UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
)
The AES Corporation ) File No. 70-9465
)
Certificate Pursuant to Rule 24 and Release No. 35-27063
Under the Public Utility Holding Company Act of 1935
On August 20, 1999, the Securities and Exchange Commission
("SEC") issued an order, Release No. 35-27063, in File No. 70-9465 ("Exemption
Order"), granting an exemption under Section 3(a) of the Public Utility Holding
Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to
its proposed acquisition of CILCORP Inc. ("CILCORP"), which has a public-utility
subsidiary company, Central Illinois Light Company ("CILCO"). The Exemption
Order required AES to file certain certificates (as described in the Exemption
Order) under Rule 24 within 60 days of the close of each calendar quarter for a
period of three years beginning September 30, 1999 and every six months
thereafter. A certificate complying with the Exemption Order is set forth below
(as an attachment) for the period ending September 30, 2002. AES is separately
filing a certificate in File No. 70-9779 as required by the Commission's order
in Release No. 35-27363 in connection with the AES acquisition of IPALCO
Enterprises, Inc. ("IPALCO"), which has a public-utility subsidiary company,
Indianapolis Power & Light Company ("IPL").
Respectfully submitted,
/s/ Earle H. O'Donnell
-------------------------
Earle H. O'Donnell
Andrew B. Young
Hugh E. Hilliard
Dewey Ballantine LLP
1775 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Dated: November 27, 2002
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED SEPTEMBER 30, 2002
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Statement of Income of The AES Corporation for the 12 months ended
September 30, 2002
a) 12 months ended September 30, 2002 GAAP consolidated income
statement
b) 12 months ended September 30, 2002 pro rata consolidated
income statement
2) Balance Sheet of The AES Corporation at September 30, 2002
a) GAAP Basis Consolidated Balance Sheet
b) Pro Rata Consolidated Balance Sheet
3) Statement of Income of CILCORP for the 12 months ended
September 30, 2002
4) Statement of Income of CILCO for the 12 months ended September 30, 2002
5) Consolidated Balance Sheet of CILCORP at September 30, 2002
6) Consolidated Balance Sheet of CILCO at September 30, 2002
2
THE AES CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002
GAAP BASIS
(UNAUDITED)
-------------------------------------------------------------------------------------------------
TWELVE MONTHS
ENDED
($ in millions) 9/30/2002
-------------------------------------------------------------------------------------------------
REVENUES:
Sales and services $ 8,453
OPERATING COSTS AND EXPENSES:
Cost of sales and services 6,099
Selling, general and administrative expenses 115
-------
TOTAL OPERATING COSTS AND EXPENSES 6,214
-------
OPERATING INCOME 2,239
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,656)
Other expense (257)
Equity in earnings of affiliates (before income tax) 85
Loss on sale or write-down of investments (116)
-------
INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 295
Income tax provision 108
Minority interest 27
-------
INCOME FROM CONTINUING OPERATIONS 160
Loss from operations of discontinued components (net of income taxes) (513)
-------
INCOME(LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE (353)
Cumulative effect of accounting change (net of income taxes) (346)
-------
NET INCOME (LOSS) $ (699)
=======
3
THE AES CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002
PRO RATA BASIS
(UNAUDITED)
--------------------------------------------------------------------------------------------------
TWELVE MONTHS
ENDED
($ in millions) 9/30/2002
--------------------------------------------------------------------------------------------------
REVENUES:
Sales and services $ 8,640
OPERATING COSTS AND EXPENSES:
Cost of sales and services 6,288
Selling, general and administrative expenses 115
---------
TOTAL OPERATING COSTS AND EXPENSES 6,403
---------
OPERATING INCOME 2,237
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,678)
Other expense (175)
Loss on sale or write-down of investments (116)
---------
INCOME BEFORE INCOME TAXES 268
Income tax provision 108
---------
INCOME FROM CONTINUING OPERATIONS 160
Loss from operations of discontinued components (net of income taxes) (513)
---------
INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE (353)
Cumulative effect of accounting change (net of income taxes) (346)
---------
NET INCOME (LOSS) $ (699)
=========
4
THE AES CORPORATION
GAAP BASIS CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
SEPTEMBER 30, 2002
($ in millions, unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 975
Restricted cash 371
Short-term investments 305
Accounts receivable, net 1,292
Inventory 503
Receivable from affiliates 10
Deferred income taxes 338
Prepaid expenses and other current assets 948
Current assets of discontinued operations 300
-------
Total Current Assets 5,042
Property, Plant and Equipment
Land 697
Electric generation and distribution assets 21,624
Accumulated depreciation and amortization (4,102)
Construction in progress 4,747
-------
Property, Plant and Equipment, net 22,966
Other Assets
Deferred financing costs,net 416
Project development costs 68
Investments in and advances to affiliates 1,028
Debt service reserves and other deposits 378
Goodwill 2,040
Long-term assets of discontinued operations 2,080
Other assets 2,548
-------
Total Other Assets 8,558
-------
Total $36,566
=======
5
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 1,085
Accrued interest 443
Accrued and other liabilities 1,159
Current liabilities of discontinued operations 553
Recourse debt--current portion 1,544
Non-recourse debt--current portion 3,475
----------
Total Current Liabilities 8,259
LONG-TERM LIABILITIES
Non-recourse debt 13,952
Recourse debt 4,180
Deferred income taxes 1,650
Long-term liabilities of discontinued operations 1,252
Other long-term liabilities 2,978
----------
Total Long-Term Liabilities 24,012
Minority interest 904
Company-obligated convertible mandatorily redeemable
preferred securities of subsidiary trusts holding solely
junior subordinated debentures of AES 978
Stockholders' Equity
Common stock 5
Additional paid-in capital 5,268
Retained earnings 2,067
Accumulated other comprehensive loss (4,927)
----------
Total Stockholders' Equity 2,413
----------
Total $ 36,566
==========
6
THE AES CORPORATION
PRO RATA BASIS CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
SEPTEMBER 30, 2002
($ in millions, unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 933
Restricted cash 371
Short-term investments 234
Accounts receivable, net 1,146
Inventory 484
Deferred income taxes 22
Prepaid expenses and other current assets 1,112
Current assets of discontinued operations 296
--------
Total Current Assets 4,598
Property, Plant and Equipment
Land 589
Electric generation and distribution assets 21,089
Accumulated depreciation and amortization (3,917)
Construction in progress 4,557
--------
Property, Plant and Equipment, net 22,318
Other Assets
Deferred financing costs,net 393
Project development costs 68
Investments in and advances to affiliates 1,009
Debt service reserves and other deposits 366
Goodwill 1,806
Long-term assets of discontinued operations 2,066
Other assets 3,942
--------
Total Other Assets 9,650
--------
Total $ 36,566
========
7
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 952
Accrued interest 405
Accrued and other liabilities 1,076
Current liabilities of discontinued operations 551
Recourse debt--current portion 1,544
Non-recourse debt--current portion 2,876
--------
Total Current Liabilities 7,404
Long-Term Liabilities
Non-recourse debt 11,928
Recourse debt 4,180
Deferred income taxes 1,613
Long-term liabilities of discontinued operations 1,250
Other long-term liabilities 5,760
--------
Total Long-Term Liabilities 24,731
Minority interest 101
Company-obligated convertible mandatorily redeemable preferred
securities of subsidiary trusts holding solely junior subordinated
debentures of AES 978
Stockholders' Equity
Common stock 5
Additional paid-in capital 5,174
Retained earnings 2,582
Accumulated other comprehensive loss (4,409)
--------
Total Stockholders' Equity 3,352
--------
Total $ 36,566
========
8
CILCORP CONSOLIDATED
INCOME STATEMENT
TWELVE MONTHS ENDED 9/30/2002
(UNAUDITED)
(In Thousands)
Revenue:
CILCO Electric $ 391,668
CILCO Gas 191,899
CILCO Other 111,940
Other Businesses 54,959
------------
Total 750,466
------------
Operating expenses:
Cost of fuel and purchased power 210,580
Gas purchased for resale 159,120
Other operations and maintenance 126,974
Depreciation and amortization 75,962
Taxes, other than income taxes 39,390
------------
Total 612,026
------------
Fixed charges and other:
Interest expense 66,359
Preferred stock dividends of subsidiary 2,159
Allowance for funds used during construction (991)
Other 1,018
------------
Total 68,545
------------
Income from continuing operations before income taxes 69,895
Income taxes 25,265
------------
Income from continuing operations 44,630
Loss from operations of discontinued business, net of taxes (118)
------------
Net income $ 44,512
============
9
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED STATEMENT OF INCOME
TWELVE MONTHS ENDED SEPTEMBER 30, 2002
(UNAUDITED)
(In Thousands)
Operating Revenues:
Electric $ 391,668
Gas 191,899
-----------
Total Operating Revenues 583,567
-----------
Operating Expenses:
Cost of Fuel 131,233
Cost of Gas 112,071
Purchased Power 49,817
Other Operation & Maintenance Expenses 120,319
Depreciation and Amortization 70,685
Income Taxes 14,797
Other Taxes 39,124
-----------
Total Operating Expenses 538,046
-----------
Operating Income 45,521
Other Income and Deductions
Cost of Equity Funds Capitalized 14
CILCO Owned Life Insurance (1,018)
Other, Net 13,475
-----------
Total other income and (deductions) 12,471
-----------
Interest Expenses:
Interest on Long-Term Debt 18,268
Cost of Borrowed Funds Capitalized (977)
Other 3,930
-----------
Total interest expense 21,221
-----------
Net (loss) Income Before Preferred Dividends 36,771
-----------
Preferred Stock Dividends 2,159
-----------
Net Income Available for Common Stock $ 34,612
===========
10
CILCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
(In Thousands)
ASSETS
Current Assets:
Cash and Temporary Cash Investments $ 56,760
Receivables, Less Allowance for
Uncollectible Accounts of $2,067 and $1,800 58,591
Accrued Unbilled Revenue 24,587
Fuel, at Average Cost 13,896
Materials and Supplies, at Average Cost 18,130
Gas in Underground Storage, at Average Cost 27,128
FAC Underrecoveries 1,255
PGA Underrecoveries 2,379
Prepayments and Other 15,646
--------
Total Current Assets 218,372
--------
Investments and Other Property:
Investment in Leveraged Leases 134,257
Other Investments 17,424
--------
Total Investments and Other Property 151,681
--------
Property, Plant and Equipment:
Utility Plant, at Original Cost
Electric 728,738
Gas 240,250
--------
968,988
Less-Accumulated Provision for Depreciation 170,534
--------
798,454
Construction Work in Progress 102,288
Other, Net of Depreciation 22
--------
Total Property, Plant and Equipment 900,764
--------
Other Assets:
Goodwill, Net of Accumulated Amortization of $33,753 579,211
Other 27,578
-----------
Total Other Assets 606,789
-----------
Total Assets $1,877,606
===========
11
CILCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
(In Thousands)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current Portion of Long-Term Debt $ 26,750
Notes Payable --
Accounts Payable 60,697
Accrued Taxes 23,022
Accrued Interest 25,206
Other 5,191
-----------
Total Current Liabilities 140,866
-----------
Long-Term Debt 791,016
-----------
Deferred Credits and Other Liabilities:
Deferred Income Taxes 213,660
Regulatory Liability of Regulated Subsidiary 34,418
Deferred Investment Tax Credit 13,357
Other 93,632
-----------
Total Deferred Credits and Other Liabilities 355,067
-----------
Preferred Stock of Subsidiary Without
Mandatory Redemption 19,120
Preferred Stock of Subsidiary With
Mandatory Redemption 22,000
-----------
Total Preferred Stock of Subsidiary 41,120
-----------
Stockholders' Equity:
Common Stock, No Par Value; Authorized 10,000
Outstanding 1,000 --
Additional Paid-in Capital 518,833
Retained Earnings 39,100
Accumulated Other Comprehensive Loss (8,396)
-----------
Total Stockholders' Equity 549,537
-----------
Total Liabilities and Stockholders' Equity $ 1,877,606
===========
12
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
(In Thousands)
ASSETS
Utility Plant, At Original Cost:
Electric $1,338,112
Gas 464,137
---------
1,802,249
Less-Accumulated Provision for Depreciation 1,028,012
---------
774,237
Construction Work in Progress 102,288
----------
Total Utility Plant 876,525
----------
Other Property and Investments:
Cash Surrender Value of Company-owned Life
Insurance (Net of Related Policy Loans of
$69,523 and $65,314) 3,442
Other 1,050
----------
Total Other Property and Investments 4,492
----------
Current Assets:
Cash and Temporary Cash Investments 40,348
Receivables, Less Allowance for
Uncollectible Accounts of $2,067 and $1,800 57,477
Accrued Unbilled Revenue 22,291
Fuel, at Average Cost 13,896
Materials and Supplies, at Average Cost 16,752
Gas in Underground Storage, at Average Cost 27,128
Prepaid Taxes 9,583
FAC Underrecoveries 1,255
PGA Underrecoveries 2,379
Other 15,605
----------
Total Current Assets 206,714
----------
Deferred Debits:
Unamortized Loss on Reacquired Debt 2,266
Unamortized Debt Expense 1,668
Intangible Pension Asset 168
Other 10,934
----------
Total Deferred Debits 15,036
----------
Total Assets $1,102,767
==========
13
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002
(UNAUDITED)
(In Thousands)
CAPITALIZATION AND LIABILITIES
Capitalization:
Common Stockholders' Equity:
Common Stock, No Par Value; Authorized
20,000,000 Shares; Outstanding
13,563,871 Shares $ 185,661
Additional Paid-in Capital 52,000
Retained Earnings 125,400
Accumulated Other Comprehensive Loss (175)
-----------
Total Common Stockholders' Equity 362,886
Preferred Stock Without Mandatory Redemption 19,120
Preferred Stock With Mandatory Redemption 22,000
Long-term Debt 316,017
-----------
Total Capitalization 720,023
-----------
Current Liabilities:
Current Maturities of Long-Term Debt 26,750
Notes Payable --
Accounts Payable 55,828
Accrued Taxes 42,805
Accrued Interest 5,177
Other 5,191
-----------
Total Current Liabilities 135,751
-----------
Deferred Liabilities and Credits:
Accumulated Deferred Income Taxes 103,396
Regulatory Liability 34,418
Investment Tax Credits 13,357
Other 95,822
-----------
Total Deferred Liabilities and Credits 246,993
-----------
Total Capitalization and Liabilities $ 1,102,767
===========
14
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO/CILCORP CONTRIBUTIONS TO
AES/CILCORP CONSOLIDATED HOLDING COMPANY
(GAAP BASIS)
($MM)
----------------------------------------------------------------------------------------------------------
12 MOS. ENDED 9/30/01 12 MOS. ENDED 9/30/02(1)
----------------------------------------------------------------------------------------------------------
GROSS REVENUES %-CILCO 8.87% 7.56%
CILCO 813 696
AES 8,296 8,453
AES/CILCORP 9,168 9,203
----------------------------------------------------------------------------------------------------------
GROSS REVENUES %-CILCORP 9.51% 8.15%
CILCORP (Including CILCO) 872 750
AES 8,296 8,453
AES/CILCORP 9,168 9,203
----------------------------------------------------------------------------------------------------------
NET OPERATING REVENUES %-CILCO 6.06% 5.89%
CILCO 428 450
AES 6,591 7,119
AES/CILCORP 7,064 7,635
----------------------------------------------------------------------------------------------------------
NET OPERATING REVENUES %-CILCORP 6.70% 6.76%
CILCORP (Including CILCO) 473 516
AES 6,591 7,119
AES/CILCORP 7,064 7,635
----------------------------------------------------------------------------------------------------------
OPERATING INCOME %-CILCO 4.02% 3.37%
CILCO 83 80
AES 1,983 2,239
AES/CILCORP 2,066 2,377
----------------------------------------------------------------------------------------------------------
OPERATING INCOME %-CILCORP 5.18% 5.81%
CILCORP (Including CILCO) 107 138
AES 1,983 2,239
AES/CILCORP 2,066 2,377
----------------------------------------------------------------------------------------------------------
NET INCOME %-CILCO 7.62% (5.01%)
CILCO 34 35
AES 434 (744)
AES/CILCORP 446 (699)
----------------------------------------------------------------------------------------------------------
NET INCOME %-CILCORP 2.69% (6.44%)
CILCORP (Including CILCO) 12 45
AES 434 (744)
AES/CILCORP 446 (699)
----------------------------------------------------------------------------------------------------------
NET ASSETS %-CILCO 2.94% 3.02%
CILCO 1,070 1,103
AES 34,523 34,688
AES/CILCORP 36,381 36,566
----------------------------------------------------------------------------------------------------------
NET ASSETS %-CILCORP 5.11% 5.14%
CILCORP (Including CILCO) 1,858 1,878
AES 34,523 34,688
AES/CILCORP 36,381 36,566
----------------------------------------------------------------------------------------------------------
------------------
(1) For purposes of comparison with the prior period, the CILCORP and CILCO data
for gross revenues, net operating revenues and operating income were added to
AES consolidated data to arrive at AES/CILCORP amounts.
15
CILCO/CILCORP CONTRIBUTIONS TO
AES/CILCORP CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)(1)
($MM)
---------------------------------------------------------------------------------------------------------
12 MOS. ENDED 9/30/01 12 MOS. ENDED 09/30/02(2)
---------------------------------------------------------------------------------------------------------
GROSS REVENUES %-CILCO 7.92% 7.41%
CILCO 813 696
AES 9,389 8,640
AES/CILCORP 10,261 9,390
---------------------------------------------------------------------------------------------------------
GROSS REVENUES %-CILCORP 8.50% 7.99%
CILCORP (Including CILCO) 872 750
AES 9,389 8,640
AES/CILCORP 10,261 9,390
---------------------------------------------------------------------------------------------------------
NET OPERATING REVENUES %-CILCO 5.16% 5.80%
CILCO 428 450
AES 7,819 7,241
AES/CILCORP 8,292 7,757
---------------------------------------------------------------------------------------------------------
NET OPERATING REVENUES %-CILCORP 5.70% 6.65%
CILCORP (Including CILCO) 473 516
AES 7,819 7,241
AES/CILCORP 8,292 7,757
---------------------------------------------------------------------------------------------------------
OPERATING INCOME %-CILCO 3.42% 3.36%
CILCO 83 80
AES 2,322 2,237
AES/CILCORP 2,429 2,375
---------------------------------------------------------------------------------------------------------
OPERATING INCOME %-CILCORP 4.41% 5.81%
CILCORP (Including CILCO) 107 138
AES 2,322 2,237
AES/CILCORP 2,429 2,375
---------------------------------------------------------------------------------------------------------
NET INCOME %-CILCO 7.62% 6.54%
CILCO 34 35
AES 434 490
AES/CILCORP 446 535
---------------------------------------------------------------------------------------------------------
NET INCOME %-CILCORP 2.69% 8.41%
CILCORP (Including CILCO) 12 45
AES 434 490
AES/CILCORP 446 535
---------------------------------------------------------------------------------------------------------
NET ASSETS %-CILCO 2.81% 3.02%
CILCO 1,070 1,103
AES 36,277 34,688
AES/CILCORP 38,135 36,566
---------------------------------------------------------------------------------------------------------
NET ASSETS %-CILCORP 4.87% 5.14%
CILCORP (Including CILCO) 1,858 1,878
AES 36,277 34,688
AES/CILCORP 38,135 36,566
---------------------------------------------------------------------------------------------------------
------------------------
(1) This schedule presents, on a proforma basis, the results of operations of
AES excluding the following items: (1) Mark to market effect of FAS No. 133.
(For the 12-month period ending September 30, 2002, the net mark to market
gain from FAS No. 133 was $83 million.); (2) Loss on sale or write-down of
investments. (In the second quarter of 2002, AES recorded an impairment
charge of $40 million on an equity method of investment in a
telecommunications company in Latin America, and a loss on the sale of an
equity method investment in a telecommunications company in Latin America of
approximately $14 million. In the first quarter of 2002, a subsidiary of AES
sold an available-for-sale security resulting in gross proceeds of $92
million. The realized loss on the sale was $50 million. Approximately $48
million of the loss related to recognition of previously unrealized losses
which had been recorded in other comprehensive income.); (3) Foreign currency
transaction losses. (Foreign currency transaction losses due to devaluation
in Brazilian Real and devaluation in the Argentina Peso offset by foreign
transaction gains in Venezuelan Bolivar. The net foreign currency transaction
loss is approximately $284 million.); (4) Discontinued operations. (The
schedule excludes net loss of discontinued operations of $513 million
consisting mainly of Termocandelaria, IB Valley, Power Direct,
telecommunications businesses in Brazil and US, Fifoots, Eletronet, Cilcorp,
NewEnergy and Medina Valley.); (5) Accounting change. (In April 2002, AES
adopted Derivative Implementation Group (DIG) Issue C-15 which established
specific guidelines for certain contracts to be considered normal purchases
and normal sales contracts. This resulted in a cumulative effect of an
accounting change increase to $127 million, net of income tax effects. On
January 1, 2002, AES adopted SFAS No. 142, "Goodwill and Other Intangible
Assets" which establishes accounting and reporting standards for goodwill and
other intangible assets. The adoption of SFAS No. 142 resulted in a
cumulative reduction to income of $473 million, net of income tax effects.);
(6) Provision for regulatory decision in Brazil. (AES has recorded the
retroactive regulatory decision by the Brazilian regulator depriving AES Sul
of amounts the company believes it was entitled to receive as a reduction in
revenue.) If the excluded amounts are taken into account, certain
CILCO/CILCORP contributions to AES/CILCORP on a consolidated basis would be
different as follows: (5.01%) CILCO to Net Income and (6.44%) CILCORP to Net
Income.
(2) For purposes of comparison with the prior period, the CILCORP and CILCO data
for gross revenues, net operating revenues and operating income were added to
AES consolidated data to arrive at AES/CILCORP amounts.
16
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at September 30, 2002 (excluding CILCORP and
IPALCO):
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
---- ------- ---- --- ---- ------
AES Deepwater USA 143 100 143 QF
AES Beaver Valley USA 125 100 125 QF
AES Placerita USA 120 100 120 QF
AES Thames USA 181 100 181 QF
AES Shady Point USA 320 100 320 QF
AES Hawaii USA 180 100 180 QF
AES Warrior Run USA 180 100 180 QF
AES Somerset USA 675 100 675 EWG
AES Cayuga USA 306 100 306 EWG
AES Greenidge USA 161 100 161 EWG
AES Westover USA 126 100 126 EWG
AES Alamitos USA 2,083 100 2,083 EWG
AES Redondo Beach USA 1,310 100 1,310 EWG
AES Huntington Beach USA 563 100 563 EWG
AES Hemphill USA 14 70 10 QF
AES Mendota USA 25 100 25 QF
AES Delano USA 50 100 50 QF
AES Mountainview USA 126 100 126 EWG
AES Medina Valley (sale pending) USA 47 100 47 EWG
AES Ironwood USA 705 100 705 EWG
AES Red Oak USA 832 100 832 EWG
AES Riverside* USA 154 100 154 EWG
----- -----
DOMESTIC SUBTOTAL: 8,426 8,422
* Currently in discontinued operations status.
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
---- ------- ---- --- ---- ------
AES Kingston Canada 110 50 55 EWG
AES San Nicholas Argentina 650 69 449 EWG
AES Cabra Corral Argentina 102 98 100 FUCO
AES El Tunal Argentina 10 98 10 FUCO
AES Sarmiento Argentina 33 98 32 FUCO
AES Ullum Argentina 45 98 44 FUCO
AES Quebrada Argentina 45 100 45 FUCO
AES Alicura Argentina 1,000 100 1,000 FUCO
CEMIG - Miranda Brazil 390 9 35 FUCO
17
CEMIG - Igarapava Brazil 210 1 2 FUCO
CEMIG (35 plants) Brazil 5,068 9 456 FUCO
AES Bayano Panama 236 49 116 FUCO
AES Panama Panama 42 49 21 FUCO
AES Chiriqui - La Estrella Panama 42 49 21 FUCO
AES Chiriqui - Los Valles Panama 48 49 24 FUCO
AES Los Mina Dom. Rep. 210 100 210 EWG
AES Yarra Australia 510 100 510 FUCO
AES Jeeralang Australia 449 100 449 FUCO
AES Mt. Stuart Australia 288 100 288 FUCO
AES Xiangci - Cili China 26 51 13 FUCO
Wuhu China 250 25 63 FUCO
Chengdu Lotus City China 48 35 17 FUCO
AES Jiaozuo China 250 70 175 FUCO
AES Hefei China 115 70 81 FUCO
AES Chongqing Nanchuan China 50 70 35 FUCO
Yangcheng China 2,100 25 525 FUCO
AES Ekibastuz Kazakhstan 4,000 100 4,000 FUCO
AES Ust-Kamenogorsk GES Kazakhstan 331 100 331 FUCO
AES Shulbinsk GES Kazakhstan 702 100 702 FUCO
AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100 1,464 FUCO
AES Leninogorsk TETS Kazakhstan 418 100 418 FUCO
AES Sogrinsk TETS Kazakhstan 349 100 349 FUCO
AES Semipalatinsk TETS Kazakhstan 840 100 840 FUCO
AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Managt 0 FUCO
OPGC India 420 49 206 FUCO
AES Lal Pir Pakistan 351 90 316 FUCO
AES PakGen Pakistan 344 90 310 FUCO
AES Borsod Hungary 171 100 171 FUCO
AES Tisza II Hungary 860 100 860 FUCO
AES Tiszapalkonya Hungary 250 100 250 FUCO
AES Elsta Netherlands 405 50 203 FUCO
Medway U.K. 688 25 172 FUCO
AES Indian Queens U.K. 140 100 140 EWG
AES Kilroot U.K. 520 92 479 FUCO
AES Barry U.K. 230 100 230 FUCO
AES Drax U.K. 4,065 100 4,065 FUCO
AES Uruguaiana Brazil 600 100 600 FUCO
AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO
AES EDC Venezuela 2,265 87 1,971 FUCO
AES Merida III Mexico 484 55 266 FUCO
AES Mtkvari Georgia 600 100 600 FUCO
AES Khrami I Georgia 113 Managt 0 FUCO
AES Khrami II Georgia 110 Managt 0 FUCO
AES Ottana Italy 140 100 140 FUCO
AES Mammonal Columbia 90 62 56 FUCO
AES Chivor Columbia 1,000 96 960 FUCO
AES Gener-Electrica de Santiago Chile 379 89 337 FUCO
AES Gener-Energia Verde Chile 39 99 39 FUCO
AES Gener-Guacolda Chile 304 49 149 FUCO
AES Gener-Norgener Chile 277 99 274 FUCO
Itabo (pending sale) Dom. Rep. 587 24 141 FUCO
AES Bohemia Czech Rep. 50 83 42 FUCO
AES SONEL Cameroon 800 51 408 FUCO
Central Dique Argentina 68 51 35 FUCO
AES Termoandes Argentina 643 99 637 FUCO
AES Parana Argentina 845 67 566 FUCO
18
AES Kelvin Rep. South 600 95 570 FUCO
Africa
Ebute Nigeria 290 95 276 FUCO
AES Gener - Cordillera Chile 245 99 243 FUCO
AES Gener - Costa Chile 512 99 507 FUCO
AES Haripur Bangladesh 360 100 360 FUCO
------ ------
43,236 30,864
FOREIGN SUBTOTAL:
TOTAL - September 30, 2002 51,662 39,286
Foreign Generation as a Percentage of Total: 84% 79%
CILCORP Generating Plants at September 30, 2002:
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ---- ------
Edwards (3 units) USA 740 100 740 IL PUC
Duck Creek USA 366 100 366 IL PUC
Indian Trails USA 10 100 10 IL PUC
Sterling Avenue USA 30 100 30 IL PUC
Hallock Power Modules USA 13 100 13 IL PUC
Kickapoo Power Modules USA 13 100 13 IL PUC
----- -----
TOTAL - September 30, 2002 1,172 1,172
Revenues from electric generation capacity - 12 months ended September 30, 2002
(millions of dollars):
CILCORP 157 4%
AES (excluding CILCORP)(1) 4,231 96%
------------ -----------
Total 4,388 100%
CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES generation revenues are derived from the total generation revenues
earned by AES subsidiaries times the percentage ownership interest of AES in
those subsidiaries.
There has been no change in the amount of generation capacity owned by CILCORP
and a 290 MW decrease in the amount of generation capacity owned by AES
(excluding CILCORP and IPALCO) from 39,576 to 39,286 MW since June 30, 2002.
There has been a less than 1% increase in the total revenues earned from the
capacity owned by AES and CILCORP in the 12-month period ended September 30,
2002 compared with the 12-month period ended June 30, 2002. The percentage of
the total revenues derived from the generation capacity owned by CILCORP has
remained the same at 4%.
-----------------------
(1) Includes revenues from electric generating capacity owned by IPALCO.
19
The only country in which there was a net increase in AES' MW capacity since
June 30, 2002 was the United States.
ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS
DISTRIBUTION:
Electric transmission and distribution and gas distribution assets owned as of
September 30, 2002 (millions of dollars):
CILCORP 790
Total AES (excluding CILCORP)(1) 6,283
--------
Total 7,073
Electric transmission and distribution and gas distribution revenues for 12
months ending September 30, 2002 (millions of dollars):
CILCORP 427
Total AES (excluding CILCORP)(2) 4,410
--------
Total 4,837
CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES transmission and distribution revenues are derived from the total
revenues earned by AES transmission and distribution subsidiaries by multiplying
these revenues by the percentage ownership interest of AES in those
subsidiaries.
The total transmission and distribution assets owned by AES and CILCORP have
decreased since June 30, 2002. CILCORP's transmission and distribution assets
have decreased slightly while the revenues derived from such assets have
increased slightly since June 30, 2002. AES' transmission and distribution
assets have decreased and the revenues derived from such assets have decreased
since June 30, 2002. CILCORP's percentage of the total transmission and
distribution assets has increased from 10% to 11%, and CILCORP's percentage of
the total revenues from such assets has increased from 8% to 9% for the 12-month
period ending September 30, 2002 compared to the 12-month period ending June 30,
2002.
ITEM (5) PER EXEMPTION ORDER:
CILCO has not sold or transferred any electric and/or gas utility assets to any
affiliate company of the AES consolidated holding company system during the
third quarter of 2002.
ITEM (6) PER EXEMPTION ORDER:
On June 19, 2002, CILCO and Ameren Corporation (jointly, "Applicants") filed a
joint application with the Illinois Commerce Commission for authority to engage
in a reorganization, and to enter into various agreements in connection
therewith, including agreements with affiliated interests, and for such other
approvals as may
----------------
(1) Includes transmission and distribution assets owned by IPALCO.
(2) Includes revenues from transmission and distribution assets owned by IPALCO.
20
be required under the Illinois Public Utilities Act to effectuate the
reorganization. The filing was made in Docket No. 02-0428, and a copy is
incorporated by reference to the certificate being filed concurrently with this
certificate in File No. 70-9779. Evidentiary hearings were held in this matter
on October 24 and 25, 2002, in Springfield, Illinois, before an Administrative
Law Judge. The docket was marked "Heard and Taken" at the conclusion of the
hearings. The Applicants filed an "Applicant's Draft Proposed Order" on November
13, 2002.
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935,
as amended, AES has duly caused this certificate to be signed on its behalf on
this 27th day of November, 2002 by the undersigned thereunto duly authorized.
The AES Corporation
By: /s/ ERIK LUCKAU
-------------------------
Erik Luckau
Associate General Counsel
21