UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
)
The AES Corporation ) File No. 70-9779
)
Certificate Pursuant to Rule 24 and Release No. 35-27363
Under the Public Utility Holding Company Act of 1935
On March 23, 2001, the Securities and Exchange Commission
("SEC") issued an order, Release No. 35-27363 in File No. 70-9779 ("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 IPALCO Enterprises, Inc. ("IPALCO"), which has a
public-utility subsidiary company, Indianapolis Power & Light Company ("IPL").
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 two years beginning March 31, 2001 and every six months
thereafter. A certificate complying with the Exemption Order is set forth below
(as an attachment) for the period ending June 30, 2001. AES is separately filing
a certificate in File No. 70-9465 as required by the Commission's order in
Release No. 35-27063 in connection with the AES acquisition of CILCORP Inc.
("CILCORP"), which has a public-utility subsidiary company, Central Illinois
Light Company ("CILCO").
Respectfully submitted,
/s/ EARLE H. O'DONNELL
----------------------
Earle H. O'Donnell
Andrew B. Young
Dewey Ballantine LLP
1775 Pennsylvania Avenue, N.W.
Washington, D.C. 20006
Dated: August 29, 2001
THE AES CORPORATION
SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER
QUARTER ENDED JUNE 30, 2001
ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED):
1) Statement of Income of The AES Corporation for the 12 months ended June 30,
2001
2) Balance Sheet of The AES Corporation at June 30, 2001
3) Statement of Income of IPALCO for the 12 months ended June 30, 2001
4) Statement of Income of IPL for the 12 months ended June 30, 2001
5) Consolidated Balance Sheet of IPALCO at June 30, 2001
6) Consolidated Balance Sheet of IPL at June 30, 2001
7) Statement of Income of CILCORP for the 12 months ended June 30, 2001
8) Statement of Income of CILCO for the 12 months ended June 30, 2001
9) Consolidated Balance Sheet of CILCORP at June 30, 2001
10) Consolidated Balance Sheet of CILCO at June 30, 2001
2
THE AES CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(INCLUDES CILCORP AND IPALCO)
FOR THE TWELVE MONTHS ENDED JUNE 30, 2001 - PRO RATA BASIS
--------------------------------------------------------------------------------------
TWELVE
MONTHS
ENDED
6/30/2001
--------------------------------------------------------------------------------------
($ in millions, except per share amounts)
REVENUES:
Sales and services $ 9,579
OPERATING COSTS AND EXPENSES:
Cost of sales and services 7,116
Selling, general and administrative expenses 105
-------
TOTAL OPERATING COSTS AND EXPENSES 7,221
-------
OPERATING INCOME 2,358
OTHER INCOME AND (EXPENSE):
Interest expense, net (1,439)
Other income (expense) (3)
Nonrecurring severance and transaction costs (178)
Loss on sale of Power Direct (31)
-------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND EXTRAORDINARY ITEM 707
Income tax provision 97
-------
INCOME BEFORE EXTRAORDINARY ITEM 611
Extraordinary item 4
-------
NET INCOME $ 607
=======
3
THE AES CORPORATION
PRO RATA CONSOLIDATED BALANCE SHEET
(INCLUDES CILCORP AND IPALCO)
JUNE 30, 2001
($ in millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,270
Short-term investments 364
Accounts receivable, net 1,712
Inventory 516
Receivable from affiliates 18
Deferred income taxes 197
Prepaid expenses and other current assets 649
------------
TOTAL CURRENT ASSETS 4,726
PROPERTY, PLANT AND EQUIPMENT
Land 705
Electric generation and distribution assets 21,533
Accumulated depreciation and amortization (3,301)
Construction in progress 3,900
------------
PROPERTY, PLANT AND EQUIPMENT, NET 22,837
OTHER ASSETS
Deferred financing costs, net 423
Project development costs 110
Investments in and advances to affiliates 3,671
Debt service reserves and other deposits 721
Excess of Cost over Net Assets Acquired 2,599
Other assets 2,306
------------
TOTAL OTHER ASSETS 9,830
TOTAL $ 37,393
============
4
LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 845
Accrued interest 571
Accrued and other liabilities 1,619
Other notes payable - current portion 676
Project financing debt - current portion 2,137
------------
TOTAL CURRENT LIABILITIES 5,848
LONG-TERM LIABILITIES
Recourse Debt-LT 4,761
Project Financing Debt-LT 12,974
Other notes payable-LT 504
Deferred Tax Liability 2,056
Other long-term liabilities 2,431
------------
TOTAL LONG-TERM LIABILITIES 22,726
TECONS 1,228
STOCKHOLDERS' EQUITY
Common Stock 5
Contributed capital / Additional paid in capital 5,507
Retained earnings 4,641
Accumulated other comprehensive loss (2,562)
------------
TOTAL STOCKHOLDERS' EQUITY 7,591
TOTAL $ 37,393
============
5
IPALCO Enterprises, Inc.
Statement of Consolidated Income
Period ending June 30, 2001
(Unaudited)
12 MONTHS
ENDED 6/30/01
-------------
OPERATING REVENUES:
Electric 846,764,442
Steam 10,507,556
-------------
GROSS OPERATING REVENUES 857,271,998
-------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 190,307,640
Production - Other 87,491,721
Power Purchased 12,295,572
Purchased Steam 2,028,215
-------------
Total 292,123,148
Transmission 5,115,133
Distribution - Electric 32,170,769
Customer and Distribution - Steam 992,757
Customer Accounts 16,043,283
Customer Service and Informational 9,281,213
Administrative and General 202,806,450
-------------
Total 558,532,753
Depreciation 110,067,640
Amortization of Regulatory Deferrals 1,054,476
Income Taxes - Net 50,476,493
Taxes Other than Income Taxes 38,079,475
Disposition of Allowances - Net (4,262,660)
-------------
Total Operating Expenses and Taxes 753,948,177
-------------
OPERATING INCOME 103,323,821
-------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Funds During Construction 742,195
Carrying Charges on Regulatory Assets 156,783
IPL Miscellaneous Income & Deductions - Net (24,951,638)
IPL Income Taxes - Net 9,779,573
IPALCO Enterprises, Inc. - Parent Co. (16,303,727)
Mid-America Capital Resources, Inc. 2,665,890
Mid-America Energy Resources, Inc. 26,106,121
-------------
Total Other Income and Deductions (1,804,803)
-------------
TOTAL INCOME 101,519,018
-------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,351,902
Allowance for Funds During Const-Credit (353,986)
Deferred Return on Regulatory Assets (48,958)
Other Interest Charges 430,422
Amortization - Debt Discount & Expense 1,966,009
Preferred Stock Transactions 3,213,312
-------------
Total Interest and Other Charges - Net 43,558,701
-------------
CUM. ACCOUNTING CHANGE - Net of Taxes 0
NET INCOME 57,960,317
=============
6
IPL
Statement of Income
Period ending June 30, 2001
(Unaudited)
12 MONTHS
ENDED 6/30/01
-------------
OPERATING REVENUES:
Electric 846,764,442
Steam 10,507,556
-------------
GROSS OPERATING REVENUES 857,271,998
-------------
OPERATING EXPENSES AND TAXES:
Production - Fuel 190,307,640
Production - Other 87,491,721
Power Purchased 12,295,572
Purchased Steam 2,028,215
-------------
Total 292,123,148
Transmission 5,115,133
Distribution - Electric 32,170,769
Customer and Distribution - Steam 992,757
Customer Accounts 16,043,283
Customer Service and Informational 9,281,213
Administrative and General 202,806,450
-------------
Total 558,532,753
Depreciation 110,067,640
Amortization of Regulatory Deferrals 1,054,476
Income Taxes - Net 50,476,493
Taxes Other than Income Taxes 38,079,475
Disposition of Allowances - Net (4,262,660)
-------------
Total Operating Expenses and Taxes 753,948,177
-------------
OPERATING INCOME 103,323,821
-------------
OTHER INCOME AND DEDUCTIONS:
Allowance for Other Funds During Construction 742,195
Carrying Charges on Regulatory Assets 156,783
Miscellaneous Income and Deductions - Net (5,311,154)
Income Taxes - Net 3,615,278
-------------
Total Other Income and Deductions (796,898)
-------------
TOTAL INCOME 102,526,923
-------------
INTEREST CHARGES:
Interest on Long-Term Debt 38,351,902
Allowance for Borrowed Funds Used During Const (353,986)
Deferred Return on Regulatory Assets-Borrowed (48,958)
Other Interest Charges 430,422
Amortization - Debt Discount & Expense 1,966,009
-------------
Total Interest and Other Charges - Net 40,345,389
-------------
INCOME BEFORE EXTRAORDINARY ITEMS
AND CUMULATIVE ACCOUNTING CHANGE 62,181,534
Less Preferred Stock Transactions 3,213,312
-------------
INCOME APPLICABLE TO COMMON STOCK 58,968,222
=============
OPERATION 478,809,141
MAINTENANCE 79,723,608
7
IPALCO Enterprises, Inc. and Subsidiaries
Balance Sheet
Period Ending June 30, 2001
(Unaudited)
THIS YEAR LAST YEAR CHANGE
ASSETS:
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost 3,027,420,139 3,093,191,663 (65,771,524)
Less: Accum. Prov. for Deprec. & Amort 1,394,173,400 1,350,588,787 43,584,613
-------------- -------------- --------------
Total Utility Plant - Net 1,633,246,739 1,742,602,876 (109,356,137)
-------------- -------------- --------------
OTHER PROPERTY, INVESTMENTS AND OTHER
ASSETS:
Nonutility Property 2,684,122 85,040,344 (82,356,222)
Less Accumulated Provision for Depreciation 913,434 17,428,971 (16,515,537)
-------------- -------------- --------------
Total Nonutility Property - Net 1,770,688 67,611,373 (65,840,685)
Other Investments 9,720,974 15,713,452 (5,992,478)
-------------- -------------- --------------
Total 11,491,662 83,324,825 (71,833,163)
-------------- -------------- --------------
CURRENT ASSETS:
Cash 2,915,265 4,806,712 (1,891,447)
Special Deposits 0 88 (88)
Working Funds 267,775 164,582 103,193
Temporary Cash Investments 16,132,000 16,248,000 (116,000)
Accounts Receivable - Associated Companies 3 (1) 4
Accounts Receivable:
Customers 40,866,844 42,999,552 (2,132,708)
Miscellaneous 9,237,723 7,870,676 1,367,047
Less: Reserve for Uncollectible Accounts (1,181,940) (1,521,416) 339,476
Interest Receivable 45,754 28,296 17,458
Notes Receivable 0 117,416 (117,416)
Fuel 24,590,539 43,759,013 (19,168,474)
Materials and Supplies - Net 47,679,837 49,076,476 (1,396,639)
Other Current Assets 1,841,950 3,175,142 (1,333,192)
Deferred Fuel Expense 0 484,414 (484,414)
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr
-------------- -------------- --------------
Total Current Assets 142,395,750 167,208,950 (24,813,200)
-------------- -------------- --------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 17,011,337 17,687,284 (675,947)
Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,526,175 9,904,698 (378,523)
Unamort. Reacquisition Premium on Debt 19,258,749 20,889,253 (1,630,504)
Other Regulatory Assets 70,979,406 53,675,373 17,304,033
Miscellaneous 4,177,791 3,671,751 506,040
Unamortized Debt Expense 5,353,180 6,536,525 (1,183,345)
-------------- -------------- --------------
Total Deferred Debits 126,306,638 112,364,884 13,941,754
-------------- -------------- --------------
TOTAL ASSETS 1,913,440,789 2,105,501,535 (192,060,746)
============== ============== ==============
8
THIS YEAR LAST YEAR CHANGE
LIABILITIES
CAPITALIZATION:
Common Shareholder's Equity:
Common Stock 0 439,234,044 (439,234,044)
Unearned Compensation - Restricted Stock 0 (1,659,246) 1,659,246
Premium and Net Gain on Preferred Stock 648,700 648,700 0
Retained Earnings 685,785,468 783,904,322 (98,118,854)
Accumulated Other Comprehensive Income (4,676,406) 112,130 (4,788,536)
Common Stock held by Treasury 0 (556,754,453) 556,754,453
-------------- -------------- --------------
Total 681,757,762 665,485,497 16,272,265
-------------- -------------- --------------
Non-Redeemable Cumulative Preferred Stock 59,135,300 59,135,300 0
-------------- -------------- --------------
Long-Term Debt 622,650,000 790,350,000 (167,700,000)
Unamort. Premium on LT Debt - Net (753,175) (817,885) 64,710
-------------- -------------- --------------
Total Long-Term Debt 621,896,825 789,532,115 (167,635,290)
-------------- -------------- --------------
Total Capitalization 1,362,789,887 1,514,152,912 (151,363,025)
-------------- -------------- --------------
CURRENT LIABILITIES:
Notes Payable 0 5,999,999 (5,999,999)
Accounts Payable 45,857,479 62,437,886 (16,580,407)
Dividends Payable 981,382 14,921,124 (13,939,742)
Customer Deposits 8,664,307 9,629,567 (965,260)
Accrued Liabilities:
Interest on Long-Term Debt 11,552,085 12,354,789 (802,704)
Interest on Customer Deposits, etc 1,481,108 1,333,383 147,725
Taxes:
Federal Taxes on Income 9,846,601 25,690,446 (15,843,845)
State Taxes on Income 2,120,151 3,842,756 (1,722,605)
Real Estate and Personal Property 19,166,902 20,136,210 (969,308)
Miscellaneous 200,279 1,278,688 (1,078,409)
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr 341,465 0 341,465
Deferred Fuel Expense 6,126,941 0 6,126,941
Accounts Payable - Associated Companies 1 0 1
Miscellaneous 165,050 12,201 152,849
-------------- -------------- --------------
Total 106,503,751 157,637,049 (51,133,298)
Current Maturity of Long Term Debt 300,000 34,431,000 (34,131,000)
-------------- -------------- --------------
Total Current Liabilities 106,803,751 192,068,049 (85,264,298)
-------------- -------------- --------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax - Credit 70,662,654 50,564,632 20,098,022
Accumulated Deferred Income Tax - Net 237,869,016 277,644,571 (39,775,555)
Unamortized Investment Tax Credit 35,074,235 37,841,831 (2,767,596)
Accrued Postretirement Benefits 5,304,434 1,072,001 4,232,433
Accrued Pension Benefits 90,445,291 26,939,064 63,506,227
Miscellaneous 4,491,524 5,218,475 (726,951)
-------------- -------------- --------------
Total Deferred Credits 443,847,154 399,280,574 44,566,580
-------------- -------------- --------------
TOTAL LIABILITIES 1,913,440,792 2,105,501,535 (192,060,743)
============== ============== ==============
9
IPL
Balance Sheet
Period ending June 30, 2001
(Unaudited)
THIS YEAR LAST YEAR CHANGE
ASSETS:
PROPERTY, PLANT AND EQUIPMENT
Utility Plant, at Original Cost 3,027,420,139 3,074,206,259 (46,786,120)
Less: Accum. Prov. for Deprec. & Amort 1,394,173,400 1,350,588,787 43,584,613
-------------- -------------- --------------
Total Utility Plant - Net 1,633,246,739 1,723,617,472 (90,370,733)
-------------- -------------- --------------
OTHER PROPERTY, INVESTMENTS AND OTHER ASSETS:
Nonutility Property 2,474,502 1,757,280 717,222
Less Accumulated Provision for Depreciation 716,450 78,641 637,809
-------------- -------------- --------------
Total Nonutility Property - Net 1,758,052 1,678,639 79,413
Other Investments 4,144,430 4,032,381 112,049
-------------- -------------- --------------
Total 5,902,482 5,711,020 191,462
-------------- -------------- --------------
CURRENT ASSETS:
Cash 2,794,219 3,261,424 (467,205)
Special Deposits 0 88 (88)
Working Funds 267,775 162,479 105,296
Temporary Cash Investments 13,471,000 6,926,000 6,545,000
Accounts Receivable - Associated Companies 0 643,619 (643,619)
Accounts Receivable:
Customers 40,847,641 39,155,140 1,692,501
Miscellaneous 9,010,298 7,573,292 1,437,006
Less: Reserve for Uncollectible Accounts (1,152,015) (1,351,544) 199,529
Interest Receivable 44,410 28,543 15,867
Notes Receivable 0 0 0
Fuel 24,590,539 43,544,196 (18,953,657)
Materials and Supplies - Net 47,683,513 48,466,637 (783,124)
Other Current Assets 1,841,950 2,688,173 (846,223)
Deferred Fuel Expense 0 484,414 (484,414)
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr
Tax Refund Receivable 39,794 39,794 0
-------------- -------------- --------------
Total Current Assets 139,439,124 151,622,255 (12,183,131)
-------------- -------------- --------------
DEFERRED DEBITS:
Unamortized Petersburg Unit 4 Carrying Charges 17,011,337 17,687,284 (675,947)
Unamort. Def. Return-Pete Unit 4 Carrying Chgs 9,526,175 9,904,698 (378,523)
Unamort. Reacquisition Premium on Debt 19,258,749 20,889,253 (1,630,504)
Other Regulatory Assets 70,979,406 53,675,373 17,304,033
Miscellaneous 3,769,260 224,555 3,544,705
Unamortized Debt Expense 5,301,747 5,576,296 (274,549)
-------------- -------------- --------------
Total Deferred Debits 125,846,674 107,957,459 17,889,215
-------------- -------------- --------------
TOTAL ASSETS 1,904,435,019 1,988,908,206 (84,473,187)
============== ============== ==============
10
THIS YEAR LAST YEAR CHANGE
LIABILITIES
CAPITALIZATION:
Common Shareholder's Equity:
Common Stock 324,536,675 324,536,675 0
Premium and Net Gain on Preferred Stock 2,642,134 2,642,134 0
Retained Earnings 339,753,529 456,003,357 (116,249,828)
Accumulated Other Comprehensive Income (4,679,016) 0 (4,679,016)
-------------- -------------- --------------
Total 662,253,322 783,182,166 (120,928,844)
-------------- -------------- --------------
Non-Redeemable Cumulative Preferred Stock 59,135,300 59,135,300 0
-------------- -------------- --------------
Long-Term Debt 622,650,000 628,800,000 (6,150,000)
Unamort. Premium on LT Debt - Net (753,175) (817,885) 64,710
-------------- -------------- --------------
Total Long-Term Debt 621,896,825 627,982,115 (6,085,290)
-------------- -------------- --------------
Total Capitalization 1,343,285,447 1,470,299,581 (127,014,134)
-------------- -------------- --------------
CURRENT LIABILITIES:
Accounts Payable 44,408,948 57,150,650 (12,741,702)
Dividends Payable 805,604 17,737,176 (16,931,572)
Customer Deposits 8,664,307 8,379,567 284,740
Accrued Liabilities:
Interest on Long-Term Debt 11,518,335 11,545,837 (27,502)
Interest on Customer Deposits, etc 1,481,108 1,327,416 153,692
Taxes:
Federal Taxes on Income 21,446,296 4,945,403 16,500,893
State Taxes on Income 358,514 943,108 (584,594)
Real Estate and Personal Property 19,165,632 19,003,309 162,323
Miscellaneous 194,873 891,643 (696,770)
Def. Fed. & St. Tax on Fuel Costs - Due w/i 1 Yr 341,465 0 341,465
Deferred Fuel Expense 6,126,941 0 6,126,941
Accounts Payable - Associated Companies 2,239,776 0 2,239,776
Miscellaneous 165,050 11,104 153,946
-------------- -------------- --------------
Total 116,916,849 121,935,213 (5,018,364)
-------------- -------------- --------------
Total Current Liabilities 116,916,849 121,935,213 (5,018,364)
-------------- -------------- --------------
DEFERRED CREDITS:
FAS109 Net Deferred Income Tax - Credit 70,662,654 50,564,632 20,098,022
Accumulated Deferred Income Tax - Net 238,254,602 277,305,150 (39,050,548)
Unamortized Investment Tax Credit 35,074,235 37,841,831 (2,767,596)
Accrued Postretirement Benefits 5,304,434 1,072,001 4,232,433
Accrued Pension Benefits 90,445,291 26,939,064 63,506,227
Miscellaneous 4,491,509 2,950,727 1,540,782
-------------- -------------- --------------
Total Deferred Credits 444,232,725 396,673,405 47,559,320
-------------- -------------- --------------
TOTAL LIABILITIES 1,904,435,021 1,988,908,199 (84,473,178)
============== ============== ==============
11
CILCORP CONSOLIDATED
INCOME STATMENT
TWELVE MONTHS ENDED 6/30/2001
(Unaudited)
REVENUE:
CILCO ELECTRIC $ 398,889
CILCO GAS 335,395
CILCO OTHER 68,785
OTHER BUSINESSES 52,452
------------------
TOTAL 855,521
------------------
OPERATING EXPENSES:
FUEL FOR GENERATION AND PURCHASED POWER 222,049
GAS PURCHASED FOR RESALE 285,314
OTHER OPERATIONS AND MAINTENANCE 124,552
DEPRECIATION AND AMORTIZATION 87,418
TAXES, OTHER THAN INCOME TAXES 40,573
------------------
TOTAL 759,906
------------------
FIXED CHARGES AND OTHER:
INTEREST EXPENSE 72,832
PREFERRED STOCK DIVIDENDS OF SUBSIDIARY 2,158
ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION (375)
OTHER 1,318
------------------
TOTAL 75,933
------------------
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 19,682
INCOME TAXES 10,162
------------------
NET INCOME (LOSS) FROM CONTINUING OPERATIONS 9,520
INCOME (LOSS) FROM OPERATIONS OF DISCONTINUED BUSINESS, NET OF TAXES -
EXTRAORDINARY ITEM -
------------------
NET INCOME (LOSS) BEFORE MINORITY INTEREST 9,520
MINORITY INTEREST -
------------------
NET INCOME (LOSS) 9,520
OTHER COMPREHENSIVE INCOME (7,319)
------------------
COMPREHENSIVE INCOME (LOSS) $ 2,201
==================
12
CENTRAL ILLINOIS LIGHT COMPANY
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
TWELVE MONTHS ENDED
6/30/2001
Operating Revenues:
Electric $ 398,889
Gas 335,395
---------
734,284
---------
Operating Expenses:
Cost of Fuel 117,127
Cost of Gas 246,996
Purchased Power 49,148
Other Operation & Maintenance Expenses 118,792
Depreciation and Amortization 68,797
Income Taxes 26,582
Other Taxes 40,485
---------
Total Operating Expenses 667,927
---------
Operating Income 66,357
Other Income and Deductions
CILCO Owned Life Insurance (1,318)
Other, Net 4,599
---------
Total other income and (deductions) 3,281
---------
Income Before Interest Expenses 69,638
Interest Expenses:
Interest on Long-Term Debt 17,313
Cost of Borrowed Funds Capitalized (375)
Other 7,626
---------
Total interest expense 24,564
---------
Net (loss) Income Before Preferred Dividends 45,074
---------
Preferred Stock Dividends 2,158
---------
Net Inc Available for Common Stock $ 42,916
=========
13
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(Unaudited)
JUNE 30,
2001
ASSETS
Current assets:
Cash and temporary cash investments $ 11,046
Receivables, less reserves of $1,151 and $1,343 88,753
Accrued unbilled revenue 27,017
Fuel, at average cost 16,166
Materials and supplies, at average cost 18,567
Gas in underground storage, at average cost 20,439
FAC/PGA underrecoveries 870
Prepayments and other 9,029
----------
Total current assets 191,887
----------
Investments and other property:
Investment in leveraged leases 136,261
Other investments 20,150
----------
Total investments and other property 156,411
----------
Property, plant and equipment:
Utility plant, at original cost
Electric 703,065
Gas 221,063
----------
924,128
Less - accumulated provision for depreciation 97,273
----------
826,855
Construction work in progress 40,137
Other, net of depreciation 79
----------
Total property, plant and equipment 867,071
----------
Other assets:
Goodwill, net of accumulated
amortization of $26,087 and $18,422 586,877
Other 68,495
----------
Total other assets 655,372
----------
Total assets $1,870,741
==========
14
CILCORP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands)
(Unaudited)
JUNE 30,
2001
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt $ 18,900
Notes payable 111,434
Accounts payable 66,001
Accrued taxes 19,476
Accrued interest 17,386
FAC/PGA overrecoveries 1,841
Other 17,064
----------
Total current liabilities 252,102
----------
Long-term debt 719,106
----------
Deferred credits and other liabilities:
Deferred income taxes 188,386
Regulatory liability of regulated subsidiary 43,147
Deferred investment tax credits 15,356
Freeman contract liability 83,524
Other 79,231
----------
Total deferred credits and other liabilities 409,644
----------
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
----------
Stockholder's equity:
Common stock, no par value; authorized 10,000 shares -
outstanding 1,000 shares --
Additional paid-in capital 468,833
Retained earnings (deficit) (12,745)
Accumulated other comprehensive income (loss) (7,319)
----------
Total stockholder's equity 448,769
----------
Total liabilities and stockholder's equity $1,870,741
==========
15
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
(Unaudited)
JUNE 30,
2001
ASSETS
Utility plant, at original cost:
Electric $1,312,960
Gas 444,429
----------
1,757,389
Less - accumulated provision for depreciation 956,526
----------
800,863
Construction work in progress 40,137
----------
Total utility plant 841,000
----------
Other property and investments:
Cash surrender value of company-owned life insurance (net of related
policy loans of $63,483 and $59,292) 3,098
Other 1,130
----------
Total other property and investments 4,228
----------
Current assets:
Cash and temporary cash investments 5,616
Receivables, less reserves of $1,151 and $1,343 76,835
Accrued unbilled revenue 24,857
Fuel, at average cost 16,166
Materials and supplies, at average cost 15,822
Gas in underground storage, at average cost 20,439
Prepaid taxes 6,171
FAC/PGA underrecoveries 870
Other 8,987
----------
Total current assets 175,763
----------
Deferred debits:
Unamortized loss on reacquired debt 2,570
Unamortized debt expense 1,366
Prepaid pension cost 229
Other 39,844
----------
Total deferred debits 44,009
----------
Total assets $1,065,000
==========
16
CENTRAL ILLINOIS LIGHT COMPANY
Consolidated Balance Sheets
(In thousands)
(Unaudited)
JUNE 30,
2001
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stockholder's equity:
Common stock, no par value; authorized 20,000,000 shares;
outstanding 13,563,871 shares $ 185,661
Additional paid-in capital 27,000
Retained earnings 129,190
Accumulated other comprehensive income (loss) (7,844)
----------
Total common stockholder's equity 334,007
Preferred stock without mandatory redemption 19,120
Preferred stock with mandatory redemption 22,000
Long-term debt 244,107
----------
Total capitalization 619,234
----------
Current liabilities:
Current maturities of long-term debt 1,400
Notes payable 80,434
Accounts payable 55,686
Accrued taxes 24,351
Accrued interest 7,985
FAC/PGA overrecoveries 1,841
Other 16,992
----------
Total current liabilities 188,689
----------
Deferred credits and other liabilities:
Deferred income taxes 114,004
Regulatory liability 43,146
Deferred investment tax credit 15,356
Capital lease obligation 315
Other 84,256
----------
Total deferred credits and other liabilities 257,077
----------
Total capitalization and liabilities $1,065,000
==========
17
ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED):
CILCO AND IPL CONTRIBUTIONS TO
AES/CILCORP/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
-----------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 6/30/01
-----------------------------------------------------------------------------------------------------------
GROSS REVENUES(2) 16.94% 17.22%
CILCO 636 803
CILCORP (excluding CILCO) 87 53
IPL 831 847
IPALCO (excluding IPL) 28 11
AES (excluding CILCORP and IPALCO) 7,079 7,865
AES/CILCORP/IPALCO 8,661 9,579
-----------------------------------------------------------------------------------------------------------
OPERATING INCOME 14.20% 8.48%
CILCO 97 97
CILCORP (excluding CILCO) 12 1
IPL 205 103
IPALCO (excluding IPL) (36) 0
AES (excluding CILCORP and IPALCO) 1,849 2,157
AES/CILCORP/IPALCO 2,127 2,358
-----------------------------------------------------------------------------------------------------------
NET INCOME 15.99% 16.8%
CILCO 45 43
CILCORP (excluding CILCO) (33) (34)
IPL 82 59
IPALCO (excluding IPL) 73 (1)
AES (excluding CILCORP and IPALCO) 629 540
AES/CILCORP/IPALCO 797 607
-----------------------------------------------------------------------------------------------------------
NET ASSETS 8.49% 5.90%
CILCO 1,107 302
CILCORP (excluding CILCO) 841 1,140
IPL 1,905 1,904
IPALCO (excluding IPL) - 9
AES (excluding CILCORP and IPALCO) 31,326 34,038
AES/CILCORP/IPALCO 35,479 37,393
-----------------------------------------------------------------------------------------------------------
-------------------------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to
include IPALCO.
(2) Gross business revenues (utility and non-utility) of IPALCO and CILCO
combined as a percentage of total gross business revenues (including
IPALCO/IPL and CILCORP/CILCO, utility and non-utility) of AES.
18
IPL CONTRIBUTIONS TO
AES/IPALCO(1) CONSOLIDATED HOLDING COMPANY
(PRO RATA CONSOLIDATION BASIS)
($MM)
-----------------------------------------------------------------------------------------------------------
12 MOS. ENDED 12/31/00 12 MOS. ENDED 6/30/01
-----------------------------------------------------------------------------------------------------------
GROSS REVENUES(2) 10.06% 9.41%
IPL 831 847
IPALCO (excluding IPL) 28 11
AES (excluding CILCO jurisdictional activities) 7,404 8,146
AES/IPALCO 8,263 9,004
-----------------------------------------------------------------------------------------------------------
OPERATING INCOME 10.73% 4.55%
IPL 205 103
IPALCO (excluding IPL) (36) 0
AES (excluding CILCO jurisdictional activities) 1,741 2,162
AES/IPALCO 1,910 2,265
-----------------------------------------------------------------------------------------------------------
NET INCOME 10.91% 10.54%
IPL 82 59
IPALCO (excluding IPL) 73 (1)
AES (excluding CILCO jurisdictional activities) 600 502
AES/IPALCO 755 560
-----------------------------------------------------------------------------------------------------------
NET ASSETS 5.49% 5.20%
IPL 1,905 1,904
IPALCO (excluding IPL) - 9
AES (excluding CILCO jurisdictional activities) 32,781 34,717
AES/IPALCO 34,686 36,630
-----------------------------------------------------------------------------------------------------------
-------------------------
(1) As a result of AES' acquisition of IPALCO, the results of
AES/CILCORP/IPALCO for the twelve-month periods have been restated to
include IPALCO.
(2) Gross business revenues (utility and non-utility) of IPL as a percentage of
total gross business revenues (including IPALCO/IPL utility and
non-utility) of AES.
19
ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION:
AES Generating Plants in Operation at June 30, 2001 (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 Thermo Ecotek - Hemphill USA 14 67% 9 QF
AES Thermo Ecotek - Whitefield USA 14 100% 14 QF
AES Thermo Ecotek - Woodland USA 25 100% 25 QF
DOMESTIC SUBTOTAL: 6,526 6,521
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 de Ullum Argentina 45 100% 45 FUCO
AES Alicura Argentina 1,000 98% 980 FUCO
Fontes Nova - Light Brazil 144 21% 30 FUCO
Ilha dos Pombos - Light Brazil 164 21% 34 FUCO
Nilo Pecanha - Light Brazil 380 21% 80 FUCO
Pereira Passos - Light Brazil 100 21% 21 FUCO
CEMIG - Miranda Brazil 390 9% 35 FUCO
CEMIG - Igarapava Brazil 210 1% 2 FUCO
CEMIG (35 plants) Brazil 5,068 9% 441 FUCO
AES Bayano Panama 150 49% 74 FUCO
AES Panama Panama 42 49% 21 FUCO
20
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 Grassy Lake China 250 25% 63 FUCO
Yangchun China 15 25% 4 FUCO
Chengdu Lotus City China 48 35% 17 FUCO
AES Jiaozuo China 250 70% 175 FUCO
AES Hefei China 76 70% 53 FUCO
AES Hefei II China 39 70% 27 FUCO
AES Chongqing Nanchuan China 50 70% 35 FUCO
Yangcheng (1st Unit) China 350 25% 88 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 Mgmt. 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 97% 504 FUCO
AES Belfast West U.K. 120 97% 116 FUCO
AES Barry U.K. 230 100% 230 FUCO
AES Drax Power Ltd. U.K. 4,065 100% 4,065 FUCO
AES Fifoots Point U.K. 360 100% 360 FUCO
AES Uruguaiana Brazil 600 100% 600 FUCO
AES Tiete (10 plants) Brazil 2,650 44% 1,166 FUCO
EDC (4 plants) 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 113 100% 113 FUCO
AES Khrami II Georgia 110 100% 110 FUCO
AES Ottana Italy 140 100% 140 FUCO
AES Mamonal (KMR) Columbia 90 62% 56 FUCO
AES Termo Candelaria (KMR) Columbia 314 100% 314 FUCO
AES Centrogener (Gener - 8 Chile 756 99% 748 FUCO
plants)
AES Chivor (Gener) Columbia 1,000 96% 960 FUCO
AES Electrica de Santiago (Gener) Chile 379 74% 280 FUCO
21
AES Energia Verde (Gener - 2 Chile 17 99% 17 FUCO
plants)
AES Guacolda (Gener) Chile 304 49% 149 FUCO
AES Norgener (Gener - 2 plants) Chile 276 99% 273 FUCO
Itabo (Gener - 7 plants) Dom. Rep. 587 24% 141 FUCO
AES Thermo Ecotek - ECS Czech Rep. 50 83 42 FUCO
AES Thermo Ecotek - Premnitz Germany 58 65 38 FUCO
FOREIGN SUBTOTAL: 39,425 28,421
TOTAL - June 30, 2001 45,951 34,942
Foreign Generation as a
Percentage of Total: 86% 81%
CILCORP Generating Plants at June 30, 2001:
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 - June 30, 2001 1,172 1,172
IPALCO Generating Plants at June 30, 2001:
AES AES
CAPACITY INTEREST EQUITY REGULATORY
UNIT COUNTRY (MW) (%) (MW) STATUS
------- ---- --- ------ ------
Petersburg USA 1,873 100 1,873 IN PUC
H.T. Pritchard USA 393 100 393 IN PUC
E.W. Stout USA 1,017 100 1,017 IN PUC
Georgetown USA 80 100 80 IN PUC
TOTAL - June 30, 2001 3,363 3,363
Revenues from electric generation capacity - 12 months ended June 30, 2001
(millions of dollars):
IPALCO 186 5%
CILCORP 160 4%
AES (excluding CILCORP and IPALCO) 3,594 91%
----- ---
Total 3,940 100%
22
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. 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
or IPALCO and a 172 MW increase in the amount of generation capacity owned by
AES (excluding CILCORP and IPALCO) from 34,770 to 34,942 MW since March 31,
2001. There has been a 6% increase in the total revenues earned from the
capacity owned by AES, IPALCO and CILCORP in the twelve-month period ended June
30, 2001 compared with the twelve-month period ended March 31, 2001. The
percentage of total revenues derived from the generation capacity owned by
CILCORP has stayed the same at 4%. The percentage of total revenues derived from
the generation capacity owned by IPALCO stayed the same at 5%.
The physical location of the MW capacity added by AES since March 31, 2001 is in
the United States, the Czech Republic and Germany.
ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS
DISTRIBUTION:
Electric transmission and distribution and gas distribution assets owned as of
June 30, 2001 (millions of dollars):
IPALCO 1,012
CILCORP 763
Total AES (excluding CILCORP and IPALCO) 5,000
-----
Total 6,775
Electric transmission and distribution and gas distribution revenues for 12
months ending June 30, 2001 (millions of dollars):
IPALCO 661
CILCORP 575
AES (excluding CILCORP and IPALCO) 4,403
-----
Total 5,639
IPALCO's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. CILCORP's electric revenues are allocated between electric generation and
electric transmission and distribution activities according to utility rate
base. AES transmission and distribution
23
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, CILCORP and
IPALCO has increased since March 31, 2001. CILCORP's transmission and
distribution assets have decreased while the revenues derived from such
assets have increased since March 31, 2001. IPALCO's transmission and
distribution assets have stayed almost the same while the revenues derived
from such assets have increased slightly since March 31, 2001. AES'
transmission and distribution assets have increased, and the revenues derived
from such assets have increased since March 31, 2001. CILCORP's percentage of
the total transmission and distribution assets has decreased from 12% to 11%
and CILCORP's percentage of the total revenues from such assets has decreased
from 12% to 10% for the twelve-month period ending June 30, 2001 compared to
the twelve-month period ending March 31, 2001. IPALCO's percentage of the
total transmission and distribution assets has stayed the same at 15% and
IPALCO's percentage of the total revenues from such assets has decreased from
14% to 12% for the twelve-month period ending June 30, 2001 compared to the
twelve-month period ending March 31, 2001.
ITEM (5) PER EXEMPTION ORDER:
Neither CILCO nor IPL has sold or transferred any electric and/or gas utility
assets to any affiliate company of the AES consolidated holding company system
during the second quarter of 2001.
ITEM (6) PER EXEMPTION ORDER:
During the second quarter of 2001, no application has been made to nor has any
order been received from the Illinois Commerce Commission that involves AES'
ownership position or AES' oversight over the operations of CILCO or CILCORP.
During the second quarter of 2001, no application has been made to nor has any
order been received from the Indiana Utility Regulatory Commission that involves
AES' ownership position or AES' oversight over the operations of IPL or IPALCO.
ITEM (7) PER EXEMPTION ORDER:
During the second quarter of 2001, AES has taken no action regarding the
divestiture of the jurisdictional business of CILCO.
24
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 29th day of August, 2001 by the undersigned thereunto duly authorized.
The AES Corporation
By: /s/ WILLIAM R. LURASCHI
--------------------------------
William R. Luraschi
Vice President and Secretary
25