
------------ ---------------
| |
| |
------------- -------------
PSEG PSEG
International Amaricas Ltd.
L.L.C. (Bermuda)
(Delaware)
------------- -------------
| |
| 88.501%(A)
| |
---------- -------------
PSEG Inversiones
Americas PSEG Americas
L.L.C. ------11.492%---->Chile Holding
(Delaware) | Limitada
---------- | (Chile)
| | -------------
| | |
| | |
| | 98.965%(A)--------------98.361%(A)
| | | |
-------------- | | |
PSEG Global | ------------------- ---------------
Funding II LLC | ("SAESA") ("Frontel") --------------------------------
(Delaware) | Sociedad Austral de Empresa | | |
-------------- | Electricidad S.A. Electrica de la | | |
| | (Chile) Frontera S.A. 0.105% 0.1% |
| | FUCO (Chile) | | |
| | ------------------- FUCO | | |
| | | --------------- | |
| | 99.9%----------------91.66%----------99.895%-------------99.9% |
| | | | | | |
------------- | ------------------- ------------- ------------------ ----------- |
PSEG Global | ("Edelaysen") ("Creo") |
Funding Corp. | Sociedad Austral de Empresa Sistema de ("STS") |
(Delaware) | Electricidad Electrica de Compania Electrica Transmision |
------------- | > Overseas Ltd. Aisen S.A. Osorno S.A. del Sur S.A.|
| | | (Cayman) (Chile) (Chile) (Chile) |
| | | FUCO FUCO FUCO FUCO |
| | | ------------------- ------------- ------------------ ------------|
| | | | |
| | | | |
--------------------- | | 50% |
| 80% | | | |
| | | | ------------------ |
------------ ------------ | | ("Edersa") |
PESG Global ["CEP"] | | Empresa de Energia |
Funding III--20%--> Asociacion o | | Rio |
Company Cuentas en | | Negro S.A. |
(Cayman) Participacion | | (Argentina) |
------------ (Chile) | | FUCO |
------------ | | ------------------ |
| | | |
| | | |
--99.97%----------- | | |
| | | | |
| | | -------------------------------0.1%--------------------------------------|
----------------- -------- |
(To be Dissolved) PSEG |
PSEG Peru <--0.03%-- Finance------
S.R.L. Company
(Peru) (Cayman)
----------------- --------
(A) PSEG Chilean Equity II Ltd. owns 0.0067% of Inversiones PSEG Americas Chile
Holding Limitada, 0.001% of Sociedad Austral de Electricidad ("SAESA"), and
0.002% of Empresa Electrica de la Frontera S.A. ("FRONTEL").
Exhibit B
Organizational Chart - Response 4(b) (xxvii), (xxviii), (xxix), (xxx), (xxxi),
(xxxii), (xxxv)
RGE, Electroandes S.A., CAGUA, MARACAY, VALENCIA, CHILQUINTA, TGM
---------------
Public Service
Enterprise
Group
Incorporated
(New Jersey)
---------------
|
------------
PSEG Energy
Holdings
LLC.
(New Jersey)
------------
|
------------
PSEG Global
L.L.C.
(New Jersey)
------------
|
---------------
PSEG Global
International
Holdings LLC
(Delaware)
---------------
|
-------------
PSEG
|------------------------------ Americas Ltd.--------------------------------------------------------------
| | (Bermuda) | |
| | ------------- | |
------------------ | | 24% |
| | | | | |
| | | | | |
------------ -------------- | -------------- -------------- ----------------------- -----------
PSEG Transamerica 20% PSEG Chilean ("AenP") Venergy Holdings PSEG Brazil
Americas II Energy Company | Equity II Ltd. Asociacion en Company Investment
Ltd. (Cayman) | (Cayman) ->Participacion (Cayman) Company
(Bermuda) | | (Peru) (Cayman)
------------ -------------- | -------------- | -------------- ----------------------- -----------
| | | | | | | |
50% 80% | 99.9% 76% 49.993% 50% |
| | | | | | | |
------------ -------------- | -------------- | -------------- ----------------------- ------------
Turbogenera- ("AenPII") | PSEG Chilean | ("CHILQUINTA") Turboven Company Inc. Pampa
dores de Asociacion en | Equity Ltd. | Chilquinta (Cayman) Energia Ltda.
Venezuela, Participacion | (Cayman)--- Energia S.A. (Cayman)
C.A. (Peru) ----------- (Chile)
(Venezuela) FUCO
------------ -------------- -------------- -------------- ----------------------- -----------
| | | |
17.13% 99.992% | --------|--------
| | --------------------------------------------- | |
------------ -------------- | -------------- ---------------
("TGM") Electroandes | PSEG Brazil PSEG Brazil I
Turbogene- S.A. | Company Company
radores (Peru) | --------50%------- (Cayman) (Cayman)
Maracay, C.A. FUCO | | | -------------- --------|------
(Venezuela) | | | |
FUCO | | |-------50%-----99.945%-------------50%
------------ -------------- | | | |
-------------- -------------- -------------- | -------------- -------------- ------|------
("MARACAY") ("CAGUA") ("VALENCIA") | PSEG Conversora de
Turboven Turboven Turboven | Participacoes Fertilizante e Ipe Energia
Maracay Cagua Valencia | S.A. Energia de -> Ltda.
Company Inc. Company Inc. Company Inc. | (Brazil) Parana Ltda. | (Brazil)
(Cayman) (Cayman) (Cayman) | (Brazil) 50%
FUCO FUCO FUCO | -------------- -------------- | -----------
-------------- -------------- -------------- | | | |
| | | |
| | | |
| 0.055% | |
| | | 32.456%
|------------------------------------| |
|
------------
("RGE")
Rio Grande
Energia S.A.
FUCO
------------
Exhibit B
Organizational Chart - Response 4(b) (xxxvi), (xxxvii), (xxxviii), (xxxix)
Dhofar Power, Dhofar Generating, PPN Operations, PPN Energy
---------------
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 Americas
(Mauritius) Ltd.
--------------- (Bermuda)
| ---------------
| |
------------------- |
| | ---------------
| | PSEG Salalah
--------------- ----------------- L.L.C.
("PPN Energy") (To be Dissolved) (Delaware)
PSEG PSEG Operations ---------------
PPN Energy Ltd. |
Company Ltd. (Mauritius) |
(Mauritius) ----------------- ---------------
EWG | Salalah Power
--------------- 100% (except 1 share)(A) Holdings, Ltd.
| (Bermuda)
----------------- ---------------
(To be Dissolved) |
("PPN Operations") 81%
PSEG PPN |
Operations Private ---------------
Limited Dhofar Power
(India) Company
EWG S.A.O.C.
----------------- (Oman)
EWG
---------------
|
99.9996%
|
---------------
Dhofar
Generating
Company
S.A.O.C.
(Oman)
EWG
---------------
(A) The remaining 1 share of PPN Operations is owned by PSEG Ambalamugal
Energy Ltd. (To be dissolved).
Exhibit B
Organizational Chart - Response 4(b) (xl), (xli), (xlii), (xliii)
PSEG Cherzow B.V., San Marco, Biomasse Italia S.p.A., PSEG Poland
-----------------
Public Service
Enterprise Group
Incorporated
(New Jersey)
-----------------
|
|
|
-----------------
PSEG Energy
Holdings L.L.C.
(New Jersey)
-----------------
|
|
|
-----------------
PSEG Global
L.L.C.
(New Jersey)
-----------------
|
|
|
-----------------
PSEG Europe
(Delaware) LLC
(Delaware)
-----------------
|
|
|
-----------------
PSEG Europe
B.V.
(Netherlands)
-----------------
|
|-----------------------------------------------
| | |
----------------- ----------------- -----------------
PESG Italia B.V. ("PSEG Poland") PSEG Silesia B.V.
(Netherlands) PSEG Poland (Netherlands)
----------------- Distribution B.V. -----------------
| (Netherlands) |
50% EWG |
| ----------------- |
----------------- -----------------
Prisma 2000 PESG Chorzow
S.p.A B.V.
(Italy) (Netherlands)
----------------- EWG
| -----------------
50%-------------------99.80%
| |
----------------- -----------------
Biomasse Italia San Marco
S.p.A Bioenergie S.p.A.
(Italy) (Italy)
EWG EWG
----------------- -----------------